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MERGERS & ACQUISITIONS REVIEWREUTERS / Eduardo Munoz

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Nine Months 2015

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFirst Nine Months 2015 | 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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WORLDWIDE M&A UP 32%, STRONGEST FIRST NINE MONTHS FOR DEAL MAKING SINCE 2007 - Poweredby a 96% increase in the number of deals over $10 billion, which account for record-breaking 36% of announcedM&A value, worldwide M&A totaled US$3.2 trillion during the first nine months of 2015, a 32% increase fromcomparable 2014 levels and the strongest nine months for worldwide deal making since 2007. Forty-seven dealswith a value greater than $10 billion were announced during the first nine months of 2015, their combined valuemore than double the level seen during the first nine months of 2014. Overall, almost 32,000 worldwide deals wereannounced during the first nine of 2015, a 2% increase compared to last year.

SECOND CONSECUTIVE $1 TRILLION+ QUARTER - Third quarter 2015 M&A totaled US$1.1 trillion, a 17%decrease by value and 16% decrease by number of deals compared to the second quarter of 2015. This quartermarks the first consecutive trillion-dollar plus quarter for worldwide M&A in fifteen years.

UNITED STATES & ASIA PACIFIC DEAL MAKING SURPASSES FULL YEAR 2014 - M&A activity for UnitedStates targets totaled US$1.5 trillion during the first nine months of 2015, an increase of 46% compared to the levelof activity seen during the first nine months of 2014 and the strongest period for US M&A since records began in1980. With US$797 billion in announced deals during the first nine months of 2015, Asia Pacific M&A alsoregistered the strongest period for deal making in the region since records began.

ENERGY & POWER, HEALTHCARE, & TECH LEAD ACTIVITY - Driven by oil & gas M&A, deal making in theEnergy & Power sector totaled US$476.1 billion during the first nine months of 2015, an increase of 20% compared

Worldwide M&A Up 32% l Deals Over $10 billion Double l Energy, Healthcare Push US and Asia Pacific Ahead of Full Year 2014 l Goldman Sachs Top Advisor

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

First Nine Months 2015 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

e gy & o e secto tota ed US$ 6 b o du g t e st e o t s o 0 5, a c ease o 0% co pa edto 2014 levels, while Healthcare and Technology M&A increased 76% and 44%, respectively. The ConsumerStaples sector saw the only year-over-year percentage decline, down 13%.

CROSS BORDER M&A UP 18% – Cross Border M&A activity totaled US$1.1 trillion during the first nine months of2015, accounting for 35% of overall M&A volume and an 18% increase over 2014 levels. Cross border M&Aaccounted for 39% of total M&A activity during the first nine months of 2014.

COMPLETED M&A ADVISORY FEES UP 8% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totaled US$21.2 billion during the first nine months of2015, an 8% increase from the comparable period in 2014.

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

$153.4$203.3

$78.7$23.0 $32.1 $65.9 $64.9

$115.5 $155.6 $168.4

$176.4

$317.9

$83.5

$24.7$60.8

$87.7 $76.7

$80.1

$119.7$159.9

$160.6

$164.0

$56.2

$36.3

$79.1

$70.7 $92.1$82.9

$138.8

$158.5

$280.7

$119.9

$35.9

$52.4

$101.5

$106.4 $94.4

$113.0

$119.6

21.3% 19.5%

8.8%

6.8%

11.3%

13.2% 12.9%

16.7%15.9%

15.1%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% 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

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

$280.7$405.5

$258.3$113.4 $175.5 $235.4 $172.1 $132.8

$240.1 $289.6

$273.9

$640.7

$363.4

$111.4$203.7

$247.4$272.1

$166.4

$389.4$389.1

$256.0

$371.4

$326.0

$146.9

$272.0$204.3 $203.3

$177.7

$317.7$438.6

$404.8

$431.0

$154.2

$166.3

$261.2 $196.9 $250.8

$236.0

$307.7

33.6%

44.8%

38.3%

27.0%

37.6%35.2% 35.3%

30.3%

37.4%34.7%

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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2006 2007 2008 2009 2010 2011 2012 2013 2014 20152006 2007 2008 2009 2010 2011 2012 2013 2014 2015

1

Western Europe

Mergers & Acquisitions

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

First Nine Months 2015 | Mergers & Acquisitions | Financial Advisors

1/1/2015 - 9/30/2015

37,528.3

796 620 2

Worldwide9,543

No. Deals

No. Deals

Rank Val US$m

1,746,281.3

1/1/2015 - 9/30/2015 1/1/2014 - 9/30/2014

13313,311.9

10,639.9124170

1,657,537.4

12,086.9

1,225,397.8

Target Region/Nation

Mexico

601,834.9242,448.1

86

19,013.8

9,885.9

1,053,309.0

70,351.2

1,135,890.8

Rank Val US$m

82,581.8United States

Caribbean

11,904.9

Brazil

Worldwide 31,1823,219,812.3

1,836Germany

North America

641,507.4

France

Chile 4,692.9

Asia Pacific

United Kingdom

1,097

Middle East

13,906.1Sub-Saharan Africa

Canada

Western Europe36,375.4

677,882.8

36,554.2

684399

80,390.91,128

1,911

20,764.8

Americas17,230.1

8 259

161

8,617

Central America

South America61,290.6

2,407

1,536,615.2

81

1,597,905.8

29,089.6

7,520

28.5503 260 4 7 831

60,994.058 3

36,262.3306

Europe

107

Africa/Middle East

5,254.7479

930

636,624.5

North AfricaMiddle East

6.510,797461

13,228.52,275.6

11,943.1 16.4

1,145

Eastern Europe

1,555

10,358

114,621.2137,598.5

78,356.6

8,0058,39034,789.6

▲

▲

323

6.6

-56.7

2,353

102

1,862-41.6

▲

▲United Kingdom111.5

▲4.6Europe

81,870.5France▼

491,586.2

▲Republic of Irelan▲

Eastern Europe

111,348.21,714

Asia Pacific58,514.0

514 956 5

1,632

49 1

51,263.2

1094 245

1,973

9,548.8 111345 297 2

6,926

4 277

332,048.3

▲-49.2

▲

7,073

383,311.5

512.8

9,046▼

1,641

8,843

68280

80,141.0

1,917

-6.1

53,535.5

620

517,630.7 35.026,044.5

73

7,337.3

40,656.8

68

636

3,661.111,907.2

▼Sub-Saharan AfricaNorth Africa

57.1

296 15,273.0

244▲ 226

▼

14,342.7

18,706.9942

Chile0.8 ▲ 41,219.6

43.7Africa/Middle East

1,294

3,401.2378

-25.8 Canada 72,777.6▼33,555.4

Brazil 26,864.7

▲

87

8,7697,475

▼-44.7-52.5

▼

▲

704 -58.7

22,96722,933

Caribbean143.7

▲

45.9

35.331.5

928,056.1 34.7

57.211965

34.88,125

7,480.95,588.87,069.0

2,448,130.5

Rank Val US$m

919,734

30,471

No. Deals

511,250,088.9▲

129Central America▲

8,024▲

Americas

11.9 Mexico1,190,940.1

9640.7 7,338

▲7,381

2,353,617.6

Rank Val US$m

% Change in Rank Value

South America

6,478

506

10.1102

Target Region/Nation

North America

63

66,085.7

No. Deals

11,763.413,830.0

11,603.2 6,969.0

1,118,162.5

288

860United States 784,402.9

7,954.7

▲6,367

▼

-50.1▲▲▼

▼▼

29,705.756064,497.8

-9.6

1.4-57.2

317 ▼

66.540.0

10.1

147.5

-48.0

▲

42.51,014

1/1/2014 - 9/30/2014

850,488.7 ▲▲

▲▲

% Change in Rank Value

▲▲

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

1,471▲

52.938.948.0 ▲

▲▲

14.8%

14.3%

9.9%

9.2% 8.7%

8.5%

7.7%

7.1%

5.4%

5.3%

4.6%4.5%

South East Asia

United States / United States 34,580.3

Pending

796,620.2

Pending

5,836.1

Energy Transfer Equity LP

Target (% Sought/Acquired)Rank Date Date Effective

Singapore

963

Pending

Australia

Hong Kong

1,653

84,583.8

34,121.0

4/8/2015

Asia-Pacific

4,717.6

81787,973.7

18,496.41,330

296

8,259

Pending

-7.9814290.0

Malaysia

3,736

8/10/2015Pending United States / United States

1/9/2015Pending

Pending

7/27/2015

7/2/2015

5/26/2015

3/25/2015

6/3/20156/3/2015

36,491.3

Cheung Kong (Hldg) Ltd- Ppty (100%)35,641.14/8/2015

United States / United StatesBerkshire Hathaway Inc

Pending

Mylan NV

Humana Inc (100%)35,632.4

ACE Ltd

Aetna Inc

Shareholders

Avago Technologies Ltd

ShareholdersUnited States / Ireland-Rep

45,410.8Hong Kong / Hong Kong

The Williams Cos Inc (100%)

40,500.0

46,788.8

Teva Pharmaceutical Industries

United States / United StatesBG Group PLC (100%)

Israel / United StatesBroadcom Corp (100%)

Perrigo Co PLC (100%)

Kraft Foods Group Inc (100%)

35,823.6

Cheung Kong(Holdings)Ltd

49,383.2

▼841

Precision Castparts Corp (97.1%)

46,585.4

5/28/2015

Time Warner Cable Inc (98.5%)55,914.154,716.5

Netherlands / United Kingdom

HJ Heinz Co

▼

Allergan PLC-Generic Drug Bus (100%)

Shire PLC

81,009.7Charter Communications Inc

1,086

United States / United States

Hutchison Whampoa Ltd (50.04%)


United States / United StatesCigna Corp (100%)

7/20/2015

19,217.8South AsiaCentral Asia -76.7

Pending

6/22/2015

7/6/2015

34,139.8

▼

Australasia

3,082425

273,410.3

828

3,698.7 Papua New Guin▼

South Asia 34,139.8

-33.2

▼

North Asia

114,426.1ChinaHong Kong

16,477.1

399,191.5

35,209.6

▼

34,552.21,276

260

134

376 Malaysia

▼

▼

50.6

3301,336

27,692.7

-26.6125

North AsiaChina 428,647.5

655,307.7

143,460.8

1,606

20,857.8

367,994.2

1,358.8

4,573372

5,138

38

36,780.2474

▲4,508.9

51,217.8Japan56

▲

Top Fifteen Worldwide Announced Deals

6,139.3Japan

10,652.6

503,260.4 7,831

955

-55.7

-34.3

56,176.8

51,960.0

1,10858.3

South East Asia

40.958,102.9

▲Australasia

▲61,850.7

84172,417.7

592

Asia-Pacific 514,956.5694▲62,448.4

78,376.6

Central Asia29,722.0

30

Rank Value (US$m)Acquiror

Australia

791

▲

9.9

▲56.878.1 ▲

-39.348,959.744

214,916.1

231.2-3.0

998

214 -21.0

249

-26.6

2,1362,129

Singapore5,989.5

225

215,136.5▲

57.4136,647.8

20,862.6

2321,212

22.085.7

-3.035,209.6 791

49.1

2264,907.6

75,179.0

4,245

74,009.2

345,297.281,106.7

4,277

-22.7708821 -23.7

▲

▼

Jan 1 - Sept 30 2015

Anthem Inc

6/3/2015

6/20/2015

7/3/2015Hong Kong / Hong Kong

Royal Dutch Shell PLCAcquiror / Target Nation

Paypal Inc (100%)United States / United States

Consumer Staples / Food and Beverage

Telecommunications / Telecommunications Services

Healthcare / Healthcare Providers & Services (HMOs)

Materials / Metals & Mining

Healthcare / Pharmaceuticals

Retail / Internet and Catalog Retailing

High Technology / Semiconductors


-39.7

▲▼

▼▼▼

▼▲

Target Macro / Mid Industry

2,714.7New Zealand

Chubb Corp (100%)8/4/20157/1/2015

PendingPending

Baxalta Inc (100%) Ireland-Rep / United StatesSwitzerland / United States

33,741.428,533.6 Financials / Insurance

Energy and Power / Oil & GasMedia and Entertainment / Cable

Energy and Power / Oil & Gas

Healthcare / PharmaceuticalsReal Estate / Other Real Estate


Energy and Power Healthcare High Technology

Real Estate Financials Industrials

Materials Media and Entertainment Retail

Telecommunications Consumer Products and Services Consumer Staples

Government and Agencies

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UBS

Greenhill & Co, LLCAnglo Chinese Corp Finance 20

97,640.9121,481.4

2.7

▼155,059.8 4.8

2 581 665 7

3.84.4

2.992,235.386,867.6

5.22.0

4314

167,623.4

-1.9

Robey Warshaw LLP

25

Deutsche Bank7

2111

19

17

RothschildEvercore Partners

55

12

15

1012

10

178

130

+24

5.0

2

371,199.4LazardCredit Suisse 6

-150.6

+1

▲

Worldwide Announced (AD1)

▲4.2

▼

-4.310.3

2Morgan Stanley1

Bank of America Merrill LynchGoldman Sachs & Co

▲

3.0

▼▼

▲26.2

5.9

5.9

519,756.2 16.19

5

Morgan Stanley593,783.00.5

18.419.9

1,001,656.9

22 157,334.713

764,204.3

863.6

3.0

2.6

▲

0.79

0.56

▲

37+1

0.1 +50.0

2

▲▲

2 0▲▲

▲2.9

0.3

0.0+30.07 0.2

7 ▲+30 057 561 6 ▲110 5 0 5 0 5Allen & Co Inc ▲2 50-1 ▲0.242.668,919.9 2.32.9 ▲

▲▼

240▲20

-12▲0.1

2 559

82,594.3

3.141

Somerley

21

19 72,861.6Zaoui & Co

23.5+50.1

▲0.125

0.1

-0.1

317.0 ▼0.6 0.0

12▲ 0.4

15.7-33 0.3

▲0.11.5

+10▼

-▼

▲ 0.1

129.2▼ 3.5 82

1218▲ Perella Weinberg Partners LP 3.274,045.4 ▲

▲0.417

86,031.5-0.1

Evercore Partners

▼16 3.7

17

1393,599.0 1.014

13

▲ 15

Rothschild

BNP Paribas SARBC Capital Markets 4.0

88,549.9 3.819

723*Anglo Chinese Corp Finance

6.0141,191.5256.3494.00.8 ▲

0.8 ▼85▲

1.5

14▼

0.20.6

641.2

+11-17 ▼

0.1 ▲

0.3 ▼

0.80.3

-230.4

▲

158.0

0.151

▲▲

1930.2178,818.2

15 7.8

2.3▲

2.20.76.47.6

▲

8.44.4

-6.3▲

0.428

▼ ▼

▲153.2+14+1 471.8

0.20.0

▼-29 2.6

346.896 -15

▼577.9630.6 0.6549.8

▼-0.411.3

▼

▲-6.8

-3

▼▼ 0.610.2 135▼ Barclays ▼▼ 129

239,877.3▼ 0.6

0.2429,156.26.6▼ -14431,200.8 219

▼1.4▼

2.70.6 -35

▼▲

3.0

-18 720.20.70.2

▲14116618.2126

8 270,639.9Deutsche Bank

449,798.1▲1.0

0.7 ▲6.81,398.5

0.2

0.611.4

11.5

3 534,814.3 ▼

-8.5▲

22.7

18.3756.4

1,318.7167 -12

▲

▼0.9

-14157 998.2

Sh (%)

# of Deals per Advisor


-7

Market2014 Rank

22.8

Fees269

US$m

-160.70.0

▲897,644.0Sh (%)Share Ch.

2 438.1

535,695.4▼ ▲

10.3

Market Rank Value Market2015 Rank

Rank Value per Advisor (US$m)

▼

MarketSh (%)


27

US$m DealsShare Ch.31.1

345

▼▼

0.6 CitiJP Morgan

3.7

208

298

0.3

169

-1.3

▼

154

▲185

-3.2

-2

113

-1.6 0.7

0.4

0.0

▲

0 0

17RBC Capital Markets

▼

LionTree Advisors LLC

21

8.3

11.5

18

4.9

352,292.1

190,812.6

9

143,064.01611

Allen & Co Inc

Centerview Partners LLC

Guggenheim Securities LLC

330,072.48267,607.2252,687.4

HSBC Holdings PLC

45

197,791.5

Market

Barclays 8

3

Citi45

Bank of America Merrill Lynch

# of

19.1

285▲

▲

▲244 0.8

1

-15

10.9

23.7

7 6

3

-5.7

4 639,678.7

Rank ValueFinancial Advisor

204-1.1

1

Change in

Goldman Sachs & Co# of Deals-17

Jan 1 - Sept 30

1.0844,264.2 4.0 0.9

2015 Rank


1 ▲Sh ($)

Jan 1 - Sept 30

Worldwide Rankings

2014 RankFinancial Advisor Deals

Imputed Fees (US$m)

2.2

JP Morgan

2.7

18

3.711 0.0-29+7

9

227 0.7▼0.3

+5

60.5

3661

▲

105

37

UBS

+3 HSBC Holdings PLC

▼Centerview Partners LLC

-29

23

266,562.859-33 Credit Suisse

▲12

184,153.810

▲

8

11+1

-19

▲

-52▼▼

7Lazard

0.10.20.10.4

+9-24

▲2.64.7 ▲

# of DealsMarket Advisor

▼▼

# of

Worldwide Completed (AF1)

Market

1.6

3.4

3.6

0.56.2 0.4

139189

7.9

Market

2,128.8

Change in

1.2Share Ch.Sh (%)

10.1

* tie

Jan 1 - Sept 30 2015

170,551.1 37.0

27

Morgan Stanley

1

26 22.232

220,115.9

Goldman Sachs & Co

22.5Credit Suisse33.2

JP Morgan

3237,436.3

182,877.4

71,892.0

JP Morgan

Industry Total†25

JP Morgan

Somerley 2.3

68,593.4BNP Paribas SA 57,048.0

2.1Moelis & CoJefferies LLC

1.8

69,141.473,382.1

2.581,665.7Robey Warshaw LLP 552322

-13-0.1

2.2+10

75▲0.1

238

26

1,341

120

Top WW Announced M&A Advisors by Target Industry

31.5%

74

Mkt.

-3.1-2.4

2.0

0.9▼▲

0.2

34.8%

50,266.251,148.8

29

20▲

▼

100.02,353,617.6

+19▼

No. Deals

+7113,219,812.3

-16.8% ▼

Rank

232425

361,857.4

▲

▼31,182

Share

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

5.4%

Macquarie Group

▼▲

Industry % Change from Same Period Last Year

China International Capital Co

Industry Total

PricewaterhouseCoopers81

22

-12.9%▲

0.2 -21 Wells Fargo & Co 47,583.428

▲

42

-0.1%▼

2.0 0.2 ▲0.31.9 ▲

2.1 ▲ 1.1

▲

-8 0.9-104

178.9

▼

▼ 37.1

8.0%

21,153.4▼

-340.2 0.2

▲▼

100.0

0.20.2

0.1▼▼

0.140.919

0.368 0.10.9+12 ▲

7

0.1-26

▲+3▼

0.052,489.357,561.6 ▲110.5 0.5

198.40.5

▼-0.72.2- Allen & Co Inc ▲2.50 240 2.521

Goldman Sachs & CoBank of America Merrill Lynch

3

2

7

23.2

174,465.0

1

0.0

Jan 1 - Sept 30

36 45,275.6 3

40 80,908.651,654.1

Goldman Sachs & Co

57,707.5Financials

68,835.9


338,258.1Healthcare

Real Estate

▲

HSBC Holdings PLC

39.7

1

71,064.4

2


222,330.6

106,116.3

169,422.3

24

173,816.1

Rank Val US$mEnergy and Power

202,218.7Morgan Stanley

21

High Technology

Goldman Sachs & Co

Industry % Change from Last Quarter

13100.0

23 3814

1,351

59,668.8

40

Industry % Change from Last Quarter -5.8%

24

16.2

1,498

7 20.119.4

2,296 28.918.5

23

Morgan StanleyJP Morgan

18

3,224

3

21

32

21

36.5

-16.0%2.3%

32 36.72

42.5

1

0.4

29 46.7

▼

2.2258

22,933

▼

554.56 481.66

550.29

352.25 318.86 263.77 190.35 219.39 237.67

162.31 119.59

231.8

97.9 77.0

72.1 140.6

72.3 70.2

77.0 36.5

78.4

78.4

78.4 78.4

78.4

78.4

55.9

55.9 55.9

55.9 55.9

55.9

55.9 55.9 55.9

55.9

54.7

54.7

49.4

49.4

49.4

81.0

81.0

81.0

81.0

$0

$200

$400

$600

$800

$1,000

$1,200

Goldman Sachs & Co

Morgan Stanley

JP Morgan Bank of America

Merrill Lynch

Citi Credit Suisse Lazard Barclays Deutsche Bank

UBS Centerview Partners LLC

Ran

k Va

lue

(US

$bil)

BG Group PLC/Royal Dutch Shell

Cigna Corp/Anthem Inc

Kraft Foods Group/HJ Heinz Co

The Williams Cos/Energy Transfer Equity LP

Time Warner Cable/Charter Communications

Other Top 15 Deals

All Other Transactions


Jan 1 - Sept 302015 UP

2015 DOWN 2015EMEAAmericas

Worldwide M&A Matrix

24.3x

Japan

20.6x

Asia ex. JapanEurope

9.7x

8.8x

11.3x

16.7x19.3x

17.9x

12.0x

16.2x

13.9x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada


13.6x

11.4x

USA

9.9x

10.4x 11.9x

11.4x

13.0x14.8x

Telecommunications

Real Estate

Media and Entertainment

Retail

12.4x

8.5x

-

24.7x 24.5x

9.2x

-

6.3x

17.4x

5.7x

18.1x

22.7x

-

-

Industrials 13.8x13.4x

11.7x

17.4x 17.1x

World

15.6x 10.3x

17.8x

8.9x

21.8x

5.9x

13.5x

21.1x

UK

12.1x

5.7x

35.7x

10.8x 18.3x9.1x

14.1x21.7x

13.4x 6.1x

8.8x

12.7x

16.7x

-

12.9x

-

7.6x

-10.1x

35.7x

8.8x

24.7x 23.6x24.6x

24.0x17.5x 18.4x

16.0x16.0x

18.4x15.9x 13.4x

13.2x 14.4x

15.7x15.7x18.5x

7.7x

13.4x13.4x 11.7x

13.7x6.8x

11.4x

13.7x13.5x

13.6x 13.6x

10.9x

16.3x

11.6x

12.0x

10.7x

15.4x14.3x

16.2x10.7x 15.4x

12.7x

10.4x

14.4x

7.0x24.5x

17.4x8.1x

13.1x

11.6x 20.4x5.7x

9.1x 12.0x

9.5x11.0x

8.7x 12.7x

11.3x 5.0x

15.3x

13.0x

19.0x12.4x 9.0x

7.7x

24.3x-

12.2x14.4x

12.7x

14.9x

11.8x19.8x 14.8x16.5x

18.5x 16.6x

19.8x

11.8x9.0x

9.4x

9.9x

10.6x

16.1x 8.6x

-14.4x10.8x

11.9x

15.5x 16.0x

-12.3x

13.7x

18.0x

13.6x

21.1x -

12.7x

13.5x

15.9x

10.1x

15.8x

10.7x 10.5x

9.5x

-

12.3x

21.1x10.7x9.1x 12.3x 10.4x

14.2x

26.8x20.6x

8.5x

24.2x

11.5x

10.7x 11.3x

-

9.0x

13.5x

16.6x

Energy and Power

18.2x

Materials

12.9x

12.1x

13.4x

Healthcare

14.7x

High Technology

13.1x

15.0x

11.8x 9.6x

Consumer Staples

Consumer Products and Services

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

* 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 01/01/2014 - 09/30/2015 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%.

Consumer Staples

26.529.5

32.1

World

38.247.0

26.8

7.6

22.739.2 26.7

16.815.8

21.9

- -

8.9

27.7

23.0

21.321.9

30.2

19.3

22.833.9

18.0

32.9

26.0

34.4

33.6

27.6

31.338.4

22.8

32.1

25.5

27.1

26.030.4

20.623.3

30.2 21.9

-8.9

25.9

19.2

32.7 32.0

22.1

29.1

20.815.9

23.024.8

12.3

32.525.3 22.5

21.4

27.0 13.9

-30.247.8

46.6

28.3

Average Industry Total

22.5

31.313.2

26.8

9.6

29.0

2015 UP 2015 DOWN

24.725.3

26.2

Financials

29.7

30.448.1

25.3

13.2x

33.5 34.336.3

33.4

32.6

30.226.4

40.6

21.6

22.6

9.6

25.8

26.6

32.4

21.625.2

32.5


31.5

Telecommunications 21.2

Materials

28.1

40.1

26.0

Retail

Energy and Power

26.5

Average Industry Total

32.0

19.0

High Technology

Industrials

25.4

26.7

25.7

Canada

22.3

Healthcare

Consumer Products and Services

28.9

25.2

43.426.7

25.3

42.5

28.1

18.5

43.8

31.126.2

Americas

41.4

17.8

42.1

USA

10.7x14.8x 10.3x

-18.5

52.4

31.820.6

43.910.9

48.9

10.9

35.4

12.9x

24.5

25.3

25.9

25.3

38.5

24.3

22.7

7.224.4

24.3

12.5x 13.3x

-

22.1

32.5

14.6

Japan

17.2

Asia ex. Japan

22.0

26.5 23.530.5

25.9

16.4

35.1

30.1

24.6

21.0 21.8

44.923.820.330.2

26.6

19.342.025.4

45.0

32.0

-

23.514.3

Europe

13.2x

20.6

30.0

36.5

29.6

27.9

31.5

27.7

1.6

29.6

14.8

22.1

55.5

5.3-

22.620.3

-

36.8

41.235.1

21.4

23.032.3

5.3

49.7

-

21.3

28.1

26.7

21.1

26.6

22.4

24.3

32.8

72.6

26.5

-

-

22.7

-28.2

15.2

21.1

11.2

23.6

29.2

40.6 21.4

17.5

36.0

32.3

8.1x12.0x 15.3x18.2x 15.3x

2014

22.2

13.7x

23.520.9

13.1x

EMEA

Real Estate 10.0

31.5 30.9

- -

21.6

32.5

16.5x

-

UK

-

15.0x15.4x



Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan


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

5

6

7

8

9

102006 2007 2008 2009 2010 2011 2012 2013 2014 2015

5

6

7

8

9

10

Ran

k

Citi

Credit Suisse

Lazard

Barclays

Deutsche Bank

UBS


MaterialsCredit Suisse 45,332.6 1

Goldman Sachs & Co 31,896.6 3

97,213.3

US Announced Advisors by Target Industry Jan 1 - Sept 30 2015Americas Deals Intelligence

Healthcare

Energy and Power

High Technology


JP Morgan

Goldman Sachs & CoGuggenheim Securities LLC

Rank Val (US$m)350,415.0 169,868.4142,271.3Morgan Stanley

Goldman Sachs & Co

Credit SuisseBank of America Merrill Lynch

CitiMorgan StanleyBarclays

JP Morgan

124,199.1226,235.7 119,012.9101,319.793,328.3

170,361.6 84,122.766,717.666,092.8

12

1

Rank

123

Mkt.

751

No. Deals

40.619 14

15

1,30841.33

29

16 17

69.17

15

64.9

664 6

Share

48.5

38.8339.2

35.4

152,319.8 105,277.598,886.796,485.1

23

1Bank of America Merrill Lynch

25

500 52.6

Americas M&AFirst Nine Months 2015 | Mergers & Acquisitions | Financial Advisors

Americas M&A up 33% | Healthcare Volume Drives US Activity | Canadian Activity Rises 28%

19 44.8

Americas M&A volume in the first nine months of 2015 increased 33.3% over totals reached in the same period a yearago, accruing nearly US$2 trillion in activity from 11,878 announced deals. Estimated fees generated from completeddeals in the Americas totaled US$15.2 billion, an 11% increase from fees earned duirng the first nine months of 2014.

US Targeted M&A also posted significant gains, rising 45.8% over announced M&A in the first nine moths of 2014. US-targeted volume accrued a total of US$1.5 trillion during the first nine months of 2015, driven by 7,523 deals.

The Healthcare sector led the US market, with deal volume totaling US$350.4 billion, accounting for a 22.8% marketshare. Energy & Power followed, accruing US$226.2 billion for a 14.7% share of the market. High Technology roundedout the top 3 sectors, with US$170.4 billion and an 11.1% share of the market.

Accumulating US$190.9 billion in transaction value, announced Canadian Involvement activity rose 27.8% over the totalsreached during the first nine months of 2014. Completed Canadian Involvement activity was up 21.4% compared to thesame period last year, accruing US$158.6 billion from 1,357 deals.

In the Americas, Industrials saw the highest average exit multiples increase in the first nine months of 2015 at 15.6xcompared to 10.3x during the same period last year. Overall average multiples across industries in the Americas saw asizeable increase compared to the first half of 2014, at 15.4x compared to 13.7x during the first nine months of 2014.

49.4

2 63.3

12 32.8

46.6 8 Citi 39,026.4 2 40.2 7

407

US Target Announced M&A Target Industry by Value (US$ bil) Jan 1 – Sept 30 2015

Acquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – Sept 30 2015

Target Macro / Mid IndustryTarget (% Sought/Acquired) Acquiror Rank Value (US$m)

Pending78,376.6

HJ Heinz CoUnited States / United StatesUnited States / United States

7/3/2015

7/2/2015Cigna Corp (100%)Pending

5/28/2015

Paypal Inc (100%)

Berkshire Hathaway Inc

Energy Transfer Equity LP

Date Effective

3/25/2015 Kraft Foods Group Inc (100%)

Pending Time Warner Cable Inc (98.5%)5/26/2015Rank Date

6/22/2015 The Williams Cos Inc (100%)

Pending Humana Inc (100%)

6/20/20157/20/2015

Pending

Shareholders7/6/2015

Broadcom Corp (100%)

United States / United StatesAnthem IncUnited States / United States

United States / United States34,580.3

40,500.046,788.8

United States / United StatesAvago Technologies Ltd

United States / United States35,823.636,491.3

Aetna Inc

Pending

Precision Castparts Corp (97.1%)

Shire PLC


8/4/2015 Pending Baxalta Inc (100%)

US Buyside Financial Sponsor Activity

Retail / Internet and Catalog Retailing

8/10/2015

33,741.4

Pending

Ireland-Rep / United States

7/27/2015

Charter Communications Inc

Teva Pharmaceutical IndustriesAllergan PLC-Generic Drug Bus (100%)

Media and Entertainment / CableEnergy and Power / Oil & Gas

Healthcare / PharmaceuticalsIsrael / United States

Consumer Staples / Food and BeverageHealthcare / Healthcare Providers & Services (HMOs)

55,914.154,716.549,383.2


High Technology / SemiconductorsMaterials / Metals & Mining


22.8%

14.7%

11.1% 9.9%6.3%

6.3%

5.7%

5.5%

5.4%

Healthcare Energy and Power High Technology Media and Entertainment

Materials Financials Real Estate Consumer Products and Services

Retail Industrials Consumer Staples Telecommunications


60.6 112.7

17.5 28.4 76.0 87.0

115.3

110.1

192.5

28.9 34.1 33.9 34.6

33.1 47.7

53.3

86.1

91.3

18.5

13.6

28.4 26.8

53.4

43.9

53.4

88.8

170.8

27.6

5.0 39.4

64.4 56.1

60.5

49.3

55.5%

52.7%

27.5%

39.5%41.3%

46.0%

52.6%54.5%

44.5%

52.8%

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables6

Deutsche Bank Credit Suisse


Any Americas Involvement Completed (AF55)


DealsMarketMarket Change in Market

US$m

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

Imputed Fees (US$m)

Americas Rankings

Rank Value per Advisor (US$m)2014 Rank

# ofRank Value Market2015 Rank Share Ch.

▲2.8Sh (%)

AdvisorRank ValueFinancial Advisor Sh (%) Share Ch. DealsUS$m

598,990.4 ▲33.9Goldman Sachs & Co 1

Market

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

194

# ofFinancial Advisor

Market

-13 ▲

MarketSh (%) Sh (%)Sh (%) # of Deals Fees

1,752.4 11.5Share Ch.

2.0 +11 ▲40.7 5.11 607,651.7# of Deals

2015 Rank

2014 Rank

Change in

30.4 7.8Goldman Sachs & Co▼210 1.8668,575.4 2.7

4▲1

Morgan Stanley3 6 567,944.4

21.52 +13 ▲ ▲1,143.7 0.9▲ 153817.3

7.5▼1.2▼

30.3 0.1Bank of America Merrill Lynch 384,136.6JP Morgan

4-625.2

1.68.2

1.1▲

Citi25.728.8 114

-1180+1 ▲

2161 1.4 -3.13

452,658.7

Citi 4 3 496,004.8JP Morgan

▲0.2-12

20.9 7.3▲▼ 5.4

▲5 9 441,743.6

0.5

22.4 9.7 ▲▲ 129 ▼ 72.5

▼ Lazard 54 4.01.2 0 - 611.7312,232.2 115

0.212 306,333.1 20.5 13.9 1.0 -14 ▼94▲Bank of America Merrill Lynch 6 2 427,996.8 21.7

117-3.0 ▼ 139

Credit Suisse1.2

501.4 ▲1.0 -15 3.3+5 ▲ ▼-11.3Morgan Stanley 6 3 1.9▲ 1,147.5

5 220,742.6 ▼ 530.3▼270,494.2

7Barclays 7 5 317,263.5▲148 1.5 +3 7.5

▼-4.8 ▼16.1

18.1-47 ▼102 0.9 Barclays ▼

Lazard 8 7 305,132.6 15.5 3.0 1.1▲-2.9 459.214.8 -10.4 3.5 0.61.0 -2495

13 181,353.6 12.2 6.9 0.3 +2▲0.3

▲ 27106 0.9 -13 ▼ Centerview Partners LLC 8

10 8 229,917.8 11.7

▲Centerview Partners LLC 9 10 249,089.3 12.6

-1.7 ▼ 9434

10-16 ▼Deutsche Bank4.0 ▲ 9

0.80 - ▲ 426.6

10 137,218.111 176,412.6 0.9 +14

9.2 -1.7▲ 9211.8 2.2 2.8 0.3▼ 91 ▼

UBS 11 12 179,478.2 9.1 RBC Capital Markets 112.7 0.90.9 -20 ▼ 413.2

▲ 79 1.5 0.914 81,229.6 5.4 0.9 0.8 -15 ▼ 230.1 ▼Guggenheim Securities LLC 12 27 167,581.3 8.5

53 0.4 -12 ▼6.9 ▲ 22 0.22.4 ▲

Perella Weinberg Partners LP 12+5 ▲ 38 73,824.0 0.8 0.2▼ 117.3▲ 10 0.1 -7 ▲Allen & Co Inc 13 31 142,824.2 7.3

4.9 3.9+6 ▲10 0.1 6 73,547.6UBS 13 ▼

Evercore Partners 14 14 142,369.0 7.2 3.1 ▲6.0 ▲ 4.9 -12.0 1.0 0.50.4 -3 ▼ 156.0▼ 44

0.7 -30 1.8 0.5▼ 273.3Allen & Co Inc 15Evercore Partners 14

▲ 63.8 3.816 71,432.886 0.7 -25 ▼ ▲ 664.8 0.7 ▼

RBC Capital Markets 15 13 118,981.7 6.0 0.8 ▲ ▲107.66 0.1

79 0.7LionTree Advisors LLC 16 104 97,640.9

0.1 +23.5 2.15.0

▲4.9 ▲

-28 ▼+1 ▲ Rothschild 16

0.7 0.628 51,807.4148 57,321.7

▲Rothschild 17 17 90,882.4 4.6 1.0 ▲

- 66Wells Fargo & Co 17

1.2 0.20.7 +12 ▲ 185.6▲ 42 1.2 0.318 47,583.4 3.2 0.2 0.4 -7 ▼ 178.9 ▼

Greenhill & Co, LLC 18 18 87,413.0 4.477 0.6 +4 ▲

1.2 ▲ 28 0.2 BMO Capital Markets 18+4 ▲ 19 44,362.7 0.7 0.3▼ 108.4▲ 33 0.3 -6 ▼Jefferies LLC 19 11 65,071.9 3.3

3.0 0.4+13 ▲99 0.8 15 42,887.5Jefferies LLC 19 ▼

Intrepid Investment Bankers 20 386* 55,914.1 2.8 2.8 ▲-3.8 ▼ 2.9 -1.4 1.9 0.60.9 +4 ▲ 284.6▼ 84

1.2 -8 1.6 0.2▼ 248.5Nomura 21Houlihan Lokey 20

▲ 182.1 0.824 32,550.64 0.0 0 - ▲ 1192.2 0.4 ▼

Moelis & Co 21 23 49,657.2 2.5 0.5 ▲ ▼51.445 0.464 0.5

BMO Capital Markets 22 19 46,452.60.2 -6

2.1 -0.52.4▼

0.1 ▲-4 ▼

+1 ▲ Greenhill & Co, LLC 220.3 0.1

20 31,558.029 31,812.9

-BNP Paribas SA 23 56 37,671.5 1.9 1.5 ▲

▼ 18HSBC Holdings PLC 23

0.6 0.00.2 +6 ▲ 92.1▲ 13 0.2 0.190 31,375.4 2.1 1.9 0.1 +4 ▲ 25.4 ▲

Macquarie Group 24 28 36,551.6 1.931 0.3 +10 ▲

0.3 ▲ 37 0.3 Guggenheim Securities LLC 24-5 ▼ 8 30,989.9 0.7 0.2▲ 112.6▼ 15 0.2 +2 ▲HSBC Holdings PLC 25 29 34,271.8 1.7

2.1 -10.5+9 ▲ ▲0.3 ▲ 18 0.2 37 29,678.1Blackstone Group LP 25 132.0 1.0 0.6 0.10.1 -10 ▼ 97.4▲

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

Guggenheim Securities LLC Credit Suisse

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

72

69

6.4 ▲

4

▲

+7

1617

-14Houlihan Lokey

6.5-4.0

7,523


Blackstone Group LP

Stifel/KBW

+2

▼+1-1

20

+6

▼

25,051.2 0.1-61.5

+40

-5.8

▲ 0.70.3

▼ 61

2.2 53

▲▲

2292,503.7

0.9

Jefferies LLC

▲

188,683.6

▼

Guggenheim Securities LLC1.0

38,611.1

2.1

0.718


Jefferies LLC▲14

3.610 55,936.3

1.9 1.9

78

10

30,989.9+9

Blackstone Group LP

▲

▼

1,118,162.5

+29

0.5

▲1.1

Goldman Sachs & Co 1

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

JP Morgan 3

RBC Capital Markets 16

18

Morgan Stanley 2 5 500,220.2

Citi 4 2 453,177.2

Greenhill & Co, LLC16

73,804.9 +5

Moelis & Co 20

▲

13

6

920.9 -40

1.0

▼

-1.0

g , ,pIndustry Total100.0 -6411,878 100.0Industry Total† -641,493,077.2 9,8401,971,196.3

▲ -9.0%Industry % Change from Same Period Last Year 33.3% ▲ -0.5% ▼

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

▼ -1.5%

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

Industry % Change from Last Quarter 2.5%▲

100.0

-10.5% ▼▲

Imputed Fees (US$m)

▼

15,216.9

Industry % Change from Same Period Last Year 38.1%

US Target Completed (AF2) Jan 1 – Sept 30

-0.6% ▼ 10.9% ▲Industry % Change from Last Quarter 32.3%

Sh (%)2014 Rank

Market

US Target Announced (AD2) Jan 1 – Sept 30

MarketRank Value Market2015 Rank Fees

# of Change in 2015 Rank

2014 Rank

Rank Value Market Change in Market# of Deals

Market

35.1 3.2 ▲US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

1,405.61.8 +1 ▲ Goldman Sachs & Co

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

1 539,414.3 3.812.6130 2.01 1136 ▲32.6 9.7

+11 ▲465,828.7 41.7 0.6 ▲▲+21▲

+56 497,079.0 32.4 9.51.6120

115 6.3▼ 81-7.64▲903.4 8.1▲

0.81.3702.4

1.531.3 972 -5.1 ▼349,403.7 ▼-726.2

▼▲ 1.5

▲1.3 -13

JP Morgan▼Bank of America Merrill Lynch

3.5 ▲ 1.1 -986 1.1 +4 ▲29.5 Lazard 283,945.7 25.4 18.1 694 12 449.910.724.3Credit Suisse 5 8 387,013.3 272,079.25 9

▲4.0 1.04.3 0.0 -481.7▲ 1.0 Citi-877 ▲80 1.2 +1▲

1.2Bank of America Merrill Lynch 6 4 369,754.9 24.1 -0.325.2 12.7

1.93 195,069.1 17.5 -18.0 ▲ 865.2▼ 1.5 ▲Barclays 7 3 290,933.0 18.9 -5.8 ▼

▼ 7.8Barclays 3.8

+8-1 ▼ 965▼

Morgan Stanley 60.81.0 -2016.9 -14.5 ▼ 418.365 ▼

Centerview Partners LLC 8 11 243,215.2 15.8▼7

14.9 7.8 ▲1.0▲ 22 ▼ 409.70.3 -1 3.7Lazard 9 7 232,624.7

1064

▲

166,940.29.9

▲0.315.1 Deutsche Bank-10

10 10119

Centerview Partners LLC 8 13▲▼

30 0.4▼

▲110,598.8 +16 ▲0.960

0.98.8 ▼2.4 ▲ ▲263.6 2.4

▼0.82.9322.3 ▼0.2

0.4 ▲ 0.855 0.8 -15 224.0 2.0▼98,548.721 -11-1.9 ▼ 60167,456.0 10.9 8.8 21

11 12 162,822.0 -9 ▼ Evercore Partners▲ 0.4 5.60.912 6

10.6 2.4 32 62,312.10.8

11▼61,862.6 5.5 -16.5 ▼ 0.530

UBS0.7▼ UBSDeutsche Bank 12

14158,805.6 -3-0.5

▲0.1 +6▲7.29 10.3

9.1 4.9Allen & Co Inc-1

119*Allen & Co Inc 13 22 139,765.2 9▼

4.9 ▲-1345,497.7+35

101.195.3

▼76 0.6▼ 14 2013 54,262.7

LionTree Advisors LLC 15 70 97,640.9

0.91.4

0.1▼4.1RBC Capital Markets

▲Evercore Partners 14 13 138,500.3 9.0 1.2 ▲

0.9▲

1.537 ▼6.33.7

-0.1 ▼Wells Fargo & Co 150.1

31,943.7

151.9490.6 -9 161.80.8

▼3.517

▼0.517 44,397.9 4.0▼▼

151.2

▲0.5-14.4 ▼ ▲▼ 2.01.6▲ 105

85,847.5 5.6

1.02.8222.9

7 15 112.6-104.8

1.1 +11 ▲▲

0.3259.5 2.30.222 2.9

19 36,434.8

0.2 +519 18 30,127.7 2.720▼

--0.8-19 219* 77.1▲55,914.1 3.6 Greenhill & Co, LLCIntrepid Investment Bankers ▼ 14 0.23.6 0.0▲ 0.1 0 0.7▼0.72.4 -0.1 -554 27 28,541.2 2.6 1.4 0.1 -8 ▲

▲ 0.2 ▼126.191.3▼

1.10.8 0.2

▲25,083.6 2.2▲ +33 0.0 21▲ 26PJT Partners LP 21 - 31,506.3 2.1264.2

700.8145 28,605.5 2.4

1.7 -2.20.6 ▲

200*22

HSBC Holdings PLC 23▲

Wells Fargo & Co 23 15 25,633.5+4BNP Paribas SA 22 Qatalyst Partners0.1 +8 1.1

0.3▼1.617,408.30.516,972.5 1.5

351.3

▲4 0.1 +3 ▲ 0.1 ▲0.1

0.211.11.6 ▲

▲ 1322,004.9 2.0▼

251.6

29Tudor Pickering & Co LLC

24Macquarie Group10▲ -7 ▼▲ 0.2

0.2 ▼0.3 ▲ 33.417 0.3 -3▼▼ 0.3 0.237.7

11,139.4 100.0-12▲1.5

+111

42.5% ▲

25 0.1

Industry % Change from Same Period Last Year▲

16,674.3 9

1.7%

31100.0

▲▲13.8%▲

6.9%-12.0%

6,478

51.2%

Industry Total

Industry % Change from Last Quarter9.0% -11.9%0.5%

100.01,536,615.2

-27

0.724 51

▲

23,396.7

45.8%

▼

▼

▲

30Industry TotalRothschild 25

https://www.thomsonone.com

* tie

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

Deutsche Bank Credit Suisse

Industry TotalHSBC Holdings PLC

100 0 +761 321 703 0 8 377▲ 7 0.1 0.1 ▲

13 482 8 100 025 76 20,155.7 1.5 1.3

2.00.1 0 - 17.1

13 0.2 +3 ▲ 264.2 2.01.0 ▲

Qatalyst Partners 24 30 22,004.9 1.7 0.5 ▲ ▲134.71.9 0.7 ▲ 74 1.023 32 25,254.9 0.9 +6 ▲

▲25 0.3 -1 ▼ 73.9 0.60.7 ▲

Macquarie Group 22 28 26,168.2 2.0 0.7 ▲ 0.61.1 ▲ 11 0.70.1 -11

20Blackstone Group LP 21

0.830,989.9 2.32.3

-12.2▼ 95.4

▲ 90.617 0.2 +67 ▼

0.70.8 ▲15 0.2 +3 ▲ 112.60.7 ▲

1.7 1.7 ▲Greenhill & Co, LLC 19 18 31,451.3 2.4 -0.5 ▼

-1.6 ▼1.3 -11 ▼ 234.70.8 ▲ 113

2.1 ▲79 0.9 +3 ▲ 276.4 2.11.2 ▲52 0.6 -16 ▼

▲RBC Capital Markets 16 19 46,388.8 3.5 0.8 ▲ 158.0 1.2

0.8128 57,321.7 4.3 4.2 0.8107.6▲1.3 1.30.5 -7 ▼ 178.9

1.8 ▲15 63,571.8 0.7 -22 ▼ 247.84.8 0.1 ▲ 600.8

▲6 0.1 +2 ▲1.8

▲9 0.1 -7 ▼ 0.8107.91.1 1.1 ▲

Perella Weinberg Partners LP 12 33 66,615.7 5.0 4.0 ▲▼ 152.15.5 -13.6 ▼ 416 73,002.6

369.8 2.7110,924.1 8.4 -1.4 ▼0.5 -2

2.7 ▲76 0.9 -13 ▼2.8 ▲84 1.0 +13 ▲

▲Deutsche Bank 9 11 131,582.0 10.0 1.5 ▲ 376.7 2.8

▲7.7 ▲ 27 0.3 +3 ▲ 459.2 3.4 3.4

3.75 -22▼3 225,219.0

▼15.2 -12.6 ▼17.0 -15.2

200,948.7 1.0 494.6 3.786▲129 1.5 +1 ▲ 1,032.5 7.7 7.7

▲107

-12Citi 5 9 292,546.7 22.1

-2.2

4.33.6

8.6 1.3 +4▲ 4.3▲489.74 12 296,485.6 88 1.115.1 ▲

12.2175 1,644.72.1

Change in

107 1.3 ▼ 5.9-2

1.8

MarketDeals Sh (%) # of Deals Fees Sh (%)

MarketShare Ch.

Market

+68-7-26

0.1Wells Fargo & Co 0.4-2.61.6

31,506.3

1.5Blackstone Group LP

PJT Partners LP 23 -16 28,819.0

▲

Share Ch.

-5 ▼Goldman Sachs & Co 1 1 560,427.3 +4

390,245.4

Advisor

-4.3 ▼ 133 1.64.4 ▲

# of

Industry Total 1 799 322 01.226,397.925

1.8

22.4

BarclaysMorgan Stanley 6

▲40

9 827

1.1

0.21.735,718.2

Intrepid Investment Bankers 2020

2.02.4

BNP Paribas SA 22

18

2155,914.143,448.3

312*

54

64,208.7

Moelis & Co

3.359,141.9

7.9

▲Rothschild-4.6 ▼19 11

85,947.5 4.8

3.4Evercore Partners 15 141,634.9

18

LionTree Advisors LLC 15

17

97,640.9▲

12 167,581.324

17

6.4

4.992

14

87,306.3

7.6

417,229.85

-3.1

9.78

222.6UBS

Allen & Co Inc 13 26 142,824.2 7.9 ▲▲

▼

▲

17.5

3 ▲

Guggenheim Securities LLC11 12

9.3174,406.6

0.33.6

469,149.05

2

6-4.4

23.223.9

2

Greenhill & Co, LLC13

26.1

5.4

1.2 56

16RBC Capital Markets

91Jefferies LLC3.1

0.36

▲

▲▲

▲

3.1 ▲0.6

5.31.3

▲5.9

1,038.1

▼ 3.6▲788.7

575.1 ▲

7.7▲

12.1▼-2.8

▼▲9.7 154

105+7127 1.3

3 0.0

-42-17

▼

▼

+10

7


95

-14

4

23

0.2

0.6 +6

+1

Change in

+10

-2

193Deals # of Deals

▲▼

+10

113 -10

2

Lazard

0

# of

1.6

27

+6

Market

2.0Sh (%)

1.1

1.096

▼

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

Rank Value

2.54

8.4 ▲

Market

557,851.4

Financial AdvisorGoldman Sachs & Co 1

31.7

2014 Rank

31.0Morgan StanleyJP Morgan 3 6

US$m2015 Rank

1 635,635.54 569,416.4


35.3

Citi

159 29.5▲

7.7JP Morgan

Rank Value MarketImputed Fees (US$m)

0.9 +80.0 Guggenheim Securities LLC

Stifel/KBW▼

13100 0

▼61

24

17 47,583.4 3.6

17

▲

Jefferies LLC▲

Houlihan Lokey

31 29,678.1

0.6

-

-22

42

23 32,292.5▲▼

18

47

14

▲

11.1 84Centerview Partners LLC 9

1034 0.310

199,628.3

1.0249,089.3 13.8

-1.5

Credit Suisse

Barclays 7

429,161.2

78

2.4

315,121.9Bank of America Merrill Lynch

Lazard▲4.4

UBS

Centerview Partners LLC▲+1

-16▲▼

40,414.8 3.1

0.2

55

▲

▲

▼

▲

0.2+3

61

Sh (%)

# of Deals per Advisor2014 Rank

Evercore Partners

297,622.7

▼US$m

Jan 1 – Sept 30

▲Share Ch.

3.2

MarketFinancial Advisor

Market

Any US Involvement Completed (AF48)

8

10

181,353.6

11

368,857.74

▼

Americas Rankings

-4

+4

13.7

2

▲▼ Allen & Co Inc

15

▼

▲

▲

Wells Fargo & Co

▲

3

42.4

27.9


12.2

1.6 Bank of America Merrill Lynch

2015 Rank

-8


Sh (%)

13▼

13▲

10

+614-12

0.1

0.5

0.8

▼16.5

82

0.9

0.1

10

9

Moelis & Co Credit Suisse

▲

RothschildUnion Square Advisors LLC

21.4%

Sycomore Corporate Finance SAS46.01

1.8▲

▲+2

1-

Industry Total

2 +2▲

0.1

9

9,306.6 4.9 4.9

▲0.24

3.03.0Danske Bank

1,818

▲

2.4+1-

+54.6

1,357Industry Total190,891.2

2.9

+1 ▲

▲ 42.5 ▲

0.0 -10.1-0.8

2.8▼

▼ 0.040.30.3

.8▼ 30.0 1.6

0.1

18.1%▼▲

-11.5%▼

-176 1,934.6

▼ -3.6%-4.1%67.5%


2.5 0.11

-8.6%

▲

100.0

13 -8▼3,186.325▲ ▲

GMP Capital Corp28

100.0

2.12.0

▲2.4▲

0.03.0▲▲ 0.20.0 +1

11

▲2

0.214,456.6▲

2.8

3.03.0

27

2 0.1 3,370.4

Qatalyst Partners

24

21* - 4,674.0▲

3.521*

5,537.8-

+33.01.8

4,674.020 ▲

▲35.10.0 ▲

0.20.2+20.0

▲

3.50.3▲

19 ▲ 8.92 0.50.54.5

0.0▲INFOR Financial Inc

21 - 5,736.2 3.0 ▲+4

- 6,954.15 ▼0.1 -1012 1.3▼ 24.8-

Lenner & Partners 18* - 6,954.1 3.618* - 6,954.1 3.6 ▲0.13.6 +1

▲+1+1

3.6▲ 18▲

Scotiabank3.6

16* 0.712.7▲▲ 15.0

0.0 0.7 ▲0.0 0.80.0 1.1 0.3 ▼

0.8▼ 21.8-3

US$mAdvisor# of

▲Fees131.0-0.116

▲

37,880.1

▲


42.0%

Share Ch.

12.9

▲

▲20.5

100.0

▲11.5% ▲

-11.2% 5.4%

+761,321,703.0

▼

8,377

Industry % Change from Same Period Last Year 40.8% 0.9%

13,482.8 100.0

Industry % Change from Same Period Last Year 35.0% ▲

+68Industry Total 1,799,322.0 9,827

22.9

28

5.7

16

13

-2.6

INFOR Financial Inc

11

▲34

8

0.7% ▲

10.2

0.70.9

# of


* tie

20 - 5,752.7

▲2.9

Jefferies LLCSandler O'Neill Partners

4,674.0 2.54,674.0-

2.60.2

24*Qatalyst Partners

▼▲Industry % Change from Same Period Last Year 27.8% -9.3%

26 7,301.8Lenner & Partners

▲

16*▼ -▲ Danske Bank

5,752.7

1

Nomura

Sh (%)

▼

Ernst & Young LLP

-31.8%

▲

4.4

4.2

-10.7% ▼

1.9


158,563.3

4.4

0.0


-10.4

23.9

23+2 22

▲

-4▼

▲4.4

Macquarie Group

▼

-2.412

▲4.4

1415

8.1-1▼

CIBC World Markets Inc

6,648.9

Rank Value

6,954.1

0.9

-15

-10

Sh (%)▲

+16.0 28

20▲

7 32,201.7

39,887.317

▲34,968.8


5Goldman Sachs & CoBMO Capital Markets

2

4Morgan StanleyRBC Capital Markets

3

Citi 67Deutsche Bank

8

16

3 18.320.9

43,651.222.342,557.5

JP Morgan 44,869.01

1.1▼-6.8▲

4 23.5Share Ch.Sh (%)

2015 Rank

4.2Deals

Market

+2

Market# of Deals

BMO Capital Markets00

32.00.9

▲ Industry % Change from Last Quarter

2014 Rank


Any Canadian Involvement Announced (AD42) Any Canadian Involvement Completed (AF49)

5.2%

2014 Rank

Jan 1 – Sept 30

Rank Value

100.0


US$m

Rank Value per Advisor (US$m)Market

Financial Advisor Sh (%) Share Ch.

-

Market# of Deals

Change in MarketImputed Fees (US$m)

82.7

Market

3.26.84.3

2.8▲▲

5.20.7

▼100.3

9 50,694.024.0 23

2015 Rank

-10.1

-▲

DealsMarket

Sh (%)

Jan 1 – Sept 30

0 20.7

JP Morgan

34

▼12-12

RBC Capital Markets1.15.197.8

0.2▲1 36 ▼157

0.1 -8Goldman Sachs & Co2.3

26,639.5 16.8 56.03.2 ▲▲4.5

2.9▼0.0

2.6-2 ▼-1

▲-1

11Citi 0.00.1

7 22,622.1 14.315.7

▲

1324

1316.9

Rothschild

30,877.0 16.225,575.2 19,919.5▲ 2Bank of America Merrill Lynch

11

4.13.8 14

-6+6

Barclays0.8

32.53.6

10

15▲

BNP Paribas SA

▼

0.469.2▲1114

8 4.39

83.915,658.8

Barclays 16 2

8

41 15,680.1

9Macquarie Group 1810


6Morgan Stanley▼ Deutsche Bank▼

754

▼

1.1

▼▼0.0

0.562.1

▲

▲0.5

▲

▼

0.9

▲▲

50.95.6

▼

-8.312.6

4.4

0.1

▼

▼

13

0.8-3

108.9▲

6

38,103.5

32,774.4

4.49.9

▼ ▼

-1▲9.3

24,900.6

14,703.0▲

18 9

▲

88.60.0

1.2+1 ▲ 23.412,797.71.30.129 4.68.214

1.2

10

48.9-3

12,967.7 1.6 ▲-

+2

-1-8.5

▲

▼1.5-10 ▼6.9TD Securities Inc

12

-86.6

▲ 1

10,435.12.4 ▲

24

4.6

8.1

40.1

0.1 3.6▼ 13 0.1 ▼ 39.0 2.0

-14 ▼13 10,979.18 ▼-5.2 69.10.815,332.4

▼

11,065.6

0.1+1

▲

▲

2.5

-19.9 ▼

-8.8

0.15.8 0.7

13

11

22+4

Industry Total

1+1

5,693.4 0.53.0

+5

3.6

4.01.3▼

3.0 ▲

-186

42

Union Square Advisors LLC 24*-

5,596.123 -

100.0

HSBC Holdings PLC

19,389.1

1215,487.8

77

15,656.4

17,197.3 0.30.7

▲8.29.0

+7

▲13 ▲

7.413.4

0.7+4

Change in

1.5▼

+6

13

0.4

0.7▲

▲8.28.1

6.0 -3.7

7.7

▲

Credit Suisse

▼

Gresham Partners 17

▲

1.5

11

0.9

8.9

15

513CIBC World Markets IncScotiabank

12

8.0

15

11,374.720

6

▼

TD Securities Inc14


Rothschild

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

49.3

12

9 10

30.6

1

46.8

63.2

2

91,518.2

3

12

3

Morgan Stanley

Real Estate

Citi

JP Morgan

Energy and Power

Financials


Announced M&A activity with EMEA involvement totaled US$1.03 trillion in the first nine months of 2015, up 8.8% compared tothe US$949.1 billion reached the same period last year.

Estimated fees accumulated on EMEA deals completed in the first nine months of 2015 were up 4.0% from the same period lastyear, totaling US$8.2 billion, according to estimates from Thomson Reuters/Freeman Consulting.

The Healthcare sector led the EMEA marketplace, with 691 deals totaling a combined US$165.0 billion, including the AllerganPlc- Generic Drug Business and Teva Pharmaceutical Industries deal valued at US$40.5 billion. Energy and Power accruedUS$144.9 billion, and Financials totaled US$106.8 billion of activity.

Financial sponsors were less active this year so far compared to the same period in 2014. EMEA-targeted buyside financialsponsor activity reached US$108.7 billion in the first nine months of 2015, down 10.8% from the US$121.8 billion reported forthe same period last year.

Acquirors listed on the London Exchange were EMEA's most acquisitive companies for the first nine months of 2015, with acombined total of US$81.2 billion in offers.

Rothschild

Morgan Stanley

Morgan Stanley

Industrials

Goldman Sachs & Co


15,038.6

31,705.9

Goldman Sachs & Co87,633.3

90,568.0

1 43,462.4

19

1,461 62.5

20.3

758 Share

12

No. Deals

879 28.8

EMEA Involvement Announced Advisors by Target Industry

144,874.1

5

17 10

EMEA Deals Intelligence


EMEA M&AEMEA Announced M&A Up 9% | Healthcare Highest Valued Sector | Financial Sponsor Activity drops

2,080 40

221,013.3

28,507.6

938 6

27,220.5 18 26.2

14,277.8

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - Sept 30 2015

3 UBS 3

Rank Val US$m

89,553.4

Rank

Goldman Sachs & Co

3

28,533.6

103,753.3

47,591.7

Morgan Stanley

54.3

Mkt.

Healthcare

2

165,055.7

48.379,655.3 1

106,760.6

2

21,694.9

1

1

40.7

27.5

26.7

68.9

15

Jan 1 - Sept 30 2015

40,500.0 Healthcare / Pharmaceuticals

Hong Kong / United Kingdom

Healthcare / PharmaceuticalsUnited States / Ireland-Rep

g p ( y p y)

Netherlands / United KingdomAcquiror Target Macro / Mid Industry

7/9/2015

Israel / United States

Pending ACE Ltd

PendingPending

Cablevision Systems Corp (100%) Netherlands / United States

Pending

Perrigo Co PLC (100%)4/8/20158/4/2015

4/15/2015

Pending

7/1/2015

Royal Dutch Shell PLC

Coty Inc1/23/2015

7/27/20154/8/2015

Mylan NV

9/17/2015

StatusRank Date

16,917.8Pending O2 PLC (100%) Hutchison Whampoa Ltd

Pending81,009.7

Acquiror / Target Nation

Teva Pharmaceutical Industries

Target (% Sought/Acquired)

Allergan PLC-Generic Drug Bus (100%)BG Group PLC (100%)

28,533.6Shire PLC

* UndisclosedNetherlands / BelgiumPending

Pending

Procter & Gamble Co-Beauty (100%)

Switzerland / United StatesPending

Chubb Corp (100%)

15,381.2

33,741.4Ireland-Rep / United States Healthcare / Pharmaceuticals

Media and Entertainment / Cable

Baxalta Inc (100%)

Telecommunications / WirelessUnited States / United States

6/24/2015Finland / France

35,641.1

Financials / Insurance

Top Ten EMEA Involvement Announced Deals

y g q p p ( $ ) p

Rank Value (US$m)

Delhaize Group SA (100%)Alcatel Lucent SA (100%)

Consumer Products and Services / Other Consumer Products18,108.5

Jan 1 – Sept 30 2015

Koninklijke Ahold NV Retail / Food & Beverage Retailing13,784.411,657.2

Telecommunications / Telecommunications EquipmentNokia Oyj

Altice NV


$75.9 $74.4

$27.4 $15.6 $21.9 $18.5 $25.8$47.7

$29.2

$45.5$85.5

$44.3

$9.0$16.6

$38.1$19.8

$33.3

$43.6$52.4

$60.3

$54.7

$28.2

$14.6

$37.4

$23.9

$18.7

$24.7

$30.5$27.1

$90.8

$67.9

$24.9

$19.0

$26.3$22.3

$24.7

$33.8

$44.9

19.7%

17.1%

10.2%

7.6%

13.4% 14.2%

9.5%

18.3% 18.2%

15.2%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% 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

$81.2

$81.1

$63.2

$49.9

$36.1

$33.9

$32.5$16.7 $12.9 $10.4

London Amsterdam

New York Swiss Stock Exchange

New York Zurich

Nasdaq Madrid

OMX Stockholm BMFBOVESPA


Credit Suisse

▲-

1Financial Advisor

Jan 1 – Sept 30


7.8

0.0

Financial Advisor# of DealsSh (%)

Any EMEA Involvement Announced (AD47)

Market

35.51Goldman Sachs & Co

365,980.3 8.7237.0

2015 Rank

1

2014 Rank US$m


Jan 1 – Sept 30

Market

139,467.8

Rank Value Market

381,822.6 3.7

▼

MarketShare Ch.

▲

13.6 -9.2

1120.6

-7.3117

8470

10.7▲

▼

18Guggenheim Securities LLC

HSBC Holdings PLC

124,036.2

73

6

33

Societe Generale

Evercore Partners16BNP Paribas SA

Greenhill & Co, LLC 13

15

4Barclays

99

Robey Warshaw LLP

19

17

27

11

17

Zaoui & Co

UBS

12

14

Rothschild

11

+8

103

0.2

1.1Zaoui & Co

0.2

-6.3193

0.181,665.786,321.2

▲▼

8.4 64

+127.9

-15

2

8

Citi 6Lazard

JP MorganMorgan Stanley

Deutsche BankBank of America Merrill Lynch

7

12.0

4

10

232,438.75

140,705.313.5

5

8

3

17 2.4

▲-

7.8▲6.7▲

8.9

2.6

Perella Weinberg Partners LP 37

1718

14

5.944,261.638,265.5

15HSBC Holdings PLC

▲3.9

Macquarie Group▼

3.435,616.6

1621

▼ 16

4.735,775.7

4420

4.8

21,913.5 2.9

10

0.10.2

Credit Agricole CIB

0.1

3.1 Natixis 19

7.959,564.7

1522

5.1▼▲

▼

561

5▼

Societe Generale▲

Nomura-19-4

31

0.82.0

Evercore Partners▲

0.1-7

RBC Capital Markets▲ ▼

20.1 +8

▼▼▼▼

19-78

▲31 23

2.5

2.02.1

-7.02.7

-3.1-4.4-4.9

▲0.4

100 0

2.8Centerview Partners LLC57

Mediobanca 2221

PJT Partners LP 23 -

Moelis & Co20

Industry Total

3124Jefferies LLCNomura

3.95.4 ▲ 32

▲▲

0.2

0.0▲

6.6

5.5

▲-3.4

-20

▼▼

0.6

-8.0

72

-13.8

8.5+10

Rothschild

▼Credit Suisse

12.6

-13 16.3123,079.7

56,661.9

7.1134173,539.0

5557,803.5

▼36-4

12

▼5.6

148129

10

9.1BNP Paribas SA

68,919.94.1

-766

- UBS▼

2.2

50157

0.511

84,660.287,900.4

5

11

1.4▲▲

67,002.5

48

71

0.6

▼

1338

13 ▲▼▼

0.798

0.60.9

72 293.1▲

-4-18 301.0

+6▼

182,746.0100

Citi

169,567.9

372.9

-3

+4-8.5 ▼

127 Goldman Sachs & Co

▲196,324.0 26.1

▲

0.4

1JP Morgan

43.0 811.2

0.70.9▼115 -30.4

+40.4▼ 2

▲Sh (%)Deals

▲

43- 4

2 6.1498.911.8

▲

291.0

+2290.281

102

0.824.3

-6.2

176,667.9

Sh (%)US$m

0.3 23.4

▲324,065.9 ▲ 1.15.9 119 +9

2015 Rank

MarketDealsShare Ch.

Rank Value AdvisorMarketMarketSh (%)

# of2014 Rank

Rank Value per Advisor (US$m)Change in # of

EMEA Rankings

MarketImputed Fees (US$m)



Share Ch.9.8

▲

2.00.9

Sh (%) # of Deals

Any EMEA Involvement Completed (AF53)

0.6

0.2

0.5

Change in

-19

Fees

1.6 0.7

▲

▼

0.2

▲

▲▼

▲

0.7

-

7

0.5

▲

-6

▼▼

130.8

2.70.0

▼

Morgan Stanley

100 0

▼

3.5

-8

0.7

36

481.8

0.05

4.5

▲89

3

-8.1

▲

▼

10 92618,525.219,071.6 ▲

▼0.526

Industry Total172

25

▼▼

2615

-119,395.5

28

▼

33▲

0.1

+20.333

9

29

185

0.9 ▲2.60.7

-1.4▲

0.7 ▲25,443.5

21,623.1 2.9

753 715 42.5

▼-6 0.1 0.2-7

+155

107.61.6 0.2

0.2

0.3100 0

▲0.1-2 ▼

0.2-63

8 249 8

0.4▲-

▼

▲ 0.0

0.3

▲

+23

-120.3

0.4

-190.3

0.1

▼

+3-26

87.1

▲

▲

▼

66.2+9

222.4

+1

▼

0.2

0.1

-7

▼▼

▼

▲▼

23.9

176.7

0.2

29.7

81.4

153.2

0.4

▲

▲

9

3.5

3.6

5.8

3.7

▼ 1.4▲

0.17 160,897.1

22.522.0

5.26 13.8▲5

Lazard 165,820.2▼

21.4-12+9

▼ Deutsche Bank

31.5

146,950.014.522.5

14.2

324,932.1

149,323.8

6 11.7

-9.7 0.2

0.4

-35 Bank of America Merrill Lynch

94,938.9

▼0.3

▲

▲ 53

5.6

11.2-12.8

104,020.6 ▲13.8Barclays

0.5

1.0

1.0

0.40.2

▼

45.2

0.2

0.3

1.7

0.4

0.8

80.3

▼

0.542.6

1.9

2.1

0.6

1.1

▲

41.3

84.0

32.4 0.2

▼1.3

0.41.0

▲

29

▼

19

20Centerview Partners LLC

PricewaterhouseCoopers

Ernst & Young LLP

-0.42.5

2322

▲▲

2524

0.0

▲47▲29

0.0

-4

0

0.20.1 -7

0.0

+2

13 315+16

0.0▼

+339

0.1

-24

0.0

0.2

+10.212

4.646,964.224

29

32,504.1 3.2

5.355,646.454,861.0

34

1532,034.829,087.9

1618

21,400.225,914.9

0.6

21,006.31.818,188.8

1 032 355 2

2.0

25 41 15,889.8 1.5

Credit Suisse Barclays

-4

-19

36

87,725.465

11

1.7 0.21.8 ▲

0.21.63025 15,355.5

59.0

162.9

42.6

▼

▲ Evercore Partners

▼▲

▼ ▲Macquarie Group

23

▼

2935 0.4 ▲

44

Nomura

0.5

461.7

293.7

478.6▼

3.5277.2

▲2.1

275.5

▼

5.9

AdvisorSh (%)# of Deals

774.2+4

Change in

274.3

Fees

68.8

130.8

41.3

▲

13.1

15.4 99

-15

113

-178

0.9

-8.2%

+13-14

0.06.2

5.0

14

38,265.5

59,564.738 8.9

15

8.4

5.4

3763,455.1

17

18

84,660.268,919.9

12.3

▲

▲

2.5

▲8.3

7.27.8

1188,043.7

38.7

15.4

Any European Involvement Announced (AD21)

-

0.1

0.2▼ Natixis

Rothschild

+11

UBS

0.4+1

-11104,020.6

14▲Credit Suisse

7 150,311.9

▼ 13

9122,829.78

Deutsche Bank

9

Citi▼5 12▼

▲

10

Bank of America Merrill Lynch-9.6

-8.9 ▼-6.7145,454.0

▲

0.50.8

23.7 0.63

▲5 3

▲

139,860.2 14.8

146,081.6▼▼

Morgan Stanley

4 0.97.9

11.029.5

Bank of America Merrill Lynch 5JP Morgan

224,408.9279,469.2

MarketUS$m

365,980.3 ▲

Sh (%)Market

5.0

2014 Rank

2

100.0

▲

Rank Value

▲

1

8.8%Industry % Change from Last Quarter

Industry Total


Financial Advisor2015 Rank

Moelis & Co

Zaoui & CoSociete Generale

2


▲Share Ch.

Goldman Sachs & Co

17

15

HSBC Holdings PLCRobey Warshaw LLP

Mediobanca


Evercore PartnersBNP Paribas SAGuggenheim Securities LLC

UBS

2.2 160.02.3

Ernst & Young LLP270.2

▼Industry % Change from Same Period Last Year

Industry Total

20

2425

2.2%

PricewaterhouseCoopers25 18,971.6

19,395.5

21,623.12122

RBC Capital Markets 23

6

11910

Rothschild 8

22 21,006.3


PJT Partners LP

19 17

11

100.0

32,942.5

21,465.9


162,920.1

173,389.5

▲

44.9319,732.2

Rank Value

19

100.0712,580.9

3.6

10,926

Sh (%)

35,616.6

2.7

19

1.4%

2.3

1.0

4.622

2.618,361.3

31

25,443.5

2.7+7

-2+2

+30.1

▲

24

-0.1%

* tie

Industry % Change from Last Quarter ▲

Industry Total 12,459

25,914.9

Greenhill & Co, LLC

946,758.5

38.3%

18

6365▼

377.2

▼31

▼ 192

0.061

53

0.5

0.5

0.0

▲

▲2

-19

-140.2

3

3.1%


▼

45.2

Any European Involvement Completed (AF3)

-9.4%▲

Industry Total

-21.5% ▼

753,715.4 +155

▲

MarketImputed Fees (US$m)

100.0

80.3 0.11.0

▲

-

0.4

368.8

209.6

77.9

0.50.232.4

▼

1.7 0.5

0.60.2

▼0.11.9

0.4

▼0.5

▲▼

0.4

-▼0.8

▲1.8

1.6

2.7

4.73.5 0.0

0.7

0.0

9.9Share Ch.

0.6

0.5

Market

▲3.8

0.26.1 ▲3.5

-70.1

▲

8,249.8

▲

Jan 1 – Sept 30

▼

-7

+3

-14.0%

-6+5

▼

+7

▲

0.2

▼

▼

Industry % Change from Last Quarter▼ -8.5%▲

10,344

1.6%▼

▲

0.225

1527

▲▼ 1.7

1.6

174

-22

0.0

0.5

+3

-10

0.7

0.60.6

-2

33

0.9

0.5

0.3

0.2

30

67

53

1.5

0.9

6.126.924.8

▼

-12.7

▲

▼

-6.8

▲

▲

Market

▲

▼

Sh (%)1.11131.0

MarketShare Ch.

99

▲

17.2

Market

▲

191,583.7

US$m

21.122.9

11.7176,667.9

0.60.548

-8.34.2

0.3

9

▲

▼

Deals# of

▲155

-8.224.3

14.8

887795674

0.8

164,975.1

11.9

23.2

▲

6212.4

9.3

1.0

14.6

-1.5

6.4

2.8

-15.2

9.7

4.1

3.03.0

▲

28

47

24

▲ 5

7

33

▼▲

-0.4 ▼▲0.6

▼

-▼

-610.3

168

▼

▲

▲▼

-12

▲

▲

▲

+2

0.3

-5

+23

-6

0.1

+1

0.3

4.0%-14.3%

150.0

0.128.3

.2

Credit Agricole CIB

Perella Weinberg Partners LP

JP MorganMorgan Stanley

-21.2%

5

▲

▼

122

0.9

0.0

-20

107

2014 Rank

1-2

+5


▼

# of Deals Financial Advisor

2+2 ▲ Goldman Sachs & Co

15HSBC Holdings PLC

Lazard

16


12

32

1

4

13

Macquarie Group

17

NomuraCenterview Partners LLC

BNP Paribas SA

10

6

▲

Zaoui & Co

Societe Generale▲▼

▼

▼▼

▼

0.9

31-7

0.3

-7

1.5

+1▼

▼

29

-35

▼

00.5

68

▲

▼

113

-7

2.6%

# of

▲

Jan 1 – Sept 30


Deals

13,315 +339

1.0

Change in

▼

Sh (%)

▲ 0.2 ▼

▲

23.3

▲

104.2 ▲

0.1▼0.2

▲0.31.00.4

▲

▼0.2

▼

0.9 ▲

0.40.4

▲

▲

0.8

1.0

-17

44,261.6

▲

▼-19

0.1

▼

▼

+1+1

33 21,400.2-

3.4

2.7

2

-429,087.9

100.0 +160

3.1%

7,840.0 100.0

1.3

0.1-3

+368

20

0.3

80.40

5.8 -7.0

6.0

▲

▼4.255,096.4

-7.7

9.18.67.7 1.6

-6.186,321.2

20

▼

▲

-5.0

17,303.5

46,964.2 3.0

15,711.1

563.1

1.9%

54,861.0

▲

▲

18

10

16

14 5.8

32,034.8

5.01224

3.416

21

32,504.1

182.2

▲

2.2

29

0.9

-4.4 ▼

3.4%

12

0.228

94,441.8

7

56,363.5

Market

0.3

5

1

18.5%

374,988.9

4

28

73,213.681,665.7

-2.7124,036.28

▲

39.6

1,032,355.2

-3.610.0

Deutsche Bank6

13

Citi

Barclays

Lazard 7

9

12

31▼

8-3.0

15

t e

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

10

UBS Bank of America Merrill Lynch

Evercore Partners

6.012,502.7

16

1JP Morgan

Financial AdvisorMarketSh (%)

55,915.0

1

4

81,734.6

4

US$m

23

Morgan StanleyCiti


Lazard

0.2

32HSBC Holdings PLC

78,774.0

39.4

32.7

16,108.1

8,709.7

48,989.3

25,454.8

23,101.6

5,204.3

Goldman Sachs & CoJP Morgan

1Sh (%)

Market2015 Rank

25

8,212.5

1.6 ▲▲

+34

+1

Rank Value2014 Rank

▲

Qatalyst Partners

▼24

-5

0.5

0.6▼

40,132.2

21.752,333.020.4

34.0


▲+1

4.3

12

▲

▲

▲1.0

0.3

Jan 1 – Sept 30

Market

▲

▲

1.3

1.2

▲

▼

1.1

1.70.7

0.4

▲0.00.4

0.229.9

0.0▲ 6

16.7

10.6

19,182.5

2.1

14.6

2.1

7.1

6.4

-45.0

16,405.7

0.2 ▲29

# of Deals

▲4857

0.1 +3▼

Sh (%)# of DealsUS$mRank Value

# of Deals per AdvisorChange in Market MarketMarket

94,830.6Sh (%)

▼ 0.2DealsShare Ch.


2015 RankFinancial Advisor

EMEA Rankings

-15.4-22.9

23.2

4.4

0.133

▲

0.1

0.0

5.0

4.6

0.1-30.328.1

0.1

2.4

32

-31.9

18▲▼

▼

9.23.4

11.2▲

▲

00.0

31

24 0.1+190.369+2

19

0.1

0.1

-9+5

-5+8

+30.1

+10

0.1


▲+27+14

▲+5

▲▲

0.4

43.3 1.57.7

1.72.3

10.1

▼ 48.7

▲

0-

▲

45

# of

11

Any UK Involvement Completed (AF39)

▼19.7

▼

▲

# of

▲▲

17▼▲

▼

0.2

0.04 +4

16

Deals

-2

0.8

▲-8

+12 ▲▲

+11 ▲

▼

0.3

-1+2

+9

+14 ▲

0.1

▲0.1 ▼

▲

0.1

1.1▼

▲

▲-

▲

▲

9.9

▲0.1

18.6

▼2.5

▲

▲ 1.0▲-

0.6

0.4

29.0

0.2

▲

▲0.30.3 ▼

0.2

0.5 ▼

0.5

2.10.4

2.0

0.3

-

0.2

0.1

1.76.0

▼3.03.3

0.0 ▼0.9

0.7

0.65.8

▲▲1.1▲3.1

208.4 1.7

Jan 1 – Sept 30

Share Ch.10.2

Imputed Fees (US$m)Market

▲1

92.0

Change in Advisor

287.3+6+6

83.8

163.7+2▲

▲

+7

12.5

▲88.170.1

▲

▲

▼

▼▲

27.247.1

56.7

58.9

3.7

65.1

170.6

87.47.4

2.5

6.7▲+2

0

+5

▲▲

6,189.6

11,871.5 4.9

17

7,830.6

2.2

Jefferies LLC12,320.9

3.621

2110,672.8

3618

24

8

19Centerview Partners LLCErnst & Young LLP

PricewaterhouseCoopersRobey Warshaw LLP

6

18

Credit Suisse

16*

3

BNP Paribas SA

7Deutsche BankRothschild

20

23

20

910

22

35

9

5

15

5

2014 Rank Share Ch.Sh (%)Fees

129,891.7

33,602.5


Any UK Involvement Announced (AD32)

4.14.5

-2.6

-1.8

17

9,204.5

21

-0.1

56

62

-0.2

3

1

2

1.63 081

1.6368 734 8

RBC Capital Markets 23-Sumitomo Mitsui Finl Grp Inc

Industry Total

24VTB Capital

Moelis & Co

15

1314

621,910.2

12

Credit Suisse 21,504.1Greenhill & Co, LLC

Lazard 25,921.1

1255

-

2225

2.53.3

Jefferies LLC

Nomura

Evercore Partners 16

19


Perella Weinberg Partners LP

Macquarie Group26

19

4018

4.5

3.115,133.916,609.4

20 2.4

11,558.62.5

-

16,711.818

7,836.32.214

331.5

8,928.1 2.4

505

▲

1.9

▲▲1.6▼

6,020.85,704.9

100 0

0.7

-1.5

11.8

Market

10.4

17.3

2.0

10

▼

1.4

-15.95.9

9

10

44

▲

38.8

HSBC Holdings PLC

143,194.523

8

2

Bank of America Merrill Lynch 4

Deutsche Bank 5

4

3

Citi 11

Robey Warshaw LLPRothschild

10

Morgan Stanley

Barclays

7

36.4

65 13

16.460,612.6 4.6-11.7

3943,817.0

-11.510.4

81,665.7 22.235.2

42.9158,123.3

741,825.6

11.9

134,288.88

9.1

▲0.826

1.6▲

48▲

14.2

▼

-0

+5▼

▲2.80.12

Barclays

▲23

0.6

85-11

▲+15

39,219.00.619▼

11.33510.620▲ 35,043.2

▼ 22-2

1.1

1.1-7 9.6

11 -23,194.6▼

31,770.9 34 Zaoui & Co+2 ▲6UBS-41.236 ▼

1119

▼▲8.0

▲9.69.6

617,316.6+6

Macquarie Group21,320.7

31712 -42.48.9

1122

26RBC Capital Markets 14

-2▲▼

-27.2

0.40.7

Nomura

1319500.2

282.0 ▲

6.71512▲

▲6.8

5.20.1

5.1

▲

+2

▲ 0.1

+249+10

0.2

0.015

1

▲ +24

▲-8

0.32.6

13

0.1▲

▼-3.4

▲ 61

0.0

3.323

10Stifel/KBW

Qatalyst Partners

9.1-15.1

-2.9

5.3 ▲

▼2.1

2.5

5.8

8.67.0 ▼

▼

6,827.3

9

0.1

Union Square Advisors LLC25*25*

- 4,674.04 674 0

1.91 9

1.91 9

▲▲

12

0.00 0

+1+2

▲▲

46.03 5

1.60 1

1.60 1

* tie

Societe Generale Citi

Ondra Partners

-11

628,924.5

23

35,616.6

62,325.9

38,088.1

39,947.210

Market

▼

US$m

▼

▲

0.6

3 5

40,859.4

35,767.8

65,709.9

43.7

27.5

-3

0.0

0.5+24

+1

12

150.1

-3

-1

2

0.0

0.7

30.5

111

10

▲▲▲

-7+6

▼

▲+1

0.1▼

0.7%

+1+2

31,980.1 ▼Sh (%)

Change in US$m

Jan 1 – Sept 30

+34

146

▼-33.7%

1 3

2015 Rank # of Deals

3.6

▲2.4

9.4▼

▼

Share Ch.Sh (%)137.8

▼▲

5.7

9.5

100.0

▲

▲

-2 83.7▼

-15▲

5.8137.2

0.3

4.2

▼

▼21.6

▲

▼

84.7

53.038.3

▼

24.743.5

1.73.0

7.6

▲▲

2.61.5

1,458.4

4.5

0.0

▲

0.540.6

41.4

▼

▼

2.448.2▼

▲0.3

0.2

11.94.9

0.2

▼

▼

▲

32.4

.0▼

13.8

3.5.3

▲

▲

65.0-2

+1 ▲

3.0

0.4

-

▲ 0.0

0.1

7,369.65.25.2

-▲▲

3,375.9

100.0

39.1%

11.0▲0.0 0.3

▲

+318

0.4+141.2

0.11.4

0.00.0

-3

+2+21

▼▲

+1 21▲ Sycomore Corporate Finance SAS 17Bank of America Merrill Lynch

-1

25.1

▼9

1520.4

25.2▲

7.018.8

▲

33▲

▲

0.40.5

1.1

28 1.3

0.1

# of

▼-1.5%

2,560

▼

Jan 1 – Sept 30

Market

10

Rank Value

100.0

-52.1%▲

+1

Itau Unibanco

+4

45.0%

24

98.5%

▲

-12.8% ▼ ▲Industry % Change from Last Quarter15.1%

* tie▼

1,428.2

Industry Total

▼

2,426▲

100.0

-9.2%

▲1.8

-16.0

0.4

0.2

2.1Evercore Partners

▲

▲ ▲

1.3-14

1,428.2

5

▲ 2 0.1▼

1-1

-44.412,102.3

1.3

2,251.5

1.3 ▲

-39.02,210.0 1.92.0

10.6

6.5

1.2

+1

20,645.8

8.0

6.57,093.9

5.0

8.7

2.5

7,369.66.22.9

7.0

-10.83,256.4

21,154.018.418.2

-12.7

-29.1-15.1-16.1

12.818.1

20,747.6

Credit Suisse

27.329,160.2

24.0 -26.5

18.5

25.5

Zaoui & Co

27,475.6BNP Paribas SA

-2.3

-24.3▼

2015 Rank Deals Fees

100.0

12.0%

AdvisorImputed Fees (US$m)

Market

Goldman Sachs & Co-13Financial Advisor


17.4Credit Suisse

4▼62,143.8

30.5

Rothschild

52,313.7 36.8

9 14

5

43,399.412

Lazard 24

1.0 -21-11

▲7

18

13

6.5 6.5

14

129,979.59,139.3

7,369.6

-20.612

UBS

-

11

17

-16*24

HSBC Holdings PLC

Barclays

Davy

20Natixis

Goodbody Stockbrokers

2,855.22,414.6

-4319DC Advisory

16 2.12.5

137

24*

227

31-Guotai Junan Securities

21

23

24*

Cushman & Wakefield Inc

Industrial & Comm Bank ChinaCredit Agricole CIB

114,268.8

▼

Industry Total

1574

24,795.121.3

5 21.76 24,377.710


Citi

Rothschild

11

18


16*

9

Lazard

8

10Deutsche Bank

Sycomore Corporate Finance SAS

20,994.9

1

9

14,671.013

15

8

7,959.4

▲

0.0

▼

▲

33

10

▼▲

28▲

2

-18.3

2.0

▲

2.5

▼▲

▼▼

1

30

3▲1

812

▼▼▼

-2

8

Sh (%)0.7

0.1

▼▲

0.71.40.6

Market

-1

0.5

-13

# of Deals

0.6 ▼

▼

▼

-3▲▲+2

▼-4-1

Blackstone Group LP


50


8.311,826.2

3.4

18.28

7.610,722.66.4

1.41.5

21.7

16.90.4

2.9 ▲

-11-1

18

+2▲9

12▲

24

-2

17.221.7

▲25.4 ▲

+4

+1

▲ 0.8

-7▲+7

162.8620.7

0.81.4

+3

0.185.3 5.9

-15.8%


2,826.2

Change in

-38▲

▼

▲

▲0.40.2

0.51.2

▲▲▼0.1

2.8 ▲1.3

▼0.72.8

▲

▼

▲

1.3

2.2

▲3.3

▲

0.1

0.4

0.0

▲0.1

0.8

▲0.10.9

1.70.5

▼

20*5.8 0.4

-

-0.00.0▼

0.81.0

Messier & Associes2,488.8

▲

225

23 2.4

9

31▲

▲

4.3

18.8

19.7

2

-2.0 13

▲

43.9

-41.5%

79,931.3Sh (%)

56.3

▼

75,024.5

Market

46.252.8


Industry Total

1.6

▼-16.3 ▼

16

Market

▲ 14

11

15

-9.3

# of

3,081

▼Natixis

HSBC Holdings PLC

11

8

▼▼

▼Deutsche Bank

3.3 +18

Credit Agricole CIB

UBS0.3 ▼

▼▲ 19

18

▼▼

143*

1.3

2.44,754.5

84

5.2

2,933.7

7,369.61.227

4 2 34

▼

-6.2%

5

-21.3Deals


79

35

Market

1124

▼▼ 17

2

▼


368,734.8

40.7%

3

Share Ch.

31,216.0

Rank Value

Any French Involvement Announced (AD33)

-41.3%

0.1-2

JP MorganGoldman Sachs & Co

28.0


2

Industry Total

Financial AdvisorMorgan Stanley

2014 Rank

▲

100.0

Davy 20*

6

15

Zaoui & Co

Societe Generale

1312

JP Morgan

Barclays

14

13

1

0.5

0.30.5

3-2

1.4

+2

Morgan Stanley

BNP Paribas SA 1

40

16

22

-11

SantanderGoodbody Stockbrokers

6.8

2.0


Any French Involvement Completed (AF40)

-17.9%

240,728.7


2014 Rank Sh (%)

-7.1%

Share Ch.

243.0 18

328.6▲

26,683.6

9,135.5

2.8

24.0

24.0

25,914.8

28.828.1

39,005.126.8

2

-38

2,214

7

-6.5

▲

142,102.5

5.2

0.1+298

15.6%

Market

Union Square Advisors LLC 25 - 4,674.0 1.9 1.9 ▲ 2 0.0 +2 ▲3.5 0.1 0.1


Credit Suisse Societe Generale

2324*24*

BNP Paribas SAMediobancaBanca IMI (Intesa Sanpaolo)

92435

1,532.7775.2775.2

1 0.1 -31

2.8 -20.0 ▼1.4 -2.0 ▼

▼

7.23.23.61.4 0.8 ▲

5 0.7 -4

0.6

1.3 0.6 ▼0.6

55 661 0Industry Total

# of Deals▼

MarketSh (%)

0.6Share Ch.

2.221.4

Advisor

▼ 3.7 2.3

Imputed Fees (US$m)MarketSh (%)

▼▲

72.60.6

▲3.7▼

-4

▼-1

3+1

0.5 -00.71.5

7 ▲▼▲

0.8

6

6.336.1

0.2

▲

▲

▼

+30.81.5

▲

▼

2.9

▲

34.0▼

4.4

3.42.5

2.9

100 0

EMEA Rankings

FeesMarket

Jan 1 – Sept 30

2.3

12.7

5.9

36.4 6.312.9

25.12.0

▲

0.6

0.32.5

▼

2.3▲2.4

▼

▼

2.7

▼0.60.5

1.3

0.10.8 ▲

▼1.10.4

▲

▼0.6

0.2 ▲0.0 -

100 0

1.4

6.3▼ 15.3

+9 573 2

▲

▼▼

-1

2.8

5,528.0

7.37.9

0

7.0

14.2

▲

▲

-

925

0

31

4,293.2 7.7

10.8

-12.0

-5.2-2

▼3

6,011.3

▼

▼

24.3

4,424.0

48

6,555.0

10

8.0 1.6

4

5,930.1

26.2

-11.9

13,500.720.716.0

14,590.2

-3.2

13.6

▲5

# of

8.5

▲

▼ 11▼ 6

▼

2014 Rank

28,824.4


Share Ch.51.8

MarketSh (%)

▼

▲

▲

▼

6,762.1-2

1.21.6

14.8

▼

Market

-1232

4

3.95,824.1

8.3

0.5-26

+10

21

# of

8,888.2

0.42.2

Change in Sh (%)

0.5

Deloitte 12▼

-7

+11.6

▼

+5

# of Deals

N+1

-13-3

15▼

UBS

▼14

Evercore PartnersMacquarie Group

BBVA 17 10Societe Generale

2915

2.8▼2,121.5

49

13

162,262.1

1,789.5 ▼-9.8

3.3

▼

-80.4

Deloitte3Bank of America Merrill Lynch

Ernst & Young LLP

7

1,608.9

3.5

1.1

Ernst & Young LLP14

JP Morgan

Deutsche Bank 910111213


Moelis & Co

6

4

7Morgan Stanley

2

59

1714 1.7

19.4 10.7

25.1 23.5

23.723.7

DealsUBS

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

Financial Advisor DealsChange in

▼


3Sh (%)Financial Advisor

Any Spanish Involvement Announced (AD34)

US$mMarket

153HSBC Holdings PLC

19,605.4

2015 Rank

Lazard

61

8 9,377.2

16.8

- 15,381.2

10,901.49,596.6

14.4

-13

0.1

0.4

820

Citi

12,588.4

6,127.7

16Goldman Sachs & Co

5.3

▲

Rothschild

▲▼

+1-2

▼ 21

-20.1

+15

0.4

KPMG

0.7

20

▼

-7 ▼

6.2

6.0 +5

51

3

3.5

5-3.1

3

1

49

-4

0.5

0.6

15,709.54

121▲

▲

▲

13

24.2 ▲14.529

Rank Value2014 Rank

16,318.42

Share Ch.Market

▼-4.9

Jan 1 – Sept 30

13

18

+3

7▼

▲

2425

Evercore Partners775.2

Macquarie Group100 064 961 7Industry Total

1.2Banca IMI (Intesa Sanpaolo)

191.6

2.518

Mediobanca 22* 775.2

NomuraKPMGBNP Paribas SA

▲

-2.1

0.3

81,168.8 1.8

▼

-14.9

203,419.8

23

5.3

25

5,418.95,379.4 8.3

19

9.0

▼

▼

-22.5-1.8

Santander

▼▼

▼

6.4

-23.6

▲

▲

PricewaterhouseCoopers3

4

9.4

6 0.7

-21.45 91310

28-24.0

6.3▼10.4

-23.5

▲

JP Morgan

-1

Deutsche Bank

▲ 3

4-2

7

Nomura

5

2015 Rank

23

Citi

56

152

1

6 11,498.2

16.2

Rank Value

23,958.1


14

43.0 -7

Any Spanish Involvement Completed (AF41)

Goldman Sachs & Co▲


30.2 1

▼

11Lazard

0.1

Morgan Stanley

13

+3

8

10

▲1.5 ▼

3.53.316

10.79.9

Barclays

3,108.0

1,840.0 ▼

▼

-14.3

-2.2

0.5

▼

0.7

▼

4.2

6.7

7.3

5 0.7

-1+9

▲+31,922.0

-5.0

7.9

454

-2

1,551.3

4,393.7

+1

▲

US$m

-2+1

3.41.2

-7

7.0

4.52.7 ▲

▼

▲

-12.1

-9.911.8

▲

1932

5.3

▼

2,486.2

-20.9-8.8

8

2016

BBVA

HSBC Holdings PLC19

22

23.8▼

0.4▲

▼

4

3.83.6

0.6

1.30.4

0.922.5

▼

▼-171.06.5 7.2

0.60.5

7.3

11

0.61.33.9

14.2

4.2

13.74

▲

-2

▲ +3 ▲16.8

-23 3.5

▲

54

2.5▼

4.4▲

19.20.9-5.6

+4437

3,881.2

2,775.3

4,060.8 0.5

▼1.8

3,194.7

1817

-2.3 ▼

5.7

25-1.0

39

5.0

-

21-20.5

2622*

798.31 1.21,058.7

Rothschild

1 ▼▼

-4

0.2+33 0.4 ▲1.2 ▲

▼▼

20

-1.31.2-37.7

1.2768.3-31

Santander0.5

736

10 1.4

0.1

1.29+3

577.2 0.30.9 2▲36 ▲+1

Lazard UBS

UniCredit


5

21*21*

13

8

-

10,431.4

6,200.1Zaoui & CoPricewaterhouseCoopers

0.2

32

3,328.6

▼+2

16

+70.2

-7

▲

15

Bain & Co

12

17

▼Mizuho Financial Group

▼ 14▼

0.053,417.5

40.1

9 0.5

0.4-+40.4

Share Ch.# of

Deals

Any German Involvement Completed (AF42)

US$m

1442,828.0

Rank ValueRank Value per Advisor (US$m)

-

55,661.0▼-8.7%Industry % Change from Same Period Last Year

Industry Total

▼

Jan 1 – Sept 30

-30.7%

100.0


Share Ch.

100.0

▲

▼0.4

Imputed Fees (US$m)

6.5Sh (%)

Market

▲▼

▲

5.9

7.8

▲

1.8

-1

▼

2.1

-6

-35.9%

FeesAdvisor Market

5.4

1.6

0.4 ▲

▼▼0.6

0.2

-2.2%

▼

110.63.2

▼▼

▲1.73.4

72.2

+9 573.2▼1.2% ▲


0.470.1

0.7

▼

820

▼

16

15

2170

910

BNP Paribas SA

11*Kempen and Co NVPuhl GmbH & Co KG

9

▼▼

62.5


▼

-7

2▲

+1

3

0.342

▼-5-2

Barclays▲

0.2 +3

▲

▲▲

-4

Altium Capital Limited

-4

Industry Total

0

▲+3▲

▼

Jefferies LLC

+1 - 2,661.62,661.6▼ -

+22,406.0

-▼5 0.3 27

Aon Corp

106,807.525-223*

-6.3%32.3% ▲

▼

▼▼0.9▲

▲

0.0

0.2

-▲

▼1.1

0.2

10.8

0.4

2.9

▼0.20.1

0.5▼

▲

0.6

▼

100.0

1.7

1,120.3

1.7+1

-1

6.4%-7.9%-29.7%


-16.8

Industry % Change from Last Quarter ▼▼-29.8%

1.7▲3.5

▲

1,699

15

2

▲0.1%

4

2

0.1

5.8

-16.8

# of

-7.7 13

Sh (%)

▼

MarketShare Ch.

16

5

0.8

6

0.7

0.4

13

▲

1228

1.9%

+15

-4.7

Jan 1 – Sept 30

-7 ▼

▼

4,238.1

5,011.1

▼

-3.5%

2.6

8

3.5

4.34,818.9

12

4,356.1

20

3,038.210

4.3UBS 21

1,288.9Industry Total

Mediobanca

▲

Jefferies LLC 2,229.62322

Jefferies LLC2,389.0

37*37*Berenberg Bank

115,570.1

149.6%

92*251,985.624

2.1

1.1101.0 +2

6.8

2,599.3

▲

2,396.7

2.7

▼

1920

2.1

▼

4.341

▲

-12.0Altium Capital Limited 18 3,134.5

Mizuho Financial Group

ABN AMRO Bank 1615ING

32

90

Centerview Partners LLCBarclays

+1

Evercore Partners 1747- 3,193.8

4,065.0

3.8Ernst & Young LLPBank of America Merrill Lynch

1440

▼7.23.7

3.7

0.1-14.3

▲0.44.80.1

▲+1 ▲

22.3

8.2

8,650.929

9,442.0

▲

2.00.4 ▲

0.6

2.0

-19.6 ▼

Credit Suisse

425,500.4

▼JP Morgan

▲36619 9,320.37

Citi 798

4.313

6UniCredit 11

Societe Generale

4.2

7.5

7.9

-14.3

3.5

10

125

6,158.26.65.323

7,619.6

-14.3 ▼2.3

▲

0.1

4.3

2.8

0.90.8

Evercore Partners

▲▼-11

# of DealsDeals

16.9 ▲0.91.6

▲

-8.3

Market

Lazard

11*


0.9

17,274.516,481.7

Rothschild

20.5

16.2

4,053.4

9.8

15.4

5,253.6

18

Change in

+2 21 2

-1-5

▼▼

Deutsche Bank

16.7

▼

▲▲

9.8

Ernst & Young LLP

17,839.6

▼

9.87.2

N+12.5

0.12,389.0

43 1.91-14.3

1.01,391

▲

▼

▲-

4 +37

▲ 0.20

1

▲Morgan Stanley

-2 11

67

3

Credit Suisse▲127.1 -12.0

23,823.7

6.88.1

8,196.6

7.920.6

3

5.8HSBC Holdings PLC

9Rothschild

5

31.031,813.0

43

Morgan Stanley27.5Goldman Sachs & Co

2


Industry % Change from Same Period Last Year▲

Any German Involvement Announced (AD35)

▲Industry % Change from Last Quarter

35,820.31

Financial AdvisorDeutsche Bank

Sh (%)40,041.0 34.7

2014 Rank US$m

2 22.1

100.064,961.7

Rank Value

5.0%

1

Industry Total

69.5%

2015 Rank

Market

▼

▲

9.6

5.3

▲

▼-2+7

+1

0.3

0.20.2

-44

0.1

▼ 3.82.6

1.5

9.0

1.2

0.832.9

74.3

0.7

6.6

42.7

9.9

29.3

29.1

61.0

0.2

2.6

2.113.7

0.6

4.68.7 0.8

0.1

0.2

0.4

0.9

-7

16.3

-3

▲+4

-8▲

▼▼

-4

86.8

65.7-

-2 7.8▼

-3+4-4

-1

▼

▼

▼▼

10

1.2

▼

▲

0.6

Market# of Deals

Change in

-00.3

1.0

3,134.5

2.3

2014 Rank

▼

Sh (%)2015 Rank

50.0

Market

JP MorganGoldman Sachs & Co

27.1

Financial Advisor

671

34Citi

144.07.7

25,705.8

▲

▲25,745.9

-2.35

▲23.1

19,629.2

24.1▲

-4.118.424,701.3

24.1

28,955.3

▼

16.7

4▲

11

▲

6.2

▲

23*

▲ 4

Macquarie Group 22

40.9

-70.1

6

7,730.2

88

▲

2.9

0.1▲

+1 282019

3.84,550.9

90*3.6

5.84.9

3,867.33.1 12

424.3

6

46

-19.7-2.3-4.5

▲▲3.1

▲0.8

2.52.9

2.5▼

31

10,431.4

3,112.9

▲3,112.9 2.9

0.1

▲

3.6▼

▲2.5

-0.81

▲-0.5

▼

▲▲

3

3.3▼3 0.2

0.20.1

1 -1-6

7

1

▼-5.6%-3.1%

100.0

▼

1

0.316

0.4

1.0

140.7

5

-22

0.9

0.92213

0.1

1.2

813 0

17

▼

Sh (%)Market

736

1.6

0.4

9.711.4

4.8


-6.9%

+1

▼

0.43.0

0.5

* tie


HSBC Holdings PLC Stifel/KBW

Societe Generale

2014 Rank

46

Barclays

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

1.3

▲

# of Deals

▲

Change in

+3

Share Ch.

131426

▲

▲

Sh (%)

31.8

Rank Value

-3

3.61.5

9Share Ch.Sh (%)

5+1

▲Credit Suisse

▲10.8

28.4+2▲ 25 9,649.8 31.52

34.9Morgan Stanley

1 5

▲16.5

-4.4

82.6

▲3

10.6

6

▲

34.7 ▲32.7

+15

+1▼▲0.2

0.5

+1

Fees

Any Italian Involvement Completed (AF43)

1.1

-2

MarketMarket

17.723.7

▼6

▲

3

1612

4

▼▲

▲

▼

37.5

Share Ch.


25.2

▲0.327.9

2

+118,217.0

▲ 26.5Citi

9

▲

4

+1

0.4

20

4

-3

0.8

8

-10

0-2

0.75

+2

0.11.39

3.6

1,921.31,474.0

3.42,095.3

-3

+11361 031 5 100 0▲

▲▲

▼2.4

-6.73.43.4

▼16.5

1.4

▲

▲4.6

3.03.5

-6

6

▼▼ 1.7

4.31.7

9.23.82.1

8.32.0 2.88.7▲

1.90.8

+30.8

16

1.5

5.3

-12▲

5.0+1

▼

5,832.3

9.18.1

▲

1.3

-1

▲

▲

-11

517.0

19.8 ▲▼-3.9

19.8

2.4

▲9

3

20.0

17.017.3

31

2

716

▼

5.4

-0.8

▼3.9

302,684.0

989.84.8 2Banco BTG Pactual SA 1,423.118 293.419Leonardo & Co

Cushman & Wakefield IncSavills PLC

2.1

23*

21

-23*

242.1

▲209

31

242.1

2.4

+1Industry Total

618.0UniCredit

242.1▼

▲▼ ▼

-

▼

+2

108

▲

2.8

1.4-7

+1

4

20

1

1.1

▲ 3

▲

▲

▼

0.6

1.5

-23.04.2

9.313.6

▲▲

114

12,175.0

21,250.2

21 27

Nomura

-

9.1

21.8

2,199.5

2,095.3 3.4

11.0

2.4-Piper Jaffray Cos1524Leonardo & Co -8

▲

0.3

4.1

25 11.6

6.5-7.7

7,106.4

26

2,516.232

3.2

22*

25

22*

Industry Total

First Annapolis Capital

IMAPPricewaterhouseCoopers

-Boston Consulting Group

3020

BDT & Co LLC7.6

11.0

4.9

2,133.4 3.5

11 5.3Credit Agricole CIB

19

UniCredit 3,258.318Equita SIM SpA 2,979.717

39

11

3,976.1164,615.715 2

- 6,715.4

9,067.6

Banca IMI (Intesa Sanpaolo)

13

Credit Suisse

10

14UBS

JP Morgan

9 810

6

12

7


12,621.4

289

8 6

10,882.4

1

12,238.5Rothschild

Mediobanca

2

Rank Value

▲3

Market2015 Rank

Market2014 Rank Sh (%)

54.333,141.5


LazardGoldman Sachs & Co

Financial Advisor

5Morgan Stanley

Any Italian Involvement Announced (AD36)

Citi

12Deutsche Bank

19,296.8

4

US$m

3 21,526.3

13,274.2

5

▲▲▲

17.8

19,740.0

147

0.1

1.321

1 0.1

Jan 1 – Sept 30

▲

2015 Rank


▼27,616.9

10,303.3Financial Advisor

0.5

0.5

Jan 1 – Sept 30

1

1

7.2

9

6.1Deals

1.5

17

1.0

3.6

+3

6.6

▲

13.815.5

-8

8.6

▲1.1

-2

▲

431 1

1.9

0.9

0.2

▲

0.65.4

11.6

23.4

0.4

▲

3.1

▼

+1240.4

100 0

.4

--

-

-3.6

▼4.3

+1

-7

1.0

-

▲

1.6

▼

1.9

0.0

5.8▲

22.8

21.6

▲0.3

-4.1

▲

0.10.0

▼0.4▲

▼0.6

▲0.70.7

▲

1.04.4

0.318.5

1.4

17.8

2.7

8.2

Sh (%)

Imputed Fees (US$m)

# of DealsAdvisor

1.2 ▲

6.00.0

▲

▼

3.2 2.3

.05

US$m Sh (%)Market

5,903.220.5

Market

7

MarketDeals

0.8

# of

9,504.4

# of

32.2

11

-13

▲+44

▼6

10

32.3 7.5

3.6

1.1

16

35.3

▲20.0 19.2

20.7

45.3

34.8

20.924.0

21.9

Deutsche Bank-15

2.8

▲12

0.61.1

2.2

1.75.6

▲

1.0

15.0+2 ▲

▼9.9

220.3

17

141.3

▲

2,924.0

1,580.1

15 ▼ 811

0.5

0.3

-0+21.8

▲

▼

697.0

29 498 1

398.4

▲

2

1.4

0.8

2,400.3

-10+1

▼0.3

100 0 612

-11.6 2.8▲

-4

▲3

-9.8

▲1.4

Barclays

9.9-1.1

3.1

-

7

1.5

RothschildErnst & Young LLP 16

- 58*

Jones Lang LaSalle Inc

15

8

24

13Banca IMI (Intesa Sanpaolo) 4,419.3

22Lincoln International

▲

HSBC Holdings PLC

58*

-

4,998.75,094.6

9,381.2

1.8

12▼

Lazard20.1

14.9 1.5+4

2.0

0.75

31.6

▲

0.6

7,818.6

EMEA Rankings

▼-6.8▼6,055.6

6,982.6

Change in

MediobancaGoldman Sachs & Co

Credit Agricole CIB

3

▼

▼

+1

-1 ▼

▲

▲

▲

+10

▲▼

- 10

Bank of America Merrill LynchUBS

23*

9

JP Morgan

▼

8

-0.3

612

1.0▲▲

0.80.8

0.80.80.8

1.63.1

0.4

0.40.2+2+1

+30.2

1▲

+1▲▲

▲▲0.4

Danske Bank Deloitte

4

+4

2

0.5

4.5

5

0.343

▼

5.15.2

0.59.0

▼

--7.9 ▼

-11.2

5.2

0.2

Morgan Stanley

12.0

7.6

0.4

▼▼

Arctic Securities ASA 21Global M&A

Pangea Property Partners AB 12 48* 3,105.1

9.7

Bank of America Merrill Lynch2,512.1



UBS

2223*23*

956.049,628.3

25

▲

-7

+3▼

Raine Securities LLCClairfield International

Swedbank

▲

-1

-1+1

+1

100.0

▼▼

-56.4%

Industry Total

-37.9%▼

9791.9 1.8

▲

-137

-12.3%

▲

-5.8%

16

--7

+10

▼0.20.10.1

2

▼

3.0

▲▲

1.7

▲

2.0

1.62.0

1.9

0.01,353.9 2.72.2

1975.2 2.01.5 1

+5▲ 0.6 9.7▲ 17 18.5

+4▲▲

13.23▲

0.3 +1▼ ▲7.1

▲

3.1

Nordea 0.92,250.027

19 11 1,512.3 -2.1

13.9

▲1.414.5 0.0

1.9

11.5 0.4

13.3

1.61,965.1

▲2.9▼

▼

▲0.54.0 -3

5

▼-20.42.5

2.9 5

9

0.5 ▲

0.2

1,662.2-12.6

+2

▼-3

5.8 ▲▲

3.5 ▲

▲0.40.3

▲1.5

3

▼3

-12.6

0.3

975.2-

43*

1,496.5

3.1

1,359.5

73

1,549.6

332.7

▲

Change in

+113

31.6% 18.7%

Market

61,031.5 100.0

# of

▲

716

2014 Rank Share Ch.


Any Nordic Involvement Completed (AF44)

25.4%

Market

Industry Total

MarketMarketFeesDeals

Change in 2015 Rank

▲

Market

▼

▲▲

Rank Value per Advisor (US$m)Rank Value


1.2%15.8%

-

Houlihan Lokey

Nomura

▲-16 ▼

-8

Moelis & Co+2

▼

6

0.1

Goldman Sachs & Co▼

-3

▲

+12.9

Lenner & PartnersLazard

0.9

20

9

13

+2

10

+2

0.4-

18 6717

28

45*

14-

16 715

3.4

2,568.6

26

2047

8.4

8

8.69.5

10.8

3

6,954.16

4

5,345.9

9

1,804.1Carnegie

▲

0.1▲

0.1

140

2,512.1

0.2

0.1

-3

3

5

0.60.5

7

0-1

0

▼

1.5

-15.1% ▼ -15.1%

0.4

▲0.3

-

-23.2%

100.0

4721

62

2,638.8

US$m

11.85.1

4.6

25.2

21,973.1

Market

Jan 1 – Sept 30

Financial Advisor


2015 Rank

Any Nordic Involvement Announced (AD37)


Industry Total

Share Ch. Deals

28.8

32.3

Sh (%)7.2 ▲

▲

33.8▲

27.1

21.2

19.3

18,720.929.1

▲

4

21.2

▲

1.3 ▲

10 7,258.150

21.2

16,140.5-

11

-9.7

▲1.35.1

▲6.7 ▲5.9

6.7

▲ 0.3

2 0.113 0.9

4

▼▼

▲

+1

+1-78

2

3

▲

▲

0.4

1.6

7▼

3.9

24.8

5

10.5

0.40.3 9,361.0

Sh (%)

3.4

0.1


▼


20.2

Deutsche Bank6

▲

1.6

2.02.8

1.5

▲

▲

2.3

▲

▲

0.11.5

4

-14.50.7

1.50.3

1.8

▼

1.8 ▲1.9-2 13.5

100.0709.7

0.3▲

5-24.4

-

▲

▲

▲+3+20.4-10 2.6

▲6.7

8.3

5▲ 3.4

15.518.6

▲

6.67.4 ▲

3.9

18.32.3

▼

0.9

7.20.2

27.4

0.2

4.8-50

13.433.8

▼19.8

-▼▼

2.6 ▲2.2

0.22.8

▲

-13

-3

1.2

0.7-8

0.5+60

3.1

▲

5

▼

14.05,970.9

4,175.34,272.74,716.14,801.5

12

-4

30

▲

Sh (%) # of Deals5

2

US$m

▼

9,143.6

1


Financial Advisor

-18.4%

JP Morgan

SEB 3

▼18.9

11.0%Industry % Change from Same Period Last Year

Citi 1

Market

431.1

▼


+124

-13

7

1.4

-5.8%-6.0%

# of Deals

9.3

3.2

▼

100.0

Imputed Fees (US$m)

Sh (%)

1.0

▼

0.4

1.0

2.6

▲

0.8▼

▲

▲

0.3 0.2

-36.0%

▲

▲0.42.0

▲1.9

1.3

0.61.3

2.1

▲

0.50.9

1.0

0.1

▲

0.31.9

0.5

▲

▼

▼

Share Ch.▲

3.8

▼

▲0.30.5

4.7

1.8

Market

0.422.7

Advisor

Jan 1 – Sept 30

4▼8,926.0 15

29,498.1

18.02

▲13.7

▼

0.1

▼

-79+1

1,051.6

975.20.7 -3

-975.2

65,001.824*

-29.7%

Raine Securities LLCMizuho Financial Group 24*

23

Evercore Partners

Deloitte

Industry Total


Pangea Property Partners AB20 -

NordeaCatella AB

Moelis & CoHoulihan Lokey

15ABG Sundal Collier

31

21

3,155.0 4.9

4,911.610.7

2,775.7

3,301.8

7.64,330.3

26-

46

8,850.1 13.6

8

13,784.4100*

16,392.1

21.2

2

2

2014 Rank

Deutsche Bank

7*Goldman Sachs & Co

Credit SuisseMorgan Stanley 5

Zaoui & Co

4.2 4.2

3Citi

1 1

6

Lenner & Partners

16

126,954.1

9

Perella Weinberg Partners LPPricewaterhouseCoopers

Lazard

2,211.843

19

381,034.96

22


13

Mitsubishi UFJ Financial Group 1718

17

1257

-

14

25

423

Societe Generale

JP Morgan 4

13,784.47*

5

3SEB

3.2

1.9

-821,024.618,912.6

2,727.3

18.4

4.3

1,3781

▲

▼

1.3

22.4▼▼

6.3

-15.0%

6

14.1

▼

-8.7

3.4

▲

2.6

▼▲

10.210.811.2

4.1

▲

Rank Value

▲

1.3

6,990.6

11

1

53

Danske Bank

▼

+1

Sh (%)

100.0

# of

612

▲▼

-7

▲

54

▲-6

610

▲1

▲

▼

-5.4%

13

https://www.thomsonone.com * tie


PJT Partners LP Barclays9.9

4.4▼

▲2

0.78

-15.4 ▼

2,641.1

20.7

5

▼

0.3

2,146.5

21

1.67.5

0.1

▲

16

1.3 ▲

1.0-2

-7.6

▼▼4

21

▲▲

8.0

9.5

# of

▲

+2

+3

10.1

0

22

14-2

0.8

17

69.8

+1

▲

▲

4.914

+3

▲

10.2

6.4▲

22.1

▲

14.5

43.4Deutsche Bank2

2015 Rank

139,966.847,307.3

▼-7

+1

+3 ▲

15,844.6

11 11,421.2

▲

Morgan Stanley▲ Goldman Sachs & Co 1

12* 76

11,801.6 10.810.534

▼

100 0

6.6

9.6Kempen and Co NV

14Puhl GmbH & Co KG

4.5

+2 ▲

UBS

Centerview Partners LLC▼

2.0

Citi1.7

ING2.0

▼ 23

1.1

12

100 01 346 82.0

24100 0109 005 5139-1▼

1 092

9.0▲2.4

▲ 13

+1 ▲▼-4.0

7-4.3 ▼1.5 1.6

0.6 ▲0.6

0.61.1

0.24 0.43.6

1.90.4

2.0 -1.0

10.5

2.3 ▲

0.6

+30.7

-17 15.2

▲

▼

+1

14.5

0.51.6

5 +118 0

3.9

▲

3.6

1.6

0.1

13.9

175.1

29.5

17.8

34.6

18.8

36.71.5

US$mMarket

Sh (%)

Any Benelux Involvement Completed (AF47)

Change in Rank Value per Advisor (US$m)

MarketRank Value Market

77.491.0

▲▲▲

Share Ch.

3.2

# of DealsSh (%)

▼ 105.7 7.9

Imputed Fees (US$m)

Deals

6.8-

Market# of Deals per Advisor

▲5

1.3

22.6JP Morgan

230.5


58.6

Financial Advisor▲

Rank ValueUS$m

EMEA Rankings

Sh (%)

Any Benelux Involvement Announced (AD40)

2014 Rank


Jan 1 – Sept 30

Market

6Financial Advisor

1.7Share Ch.

Market

▲▲56.0

0.3

63.0

▼

12.335.1

▼

49.823.1

-11.711.9

35.1

11.9

DealsSh (%)

12

Market

9.1

+3

▲▲

-19.3

0.1

0.8▼

1.4

▼

2

0.1

-5▲

--

12*

0 Perella Weinberg Partners LP

4

-8.7 0.9179

22

10,431.40.2

14

15 4

▲1.9

4.5▲

Leonardo & Co

9.68.69,339.3

4,879.3

- 3.93.92120

6319

4,917.91820

4,212.94,219.7

3,887.119

2,158.8Credit Agricole CIB

24 232322

HSBC Holdings PLC

Industry Total25

BDT & Co LLCMediobanca

12

Jefferies LLCRabobank NV▲

▼

0.1-70.6

28▲0.6

▼▼

-10.3

8

-12+40.4-3

1 3181.2 -14.6

31 +12+20.5

26

+1+1

0.4230 848 0

2,897.98

▼

2.0

▼

11.4 ▼3,302.7

▲1.6

3,693.2 4

17▼

2,867.1

1.5▲

5▼

6

▲

▲

0.10.1

3.0

2.4▲

▼5,717.1 5.27,208.3

8

18.3

▲ 1.3

7.9 0+20.2 33.9

-

7.8

▲

2▲1

▲

▲0.7

0.10.4▼

▲

56.3▲

79.7 5.9

▲

▲

0.2

37.3

2.5

+2

▲

10,431.4

-▼

-

2.52.4

0.5

1.4

0.9

9.6

111

8.6

0

16-88,629.9

0.9

▼0.3

9

▲25.3

0.4

▼

▲ ▲

▲

2

5

3 37,676.41.332.8

156.935,760.9

32,155.2

5.7

AdvisorFees

MarketSh (%)

0.2

▲

-

0.0

▲

▼1.4

15.5

4.8

0.5

▲0.6

▲2.8

1.1

1.0▲▼

▼

1.2▲

1.7▲

▼

0.3

▲

9.8

40.6

▲

+4

▼

15.5 1.2-

-3

13.1

0.7

1.0

1.013.4

1.2

4.6

Share Ch.

1.9▼

▲▲

0.7 ▲

1.116.0 1.2

2.0

Jan 1 – Sept 30

4.2


▲

▲

Rothschild

-

BNP Paribas SA▲

16

10

19,444.3

JP Morgan6

20,508.69

3

10

4

27,620.7


2.0

▲ +1

7▲

5+5

▲+11

▲

+71.4

Change in

+7

Lazard

+10

# of Deals

-21.5-

0.3

0.2

81,009.71

7.1

2014 Rank

8 10 27,354.1

28,319.1

114,897.64

51

33

2015 Rank

145,503.0

679

Bank of America Merrill Lynch135,195.3

Morgan Stanley

BNP Paribas SA

4129,174.2

Goldman Sachs & Co

10

6 18

-28.1 112

5

BarclaysLazard

12,772.4

-9

27,414.4

Deutsche Bank

Robey Warshaw LLP

4.7

18,108.5Credit Suisse

14

21,006.32


-

17

UBS

15

11 30

13 2512

Rabobank NV

Industry Total

23 7

20

Citi

21

15

22

1819

HSBC Holdings PLC

Industrial & Comm Bank China

LionTree Advisors LLC

Mediobanca

16

12

Zaoui & CoRothschild

ING16

11

Credit Agricole CIB

2.14,828.7

10,880.8

33

5,067.4

105*

24-29.7

1.3

29

14 1.6

5,794.7

4,700.6

Societe Generale

3.4

13-

25

20

7,888.9ABN AMRO Bank

11.4

3.06,956.6

12,283.7

9.1

-17.4

-14.2

7.8

5.3

0.1

-12.1

4.7 ▲

2.0

+9

1.9

5.53.7

▲

▼

-6.0-5.9

8Credit Suisse

-4

Banco BTG Pactual SA

0.52.0

+1

▲

3,793.4

26,246.8

2.22.5

2.61.3

34.7

1.4 0+4-4

65.061.9

12

1

▲ 1

20

▲

26▼

# of

2623

18

Quarterly EMEA Cross Border Volume

100.0

▼ -12.0%

100.0

20.2%▼

1,346.8

▲▼▲

-24100.0

9.4%Industry % Change from Same Period Last Year 28.4%

109,005.5-139 1,092

▲

Jan 1 – Sept 30 2015

▼ Industry % Change from Last Quarter9.1%

Industry % Change from Last Quarter70.3%

-45.9% -3.9%▼▲

-12.5%-34.0%

* tie

Industry % Change from Same Period Last Year ▲

Industry Total1,318230,848.0Industry Total

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

$165.1

$144.9

$106.8

$103.8$87.6

$84.4

$76.5

$69.9

$58.0

$55.0$44.2 $36.3

Healthcare Energy and Power Financials Industrials

Real Estate Materials Telecommunications Media and Entertainment

Consumer Products and Services High Technology Retail Consumer Staples


`

0

500

1,000

1,500

2,000

2,500

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

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 3

2007 2008 2009 2010 2011 2012 2013 2014 2015

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


Somerley


Asia Pacific (ex-Japan) M&AAsian M&A Rises 61% I Imputed Fees Up 7% I Australian M&A Up 32%

46,601.7

3

Goldman Sachs & Co

1 474,430.2 84,529.5

1

13.1

88.1

HSBC Holdings PLC 1


1

45,410.8

2

Industrials3Southwest Securities Co Ltd

35,770.7

Morgan Stanley

106,078.1 Real Estate3

ShareMkt.

Rank

12.1

106,541.7 11,428.1 13,545.0 JP Morgan

Huatai Securities Co LtdHigh Technology

Rank Val US$m112,925.6

14,579.1 Citi

JP Morgan13,008.4 14,772.4

54,262.3

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

53.7

Asia Pacific (ex-Japan) Deals Intelligence

Financials

13,710.2

99,171.6

161

519

1,023

The value of announced Mergers & Acquisitions involving Asian companies reached an all-time high with US$829.7 billion in the first nine months of2015, a 61% increase over the US$515.2 billion recorded in the same period last year. The majority of deal making activity involving Asian companiestargeted the Industrials sector, followed by Real Estate and High Technology.

The top deal with Asian involvement in the region was the Cheung Kong (Holdings) Ltd acquisition of the remaining 50.035% interest in HutchisonWhampoa Ltd for US$45.4 billion, the biggest-ever acquisition involving Asia Pacific (excluding Japan) deals.

Asian buy-side financial sponsor M&A activities reached US$99.8 billion in the first nine months of 2015, a 60% increase over US$62.4 billion in thesame period of 2014. Companies in the High Technology sector were the most targeted, followed by Retail and Financials.

According to estimates from Thomson Reuters/ Freeman Consulting Co., M&A advisory fees from completed transactions in the region totaled US$2.2billion in the first nine months of 2015, a 7% increase from US$2.1 billion recorded in the same period last year. The top earner was Deutsche Bankwith US$123.7 million, followed by Morgan Stanley with US$121.5 million and Goldman Sachs & Co. with US$121.4 million.

China cross-border activity accrued US$125.0 billion, a 51% increase from the US$74.2 billion accumulated in the same period last year. Outboundinvestment volume reached US$85.0 billion, where companies in the Industrials sector were the most targeted.

Announced M&A activity with Australian involvement grossed US$109.8 billion, a 32% increase over the US$83.5 billion recorded in the same periodlast year; Australia’s cross border activity recorded US$56.8 billion, with outbound activity amounting to US$20.2 billion.

12.0

35,632.4

1,173 1

7

1,433 No. Deals

1

3*

1114.2

2

2

7

10

33.6

3

1

2

Jan 1 - Sept 30 2015

2

13.7

18

10.15

6UBSTelecommunications

25,203.6 23.7

43.9

Goldman Sachs & Co15,112.8

33.7

Somerley 45,410.8 3* 53.7 1

1113.112,991.1 3

214.9

HSBC Holdings PLC

Anglo Chinese Corp FinanceGoldman Sachs & Co

3*64.2

Anglo Chinese Corp Finance 35,632.4 3* 33.6 1

8

3/22/2015Wind Telecomunicazioni SpAPending Italy / Italy 8,851.5

Pending Pirelli & C SpA (76.6%) Marco Polo Industrial Hldg SpA Italy / Italy 7,064.93 Italia SpA (100%)8/6/2015

High Technology / Internet Software & Services9,093.4Focus Media Tech Shanghai Co (100%) HEDY Holding Co Ltd

Hong Kong / United Kingdom

Shareholders

10,306.4

35,632.4

Cheil Industries IncChina / China

South Korea / South Korea

Hutchison Whampoa LtdSK C&C Co Ltd

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

45,410.81/9/2015

China Cross Border Announced M&A

Cheung Kong(Holdings)LtdCheung Kong (Hldg) Ltd- Ppty (100%) Hong Kong / Hong Kong6/3/20156/3/2015SK Holdings Co Ltd (58.23%)

4/21/2015 9/1/2015 Ondereel Ltd,Best-Growth es (100%)1/23/2015 O2 PLC (100%)Pending4/20/2015 8/1/2015

9/1/2015

5/26/2015

Pending

Retail / Food & Beverage Retailing

High Technology / SoftwareChina / China

6/3/2015

Asian Completed M&A by Region - Imputed Fees

15,381.2Hong Kong / Hong KongChina Resources (Hldg) Co Ltd

South Korea / South Korea 23,059.6

14,027.7Telecommunications / Wireless

Acquiror / Target NationTop Ten Any Asia (ex-Japan) Involvement Announced Deals

Hutchison Whampoa Ltd (50.04%)Acquiror

Hong Kong / Hong Kong


Investor Group

Real Estate / Other Real Estate

Jan 1 - Sept 30 2015

Industrials / Automobiles & ComponentsTelecommunications / Wireless

Industrials / Building/Construction & Engineering9/1/2015 Samsung C&T Corp (100%)6/17/2015

11,238.8Pending Qihoo 360 Technology Co Ltd (100%)

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

% 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

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia


UBS Credit Suisse

100 0Industry Total 4 088 2 200 88 136

20 0.36.5

▲2.2

9

520 008 3

10,064.5

18,881.2

15

2223 11,249.9

▲

2021

▼

▼

+28

▲

2.2

2.0

▲

6.5

▼

▼-2.4

▼6.4

-36829 654 9

▼

16

21 66

22

100 0

16,941.7 2.0 1.7 ▲

0.2

35

▼1.9 -4.4-5.4

0.1

0.4▼

0.1

-4.5

-5Anglo Chinese Corp FinanceMorgan Stanley▼

+18-1


-7

37

-3

0.5

23

▼

1.02.6

14

2.8+19

▼ 0.20.229

14,655.9

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


5

Anglo Chinese Corp Finance 4 47

2

GF Securities

PricewaterhouseCoopers -503.9▲

Somerley7Citi 4

0.4

10.5

14.1

0.2

65,931.0 8.0

▲0.6▲

20

0.7

6

86,867.6

38,084.2


2014 Rank

Rank Value

▲

+10.3

Imputed Fees (US$m)

Sh (%)▲

Morgan Stanley 3 1 91,701.6

▲136,664.1 -1

5.151

39

0.0 14PricewaterhouseCoopersJP Morgan

0.217 79

5.1

22

8.8-4.1 39

-10.0 ▼

26,519.4

-2.7 ▼

Change in # of Deals

# of

26,407.4

21

4

24,798.0NH Investment & Securities Co▼

5616.5 ▲


Share Ch.

HSBC Holdings PLC18.2Goldman Sachs & Co

18


1 3 150,831.4US$m

-1Share Ch.Sh (%)Financial Advisor

0.9▲5US$m

Goldman Sachs & Co

MarketMarket Market# of Deals FeesDeals Sh (%)

16▼

MarketChange in Advisor

▼5.5 1.8121.4

Market

3829.4152,750.01

# ofRank ValueShare Ch.

2014 Rank Sh (%)

6.0 0.64615

16.3▼ 2HSBC Holdings PLC 18.4 14.5

18.495,661.1

0.5 3.71995,597.0 8.0▲

81.4▲ 0.2▲1.60.4 +5 ▲ 66.4 3.0

▲16.5 0.7▼ 16.5▲▼

0.715.7-2

▲▲711.1 ▼

9-7.210.0 4

3

Bank of America Merrill Lynch 5 6 83,799.7 10.1+1012 0.3247* 86,031.5

14.05 77,421.4 14.9

Somerley 31

72,861.66+1038 0.5-17

▲73,382.1▼

▼0.7 -191.1 0.15.5 1.8

▼+513.6

▲▼-1.7 23.5121.529 ▼▼-10.8

0.6 ▲25 0.6

0.73070,883.4Citi 712

0.580.5 -4 ▼

6▼ 89.2

1.2

▼-13 ▼ 86.4 1.13.9

29▲5.3 ▲ 20 4.1 1.4▲

0.5 -314 19

UBS41▲1.7

10.353,500.9▼31

-2

9 53,531.652,683.2

0.38.2

49,196.9▼ 10 9.5 1.99.851,148.8 1.90.5 +12 ▲

▲ 0.6▲

26 -440.9

10Deutsche Bank4.6 ▲ ▼ 0.7 -1

10 11 45,514.8 5.5 -1.40.537 27CITIC 11 -1.882 7.111+13 36,992.7 123.7

▲4.2▼ 92.45.6

1.1

▼-37 ▼ 49.4▼

-3 ▼2.3

2.2 ▲

13 ▼ 16.4▼

5.11.333-4.4

26,634.855

▲

12 8 38,011.1-11.1 ▼213

+3131 23,905.2

▼22 32,503.5

2.9 2.8

4.61.9

Deutsche Bank▲ 65 0.8 18 0.4

0.4 -1 ▼ Industrial & Comm Bank China

NH Investment & Securities Co 140.1 ▲

12 11 29,149.3 5.6 -0.30.7

Huatai Securities Co Ltd 15 19 21,398.1 0.3 ▲2.6▼18

8.6-310.3 ▲

55▲

▼▼-3.2 ▼ 57.9-100.4 2.6

Moelis & Co 16 67 20,270.3 2.4 2016 ▲▼44

9.0+70.6 19

410.0 4.2▼

0.5▲▲

4.84.6 4.4

0.4▲ 11.5 0.20.50.1-6▼▲ 7

17 +223,905.2▼ 18

Haitong Securities Co Ltd 1721.8-818Rothschild

18,979.9 2.3 -0.627

▲5.5 0.2▼0.20.3 14

2.0▲-8 4.221,700.4 0.1

Huatai Securities Co Ltd 27+17 3.6191.31.0

0.3+1619 3318,860.5 Lazard2.3 0.8

Guotai Junan Securities 20 21 17,910.2 2.20.5Southwest Securities Co Ltd 18,420.5 ▲2.2

0.117▲ 38▲ 0.4

0.9 ▲+14▲ Great Wall Securities Co Ltd▲

KPMG78

▼12,600.3+15 ▲ 2.4▼1.6

-0.4 ▼▼ 32 0.8 -29▲

0.1▲ 0.5

19▲-2 ▼ 88.9 4.021 2.2

+40.5China International Capital Co 23 13 0.0▲ 2.1Industrial & Comm Bank China 24

33-5 ▼10 13,665.9 24-6538

12 16,636.9

0.515,514.3 Guotai Junan Securities16

▼1.11.7 Barclays▼

12,536.4 2.41.0 -0.1

250.21.9

1.9 14.6▲1.8▼

0.013 ▼ 7 -15-2.2

+124 034100 0

▲0.7 0.5▲9,614.6101+575

-1.2

▲

Deals Sh (%)Market

Asia (ex-Japan) RankingsJan 1 - Sept 30Any Asia (ex-Japan) Involvement Announced (AD25)

25KPMG 1.6

Lazard 22

17 13,365.9

China International Capital Co

-1.424.9

1.3

Rothschild

-0.1

Haitong Securities Co Ltd0.22.2

CITIC

9

0.5

Industry TotalRBC Capital Markets

2.3 0.4

0.4 -2


JP Morgan 8Credit Suisse 9

2015 Rank


Luminis Partners Pty Ltd Credit Suisse

BMO Capital Markets 7.7

▲

-

3

+2

-4

6,059.4 -7.35.5

-1 JP Morgan

2.8

100.0

0.10

Industry Total

6,021.2 0.2

-23.2%Industry % Change from Same Period Last Year

PricewaterhouseCoopersIndustry Total-147

▼

25 1.2 ▲803

4076,723.9

▲1,030.8

-2 ▼

+1

INFOR Financial Inc

909.7--22*

-129

-52.5%

4,088 2,200.8

▲

1.73.8

▼

▲

13.6▲

▲+1▼-1 3.1

3.1

-2 8.6

1

-13.8%

0.1

0

-11.3% ▼

▲13

3.7%▼

0.2

823.5-

▼

4.12.1

217

▼

100.0

▼ ▲

1

-1.9

0.3

0.3

8

35

3.8

2

▲

▼

2.3

0.1

100.0

0.61

▲

0.31.6

0.40.7

▲0.8

▼▼▲

0.1 0.0

-

▲

▲

0.6

0.40.4

-

+2

0.0

-

1.3

0.81.10.4

▲

▲-20.6

0.112.9▲ 0.4 ▼-3

1

▲

65.5

-15.0

Morgan Stanley4 12Rothschild 13 9

-4

3,191.0

▼ ▼

-1 24Cenkos Securities PLC▼

▲ +1Grant Samuel

Azure Capital2▲▲

-89

+2 22*

▼▲▼ 0.8 20Greenhill & Co, LLC

BMO Capital Markets1.5

0.111,149

▲▲ 7

0.2

0.1

22

15▼ 190.3

262120

0.4

2.0SantanderRothschild

▼-3.460*

111918

8.417

16

-

2,214.92,205.42,195.2

1.82.02.0

1,618.8 1.5

0.2

2,880.72,375.6

2.6 0.2▲

Evercore Partners 2.22.6-15

16 -

22

182,214.9

Barclays

22 1.3▲ 15+2

14

2,334.7 2.1

2

+6

2

2.95.5

6-4.0 4

▲9-

2,479.6▼

2,880.7CIBC World Markets Inc

17 53*

▼

▲1.9▲

2.8

1.7▼

Flagstaff Partners Pty LtdFort Street Advisers

-30.8 11

▼2.8

-4.1▲ 2,178.4

26

1,458.4

451,520.8 2.0

0.2▼

▲ 16

▲9

2.9

1.2

4.53,416.24.5

5

182,139.6

1.2

10 -14.73,451.63,999.8

▼▼

5.26.2 ▼

+1

5

8

- 167.9

3.8

+2

3.2

-7 ▼ 21.8

8,136

0.8 ▲6.7

Moelis & Co

-6.2-13.3

1 28,857.4 37.64

10,356.3

UBS 2 27,206.2 35.5121,564.03

-4.25

11

2

7,758.1 10.18

9.39.4

4

67 6,722.5

6,311.1Gresham Partners 8

7,222.36

LazardDeutsche Bank

1.3

-5.621 1,486.2

1,458.41.91.3

1.912

▼29.7% -78.8%-0.5% Industry % Change from Last Quarter

-

0.6

0

0.2

1.0 0

▲

▼

+2

▼

6.0▼

0.7

-9

0.2+41.0

3.6

0.5

- 1.1

-6

▼

▲ 1▲▼

-4

5 -5

▼

7.0

1.9

0.7

2

▲

6

5

8.2 1.5

▼ 1.0 -4

1.10.7

-6▼

1.4

1.7

0.8

23.83.5

26.1

19.3 2.31.0

0.5+1

30.91.2

2.9

▲

-3▼▼

3.2▼

▼

1.5

▼

1.2

▲

1.0

▼

1.10.7

▼

▼

▼

10.7

2.9

0.6

29.0

9.914.1

0.41.6

▼▲ 11.1▼

17

-30.6

▼20.2

▼

▲▲

1.7▼

2.5

2.7

▼80.1

3.8

-35.5%

520,008.3

10

Macquarie Group

▼-1▲▲

2.84.0 13 ▲

▼+4

▼6

-9 ▼▼


16

# of Deals

1.6

Deals▼27

-4

0

5.3

0.5

18

0.8 -3

0.9

1.1

0.8

25.628,939.3

16.7

15.8

Financial Advisor

Goldman Sachs & Co-9

19.09

▲

14.2

5.4

912,114.2

18,331.2

▲

28,113.7

24,058.826,822.2

11.0

▲▲

21.9

26.4

10.3

-

8

▲

▼

▼10

Moelis & Co15,628.1

7

37*Deutsche Bank 8

11,157.5-

Morgan Stanley

Credit Suisse 11


-2.5

24.4

20,868.6

4

33.4

# ofMarket


829,654.9

Market

▼


10.4

Change in 2015 Rank

2014 Rank

Market

-30.5%

100.0

Sh (%) Share Ch.

Any Australian Involvement Announced (AD24)


-10.1 ▼2.31.4

7.6%

231,520.8

100.0

Azure Capital 55

1,458.4

1.4


109,834.3

17

JP Morgan

13

24*INFOR Financial Inc

▲

14BarclaysMizuho Financial Group

Greenhill & Co, LLC

CIBC World Markets Inc

Flagstaff Partners Pty LtdFort Street Advisers

9,081.0

10.1

8.3 9

24*


Industry Total

▲

1.31.3 ▼

1,479.9 1.4

1.3

1.21,458.4

Sh (%)

Jan 1 - Sept 30

1.3%

-4,034100.0

6.1

Share Ch.Market

▲6.8%▼

87.72.1-15 49.91.6

▼-8

▲Industry % Change from Last Quarter

▼ ▼1.5▲2.0

55.7% ▲

Sh (%)

Jan 1 - Sept 30

-8.5%▼

Any Australian Involvement Completed (AF31)

▼


-21.2%

Share Ch.

Imputed Fees (US$m)

DealsMarketSh (%)

2015 Rank

Change in

▼Fees# of Deals Sh (%)105.3

Advisor

-17 12.8

Market

0.6

3.4

0.7

6

13

0.7

20.5 7.9

106,021.25,378.2

Mizuho Financial Group▲+2

610.2-7.4

10.2▲

0.5▼▲

0.3

32

4,761.4

-21.3

2.2


9

1

5

314

+575

12

UBS4

Citi

9

7

6Lazard

US$m


Financial Advisor

-38.4% ▼▲

Macquarie Group 1 2US$m

Rank Value

3

6

Gresham Partners5

-8

▲61.0%

-1136,632.6

0.1

23.9

0.5

-9.7%

▲0.8

0.50.3

3 -25.57 -22.8

Citi

8.8


--23.9

24

▲

2014 Rank


Industry Total

Rank Value # of

27

56

MarketMarket

▼28.113.5

https://www.thomsonone.com * tie


-

7,004.9

4,966.8

▲

Rank Value

100.0

2

Market

1,360.5

2

0.9

▼

2.5▲

74.9

-29.4%

▲+1

▲4.3

▲

100.0

▲▲


3.8

-16.0%

110

▼

-21

52.2%0 0%-21 7%

0.9

20.3

▲66.6

Sh (%)

+10.6

+4Sh (%)

-10

Asia (ex-Japan) Rankings

3-- 10.1

27.5+1

▲

20.9

Imputed Fees (US$m)

0▲

Change in

▼

5.8 ▲

1 +1 10.17.6+11

Fees# of Deals▲

+118.1

3,604.5

Share Ch.▲3.6

MarketAdvisor

20.6

Market

MarketSh (%)US$m

Market

-4.73*

2015 Rank

732.5Goldman Sachs & Co

▲

Jan 1 - Sept 30



0.9

4

Market # of

66.6 0.9

Sh (%)Sh (%) Share Ch.

66.6 ▲▲

51.9

Rank Value


2014 Rank

Any New Zealand Inv Announced (AD39)

4,665.9

JP Morgan

17.3

Industry Total

261.0

70.9

66.6

Any New Zealand Involvement Completed (AF46)

7.2

Deals

3.4▲

▲

5.83.4

100.0

1 3.466.6


1159 -14

2.5 3.4 ▲

Jan 1 - Sept 30

-1

6.9

0.0%-8.1%

11

1 0.6

Change in

# of Deals

5

▼+1

+3

0.6

Market

Asia (ex-Japan) Buyside Financial Sponsor Activity


Goldman Sachs & CoFinancial Advisor

2*

2015 Rank

2*

12*

66.6

▲

563.8

161.1%

Barclays

▲

▲8.1-

Sawaya Segalas & Co LLC


29 4%

Haitong Securities Co LtdIndustry Total


▲4,665.9

▼20.1%Industry % Change from Last Quarter

2014 Rank

4,665.9

-

US$m

▼▲


5* - 7.1257.5 7.1

▼▲

622.6

-10.3Guotai Junan Securities

5*7.27.1

-

Macquarie Group

257.5

3

Financial Advisor

Nomura 3*

11

4PricewaterhouseCoopers

120.3

62.9

35.85▲

▲37.7

# ofDeals

MarketShare Ch.

$6.0 $3.1$9.6

$0.9 $3.5 $6.0 $8.9 $5.9$13.1 $14.5$7.4

$4.0

$3.9$3.9

$6.6$13.3

$8.2

$17.6

$46.7

$4.4$3.9

$5.1 $3.3

$8.1

$10.0

$6.6

$31.7

$38.5

$7.4 $2.3

$2.8

$17.3$5.9

$3.4

$9.7

$13.9

2.3%

3.1%

7.8%9.3%

10.3%

8.0%

10.8%

7.8%

14.3%

20.5%

0%

5%

10%

15%

20%

25%

$0

$20

$40

$60

$80

$100

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% 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

0.0%-21.7% ▼Industry % Change from Last Quarter

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

* tie-▲29.4%

13%

13%

13%

12% 10%

9%

7%

6%

5%4%

4%

High Technology Industrials Real Estate Financials

Telecommunications Energy and Power Materials Retail

Healthcare Media and Entertainment Consumer Staples Consumer Products and Services


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Lazard

* tie

Mitsubishi UFJ Morgan StanleyNomuraSumitomo Mitsui Finl Grp Inc 4,471.4 37.2 4

42.2

39.8

3139

324,787.6 1

12,033.3

6

3 43.1

14,104.6 High Technology

4,634.0 5,951.7

2

5,186.6

27.6

341

5

1

2

16

142 4

11

21

10 422

1

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Sept 30 2015Mkt.

Nomura

3 31.3

Japan Deals Intelligence

16,036.8 17,414.0

44,164.3 1


FinancialsGoldman Sachs & Co

Announced M&A activity with Japanese involvement during the first nine months of 2015 increased by 27.9%, recordingUS$126.6 billion in value, compared to the US$98.9 billion during the same period in 2014. This is the highest thirdquarter volume since 2011’s US$134.9 billion.

Large-scale Japanese involvement deals valued at US$1 billion or more boosted the M&A activity. 28 large-scale dealswith an accumulated value of US$78.5 billion were announced during the first three quarters of 2015, a 67.5% increasein value compared to the same period last year, with only 17 deals worth US$46.8 billion.

Driven by insurance industry deals, Japanese outbound M&A activity reached a record high of US$68.9 billion duringthe first nine months of 2015, a 51.1% increase compared to the same period last year. Four out of the top 10 dealswere insurance related deals. Americas was the top targeted region by Japanese companies with US$28 billion,accounting for 40.6% of the market. Followed closely by Asia-Pacific totaling US$23.6 billion with 34.2% market share.

Japanese domestic M&A activity increased 18.6% recording US$45 billion during the first three quarters of 2015. TheIndustrials sector jumped 170% totaling US$7.3 billion. Suzuki Motor’s US$3.9 billion repurchase deal was the largestdomestic industrial sector deal during the first nine months of 2015.

Any Japanese involvement completed M&A volume reached US$73.4 billion from 1,409 deals. Total estimated advisoryfees, according to Thomson Reuters/Freeman Consulting, reached US$928.9 million.

36.339.4

No. DealsRank

21,591.2 23

Share

Mizuho Financial GroupIndustrials

Mitsubishi UFJ Morgan Stanley

Gresham Partners

47.1

22.732.9

6,021.2 3* 27.6

6,821.3 3*

Deloitte

Real Estate

Lazard


Japan M&AJapanese M&A up 28% | Insurance and Large Cap Deals Drive Strongest First Nine Months Since 2011 | JP Outbound Activity Breaks Record

6,021.2

10,283.1 1

48.9

Rank Val US$m

Deutsche Bank 2

1

3,207.8

21,820.9

Consumer StaplesLazardJP MorganPricewaterhouseCoopers

10,775.2

5,005.2 2

190 5,292.7 1 49.1 2

46.5 1 3,234.8 3 30.0 10

CITIC Ltd (11.8%)Amlin PLC (100%)Reynolds Amer Inc-Natural (100%)

HCC Insurance Holdings Inc (100%) 7,540.9Tokio Marine & Nichido Fire

Chia Tai Bright Investment Financials / Other FinancialsFinancials / Insurance

Jan 1 - Sept 30 2015

StanCorp Financial Group Inc (100%)Japan Tobacco IncMeiji Yasuda Life Insurance Co

5,924.0Hong Kong / Hong Kong

Rank Value (US$m)

Mizuho Bank Ltd

Suzuki Motor Corp (21.35%) 3,822.2

Japan / United Kingdom

3,000.0Japan / United StatesJapan / United States

4,961.3Japan / Japan

Hong Kong / Hong Kong

5,005.2

4,433.3

Financials / Insurance

Any Japanese Involvement by Market

Sumitomo Life Insurance Co

Financials / InsuranceFinancials / Other Financials

Japan / United States

Suzuki Motor Corp Japan / JapanFinancials / Insurance3,792.5

Financials / Credit InstitutionsSymetra Financial Corp (100%)

Industrials / Automobiles & Components

Consumer Staples / Tobacco

Acquiror / Target Nation

Industrials / Transportation & Infrastructure

Pending

Pending

8/11/2015

1/20/20157/23/2015 Pending

CompletedPending

2/26/2015

9/16/2015

Mitsui Sumitomo Insurance

Japan / United StatesDate Effective

Top Ten Japanese Involvement Announced Deals

Toll Holdings Ltd (100%) Japan Post Co LtdPending

2/18/2015 Japan / Australia1/20/2015

CITIC Ltd (10%) Chia Tai Bright Investment

Any Japanese Involvement Announced M&A

AcquirorTarget (% Sought/Acquired)Rank Date

5,296.59/29/2015

Completed

PendingPending

9/8/2015

6/10/2015

Pending

Royal Bk of Scotland-Portfolio (100%)

Target Macro / Mid Industry

6,021.2

$26.9$50.3

$34.0 $23.4$35.2 $38.8 $37.0

$25.6$42.1 $50.3

$51.8$31.1

$37.1

$21.6$19.2

$45.9 $40.1

$32.9

$32.4$33.4

$22.5$28.7 $47.6

$42.4$50.3

$50.2$42.4

$32.6$24.4

$42.8

$48.5$51.9 $28.7

$38.8$30.2

$50.5$59.3

$35.2 $26.5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

# 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 Q3

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

# 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

Rothschild


2015 Rank

Jan 1 - Sept 30

# of Deals# of 2015

Rank

Any Japanese Involvement Announced (AD19)


6.0 94

26.7+15

Deals2014 RankSh (%)

Change in Rank Value per Advisor (US$m)

Sh (%)

23.030,304.0

11816.138

▲▲25.9

132

Market2014 Rank

▲

33,818.432,770.0

US$m

29,057.2

Rank ValueSh (%)

▲▲

▼

24.0

1

4.24.7

12.7

-7.2

3

26

12*

Lazard

Goldman Sachs & Co

Bank of America Merrill Lynch 6 16

UBS

7

-

5.2

7

1013

7.3

8.2

17

15

816,036.1

8

20,116.316,093.3

12*

6,542.016

3

Evercore Partners

14Credit SuisseSomerleyCITIC

Deloitte

10,357.2

0.0Daiwa Securities Group Inc ▼Gresham Partners

9.66.6

Gresham Partners611.7 ▲ 07

Financial Advisor Share Ch.


Japan Rankings

Share Ch.Market MarketAdvisor

Sh (%)MarketMarketMarket

Fees# of Deals# of

Share Ch.


US$mRank Value

DealsMarket Change in

Sh (%)

1 15,198.1 20.717,818.4

87.4▲

1.84.0 ▼24.3-3 ▼

+21 ▲▲

4.1

12

1.7

110▼▲ 7.8

9▼-16▲

-90.6

-4

▼

▲

+1

+1

26.8

16.0

+1

▲

▼

2.8

48.0

7.1

▲

3.0

9.2

2.5

18.6

9.9

426.2

▲

▲

▲

27.6

27.8

▼ ▲

1.5

3.0

5.2

2.0

0.1

1.1

▼

▲

▲

1.1

1.2

+7

+14▼

▲

▲

3.9

▲

0.5

0.3

0.8

1.1

+8

11.0

65.8

▼

0.6

0.8-3

-2.4 2.2

▲

2

▲48

▲▲

0.13.4

18

2,372.8

0.3-▼

26

0.1

0.523

▲2.1

2415 ▼ 13

▲

12.6▼

+4

+5 5 8

3.3

5.00.9 ▲

+31.6-3.2

0.23

▲5.0▼▲

1 7

1.8 -9

110.3

-

19 14

0 6

▲

17

24

▼1.8

74.4 8.0

▲▲9.4

1.2

57.2 6.2 0.91.7

1.4

1.3

▼

1.9

▲0.1

▲▲

▲

23.5

46.2

▼0.5

1.5 0.2

▼

2.9

1.1

▼▼

▲▲

0.80.1

▲

0.4

▲

▲

2.7

0 4

1.7

0.3

1.4

0.3

8.1 -8.8 ▼▲

7 9

9.312.3

1.6

8.28.723

▲

+17Citi

0.3

▲10

5,971.56,021.2

50.3 Sumitomo Mitsui Finl Grp Inc+1-+2

10,357.29,220.2

8.2

12.415,666.7

4

12,179.714,771.8

-

36

8,622.2

28.2 ▲ 2

15.9

6.8

▲12.7

9.3

Sumitomo Mitsui Finl Grp Inc

78.2

9.511,997.7 8.211

▲

▲

127

45

9,766.56

Mitsubishi UFJ Morgan StanleyMizuho Financial Group

5.293

9,305.5 12.7

Deutsche Bank

9

32

21

22

JP Morgan

6

▲

20

Goldman Sachs & Co26

Mitsubishi UFJ Morgan Stanley

Nomura

8

▼7

4

4

10.8 0.5+17

Mizuho Financial Group14,660.1

2

7

-14.1

-520.0

+3

1

12-13.7

58,588.1

▲13.3

10.222▲0.6

17+6 ▲

Lazard▼Deutsche Bank▼Nomura

-50.7

▲▲

120.4 +58

67,804.5

8

0.5

5.69

7.042 ▲

9

5.410.6 -14.0 0.6▲

762 11.7

▲2.4

8.2

-7.5109

▼

1 0.10.6

8.3 +28.76,389.0

▲

34

0.6

6,365.5

5,633.87.7

0.1 ▲3

7.77.4

0.2+2+2 12

-11.0

▲5.91.3

1314

-156.4

13

118

-6.24,068.7

▲

1.04,694.5

14

-12.2 ▼

2.84.4 2.0 -8

36.514.8

+1

5,246.84,969.0

4.818 10 5,526.6 4.4

4.2PricewaterhouseCoopers 20 17Citi 19 9 0.6

3.913

2.8+1▼ KPMG

▲ 3.2-4.4

▼▲ 1.9 +5

1.9 ▼2,131.933* ▲

KPMGGCA Savvian Group Corp

21-4.4

-SEBJP Morgan -7.8

1.043

SEB 23 - 2,372.8 1.9▼2.1

1.922 11

▲0 3Plutus Consulting Co Ltd 25 27 1 0-

1 086 2▲ 28Plutus Consulting Co Ltd1 3 0 81 5+7 25 ▲

12 4,741.0 3.8 ▼PricewaterhouseCoopers▼2,691.0 -5

-2.3 -5

3,154.5

0.3

43 1.9 +1 4.3

ICICI Bank Ltd15 18*

▼

Any Japanese Involvement Completed (AF23)

▲

8-2.9

- 6,021.25.5

▲

5.1 1.9

102.4

110

+12▼

241,544.81 0.0

▲ +1 1,200.0+1

-▲

0.15,398.4

▲

Daiwa Securities Group Inc▲

0.3Evercore Partners-1 31GCA Savvian Group Corp

▼-2.01,741.2

44

0.0▲

22

1,795.1 ▲1.4

▲▼

6

▼

19 0.8Development Bank of Japan Inc

3.3

HSBC Holdings PLC

16

17

2,412.1

5.5

1.6

Centerview Partners LLC4.83,494.3

▼ 31

1 310 011.4GF Securities

29

3.80.1

-13 ▼

0.7

0.40 0.5-22.9

5.42120

29.60.63.2▼

▼Ernst & Young LLP

▲

7-1

+145

Jan 1 - Sept 30

4,449.1

DeloitteRothschild

6.1


-10.2

Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▼▼-23.2%

▲+5 5.8

-15.4%

Industry Total

Japanese Target Completed M&A Fees

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

-5.2%

1.7

-53.6%

0.6241,409

▼

▼

100.0

▼

-78

htt // th

928.90.4▲

100.0 2,279126,550.80.3

Industry Total +112Plutus Consulting Co Ltd 25 27 1.0

* tie

28.1%27.9%

▼

1,086.2▲ 28

-22.6%▲

▼▲ 5.2%-12.0%

▲▼-51.2%

Plutus Consulting Co Ltd1.3 0.81.5+7 25100.0

▲73,399.5

Japanese Involvement Announced M&A Target Industry by Value

1,310.0 29

34.9%

17.3% 11.2%

9.5%

8.5%

3.8%

Financials Industrials High Technology

Real Estate Consumer Staples Media and Entertainment

Materials Consumer Products and Services Healthcare

Retail Energy and Power Telecommunications

$269.3$191.9 $228.2

$98.6

$238.6 $215.5 $175.3$220.2 $224.0

$138.1

$274.9

$272.1 $182.2

$148.9

$239.7

$133.4 $203.2 $116.7 $80.4

$123.1

$192.3

$210.4

$172.3

$144.4

$146.9

$108.0

$225.2

$194.1

$138.6

$69.0

207.9259.3

177.2

241.0

181.5

157.3

239.1

216.1

149.7

0

500

1000

1500

2000

2500

3000

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

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

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19

Industry Total

+3+5+3

4.80.05.6▲

22,574.736.4

26,441.527*

666

1.81.81.8

▲ 4,528.0

12*12*12*2.1

4.539,863.7

2,591.4

Deutsche Bank

China Merchants Securities CoPricewaterhouseCoopers

0 - 11,841.5KPMG 20* 19* 12

Citi

2.633,663.449,799.2

8,991.11,364.3

▲▼▼

BMO Capital Markets

7.110.5

1.90.3

+7-5-5-2-2

Jefferies LLCEvans & Evans Inc

8866

57*

12*▼▼

1.81.8

27*

1.3

▼-35.2%▲9.9%

Bank of America Merrill LynchHaitong Securities Co Ltd

16*

JP Morgan

Fairness Opinion Provider US$m Sh (%)

Southwest Securities Co Ltd

1

4

6

41

DealsMarket

28JP MorganFairness Opinion Provider

Duff & Phelps

# of Deals# of

Jan 1 – Sept 30 Jan 1 – Sept 30Any Americas Involvement Announced Fairness Opinion

Jan 1 – Sept 30Any US Involvement Announced Fairness Opinion

Rank Value (US$m)Based on Number of TransactionsBased on Number of Transactions

# of Deals per AdvisorBased on Number of Transactions

Change in # of Market# of Deals per Advisor

Market2015 Rank

Rank Value (US$m)


Rank Value (US$m)MarketRank ValueChange in


-9.9%Industry % Change from Last Quarter

57*

12*

Prairie Capital Advisors IncBank of America Merrill LynchGoldman Sachs & Co

▼ -21.4%

Shenwan Hongyuan Securities Co

11

1.3

12*

2

1110

Evercore Partners

3*

8*8*

5

7

▼

8.5+3

▲Sh (%) # of Deals

11.431

3*

2015 Rank

2014 Rank

1 510.3

+13

-2

2

-26-17

-1

45*

165.2

▼

▼-47

9*88

3

2.6

11

0.3

▼

▲8.5-4

23

14

23

4.0

▼

2.9

5.9

▼

2.97.8

1214

8,991.1 2.167 -5

1,281.92.2

▼

+7 ▲49,799.2 11.6

2.6 0.0▼-4

1.8

33,663.49*▼

-1

▲▲

5

475,255.5

100.0-37

Deutsche Bank

1,281.912,645.0

Industry Total 429,450.9▼

-36


100.0

Sh (%)

Duff & Phelps

Deals0

-45 1

7.03* 3

2014 Rank

2.1

Rank Value

JP Morgan21 7* 48

Fairness Opinion Provider2014 Rank

5.1

2015 Rank

Huatai Securities Co Ltd

Rank Value

212,474.233US$mSh (%) Deals Sh (%)

Houlihan Lokey

# of Market Change in

1 5# of Deals

-26.3

MarketSh (%)

1.410.1 +13 ▲

3* 4 23 7.0 +1

44.72 2 28 8.6

23

6,796.9-1 ▼

▼

▼

4.9

11 -43.44.6 -415

-1716

19,577.2288.1

▲

▼▼

CITIC 7*28 ▲+16

Duff & PhelpsGuotai Junan Securities

6GF Securities

9Sandler O'Neill PartnersMorgan Stanley

▲China Securities Co Ltd +17 +7

Stout Risius Ross Inc


30* ▼

8

Raymond James Financial Inc1616

5.8

327

+1

13*

15*

Houlihan Lokey

Industrial Securities Co Ltd

15*

13*

15

7*

Guosen Securities Co Ltd

12

1.5271.6

14

Morgan Stanley

18*

1

15* 24* 1.6▲▲

+47,007.4

-2

+8

▼

▼15

Stifel/KBWSinolink Securities Co Ltd

11*15

1.6

21

2.52.8Cormark Securities Inc

7

2.52.5

3.0

▲0 9*

9*12*Evercore Partners

9*9*9*12*

1,281.4

2,777.4 0.3288.1

19,577.20.0

0.1

2.2


Morgan Stanley

0.10.5

8Bank of America Merrill LynchGoldman Sachs & Co0.02.5

484.0

Houlihan Lokey

Stifel/KBW

Sandler O'Neill PartnersPrairie Capital Advisors Inc

1,281.448,369.7

4.10.10.3

13* 4,499.7

61.9

10.2

0.5 ▲2,596.6

1.9

41*

6* 21*

4 239* 5* 2386* 24*

4 33 9*

+17

+1026 2.8

528

+93.7354.1

3.0 +2034 3.6 +4

1.7 -3

5*59*28*

1.7

2

▲

+26

21*

-

121211

▲

Deutsche Bank

18,927.8

19 2.0

232,234.4

2.5

▲

4.4

▼

14,909.4

9*2.311

0.3

▲

-17

16*

33* -4+14

Goldman Sachs & Co

51,080.8

0.8

Stifel/KBW

16,971.2

US$m18,494.5

1.79,030.6

▲16,736.7

▲

1.0▲


205,567.5 47.96,796.9 1.6

19,577.2 4.69,327.1 1.1380.1

1,281.4 0.3288.1

46,614.5 10.92,596.6 0.6

136,849.8 15.5

0.5

18* 16* 14 1.5 +4

272

Fairness Opinion Rankings†

20*20*23*23*

1.31.31.21.2

-10

-11+8

▼-▼▲

4,493.617,409.8

1,984.428,879.5

2.00.23.3

0.5 RothschildGMP Capital Corp

55

17*17*17*

1.51.51.5

1527*27*

5 -2+2+2

▼▲▲ 2,373.1

0.32.70.5

Raymond James Financial Inc 12* 15* 5 1.8 0 - 1,297.1 0.3

Credit Suisse 17* 16* 5 1.5 -1 ▼ 10,386.7 2.2

RothschildJefferies LLCCenterview Partners LLCQatalyst PartnersHovde Group LLCBlackstone Group LPLazardSimmons & Co InternationalNeedham & Co LLC

12*12*16*16*16*16*16*16*16*

22*22*15*45*22*

-15*

-45*

554444444

1.81.81.51.51.51.51.51.51.5

+2+2-1

+3+1+4-1

+4+3

▲▲▼▲▲▲▼▲▲

12,645.022,301.823,854.1

9,999.1118.0

24,916.217,347.7

537.11,186.2

2.95.25.62.30.05.84.00.10.3

Industry Total

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

pSandler O'Neill Partners

883,558.8 100.0

Stout Risius Ross IncEvercore Partners

7*

Lazard

Investec

Rothschild 5*

▲ 1,984.4 0.711 1.9

+10

14,909.4

Sh (%)Sh (%)

Based on Number of Transactions

7*

Jan 1 – Sept 30

9,327.1

16,736.7

4.65.0

+10

3

Fairness Opinion ProviderRank Value

+8

-

US$mMarket

1,067.01.8

15*

Bank of China Ltd

Rank Value (US$m)

2 1.8 0

5.5

32.7

-

31.6

+2 97,241.8

2014 Rank

Southwest Securities Co Ltd

13*


31*


+127935

# of


KPMG

2015 Rank

1

Guosen Securities Co LtdSinolink Securities Co Ltd

China Securities Co LtdPricewaterhouseCoopers

1

CITIC

Guotai Junan Securities

Houlihan LokeyDuff & Phelps

65*

21*

Fairness Opinion ProviderJP MorganBank of America Merrill Lynch

Goldman Sachs & Co

212*+8 ▲ 3,934.9

7* 15* 2.7 0.0China Merchants Securities Co 12

* tie

65* 9 1.6 +8▲

China International Capital Co9 1.6Founder Securities Co Ltd

Industrial Securities Co Ltd

Deals

2 ▲

Change in

4*

3

10*

▲34

Haitong Securities Co Ltd

16*

2.7

▲

▲

37.5%-27.9% -46.6%

7.3

+816,286.3

6.4

177,808.32

0

Huatai Securities Co Ltd

New Times Securities Co Ltd

GF Securities

38

5.8

Sh (%)

6.6

39.46

48*

0.0

y g

▼


15.7%

11 9.2%Industry % Change from Last Quarter

796.9 5.4

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

Jan 1 – Sept 30

-12.0%

Fairness Opinion Provider # of Deals


2

Market2014 Rank

Change in Deals

16Sh (%) # of Deals

▲9

2*8.2 +8

14.6US$m

Rank Value2015 Rank

21*

Jan 1 – Sept 30Any EMEA Inv Announced Fairness Opinion

Market

4 6*3

78*

82*

6

2.73

4,233.2 1.7▲ 880.8 0.4

5.53

37.5

▲ 21.7

21* +27*

21* 2.7▲7*

-

37* +2

▼ 898.6 0.4

7,979.5+1

11* -1

-3

3.6▲ 0.4

10▼

0.4

10 1.858.0▲ 1.4

+814,011.2

1,047.54,191.0

-265*15*

19* 3*Minsheng Securities Co Ltd 18 10*

-5.2%

100.0-6110

79.2% ▲

▲

0.0

Industry % Change from Last Quarter -2.7% ▼ -39.0%Industry % Change from Same Period Last Year

Industry Total

▼

246,524.8

▲ 16,971.228

6.418,494.5▲

+16 5.85.1+20

5.8

3.2

2.5

2.715 2.810* 153* 15 2.7

16

Industry % Change from Same Period Last Year 43.3%

Shenwan Hongyuan Securities Co

13*15*

14 14

Industry % Change from Last Quarter -25.0% ▼ -52.0%

Industry Total 100.0

▲

566

4,528.0▼ 18,927.8

2,777.4▲4,499.7

Change in Market

▲

1 22.7 -4

2014 Rank

# of Market# of DealsSh (%)

▲

US$m

4 18.2 +4+1 ▲

▼5Deals

-42.7%

-1

- 3 13.6 +3 ▲

2,414.73*

▼


1.51.0


2

12.5%

9.13

▲

0.9

107.1%▲

+171

1,965.1 0.7

▲ 3,211.7 1.1

▼

+4

290,998.3

▲

▼

1.2+7

1.61.4 ▼

9*

4*

7

11

Daiwa Securities Group Inc

-2

2,591.4

9*

6.0

12.5%

1.66.5

22 14,715.6 100.0

▼

Industry Total

Industry % Change from Same Period Last Year -4.3%

48 +268.5+17

# of

Any Asia Pacific Inv Announced Fairness Opinion

-2*

26

8*28

Market

6.7JP Morgan

2.47,007.4▲

5

5.0

+4

+14

▲

▲+17

3.2

6+4

Nomura

+83.721

▲Sumitomo Mitsui Finl Grp Inc

8

1.8 -1

0.2

+2 ▲ 14,203.1

1,992.5 0.8+3

-

-5.1

450.5 3.1

-11.6%

17.11,773.3 12.1

755.6

Rank Value (US$m)

▼

Sh (%)

▲Deloitte 6Plutus Consulting Co Ltd 4* 5* 13.6

16.4

▲

0+2

2,523.1

CitiLeonardo & Co

▼

471.1

1.8

▲

11*

12.22.80.0

12*12*

15*2

▲+2

8,882.4

8Great Wall Securities Co Ltd

Citi 15* 10* 9

1.27 -10 ▼ 1,085.6 0.4

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

4.8

Deutsche Bank 19* - 7

23* 15 1.2 +2 ▲,

2,596.6 0.3

▲

2*

2015 Rank

1,795.1410.4

.014.64.6

+10Evercore Partners

es Networks Co Ltd7*7*

5* -▲

41

+1

4.6

4*

18.2

-1

Any Japan Inv Announced Fairness Opinion

2

GF Securities 7* - 1

-32.4%

NomuraCredit Agricole CIB

22

▲▲

Deloitte

12*12*12*

--

21* 2

1.81.81.8

+2+2+1 ▲

600.93,523.12,490.1

0.21.41.0

3.93* 1 4.6 -1 ▼ 574.0

Redeye AB 12* 21* 2 1.8 +1 ▲ 87.6 0.0

Donghai Securities Co LtdHuachuang Sec Co LtdSomerleyDuff & Phelps

19*19*19*19*

▼31*48*7

48*

7777

1.21.21.21.2

+4+5-6

+5

▲▲▼▲

2,276.71,408.67,616.02,233.7

0.80.52.60.8

ACE ConsultingGoldman Sachs & CoBank of America Merrill Lynch1.4

7*7*7*

--

5*

111

4.64.64.6

+1+10

▲▲-

13.14,961.3

825.7

0.133.7

5.6


-

-

-

-

- 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.

Kelvin Bian

Kaori Motohashi

EMEA

Tel: +44 (0) 20 7542 7381

E-mail: [email protected]

Japan

Christina MavrakiDeals 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.


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.E-mail: [email protected]

AmericasRobert LevineTel: +1 646 223 5682

Announced league tables include all deals that were announced between January 1, 2014 and September 30, 2015 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on September 30, 2015.

Tel: +852 3761 1852


Asia-Pacific

-

-

-

-


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

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.

Kaori MotohashiTel: +813 6441 1338

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.

© 2015 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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