First Half 2016 M&A FA Cover.ppt - Reutersshare.thomsonreuters.com/general/PR/MA_2Q_2016_E.pdf · Western Europe Mergers & Acquisitions Jan 1 - June 30 Scorecard: Worldwide Completed

MERGERS & ACQUISITIONS REVIEWREUTERS / Lucas Jackson

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Half 2016

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFirst Half 2016 | 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 DEAL MAKING FALLS 19%, AS MEGA DEALS SLOW - Worldwide M&A activity totaled US$1.6billion during the first quarter of 2016, a 19% decrease from comparable 2015 levels and the slowest opening sixmonth period for worldwide deal making in two years. Forty-eight deals with a value greater than $5 billion wereannounced during the first half, their combined value down 33% compared to the first half of 2015. Overall, 21,087worldwide deals were announced during the first half of 2016, a 5% decrease compared to last year.

DEAL MAKING UP 24% FROM FIRST QUARTER - The value of worldwide M&A announced during the secondquarter of 2016 totaled US$913.4 billion, an increase of 24% compared to the first quarter of last year.

UNITED STATES M&A FALLS 20%; ASIA PACIFIC DEALS DOWN 24% - M&A activity for United States targetstotaled US$708.9 billion during the first half of 2016, a decrease of 20% compared to the level of activity seenduring first half 2015. With US$441.3 billion in announced deals during the first half, Asia Pacific M&A fell 24%compared to a year ago. Asia Pacific targets account for 27% of worldwide M&A, compared to 21% for Europe.TECH, MATERIALS & INDUSTRIALS LEAD BALANCED SECTOR MIX - Deal making in the Technology sectortotaled US$233.2 billion during the first half of 2016, an increase of 2% compared to 2015 levels, while Materialsincreased 75% and Industrials deal making increased 23% compared to a year ago. Seven of 12 major industrysectors account for at least 10% of year-to-date M&A, the most balanced first half sector breakdown since recordsbegan in 1980.

Worldwide M&A Falls to 2-Year Low l Deals Over $5 billion Down 33% l Tech, Materials & Industrials Lead Balanced Sector Mix l Goldman Sachs Top Advisor

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

First Half 2016 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

RECORD OUTBOUND CHINA M&A POWERS CROSS-BORDER DEALS – Powered by a record level ofoutbound M&A from Chinese acquirors, cross-border M&A activity totaled US$595.1 billion during the first half of2016, accounting for 36% of overall M&A volume and an 6% decrease over 2015 levels. Cross border M&Aaccounted for 31% of total M&A activity during the first half of 2015.

COMPLETED M&A ADVISORY FEES DOWN 13% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totaled US$13.2 billion during the first half of 2016, a13% decrease from the comparable period in 2015 and the slowest opening quarter for advisory fees since 2014.

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

$203.1

$78.5$16.0 $32.3 $65.8 $63.0

$117.1 $148.8 $163.7$73.6

$318.2

$82.6

$24.7$60.2

$87.7 $79.9

$79.6

$118.9$136.2

$140.6

$163.2

$57.7

$35.8

$73.7

$70.5 $99.7$82.1

$136.2$172.9

$113.8

$35.8

$52.7

$100.7

$106.6 $99.4$110.7

$118.1

$233.1

22.5%

9.2%

5.6%

11.1%

13.0%

12.5%15.1%

12.1% 11.5%

15.4%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% 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

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

$405.6$258.1

$113.4 $175.6 $235.4 $172.5 $132.2$239.8 $287.3 $313.6

$640.6

$364.6

$111.5$204.0

$247.2$272.2

$167.8

$381.4 $342.2 $281.5

$371.3

$326.0

$146.9

$272.3$204.3 $202.8

$178.4

$313.2$424.8

$430.9

$154.2

$166.0

$261.5 $197.9 $252.2

$221.4

$305.3

$479.6

45.3%

40.5%

25.2%

37.6%36.5%

42.4%

31.8%

38.8%

28.8%

30.8%

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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2007 2008 2009 2010 2011 2012 2013 2014 2015 20162007 2008 2009 2010 2011 2012 2013 2014 2015 2016

1

Western Europe

Mergers & Acquisitions

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

First Half 2016 | Mergers & Acquisitions | Financial Advisors

1/1/2016 - 06/30/2016

2,145.0

441 339 0

Worldwide5,876

No. Deals

No. Deals

Rank Val US$m

1,556,219.9

1/1/2016 - 06/30/2016 1/1/2015 - 06/30/2015

883,126.1

8,743.158108

783,407.4

9,636.7

971,468.9

Target Region/Nation

Mexico

401,012.363,689.5

236

15,486.6

9,431.1

884,744.3

13,766.8

934,447.4

Rank Val US$m

49,703.1United States

Caribbean

2,694.9

Brazil

Worldwide 21,0871,648,362.2

1,180Switzerland

North America

336,163.8

United Kingdom

Chile 9,573.6

Asia Pacific

France

700

Middle East

10,939.8Sub-Saharan Africa

Canada

Western Europe16,093.5

352,257.3

29,306.4

41456

60,474.7176

1,268

15,027.1

Americas1,935.5

6 062

72

5,336

Central America

South America37,467.2

1,682

708,895.7

54

746,362.9

31,982.9

4,636

615.2583 033 6 5 976

8,025.124 3

26,260.2234

Europe

81

Africa/Middle East

1,031.7289

637

424,668.3

North AfricaMiddle East

-17.17,313335

14,209.81,155.5

10,139.7 7.9

165

Eastern Europe

1,365

7,604

54,510.9195,632.6

57,399.0

6,0095,63123,655.9

▲

▼

234

-16.2

12.0

1,595

71

1,337-69.1

▲

▼United Kingdom16.8

▼-32.0Europe

30,398.0France▼

318,882.2

▼Italy▲

Eastern Europe

181,338.81,155

Asia Pacific22,450.5

273 680 9

941

28 7

15,744.2

3433 130

1,355

9,485.9 316383 807 7

5,300

3 333

367,869.6

▼10.8

▼

4,498

383,613.8

136.7

5,853▲

1,235

6,658

48233

94,784.0

1,358

9.8

33,762.8

380

336,322.7 -12.317,440.5

197

3,486.0

31,405.2

68

479

896.113,545.0

▲Sub-Saharan AfricaNorth Africa

-20.2

152 11,726.3

177▲ 139

▲

12,876.4

10,809.5664

Brazil11.6 ▲ 24,639.1

9.0Africa/Middle East

768

4,745.160

-24.6 Canada 22,613.3▼27,654.5

Chile 16,988.4

▼

282

6,0905,322

▲600.6

1.5▲

▼

479 132.3

17,13214,921

Caribbean-85.8

▼

-19.9

-19.4-19.1

733,295.1 10.9

-15.69739

-4.25,889

9,844.212,220.813,618.0

2,037,110.8

Rank Val US$m

566,733

22,153

No. Deals

44812,965.1▼

64Central America▼

4,835▼

Americas

-69.2 Mexico765,712.7

83-20.1 4,399

▼5,356

1,490,957.8

Rank Val US$m

% Change in Rank Value

South America

3,907

328

-67.653

Target Region/Nation

North America

240

39,013.9

No. Deals

8,307.011,290.9

7,460.0 9,415.5

743,099.4

51

492United States 644,107.7

24,385.8

▼4,721

▼

-74.3▼▼▼

▲▼

2,458.439728,108.5

591.0

-21.5-80.5

49 ▲

-20.812.1

-42.0

-7.6

-1.6

▼

15.4635

1/1/2015 - 06/30/2015

683,121.6 ▲▲

▲▼

% Change in Rank Value

▼▼

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

1,248▲

-10.091.3

-13.3 ▼

▲▼

14.1%

13.1%

12.6%

11.1% 10.8%

9.9%

9.9%

4.7%

4.2%4.0%

2.8%2.4%

South East Asia

United States / United States 12,634.2

Pending

441,339.0

Pending

878.9

Abbott Laboratories

Target (% Sought/Acquired)Rank Date Date Effective

Singapore

530

Intended

Australia

South Korea

1,199

29,707.8

40,165.0

5/23/2016

Asia-Pacific

7,919.0

44735,665.0

14,428.11,040

216

6,062

Pending

72.5548-52.0

Thailand

2,719

4/11/2016Pending China / China

2/17/2016Pending

Pending

6/13/2016

Pending

2/3/2016

1/25/2016

Pending5/3/2016

16,829.8

IMS Health Holdings Inc (100%)13,897.82/23/2016

United States / United StatesAnnaly Capital Management Inc

Pending

Deutsche Boerse AG

NorthStar Realty Finance Corp (100%)13,017.5

Apollo Global Management LLC

NorthStar Asset Mgmt Grp Inc

Microsoft Corp

Maanshan Dingtai Rare Earth &

Quintiles TransnationalGermany / United Kingdom

20,060.2France / France

St Jude Medical Inc (100%)

17,792.0

24,617.5

Shareholders

Netherlands / SwitzerlandMonsanto Co (100%)

United States / United StatesSF Holding (Group) Co Ltd (100%)

London Stock Exchange Grp PLC (100%)

Johnson Controls Inc (100%)

14,514.5

SACAM Mutualisation

25,344.1

▼586

Hatteras Financial Corp (100%)

31,679.9

5/23/2016

Syngenta AG (100%)30,466.327,700.7

Germany / United States

Tyco International PLC

▲

Danaher Corp-Industrial Growth (100%)

Boehringer Ingelheim-CHC Bus

61,738.5CNAC Saturn (NL) BV

773

Ireland-Rep / United States

Credit Agricole-Regional Banks (25%)

United States / United States

United States / United StatesHershey Co (100%)

Pending

21,913.8South AsiaCentral Asia 96.2

Pending

4/28/2016

6/13/2016

28,346.8

▲

Australasia

2,731664

299,542.6

552

1,558.9 New Zealand▲

South Asia 28,346.8

-9.0

▲

North Asia

23,264.2ChinaHong Kong

8,850.9

217,076.4

30,132.4

▲

100,484.01,133

59

77

86 Thailand

▲

▼

-37.8

202867

15,854.9

159.173

North AsiaChina 284,364.2

343,595.2

27,967.8

1,176

12,700.5

494,017.7

1,724.4

3,911116

3,940

33

58,249.4750

▲57.1

42,052.1Japan24

▼

Top Fifteen Worldwide Announced Deals

2,647.9Japan

2,168.2

583,033.6 5,976

555

265.2

52.4

47,748.7

26,360.5

650-24.3

South East Asia

-28.617,031.1

▼Australasia

▼19,463.7

586502,384.1

307

Asia-Pacific 273,680.9360▼49,954.9

46,596.5

Central Asia43,350.0

21

Rank Value (US$m)Acquiror

Australia

583

▼

32.7

▼-5.1-30.4 ▼

79.924,098.221

285,825.4

-76.8-5.9

723

136 -39.3

167

-97.8

1,8561,835

Singapore7,034.9

166

169,970.1▼

6.2159,993.2

14,582.8

1921,132

42.3-24.1

-5.930,132.4 583

-28.7

494,943.0

49,927.7

3,130

62948.2

383,807.752,907.1

3,333

-65.9417492 -63.2

▲

▼

Jan 1 - June 30 2016

Mondelez International Inc

Pending

6/30/2016

6/3/2016United States / United States

Bayer AGAcquiror / Target Nation

LinkedIn Corp (100%)United States / United States

Industrials / Machinery

Financials / Banks

Consumer Staples / Food and Beverage

Real Estate / REITs

Industrials / Other Industrials

High Technology / E-commerce / B2B

Industrials / Transportation & Infrastructure

Healthcare / Pharmaceuticals

151.4

▼▼

▼▲▼

▼▲

Target Macro / Mid Industry

4,038.8New Zealand

The ADT Corp (100%)6/27/20162/16/2016

Pending5/2/2016

Sanofi SA-Animal Health Bus (100%) Germany / FranceUnited States / United States

12,581.412,269.4 Consumer Products and Services / Professional Services

Materials / ChemicalsMaterials / Chemicals

Healthcare / Healthcare Equipment & Supplies

Financials / BrokerageHigh Technology / Computers & Peripherals

Real Estate / REITs

High Technology Materials Industrials

Energy and Power Real Estate Healthcare

Financials Consumer Staples Consumer Products and Services

Media and Entertainment Retail Telecommunications

Government and Agencies

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2

Lazard

Guggenheim Securities LLCCenterview Partners LLC 20

61,738.567,716.5

3.2

▲86,661.7 5.3

2 948 314 2

4.14.7

3.556,905.453,456.7

6.3-2.2

7814

103,144.7

3.6

N+1

14

UBS6

1611

19

17

CITICHSBC Holdings PLC

351

12

15

78

10

-

9

-42

2.3

2

157,115.8RothschildBarclays 6

+60.8

-25

▲

Worldwide Announced (AD1)

▲6.0

▼

-8.18.8

2Morgan Stanley1

Morgan StanleyGoldman Sachs & Co

▼

1.8

▲▼

▼21.1

-5.8

6.3

172,229.7 10.511

4

Citi235,542.90.5

14.314.4

443,404.1

13 87,675.313

298,214.4

412.0

3.8

-6.8

▼

-2.315

3.11

▲

11+1

0.1 -50.0

32

▲▼

2 9▼▲

▲3.8

0.2

0.2-190.342 0.0

18 ▼40 134 506 6 29 1 0 2 0 0▲ Societe Generale ▲1 8+19-8 -1.3175.636,389.3 -1.52.4 ▼

▼▼

52▼20

+19▲0.3

2 317

81,009.7

2.520

Jefferies LLC

21

19 37,424.4RBC Capital Markets

207.1-230.4

▼0.453

0.0

▲1.6

41.7 ▲1.1 0.4

6▲ 0.0

61.50 0.2

▲0.10.3

+4-

▲▲

▲ 0.5

144.1▲ 5.4 1

6618▲ BNP Paribas SA 3.044,680.4 ▲

▲4.817

85,982.86.3

Robey Warshaw LLP

▲16 5.8

50

19108,551.7 -1.714

13

▼ 15

Evercore Partners

LionTree Advisors LLCUBS 7.3

97,786.3 6.69

73Allen & Co Inc

8.9133,319.4275.9297.10.4 ▼

0.5 ▲71▼

5.9

84▼

0.40.5

52.1

-6-5 ▲

0.8 ▲

0.0 ▲

0.50.2

+20.5

▲

67.7

0.117

▲▲

550.1138,977.5

44 9.5

2.3▼

0.91.63.09.3

▲

12.58.8

-1.9▲

0.411

▼ ▼

▼211.8-2+3 114.3

0.87.8

▼-9 3.1

230.757 -53

▲368.8431.4 0.1402.9

-3.515.3

▲

▲2.0

-28

▲▼ 0.613.9 139▼ Lazard ▼▲ 111

207,313.3▲ 0.9

1.0305,978.93.2▲ -37329,318.4 87

▼0.3▼

2.80.7 -10

▼▲

3.3

-9 452.40.50.0

▲718120.5116

8 235,651.6Barclays

397,666.5▼0.6

0.9 ▲2.3419.1

1.4

0.512.2

15.8

3 513,247.6 ▲

3.1▲

34.4

22.1939.5532.2

132 -10

▲

▼0.6

-37132 953.7

Sh (%)

# of Deals per Advisor


-62

Market2015 Rank

35.3

Fees135

US$m

-160.918.4

▲589,379.9Sh (%)Share Ch.

2 539.5

526,026.8▼ -

2.8

Market Rank Value Market2016 Rank

Rank Value per Advisor (US$m)

▼

MarketSh (%)


42

US$m DealsShare Ch.26.9

345

▼-

0.7 JP MorganBank of America Merrill Lynch

-3.3

108

151

-9.9

99

-6.9

▲

83

▼148

0.6

-18

132

-2.9 0.5

0.5

0.1

▼

0 2

40Wells Fargo & Co

▼

Ducera Partners LLC

21

8.2

9.5

18

5.3

145,302.6

104,205.4

9

77,375.61629

RBC Capital Markets

Deutsche Bank

China International Capital Co

144,497.512134,861.2130,805.6

Evercore Partners

21

186,401.7

Market

Citi 8

3

Credit Suisse45

JP Morgan

# of

26.7

153▼

▲

▼94 0.4

1

0

8.8

18.1

7 10

5

0.8

3 236,562.7

Rank ValueFinancial Advisor

9311.9

1

Change in

Goldman Sachs & Co# of Deals-53

Jan 1 - June 30

0.7347,387.7 -4.4 0.7

2016 Rank


1 ▼Sh ($)

Jan 1 - June 30

Worldwide Rankings

2015 RankFinancial Advisor Deals

Imputed Fees (US$m)

0.1

Bank of America Merrill Lynch

-3.4

24

5.471 0.3+14+20

13

27 0.1▼0.2

+23

60.4

7980

▲

33

12

Deutsche Bank

+18 Centerview Partners LLC

▼Guggenheim Securities LLC

-13

37

228,578.279+11 Rothschild

▲12

141,481.110

▲

8

11-42

+17

▼

-28▲▲

7Credit Suisse

0.20.40.40.6

-2-9

▼1.27.3 ▲

# of DealsMarket Advisor

▼▼

# of

Worldwide Completed (AF1)

Market

1.8

3.4

7.1

0.74.0 0.0

96168

7.9

Market

1,190.8

Change in

0.9Share Ch.Sh (%)

9.1

* tie

Jan 1 - June 30 2016

77,337.5 35.8

15

Credit Suisse

1

5 15.532

183,745.1

Morgan Stanley

18.5Lazard42.5

JP Morgan

3208,327.9

110,874.3

38,513.3


Industry Total†24*

Goldman Sachs & Co

China Construction Bank 2.9

46,596.5Dyalco 46,596.5

2.8Industrial & Comm Bank ChinaLakeside Capital Advisers LLC

2.8

47,615.847,768.7

2.948,314.2N+1 35122122

-492.9

2.9+2

25▲0.0

329

23

3,128

1

Top WW Announced M&A Advisors by Target Industry

-19.1%

1

Mkt.

2.82.8

2.9

1.3▲▲

0.1

-4.2%

29,779.030,281.6

62

16▲

▲

100.01,490,957.8

+1▼

No. Deals

-1,0661,648,362.2

24.3% ▲

Rank

232425

233,227.0

▼

▲21,087

Share

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

0.9%

Perella Weinberg Partners LP

▲▲

Industry % Change from Same Period Last Year

Deloitte

Industry Total

PJT Partners LP39

22

-8.7%▲

0.0 +1 Greenhill & Co, LLC 29,600.136

▼

21

-12.9%▼

2.0 0.8 ▲1.61.1 ▲

2.0 ▲ 0.1

▼

+1 0.7-1

90.5

▼

▼ 59.0

-12.6%

13,163.4▲

-2,2110.1 0.2

▼▼

100.0

0.20.5

0.1▲▲

0.226.584

0.19 0.10.6-52 ▼

18

0.6-1

▼-4▼

0.132,345.334,506.6 -29.1 0.2

79.20.0

▼-2.22.2▲ Societe Generale ▲1.8+19 52 2.321

Goldman Sachs & CoMorgan Stanley

3

2

19

37.1

178,507.0

1

0.2

Jan 1 - June 30

7 27,687.8 3

10 41,364.127,921.8

Wells Fargo & Co

32,888.6Real Estate

68,082.9


216,307.7Materials

Energy and Power

▼

Lazard

51.3

1

32,225.4

2

CITIC

68,713.9

88,445.9

75,834.3

24*

35,317.1

Rank Val US$mHigh Technology

58,372.3Morgan Stanley

21

Industrials

Goldman Sachs & Co

Industry % Change from Last Quarter

-100.0

23 32-

1,720

57,124.2

8

Industry % Change from Last Quarter -3.6%

22

15.5

1,527

21 31.117.9

1,494 23.215.6

8

Goldman Sachs & CoBank of America Merrill Lynch

24

2,988

3

16

5

21

15.1

-1.6%-4.8%

13 35.12

25.0

1

0.0

31 29.5

▼

2.014

14,921

▼

268.15 211.51

154.63 163.43

94.51 92.71 62.74

95.18 71.37 80.68 74.21

101.0

74.1

51.4 26.5

32.7 51.8

32.6

50.1

26.5 26.5 56.6

27.7

27.7

27.7

30.5

46.6

46.6

46.6 46.6

61.7

61.7

61.7

61.7

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Goldman Sachs & Co

Morgan Stanley

Bank of America

Merrill Lynch

JP Morgan Credit Suisse Barclays Rothschild Citi UBS Lazard Deutsche Bank

Ran

k Va

lue

(US

$bil)

Monsanto Co/Bayer AG

Syngenta AG/CNAC Saturn NL BV

St Jude Medical Inc/Abbott Laboratories

Johnson Controls Inc/Tyco International

Hershey Co/Mondelez International

Other Top 15 Deals

All Other Transactions


3

Jan 1 - June 302016 UP

2016 DOWN 2015EMEAAmericas

Worldwide M&A Matrix

25.7x

Japan

11.1x

Asia ex. JapanEurope

15.0x

8.7x

20.5x

12.1x18.5x

21.1x

13.4x

15.8x

15.4x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada


15.3x

9.7x

USA

12.3x

15.3x 21.9x

12.7x

15.6x12.7x

Telecommunications

Real Estate

Media and Entertainment

Retail

12.6x

11.4x

9.0x

21.5x 18.7x

7.7x

12.9x

-

14.9x

31.4x

10.6x

5.5x

12.9x

8.8x

Industrials 13.2x13.8x

15.4x

20.6x 13.7x

World

11.2x 18.5x

15.8x

12.6x

22.9x

8.4x

11.9x

15.7x

UK

14.8x

14.7x

-

9.4x 15.1x10.2x

10.8x20.8x

11.5x 13.6x

8.7x

16.6x

12.1x

-

17.2x

4.7x

17.8x

4.7x9.5x

-

9.7x

27.5x 20.9x7.7x

23.9x14.5x 17.8x

15.9x15.9x

17.8x28.1x 9.9x

18.9x 15.8x

15.3x15.3x15.0x

6.2x

18.4x18.4x 9.9x

10.3x6.3x

15.4x

10.4x11.3x

12.1x 12.1x

11.2x

12.2x

13.1x

14.1x

11.2x

20.2x10.7x

15.9x15.0x 20.2x

16.9x

14.1x

15.8x

5.7x25.0x

18.2x10.5x

11.1x

13.3x 16.2x19.5x

13.7x 12.6x

12.3x12.9x

10.2x 16.0x

13.1x 13.6x

14.1x

12.2x

20.5x13.3x 12.6x

13.3x

25.7x19.8x

8.1x16.5x

8.3x

19.8x

14.9x18.4x 15.5x15.7x

21.1x -

18.4x

10.3x8.5x

6.2x

6.4x

6.7x

15.3x 6.1x

-11.8x4.0x

13.3x

12.9x 20.7x

-11.5x

14.4x

17.2x

15.0x

15.1x 18.9x

16.6x

18.2x

12.7x

20.5x

12.0x

12.8x 13.6x

9.4x

-

12.3x

22.1x9.4x10.5x 11.5x 11.2x

9.2x

25.5x20.3x

13.6x

26.7x

9.2x

12.7x 11.9x

9.0x

13.1x

11.1x

10.4x

Energy and Power

14.4x

Materials

12.5x

14.2x

16.2x

Healthcare

12.0x

High Technology

12.2x

14.8x

11.7x 10.7x

Consumer Staples

Consumer Products and Services

Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - June 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 01/01/2015 - 06/30/2016 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

21.124.1

30.5

World

18.738.8

22.3

46.6

23.533.7 23.2

-24.0

27.6

- -

5.3

44.9

27.6

12.330.9

22.2

39.9

14.822.8

16.8

27.0

26.6

32.7

44.0

26.3

22.837.4

33.7

48.1

21.1

21.1

15.844.9

18.521.2

85.9 22.8

26.35.3

49.8

13.1

31.0 26.5

18.9

26.8

14.822.4

25.213.9

44

33.622.6 22.1

32.2

21.4 23.2

-24.528.7

-

29.9

Average Industry Total

9.6

22.822.7

31.9

24.1

29.5

2016 UP 2016 DOWN

32.424.6

32.5

Financials

41.7

25.334.2

29.3

15.0x

34.3 20.437.4

34.7

30.8

40.426.2

24.3

23.9

29.9

26.2

26.2

29.2

40.4

26.027.3

36.7

Media and Entertainment

28.1

Telecommunications 24.4

Materials

23.0

14.8

26.7

Retail

Energy and Power

25.6

Average Industry Total

30.6

22.8

High Technology

Industrials

27.4

26.0

26.5

Canada

27.6

Healthcare

Consumer Products and Services

46.9

29.6

45.731.0

21.2

43.2

44.2

44.0

43.5

26.027.0

Americas

18.7

37.1

36.0

USA

9.1x16.8x 10.8x

25.347.8

22.2

45.916.8

40.57.4

55.1

7.4

43.9

11.3x

55.9

17.6

21.7

17.6

38.2

20.8

27.6

38.523.9

20.8

13.1x 13.9x

30.5

16.1

20.5

11.3

Japan

25.1

Asia ex. Japan

23.3

37.3 16.424.7

42.0

16.7

15.2

21.3

25.8

42.1 31.3

4.719.99.919.7

28.5

19.1-19.9

100.0

30.8

-

20.719.8

Europe

13.3x

44.6

34.7

22.9

24.7

28.4

35.9

41.9

-

21.7

9.6

21.9

30.2

28.2-

40.640.6

41.1

39.7

19.748.6

23.1

24.939.6

28.2

23.9

-

-

36.7

24.4

-

34.3

12.6

23

42.7

-

27.7

12.2

-

23.4

16.757.0

23.6

36.4

22.4

27.0

20.9

25.5 24.8

23.5

40.5

45.4

14.5x12.4x 18.6x17.1x 18.6x

2015

25.9

15.5x

33.230.0

13.7x

EMEA

Real Estate 21.3

33.2 31.6

23.0 23.0

8.0

27.9

13.7x

45.0

UK

25.3

12.4x14.6x


4


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

102007 2008 2009 2010 2011 2012 2013 2014 2015 2016

5

6

7

8

9

10

Ran

k

Credit Suisse

Barclays

Rothschild

Citi

UBS

Lazard


5

JP Morgan 25,171.1 3 33.1 5

306 42.9 4

Wells Fargo & Co 27,649.1 2 36.3 6 1

12 32.5

5 33.1

Americas M&A volume during the first half of 2016 decreased 19.7% from comparable first half 2015 levels, accruingUS$908.9 billion in activity from 7,438 announced deals. Estimated fees generated from completed deals in the Americastotaled US$9.2 billion, a 13% decrease from fees earned duirng the first half of 2015.

US Targeted M&A also saw close to a 20% decrease compared to announced M&A during the first half of 2015. US-targeted volume accrued a total of US$708.9 billion during the quarter with 4,649 deals.

The High Technology sector led the US market, with deal volume totaling US$116.3 billion, accounting for a 16.4% market share. Healthcare followed, accruing US$102.4 billion for a 14.4% share of the market. Materials rounded out the top 3sectors, with US$97.1 billion and a 13.7% share of the market.

Accumulating US$107.8 billion in transaction value, announced Canadian Involvement activity decreased 21.8% from thetotals reached during the first half of 2015. Completed Canadian Involvement activity was also down 29.1% compared tothe first half of 2015, accruing US$61.4 billion from 811 deals.

In the Americas, Energy & Power, Media & Entertainment and Real Estate were the only sectors that saw an increase inexit multiples during the first half of 2016. Overall average EBITDA multiples across industries in the Americas saw adecrease during the first half of 2016, at 12.4x compared to 15x during first half 2015.

76.3


Americas M&A down 20% | High Technology Volume Drives US Activity | Canadian Activity Decreases 22%

12

Americas M&A

17

476 56.9

31,725.430,030.3

1Goldman Sachs & Co92,294.3 50,147.1

Goldman Sachs & Co 32,675.8

Share

40.7

64.9373.4

26.5

3

3

54.38 2

3

2

34.4

330 7

5 3

17

7

251 42.442.92

5

Mkt.

870

No. Deals

40.17

Rank

12

74,137.571,285.363,015.2

12

1

30,806.9102,389.1

58,216.743,890.943,366.5

97,138.4

47,305.246,607.2Goldman Sachs & Co

Qatalyst Partners

Morgan StanleyCredit Suisse

Evercore PartnersGuggenheim Securities LLCBank of America Merrill Lynch


Americas Deals Intelligence

High Technology

Healthcare

Materials

Energy and Power

Real Estate

Morgan Stanley

Morgan Stanley

Bank of America Merrill Lynch 25,171.1 3

76,159.0

US Announced Advisors by Target Industry Jan 1 - June 30 2016

Lazard

Rank Val (US$m)116,250.3

US Buyside Financial Sponsor Activity (Any Buyside Financial Sponsor Involvement)

Consumer Products and Services / Professional Services

Real Estate / REITsHigh Technology / Computers & Peripherals

Real Estate / REITs

Industrials / MachineryConsumer Staples / Food and Beverage

30,466.327,700.725,344.1


6/13/2016

Bayer AG

ShareholdersDanaher Corp-Industrial Growth (100%)

Materials / ChemicalsHealthcare / Healthcare Equipment & Supplies

5/3/2016

12,269.4

Pending

2/16/2016

IMS Health Holdings Inc (100%)

Apollo Global Management LLC

Germany / United States

5/2/2016 The ADT Corp (100%)

Pending14,514.5

NorthStar Asset Mgmt Grp Inc 12,634.2

24,617.5 High Technology / E-commerce / B2B

United States / United StatesQuintiles TransnationalAnnaly Capital Management Inc

United States / United States13,017.5

Industrials / Other IndustrialsUnited States / United States

United States / United StatesMondelez International IncUnited States / United States


6/30/2016Pending

Pending

Microsoft Corp6/13/2016

Hatteras Financial Corp (100%)17,792.0

4/11/2016

LinkedIn Corp (100%)

Pending NorthStar Realty Finance Corp (100%)

4/28/2016

Date Effective

1/25/2016 Johnson Controls Inc (100%)

Intended Monsanto Co (100%)5/23/2016Rank Date

PendingHershey Co (100%)Pending

6/3/2016

Rank Value (US$m)

Pending61,738.5

Tyco International PLCUnited States / United StatesIreland-Rep / United States

St Jude Medical Inc (100%) Abbott Laboratories

Target (% Sought/Acquired) Acquiror Target Macro / Mid IndustryAcquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – June 30 2016

Jan 1 – June 30 2016US Target Announced M&A Target Industry by Value (US$ bil)

16.4%

14.4%

13.7%

13.0%

10.7%

10.2%

6.4%

5.1%4.4%

High Technology Healthcare MaterialsEnergy and Power Real Estate IndustrialsConsumer Staples Financials Consumer Products and ServicesMedia and Entertainment Retail TelecommunicationsGovernment and Agencies

112.5

17.5 5.8 11.4 27.0 26.7 77.7 82.8

115.6

28.8

192.7

28.7 9.4

33.6 33.5 34.8

32.9 47.5

41.5

60.6

91.2

18.7

13.6

28.4 26.6

52.9

44.4 51.7

96.4

20.4

25.2

39.4 64.7

56.1

60.9 48.9

141.2

52.2%

27.4%

41.9% 42.2%45.9%

49.8%

55.4%

44.3%

55.9%

41.7%

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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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


6

Rothschild Centerview Partners LLC

▼1.6 -0.3 0.3 0.00.3 -3 ▼ 30.6 -0.8 ▲ 17 0.2 24 14,993.9Itau Unibanco 25 20-

CIBC World Markets Inc 25 31 17,035.9 1.92.2 1.9

-7 ▼65 19,958.2 0.1 0.0▼ 5.8▲ 17 0.3 -141.6 ▲ 17 0.2 Deloitte 24+5 ▲

▲Scotiabank 24 55 18,521.4 2.0

25 0.3 -3 ▼ 2.1 0.317 22,188.9 2.4 -1.1 0.8 -10 ▼ 192.0Jefferies LLC 231.8 0.70.7 +3 ▲ 160.4

▼ 47▲

BMO Capital Markets 23 18 18,574.6 2.0 -1.9 ▼▲ 44+7 ▲ Moelis & Co 22

0.8 0.727 22,823.715 26,881.9 0.3 -13

2.5 0.92.1▼

2.1 ▲-8 ▼

7 0.150 0.7

China International Capital Co 22 - 19,186.4

▲Jefferies LLC 21 25 23,933.2 2.6 0.8 ▲ ▼72.3

4 0.1 -2 ▼ ▲ 173.2 1.4Wells Fargo & Co 21Greenhill & Co, LLC 20

▼ 202.9 -1.825 29,271.0 0.3 +4 0.9 0.4▲ 82.8

3.2 2.5 0.6 0.30.2 +2 ▲ 59.0▲ 14 ▲Allen & Co Inc 20 14 25,142.5 2.8 -5.1 ▼

2.1 ▲ 28 0.4 40 29,779.0PJT Partners LP 19▲

Sandler O'Neill Partners 19 37 25,145.8 2.83.5 1.5

-8 ▼23 32,482.7 0.7 0.3▲ 60.6▲ 19 0.3 +22.1 ▲ 8 0.1 BNP Paribas SA 18-2 ▼

▲Qatalyst Partners 18 28 30,806.9 3.4

38 0.5 +14 ▲ 1.9 0.314 35,886.3 3.9 -1.4 0.6 -18 ▼ 172.0RBC Capital Markets 171.5 0.10.8 -10 ▼ 139.6

▼ 38▼

UBS 17 15 39,057.1 4.3 -2.7 ▼▲ 45-6 ▼ Rothschild 16

1.9 0.813 59,268.112 75,554.0 0.5 -2

6.4 1.05.9▼

-11.8 ▼-4 ▼

15 0.211 0.1

Centerview Partners LLC 16 7 53,456.7

▲Guggenheim Securities LLC 15 11 56,905.4 6.3 -4.1 ▼ ▲173.5

1 0.0 +1 ▲ ▲ 69.3 8.7UBS 15Allen & Co Inc 14

▲ 328.2 0.946 85,982.8 0.1 +4 0.7 0.2▲ 61.5

9.7 9.2 0.6 0.50.1 +1 ▲ 55.8▲ 4 ▲Ducera Partners LLC 14 - 61,738.5 6.8 6.8 ▲

2.1 ▲ 64 0.9 54 89,516.9LionTree Advisors LLC 13▼

RBC Capital Markets 13 16 62,101.6 6.811.8 -2.0

+17 ▲2.9 0.1▼ 267.8▼ 57 1.0 -12Lazard 12+12 ▲ 8 109,113.75.4 ▲ 39 0.5

-3.9 ▼ ▲Wells Fargo & Co 12 24 66,428.0 7.3

78 1.0 +1 ▲ 2.5 0.916 113,817.2 12.3 8.4 0.7 -2 ▼ 232.5Evercore Partners 112.3 0.20.3 0 - 211.8

▲ 44

1.3 0.7▲ 17 ▼

Lazard 11 8 88,582.2 9.8

0.2 +315.0 4.8

▲ 1115.3 14.190.7

-32 ▼ ▲ 114.310 138,977.529 141,481.1

6.3 ▲ 5243

10+7 ▲Guggenheim Securities LLC-1.3 ▼

10 19 90,825.8 10.0

▼Deutsche Bank 9 10 97,883.8 10.8 ▲0.6

▲ 3773 1.0 +23 ▲ Deutsche Bank 8 7 145,711.2 15.7 0.6 0.6 -28 163.222.4 5.2 3.4 0.10.9 -2351 ▲

Evercore Partners 8 13 100,671.1 11.1 1.8 0.8▼3.1 ▲-12.3 ▼11.6

26.2-14 ▼58 0.8 Barclays 7Citi 7 5 105,520.5

▲92 1.6 -13 8.56 207,715.8 ▼ 307.6▲

242,553.1JP Morgan 6 2 1.4▼ 774.80.9356.1 ▲1.4 +3 3.9

-9 ▼ ▼-7.6Credit Suisse 6 4 132,177.2 14.5107

-10.1 ▼ 64JP Morgan 1.39 266,190.9 28.7 17.5 0.8 -11 ▼50▲

3.50.9 -28 ▼ 319.7287,156.7 53▼▲ 82 ▲ 44.0

▲ Credit Suisse 54

▲▼ 8.0▲

5 3 132,209.5

0.4

14.6 -13.5Barclays 4 9 154,722.6Bank of America Merrill Lynch

▼0.3-33

31.0 8.0

88-12 ▼

369 0.9 3

1.2 ▼

+1817.0

1.12.5

1.1▲

Citi35.026.2 76Morgan Stanley 324,888.2

Bank of America Merrill Lynch5

215.2

353,046.3 -428.6 0.0▲ 661 -44

▼ 38.1 13.0Morgan Stanley3 6 237,818.8

Goldman Sachs & Co 1238,067.42 2

2016 Rank

2015 Rank

Change in

26.2 -1.9Goldman Sachs & Co▼102 1.4

-25 4.7▼1.3

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

▲-12

93

# of

732.8

▼1 ▲42.3

Rank Value Market MarketShare Ch.

10.6


2.11 391,669.5 1.6 969.9

Jan 1 – June 30

Rank ValueShare Ch. Financial Advisor

Market

-32▲

MarketShare Ch.

# of

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

DealsUS$m

Americas Rankings

Rank Value per Advisor (US$m)2015 Rank

32.4294,826.9 3.6Sh (%) Sh (%)

Advisor

▼1.5

2016 RankFinancial Advisor

# of Deals per AdvisorMarket

# of DealsMarket Change in

Imputed Fees (US$m)

US$m

Any Americas Involvement Completed (AF55)


DealsMarketMarket


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

Rothschild Deutsche Bank

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

Industry TotalMoelis & Co 25

▲

▲

12,199.2

Scotiabank 23

▼

27

87.0%-19.9%

▲24 48

708,895.7

▼

Industry Total

Industry % Change from Last Quarter ▲-8.1%

3,907

14.4%▼-8.6%▲

5.3%▼Industry % Change from Same Period Last Year

▲

13,548.2 7

-17.2%

100.0+4▼1.8-814

15.4% ▼

0.2 ▲▲ 1.1 0.572.56,835.7 100.0

0.1 ▲2.1 ▲ 3.15 0.1 -102.2

122Perella Weinberg Partners LP

24Deloitte▼2125

▲7 0.2 -2 ▼ 0.2 ▲0.7

1.047.4

0.1

0.1▼1.816,022.90.215,886.8 2.1

81.5

73 13,147.5-10China International Capital Co 22 Jefferies LLC0.1 +3

-0.1 ▼2.5

1.9 1.8-2.3 ▼

1922

Greenhill & Co, LLC 23▼

280.7- 15,357.7

-7▲ 4019,369.3 2.614

0.12.6▲ -243 0.9 21▼ 23Moelis & Co

-6 ▲▼ 0.5 ▲121.6

103.1▼1.81.53.3 -2.7 0.73.5 -6.2 -23 13 24,313.820

Sandler O'Neill Partners ▼ 18 0.52.7 0.9▲ 0.6 -6 1.0 ▼-2.7▼19 31 70.3▼25,145.8 3.6 Wells Fargo & Co0.3 +3

19 12 26,843.2 3.6 -11

+4 ▲▲

0.461.8 0.90.333 4.317

43,059.7 6.1

0.73.927.5

29 11 47.304.8

▲0.32.9 ▲ ▲- 0.40.1▲ 4

▲0.911 44,873.5 6.0▲▲5.4 0.4

1.8

▲34

3.531,988.9

58.350.4 -4 123.60.1

17 ▼4.3-5.2

-2.7 ▼UBS 150.985,707.8

▼Guggenheim Securities LLC 14 10 56,661.7 8.0 10.6 ▲

1.4▼ 2.40.9

0.7▲11.5Allen & Co Inc

13 89,185.6 ▼+3

RBC Capital Markets 15 19 47,612.1▲10 0.2▼ 14 32

-232955.8

165.912.0Lazard+2

74 ▲

13 - 61,738.5 1 -5.8▲0.0 +1▲14 9.1

8.7

Wells Fargo & Co0.6▼ LionTree Advisors LLCDeutsche Bank 12

Ducera Partners LLC

1564,620.0 -18-0.1 ▲89,516.9 12.1 11.5 ▲ 0.1

14.70.812 40

9.4 7.7 34 108,903.90.6

1111 24 66,389.3 +12 ▲ Evercore Partners▲ 0.7116,442.122 -201.4 ▲ 2367,924.3 9.6 7.9 13

10.4 ▲ 1.237 0.9 0 200.2 2.9-

-205.9 3.0

▲1.11.5101.8 ▼0.0138,497.5 +2 ▲0.416

0.615.7 ▼5.0 ▲

Guggenheim Securities LLC 8 25▼▼

38 0.8▼

▼18.6

▲0.311.0 Centerview Partners LLC-1

10 899Lazard 9 8 77,669.9

1047

▲

▲0.7▲ 9 ▲ 102.30.2 +1 1.5▼

Citi 8 4 90,146.7 12.7▼7

19.0 17.30.11.0 -1225.1 4.5 ▲ 241.140 3.5

8.60 - 625▲

JP Morgan 6186,435.7Barclays

1.6 -4 ▲Evercore Partners 7 12 93,072.7 13.1 3.2 ▲

17.2 -9.61.02 187,150.3 25.2 -10.9 ▼ 589.6▼1.6JP Morgan 6 3 119,985.9 16.9 -14.6 ▼

246.3▼ 0.8 Credit Suisse-635 ▼30 0.8 -11▼3.6 0.5

3.6 0.7 ▲244.7

20.431.6Credit Suisse 5 5 121,780.2 235,014.65 1018.5 Citi 264,666.1 35.6 7.3 324 3

▼Morgan Stanley4.1 ▲ 1.3 +1960 0.8 -27 ▼

-1636.9

▲▲ 0.9

▲1.5 -103

Bank of America Merrill Lynch1.6630.0

1.041.9 394 18.0 ▲311,242.4 ▼9.2▲ 5718.76

▼342.1 5.0▲

0.6-10▼-66 209,289.2 29.5 3.9

1.46344

▼29.6 -2.2

-28 ▼325,939.4 43.9 4.8 ▲▼

Financial Advisor2 267,058.1 2.011.263 1.61 177 766.01.7 -9 ▼ Goldman Sachs & Co

MarketShare Ch. Deals Sh (%) # of Deals

Market

37.7 6.0 ▲US$mDeals Sh (%) Share Ch.Sh (%)

AdvisorFees

# of Change in 2016 Rank

2015 Rank

Rank Value Market Change in Market# of Deals Sh (%)

2015 Rank

Market

US Target Announced (AD2) Jan 1 – June 30

MarketRank Value Market2016 Rank

Industry % Change from Same Period Last Year -0.2%

US Target Completed (AF2) Jan 1 – June 30

-17.7% ▼ -12.9% ▼Industry % Change from Last Quarter 20.5%

▼

100.0

-10.0% ▼▲

Imputed Fees (US$m)

▲

9,157.6

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

▼ 4.8%

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

Industry % Change from Last Quarter 61.6% ▲ -2.2%Industry % Change from Same Period Last Year -19.7% ▼ -10.6% ▼

Industry Total† -1,280927,093.7 5,932908,881.2 100.0 -8857,438 100.0Industry Total,,

741.2

3.1

▼

-15.9

+15

0.2

▲-12.7%

+5

1.0

0.8

0.5%

0.2

27

UBS7

34,323.9 +6

Allen & Co Inc 20

Morgan Stanley 2 1 209,916.6

Barclays 4 9 131,422.1Bank of America Merrill Lynch 3

Centerview Partners LLC 16

18

Market # ofFinancial Advisor US$m Sh (%) Share Ch.Goldman Sachs & Co 1

27

-0.2

▼0.7▲19,592.0Jefferies LLC 21 1.2

170.6

▼0.1▼

-675

39▲ -6▲

▲

0.9

▼

13 24,867.5

3

2.7 28,613.9-3

RBC Capital Markets21 22,089.0


Qatalyst Partners▼15

4.425 30,806.9

2.2

274,427.8

-3.418

2.2

7

▲

▲

▼ 0.30.4

▼

PJT Partners LP

40,413.4

743,099.4

4.6

▲

141,112.1

2

13

▼▲

8.7

▼

20

0.4 41100.0

Rothschild

+5

40 +12-4

-4BNP Paribas SA

-15.0-4.4

-10

28

▲16▼

+12

57

6.7


1.7Stifel/KBW 12,999.1

17

4,649

14

* tie

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com 7

Lazard Deutsche Bank

2Credit Suisse

▲

▼

▼

0.1

▼-4.1

0.2

▲

0.2

12.3

11

0.6

6 047

26

13▲

33

1

1.3 Morgan Stanley

2016 Rank

-27



639.5

3

Any US Involvement Completed (AF48)

Market

383,837.3DealsSh (%)

Goldman Sachs & Co

Barclays

44.91

302,695.0 35.4

-6

+18

Americas Rankings

Share Ch.

8

8

141,481.1

11

US$m

Jan 1 – June 30

▼Financial Advisor

LionTree Advisors LLC

+5

2

▼▼

15

-

▼

▲

▲

▼10

14

▼▲

JP Morgan 6

▼▲

Industry Total

+3

100 0

38 0.6

+12

▼

▲

01.1

▲+23

JP Morgan

Citi 7

130,411.7

13

10

8

123,992.0

Evercore Partners 99,329.2

5

Rothschild 9 18 86,304.3

6

18 23 29,257.3 3.4

11

31,988.9

13 26,881.9

28

25

3.7

0.0UBS 8.4

17BNP Paribas SA 2.5 ▲▲

Greenhill & Co, LLC

1.413,014.324

560.5

25 1.6809 900 7

Market

▼

0.2


35.5

27.0

2016 Rank

2015 Rank

4.9Bank of America Merrill Lynch

Rank Value MarketImputed Fees (US$m)

2015 Rank


▲

2.8Barclays

62

MarketSh (%)

▲1 287,415.35 224,964.5

1 3.9

3 3Bank of America Merrill LynchMorgan Stanley

# of

952

US$mFinancial AdvisorGoldman Sachs & Co

4

2.5 ▲

Market

218,945.117.1138,714.3

-2.427.8

9

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

0.8

3

Citi

▼

1.7

-15

1.0

▼

-31

1.1

Change in

-24

-1

Market

1.6Sh (%) # of Deals

1.2

-13

+14

DealsRank Value

-20.5 -70.1

0.5

0.0

-6

+1-4

▼

+4

7


4

4

RBC Capital Markets

Jefferies LLC11

-2

-14.7▼-10.7

▲▼

-753 0.9

7631.7

8.4412.3

▼ 3.4▲704.5▼ 8.4▲

▼

0.8

21

23

▼▲

0.1

14

72,038.6-13.1 15

-2.7▲

0.8

42

Jefferies LLC

25,145.8Allen & Co Inc

China International Capital Co 22

-5.6 ▼

18,922.8

▲

▲

28Sandler O'Neill Partners

RBC Capital Markets1522

▲19Qatalyst Partners

332.4

3.13.1

1.12.3

2.3

2.3

-12.615.316.1

4

▲▲

▼

▼

12.46

Deutsche Bank

Ducera Partners LLC 13 - 61,738.5 7.6Wells Fargo & Co

1112 23

3.5

9.7811

8.2-1.6

7.210.585,131.5

100,020.5

66,428.0 6.178,126.0

68

35

10.7 ▲

▼68

7.6

6.37

14

50,758.953,456.7

-4.57.06.6

4.2

Guggenheim Securities LLC 10 56,905.4Centerview Partners LLC 15

17 38,833.516

UBS

2114

30,806.918 3.8

2024 2.9-

25,142.523,168.7

8

▲

▲

46

48

264.8

▼

133,119.2 15.6 3.3

37

Evercore Partners+12

16 113,562.20.6

▲

Guggenheim Securities LLC 16.6

▲

▲85,982.8 10.1Allen & Co Inc

▼

9.4

▲ 59

39

▲Credit Suisse

1

51

10071

337,887.8

1.81.9 1.7

68 1.4

54 +21

▲

▲

2

15,717.7

270,680.9▲

▲

4 4

Wells Fargo & Co20

▼

0.9

-23

Stifel/KBW

Scotiabank 23 67

7.6

28 14,371.8

-16▼

MarketChange in Advisor

871-50.7

Moelis & Co

1.24.3

12.017.9

▼

# of Market

-35Share Ch.

-1511.286 934.51.7

Sh (%) # of Deals Fees Sh (%) Share Ch.▲

4.9▲ 11.2

3.419.7 0.9 -8 3.7▼

281.0▲5 10 253,576.9 29.7 3.7

9.0 9.043

-33306.0

42 0.8

293.3 3.549 3.5▲85 1.7 -6 ▼ 753.7235,000.9

▼24.0 6.5 ▲204,825.0 1.0-4.4

527.5

▲15.2 ▲ 11 0.2 +3 ▲ 114.3 1.4 1.4 ▲

Centerview Partners LLC 9 9 138,977.5 16.3 4.5 ▲ 211.8 2.5143.7 1.7

2.5 ▲1.7 ▲

17 0.3 0 -

13.3 9.8 ▲ 4233 0.7 -26 ▼

2.7 ▲Lazard 12 7 101,561.0 11.9 -2.8

0.81.1 -10 ▼ 3.0253.3

2.7+3 ▲ 229.03.0

▲6 0.1 +4 ▲0.7

▲0.7

53▲44 89,516.9 0.1 +2 ▲ 55.810.5 10.0 4

1.90.5 -7 ▼ 158.00.7

1.90.761.5▲

▲Rothschild 16 21 56,790.6 6.7 4.5 ▲ 117.5 1.4 1.4 ▲35 0.7 -5 ▼

0.6 ▲12 0.2 +2 ▲ 46.8 0.6▲ 79.51.4 ▲ 13 1.00.3 +1 1.0 ▲

PJT Partners LP 19 32 28,613.9 3.4 2.6 ▲ 0.61.5 ▲31 0.6 -4 ▼ 124.40.6 ▲▲ 48.812 0.2 +2

▼ 1.526,934.8 3.23.2

-1.7▼ 72.3-2.2 ▼ 20 0.90.4 -13 0.9 ▲

Moelis & Co 22 24 21,323.7 2.5 0.8 ▲ 1.9 ▲40 0.8 +2 ▲ 155.2 1.915 20,448.9 0.9 -10 ▼ 182.02.4 -1.6 ▼ 44 2.2 2.2 ▲

Deloitte 24 56 19,879.8 2.3 2.0 ▲ ▲15 0.3 -13 ▼ 5.6 0.125 35 13,573.0 1.6 0.9

0.10.2 +2 ▲ 42.1▲ 12 0.5 0.5 ▲

8 361 2 100 0854 449 0 5 006100 0 1 103Industry TotalBMO Capital Markets

Bank of America Merrill Lynch TD Securities Inc

12

8

10

▲13

Stifel/KBW

23

Sandler O'Neill Partners 17

Rank Value per Advisor (US$m)Market

TD Securities Inc

15

7.613

5.5 -10.1Credit SuisseCiti

14 8 1.0▼

▲

1.1

7.1

-14.0

▲

5,917.75

2.1

-1.5

103*

+1

Change in

0.8▲

-15.9

▼

2.1

-5

▼

▲

-2

Market

+2

▼

0.9

-1


6.8

▲13.914.4

12.8

1.5▼

17

99

6,047

7.0

8,132.1

14,986.1

17,035.9 15.816,702.2

7.78,259.6

15,567.8

15.5

0.9

Bank of America Merrill Lynch▲ Morgan Stanley▼

-2

-109

2424

Macquarie Group

100.0

Blair Franklin Capital Part1,978.323 82

25GMP Capital Corp51

2+2

2,297.1 0.22.1

2.1

-5.0 ▼

3,486.8 3.2

22-7

Industry Total

IMAP

1,729.3 1.61,878.8

▼1

+2-3.40.4▼

-4

1.7

-10.2 ▼

7.6

0.25.0 0.5

12

0.8-2

▲

▼

0.27,635.1

▼

5,382.2

▼13 4,230.87 ▼-2.9 35.51.8

0.0 3.6▲ 7 0.0 ▲ 32.7 3.4

-74

3,930.82.8 ▲

4

6.1

7.8

104.3

▲

▲0.50 ▼6.9Barclays

12

+26.4

-23.0 ▼9

-7

-113.2

▼

-1

0.4+2 ▲ 13.14,812.84.90.04 2.18.7 ▼

15 9

▲

20.60.1

1

10,845.1 28.6▲

8

15,690.1

12,357.6 ▼

2.613.2

13.8

0.1

▲

▼

4

0.1+3

▼0.6

▼

▼

2.2

▲▲

7.12.9

▼▲

8.4

▼▲0.0

0.730.2

▼3.4

45

RBC Capital Markets 1

+1

Financial Advisor

Industry Total

1124 47.5▼ 914.8

100.0

7

9.3 32.9

8

BMO Capital Markets 11 2410

15,902.190.1

91.0

5,950.93.44.9

109.7

▲

2.6

2▲

Macquarie Group

-

5,697.71

22+1

5,341.4111.4

Scotiabank1.0

13

Deutsche Bank 16 6

BBVA

8,132.1▲ 81*Stifel/KBW▲8,497.7Wells Fargo & Co

+10.00.0

13.817.7-2

-6

65

10

+4-

0.7-1 ▼-5

▼

-7

46.93.9 ▲▲14.5 38.5

0.1▲

4.8▼0.0

▼106

0.17.3

-717

BMO Capital Markets15.6

11,939.2 19.4

2CIBC World Markets Inc

16122JP Morgan

Jan 1 – June 30

0 20.1

RBC Capital Markets

34

▲1

0.44.0

6 18,068.525.5

2016 Rank

MarketFinancial Advisor

2015 Rank

▲▲

Deals

7

Share Ch.Sh (%)

5.5

Market# of Deals

Change in MarketSh (%)

00.0

Sh (%)

Imputed Fees (US$m)

1.2▲

- 53.65.011.4

71.0 1.0

MarketMarket

Industry % Change from Last Quarter67.9%

2015 Rank

MarketRank ValueSh (%)

# of# of DealsUS$m

▲Industry % Change from Last Quarter

▼


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

2016 Rank

Jan 1 – June 30

29.41Share Ch.

4Lazard

▲15.8▲

9 30.0 20.523.7

32,379.5

Scotiabank

5Wells Fargo & CoMorgan Stanley

2

20.922.1

25,586.623.224,984.7

CIBC World Markets Inc

7

1141

-67

3

JP Morgan 3 18,303.3

23,866.7

▼22,566.2

1017.0

▲

809,900.7

DealsRank Value

2,348.5

0.3

-

Goldman Sachs & Co


Sh (%)

1.0

-0.60

▲3.83.7

14

2,297.1

153.8

▼-19.9

61,443.4

1

11.9

13.2

2.1

0.0▼

23.5

0.1 +2+610

-9▲

1.5

-12.6%

Credit Suisse

4

0.8

0.8

13 Citi

▼

PJT Partners LP

▲ 20 3,765.2Moelis & Co 16▼ 26

▼

▼

▼1.8

3,429.9 3.2

21

Industry % Change from Same Period Last Year -21.8% -8.7%-49.8%

▼Canaccord Genuity

24

22


* tie

▲2.1%

20 19 2,845.3

103*

-8.7

2.1

HSBC Holdings PLC

Rothschild

▼▼

19 18 -1.8

107,779.3

22.6

▲11Barclays

Goldman Sachs & Co 9

17

-2.0%

20.9

Industry % Change from Same Period Last Year -20.5% ▼

-871 8,361.2 100.0854,449.0

▼

5,006

Industry % Change from Same Period Last Year 6.1% -18.1%

100.0

▲-9.0% ▼

-10.7% 5.8%

-1,103

▲

14,440.6

▲


21.2%

Share Ch.

-1.4

▼

▼18.4

US$mAdvisor# of

▲Fees110.9▼0.116 -10

2.4 0.5 ▲2.4

▲ 22.9

0.126.9▲▲ 23.2

0.0 2.8 ▲0.1 1.8

1781*9

10

Deutsche Bank

2,104.5▲18

+5 Jefferies LLC

▲+1

40

3 2,323.7

0.02.8▲▲

3.7BBVA3.4

18 31 ▲0.0 02 0.2- 2.4 0.1

21 12 2,463.5 2.3 ▲-1 1,878.8Blair Franklin Capital Part

▲

5.30.5▼

19 ▲ 22.97 1.62.4

▼.40.0 ▼

0.10.527

-1 5

-23

▲-10.0

20 ▲64 1,978.342

-52.6

3.2

1,723.6▲

2.6

3.11.11,726.7

▲ 0.20.0 0 0.52Nomura

81*100.0

2.01.9

-1.5▲

0.02.8

0.1 1,230.0 ▼

100.0

3 +2▲

-6.4%13.1%Industry % Change from Same Period Last Year ▼

▲

-0.8 0.56

3.9%-17.2%

▼

-168 973.5

▼

-12.82.8

▼-

-20.4%

▲

-0.8

6.4▲ 10.9 1.1

0.70.7

1.8

-7 ▼

▲

▼

11.4 ▲

▼0.1

1,1481,165.225

▲

IMAP2.6Moelis & Co

2 0.0+248

04.8

811Industry Total0.0 00.0

3,853.7 3.6 -0.5

▲1.011

-1.6

▲0.9

▼20

Industry Total

3 -1▼

0.3

14.67

0.0▼

▼+4

5

-29.1%

UBS


8

49.3

45.4638

Morgan Stanley

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

12

46.8

58.6

2

12

11 41,074.1

Energy and Power

1

3

9

Goldman Sachs & Co

Real Estate



Industrials

Financials

Goldman Sachs & Co

Rothschild

Lazard

21,013.3

Announced M&A activity with EMEA involvement totaled US$566.4 billion from 8,933 deals in the first half of 2016, up 2.9%compared to the same period last year.

Estimated fees accumulated on EMEA deals completed in the first half of 2016 were down 7.3% compared to the same periodlast year, totaling US$5.7 billion, according to estimates from Thomson Reuters/Freeman Consulting.

The Materials sector led the EMEA marketplace, with 623 deals totaling a combined US$135.5 billion, including the acquisition ofMonsanto Co by Bayer AG, which was the largest European deal of the quarter, valued at US$61.7 billion. Industrials accruedUS$70 billion, and Financials totaled US$69.3 billion of activity.

Financial sponsors were less active in the first half of 2016 compared to the first half of 2015. EMEA-targeted buyside financialsponsor activity reached US$59.9 billion in the first half of 2016, down 15.9% from the US$71.2 billion reported for the sameperiod last year.

Acquirors listed on the Frankfurt Stock Exchange were EMEA's most acquisitive companies for the first half of 2016, with acombined total of US$84.9 billion in offers.

Morgan Stanley

Morgan Stanley

Morgan Stanley

32,009.5

17 24,571.9

6

1,027 45.7

69,264.4

3

18

32.7

623 Share

3

No. Deals

1,387 47.9

EMEA Involvement Announced Advisors by Target Industry

70,039.4

5

4 6

EMEA Deals Intelligence


EMEA M&AEMEA Announced M&A up 3% | Materials Highest Valued Sector | Financial Sponsor Activity Drops

636 6

15,804.3

15,038.6

9 27.1

Goldman Sachs & Co

14,277.8

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - June 30 2016

18,789.7

48,976.7

3 UBS 3

2

Rank Val US$m

109,611.8

Rank

Credit Suisse

3

22,993.3

58,425.0

64,938.5

Citi

80.9

Mkt.

Materials

2

135,489.2

50.067,690.2 1

2

22,664.8

1

1

35.5

32.2

33.2

26,512.1

68.9

9

Jan 1 - June 30 2016

46,596.5 Materials / Chemicals

France / United States

Industrials / MachineryIreland-Rep / United States

g p ( y p y)

Germany / United StatesAcquiror Target Macro / Mid Industry

Pending

Bayer AG5/23/2016

Tyco International PLC

6/27/2016

Pending

Sanofi SA-Animal Health Bus (100%)

Intended

Johnson Controls Inc (100%)1/25/20162/17/2016

Pending

Pending Mylan NV4/28/2016

2/3/2016

2/10/2016

Netherlands / Switzerland

Pending

9,917.0Pending Medivation Inc (100%) Sanofi SA

6/21/2016

61,738.5Acquiror / Target Nation

CNAC Saturn (NL) BV

Target (% Sought/Acquired)

Syngenta AG (100%)Monsanto Co (100%)

13,897.8SACAM Mutualisation

* UndisclosedMexico / SpainIntended

Pending

Meda AB (100%)

Germany / United KingdomPending

London Stock Exchange Grp PLC (100%)20,060.2France / France Financials / Banks

Healthcare / Pharmaceuticals

Credit Agricole-Regional Banks (25%)

Healthcare / PharmaceuticalsUnited States / Sweden

Deutsche Boerse AGGermany / France

3/4/2016China / Finland

27,700.7

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - June 30 2016

Rank Value (US$m)

Supercell Oy (84.3%)

StatusRank Date

2/23/2016

8,601.4Healthcare / Pharmaceuticals

12,581.4

Jan 1 – June 30 2016

Financials / Brokerage

Top Ten EMEA Involvement Announced Deals

Control Empresarial de Capital Industrials / Building/Construction & Engineering8,600.08,074.5

High Technology / SoftwareTencent Holdings LtdFCC (70.5%)

Boehringer Ingelheim-CHC Bus

Materials / Chemicals

$74.4

$27.2$4.1

$21.9 $18.5 $25.8$48.0

$28.4 $19.0

$85.6

$44.2

$9.0$16.5

$38.8$24.1

$33.3

$43.6

$42.8$40.9

$54.1

$29.6

$14.5

$36.3

$23.9$27.0

$23.8

$30.4

$28.0

$69.7

$24.9

$18.7

$29.2$22.3

$27.4$33.7

$44.2

$35.8

17.2%

10.3%

7.5%

13.7%14.3%

11.3%

18.6% 18.3%

13.8%

15.7%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% 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$84.9

$34.8

$30.1

$12.0

$11.3$6.2

$5.8 $5.2 $5.0 $4.4

Frankfurt

New York

Euronext Paris

Swiss Stock Exchange

New York

Zurich

Nasdaq

Madrid

OMX Stockholm

BMFBOVESPA


9

Deutsche Bank

▼7.8

▲

-0.1▼

▲

-0.6▲

3.3

# of

EMEA Rankings

Financial Advisor

Jan 1 – June 30


▼-5.2▲

Financial Advisor# of DealsSh (%)

Any EMEA Involvement Announced (AD47)

Market

30.41Goldman Sachs & Co

172,229.8 -1.0530.91

2015 Rank US$m


Jan 1 – June 30

Market

60

82,306.5

Rank Value Market

174,807.0 -7.9

▼

MarketShare Ch.

▲

16.0 -15.4

491.1

-17.287

14647

16.4▲

▼

18*Industrial & Comm Bank China

Ducera Partners LLC

77,245.1

103

3

13

China Construction Bank

N+116China International Capital Co

CITIC 13

15

4UBS

97

Barclays

18*

17

-

11

-

Lakeside Capital Advisers LLC

Citi

12

14

HSBC Holdings PLC

11

+8

50

5.4

10.9Guggenheim Securities LLC

0.2

-7.826

0.063,068.764,823.8

▲▲

11.4 41

+14111.1 3.5

2

8

JP Morgan 6Lazard

Credit SuisseMorgan Stanley

Bank of America Merrill LynchRothschild

7

13.6

4

10

152,086.05

90,623.814.5

6

12

2

14

5.834,506.628,724.0

154.4

12 42,517.0

27 3.0

BNP Paribas SA

30UBS

7.2

Societe Generale

18 27,607.5Perella Weinberg Partners LP

43,314.6

17

3.924,178.4 4.0

173.6 ▲23,207.7

4972

23,034.1

▲ 16

8

0.00.3

Deloitte

0.0

8.2

3.8

4.6

21Jefferies LLC

104.86

3

1▲

Credit Agricole CIB 19

7.1

+1+1

1

2.65.2

▲▲

Mediobanca▼ PJT Partners LP▲ ▲

60 +1531

▲0.3

▲▲

4+110

206.8

4.26.1

8.55.7

8.28.28.2

▲▲

▲

2.6

100 0

24

18*

19

8.2Dyalco3221

BNP Paribas SA 23 14

Centerview Partners LLCCredit Agricole CIB 22

36Societe Generale 25RBC Capital Markets

Industry Total15

8.58.5 ▲ 31

▲▲

0.2

0.0▲

▲5.8

-22

▲▼

0.1

-6.7

38 7.2-3

Barclays

▼Citi

13.5

-2 20.4122,548.1

-16

49,374.8

10.95161,738.5

4051,329.9

▼8.7330*+5

12

▼9.1

9839

10

7.8Evercore Partners

47,001.79.1

-31

▲ Credit Suisse▲

8.2 0.411

67,701.480,103.3

29

19

12.02911 13.4

76

0.0

▼

1313

8 ▲

37

0.41.5

31▼▼

-27-16

34 0.5▲

307.9

-13▼▼

245,460.36

4

▲106

1.1+5


184,093.7

154.5

+4

+313.0 ▲

40.9-12

▲292,069.6 48.7

▼

0.2

1Goldman Sachs & Co

50.92

5 377.0

0.70.8▲61 -110.3

-270.3▼

▼Sh (%)Deals

▼

72▲ 4

1Morgan Stanley

7.7442.020.0

▼

248.9

-33277.450

53

0.8

7.5

230,389.3

Sh (%)US$m

0.7 38.4

Market

▼305,566.5 ▲ 0.729.9 52 -18

2016 Rank DealsShare Ch.

Rank Value AdvisorMarketMarketSh (%)

# of2015 Rank

Rank Value per Advisor (US$m)Change in

Imputed Fees (US$m)



0.02.8

Sh (%) # of Deals

Any EMEA Involvement Completed (AF53)

Share Ch.Market

-

0.9

Change in

-26

Fees

2.9

6.6

▲

▲

2.0

▲

▼-

▲

0.6

▲0.5

0.1

▲▼

164.1

0.70.5

▲1.3+2

▲

▼

▲

4.9

-12

0.7

2.7▼▲

62

352.0

0.429

4

0.5

0.4

134.1

187.8

▼▲

563

11.9

▲

▲JP Morgan

▲▼

6 969

46

Industry Total1

4

▼▼

191

-918,108.5

18

▼

70▼

0.0

-10.324

2

14

5

2.4 ▲3.00.80.6

▲▲

19,777.1 3.3

600 138 32.313,779.6

15,991.5

100 0

1.90.1 0.2

-1

1 075

30.0

1.0

25.8

0.2

0.0 0.1

0.2

0.5100 0

▲0.5-1 ▼

0.2-3

5 710 6

▼-7

0.1▲▲

▼

▼ 0.2

0.2

0.3

0.1

-70.1

1.0

▲

▲

▼

93.8+22

▲

-14-4

+3

0.9

0.2

0

▲▼

▼

0.4

-

85.0

45.9

143.0

0.5

▲

▲4.4

1.9

6.2

5.4

0.2

1.37 123,230.5

30.729.5

-3.16 15.9

110.7▼

5Rothschild 176,907.5

▼

20.5-2-20

▼ Deutsche Bank

28.0

99,699.125.526.9

17.6

158,595.7

144,607.7 -10.5 0.2

0.4

-12 Lazard

81,009.7

▼0.2

▼Robey Warshaw LLP

▲ 26

-5.6

11.33.9

109,845.2 ▼18.3

0.00.2

▲

29.1

0.1

0.91.3

1.6▼

+3

22.2

▼

1.478.0

2.5

3.3

0.5

2.4

0.8

41.7

▲

21.9

57.0

26.5 0.1

▼0.5

1.50.4

▼

51

▲

15

20Sumitomo Mitsui Finl Grp Inc

Zaoui & Co

Centerview Partners LLC

-3.12.7

2322

▲▲

2524

▼15▼8 933

-1019

0.2

+6

+6

0.20.1 +18

0.0

0.0+2

▲

389

0.0

0.1 +9

0.1

0.0

0.1

-

-100.0

▼

179

46,596.5 8.2

8.548,314.247,854.3245

8.2-

24 46,638.0

46,596.546,596.5

--

34,326.138,323.7

-1.9

23,813.74.022,737.1

566 417 9

-1.6

21,368.5 3.8

Deutsche Bank Robey Warshaw LLP

93.8

167.3

78.0

+7

-26107,133.8

123,230.5

2

8

79,686.41128

19

230.7

▲

25 21,368.5

1.9%

-2.1Societe Generale100.0

0.2

▼

▲ Zaoui & Co

-▼

▲

▲

4.8

14

28,433.6

1434 2.5 ▲

10

▲4.1 0.24.4

0.0

1.4

414.7

244.0

277.4▲

5.3288.6

▼3.1

110.7

7.6

AdvisorSh (%)# of Deals

358.6-19

Change in Fees

▼

134.1

164.1

▼

▲347.3

312*

121,984.5

7

15.2

18.3

58

-40

58

1.0

0.7

46

0.4

13 7.5

25

7.41243,314.6

30

18

67,701.447,001.7

4.5

▲8.1

-0.70.0

4.9

42,517.0

1181,009.7

31.9

26.70141

▲


Barclays

-18

Credit Suisse

0.1+1

-15

Guggenheim Securities LLC

UBS

▲

▲

-8.7

9▼Citi

7

▼ 3

435

0.7

89

-

JP Morgan-5▼

▼ Rothschild-16.8 ▼-18.2

Deutsche Bank

▼

98,814.790,313.3 16.7

▼-10.3

▲

0.60.6

27.5 1.75 2

▲

144,286.1▼

4Rothschild 6Credit Suisse

148,347.73 157,943.710

172,229.8 ▼

Sh (%)

-0.217.0-1.7

29.3

Market

Any European Involvement Announced (AD21)

4

100.0

▲Industry % Change from Same Period Last Year

2016 Rank

Goldman Sachs & CoUS$m

Rank Value

▲

1

2.9%Industry % Change from Last Quarter

Industry Total

1Morgan Stanley

Financial Advisor

2


▼Share Ch.

2015 Rank

Barclays



N+1China International Capital CoIndustrial & Comm Bank China

CITIC

Dyalco

China Construction BankCiti

PJT Partners LP170.0 -48▲

21

▼Industry % Change from Same Period Last Year

Industry Total

2425

6.4%

Greenhill & Co, LLC15 13,779.6

▲

22Mediobanca


22 34,326.1

17

15

3

11710

UBS 8


Credit Agricole CIB

Industry % Change from Last Quarter▲

50.9294,484.5

Rank Value

278,693.2

US$m

-27.6%

19

100.0578,526.2

4.0

6,969

Sh (%)

27,607.5

2.8

60

-13.4%

42

23,207.7

2.4

24,178.4

18,108.5

71

15,991.5

23,034.13.14.0

2423

4.015

▲

▼Industry Total 8,335

BNP Paribas SA

539,598.8

38.3%

* tie

Industry % Change from Last Quarter ▲

RBC Capital Markets

▲

14.3

▼13 40

12.064,823.8

▲ 31

0.0▲

▲-

51,329.9

+1

-63

5

0.3

0.0

0.54024

0.0

+16+6

+8

0.4

▼

+1

2.0

4.2

2.4

45

2.313,563.5

6

4.5%


▼

29.1

Any European Involvement Completed (AF3)

-12.4%▼

Industry Total

▼

600,138.3 100.0 -1,075

▼

MarketImputed Fees (US$m)

100.0

22.2 0.20.4

▲

▼

1.3

141.1

41.7

26.5

0.445.9

▲

3.0 1.4

0.50.1

▲0.52.5

19.5

▲▲

0.4

▲▼0.8

▼0.3

2.3

0.8

2.62.0 1.2

0.6

0.1

6.5Share Ch.

0.8

3.1

Market

▲4.4

0.65.1 ▲6.3

▼

5,710.6

▲

Jan 1 – June 30

▼

-10

-18.3%

-11+25

▼

-12

▼

-3 0.1

▼

▼

0.0

0.4

26

▼

6,613

-12.9%

0.2

11

-173132

104

0.1

0.4

0.9

-1-6

0.00.534

0.850

0.5

1.11.60.5

1

MarketShare Ch.

5128.8

48.2▲

Deals# ofMarket

▲

165,745.0

229,825.721.1

39.7 13.7183,783.2

245,460.3

11.931.8

42.45.4

14.4

▲

13.8

▲

505573

▼

▲

4.0

▼

▲

18.5▲

▲

21.1-5.2

▲21.328.7

8.4

12.4

8.1

-5.4

-1.8

3.06.0

14.0

7.8

3.7

11.7

3.4

▲▲

28

4

▲

4

▲0.6

2

▼

5

▲

24

▼ 29

68

62

▲ 1

-3.3▲+4

0.0-1

-11.7%

0.2

14

▼

-31

▼

▼

-

▲▼

+3

0

0.3

MarketSh (%)

0.8

0.4

0.8

+30.8

+2

0

-24

-2

0.1-16

-7.3%-21.5%

139.5

10.0.2

+3 ▲

Deloitte

Goldman Sachs & CoBank of America Merrill Lynch

-24.0%

Societe Generale1.0

1.91

0.0

▲

20

▼18

-0.1%

48

-10

0.6

-7

1

+90.5

+18

3.4%

2015 Rank

5-12+9


▼

# of Deals Financial Advisor

2-25 ▼ Morgan Stanley

15BNP Paribas SA

Lazard

16


12

31

1

4

13


17

Credit Agricole CIBSumitomo Mitsui Finl Grp Inc

Evercore Partners

10

6

▼

▲

▲▲

▲

▲

▼

▲

▼0.5

+1-21

+50.4

0.1+2

▲

▼

8649

-3

-4.2%

# ofDeals

Change in

-▼

Jan 1 – June 30


8,933

0.0%

-389

Sh (%)Market

▲

▼

46.6

▼

25.8 ▼

0.2▲0.30.1

▲

▼0.0

▲

2.4 ▲0.9

-0.1

0.10.1

▼

▼

0.5

1.7

0.5

34,506.6

▲

▼-4

0.8▲

18

0.4

0.1

▼

▼

-

48.6

1

-7.9

9.0▲

31▲▲0.6

46,596.5

6.4

▲ 11.6▲0.2

-7▼

15

6

0.00

-3720.9

-6.8%

85.0

-981 5,490.5 100.0

0.5

▼7.1

▲

11.711.4 11.4

9.09.5

8.9

▲

-7.7▲▼

▲

23,658.8 -1.72.6

▼

46,638.0 5.9

46,596.5 8.68.6 8.68.68.6

46,604.8

30

-

8.638,323.7

18*46,596.5

5.4

8.6-

21,852.7

18*

14

16

18*

21

23224

1959

47,854.3 8.9

388

5.814.1

9.5

5

174

61,738.563,068.7

-48,314.2

76,024.8125.481,840.911

32.0

566,417.9

15.0%

172,380.8

Market


13

JP Morgan

HSBC Holdings PLC

Lazard 7

9

12Ducera Partners LLC

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


10

Robey Warshaw LLP Credit Suisse

Jefferies LLC

3,841.4▼-4.6

Rothschild

23


# of Deals2016 RankFinancial Advisor


3

12

149,782.5

4

1

Rank Value

6

Morgan Stanley

Goldman Sachs & Co

2015 Rank

1JP Morgan

64.7

110,742.1

48,592.9

33,164.6

53.8

49,756.9

42.1

56.9

127,800.5134,560.5141,527.4

6,666.36,473.5

1.7

Goldman Sachs & CoDeutsche Bank

Sh (%)

Any UK Involvement Announced (AD32)

25

2,227.9

1.6 ▲▲

Rank Value2015 Rank

▼

1

# of Deals per AdvisorChange in 2016

RankMarket

1+10.1


▼-4

1.7

4

▲

▼

Jan 1 – June 30

Market

▲

▲

0.8

▲

0.2

1.00.0

2.2

▼0.2

1.8

0.9

0.3

0.5

0.21.10.2

100 0

0.00.0

Market

▼17

# of Deals

▲2325

0.1 -7

Share Ch.Financial Advisor# ofMarket

Sh (%)US$mMarket

170,203.8Sh (%)

▲ 0.2Deals

0.1Share Ch.Sh (%)Sh (%)

20.4

51.2

1.9

43.2

-2.226.2

▲

30.8

▲

0.0

0.1

18.9

1.6

8.7

4.7

81,009.7

48.6

▲

5.6

13,542.88,269.4

0.4-35.9

18.5

26,037.8

▲

4,918.0

3.0

5.8

74

12

5,296.5 2.059

Citi

0.2

-4.2

16

17.8

12▲▲

▲

19▼0.01

-3

+213

0.1

0.1

0

-20.0

+10.1

0.1 +2

0.10

-16

# of

-17

-▲28

0.1 +1▼

+20.338

-13

▲▼

EMEA Rankings

Market Market

25.1 ▼

29.3

US$m


4.30.2

146.8

107.0

95.0

5.9

39.1

+2

-7

11.3▼

+1▼

▼▼

6

1 528100 0

Any UK Involvement Completed (AF39)


▲28.6

20

1

▼

14 13.3

13.6

▲

▲

▼

11

7

Deals

0.6

2

1

0.4

0.6

0.10.1

-24

0.1

▼+5

-23 ▼

+1 ▲

▲-

-90

+1

0

-16▼

▲1.2 ▼

-

0.1▼

+1 ▲

+2

IBI Corporate Finance ▲

▼

▲

6.5

▼0.5

.0

4.7

▼

4.9

▲

- 0.5▲▲

1.111.931.6 1.4

▲

-0.00.6 ▼

2.1

0.7

▼

▼

22.70.2

2.40.4

1.6

0.4

▲

0.1

2.2

▲1.4

0.8

1.5 ▲

▼

▲▲

▲2.7▲6.8

0.7

3.21.9

▲6.6

0.0

172.1 0.2

Jan 1 – June 30

Share Ch.11.0

▼1

130.5

Change in Advisor

244.1-4-5 1.3

4.8

▼91.654.1

-

▼

▲

▲▼

34.7

53.6

4.2

41.7

149.57.8

2.50.5

0.1

47.8

2 211 2

24.8-0

-1

-8

364▼

▼0.01.5

Moelis & Co4,228.33,930.3

263 042 5Industry Total

17

1.918

21 651.6

4,948.5

2423

34,954.4

10.1

8

19Sumitomo Mitsui Finl Grp IncNomura

LionTree Advisors LLC 16

11

7BarclaysRobey Warshaw LLP

20

Deutsche Bank

10

15


1718

7

910

22

2

6

5

15

5

156*

Imputed Fees (US$m)Market

Fees

18

31813

14

20,306.6

-

14-

6,152.9

27,163.1

14,635.4

9

24

12

-1.7

▼

1.7

1 943Industry Total

24Credit Suisse

1519

23-

12

22Grant SamuelArctic Securities ASA

17

-

12

Rothschild

Evercore PartnersPricewaterhouseCoopers

17LionTree Advisors LLC 16

26

Societe GeneralePerella Weinberg Partners LP

107 914 5

-

Greenhill & Co, LLC30

-

20

Craigs Investment Partners Ltd

M Klein & Co LLC

21Macquarie Group2,323.3

15

1,693.3

5,126.82,343.6

Citi

215

+1▲

0.7

1.6100 0

2.12.0

2.22.2

0.9

0.918

3▼1217

11.1

1

▲

81

▲

0.9

19

-21.34

12

17

▲

-21.719.1

11.8

-11.4-18.5

21.5

17.537.032.4

JP Morgan

34,930.582

8


20.8

65

2

Lazard 4

Morgan Stanley

3

RBC Capital Markets 11

UBSBarclays

10

5

9

7HSBC Holdings PLC

7

39,931.8

1022,436.3

20.9

30,782.16

28.525.2

1124.0 0.815

0.9

-12.7

▼1.530

0.9▼

18

Lazard

▼17

0.9

17-9

▲+20.9

0.618.8 -12.6

▼ 8-10.6+20.2 ▲

1514

▲▲9.9

14 3.8

312 10.1

23,765.2-20Deloitte

26,507.5

39 Evercore Partners

4 ▲+40.2▲1.4

-59.0▼

-

12.6+5 ▲ UBS

0.12.0

Greenhill & Co, LLC

1319460.8 ▼

280

7-5.2 ▼

3.151▲

▲5.2

2.50.0

2.5

▲

0

▼ 0.1

-65-17

0.0

0.082

▲ -11

▲-14

0.01.5

3

0.0▼

▲1.4

▲ 1

0.0

-

75Macquarie Group

RBC Capital Markets 25Oakley Capital Ltd

▲▲

▼

-6.9▲

16

▼▲

▲

9.9 ▲-34.6

5.95.7

▼

20,646.8

23,154.725,896.4

▲

1.7

▼

▲

17,694.9

-1.6

▲13.8

22,504.1

8.1

1.71,825.92.0

9,756.4

6,408.8

1.6

5.95.7

9,664.4

16.413.6

4.8

9.0

13,897.8

2,168.0

9.012.9

1,707.311 2,798.3 1.1 -1 20.2 0.9-7.6 ▼ 6

* tie

JP Morgan Credit Suisse

Wells Fargo & Co


5 0.3 +3 ▲25* 34 976.3 1.0 0.3

+1

▲

▲

28.7% 17.8%-20.6%

16,494.6

19

1,650.0

60 3,511.5

▲

0.10.5

10.1

▼ ▲

▲

UniCredit

17.7

0.9

0.417,911.2

19,401.9

40.7

23.8

30.4

0.1

20.7

▼

Rank ValueRank Value per Advisor (US$m)

Any French Involvement Completed (AF40)

▼

0.1

0.1

1

0.10.1

Market

2

72.0

+1

-4

112

0.1

+1+2

▲

▲+1

0.1▲+1

+9

10.4%

+1+3

▲Sh (%)

Change in

-28.9%

1 13

2016 Rank # of Deals

▼

▼

Share Ch.Sh (%)

100.0

▲

Jan 1 – June 30

Market

▲


-7 25.559.6

4.55.7

47.3

3.3

▲

2.4

5.2

▲3.6

11.08.3

▲

-

2.0

116.287.9

▼▼

0.1

21.7

36.2

28.7

▲

▲

▼

▲53.2

▼-2

+8

+1

2.425.8▲

▲2.0

0.0

.621.1

▲

13.5

.31.8

▲

0.8

0.3

-

▲

2.1

0.0

▲2.6

1.2 0.13.54.4 ▲

▲

2.1

4.3

▼0.0 0.1.0▲1,054.3

▲100.0

+10.2

-76

▼Industry Total

+2

Fees

▲31,656.0

0.2▼

2.1

22.2

▼

39.7

1.8

27.822.6

▼

21.4▲

7

13

0.5

1.8 ▲

▲7 39▼

14

8

▼-7.1%

▼15.0

▲

1.40.4

2.7

24

▲0.2 +3+2

▲

23.7%

4.0%Industry Total

1.2976.3

▲

-14.6%-4.3%

1.2Mediobanca

1

* tie▲

21.0 0.1

▼

1,672100.0

▲

▲ ▲

1.4

-Banca IMI (Intesa Sanpaolo)

- 3.5▲▲

0.1

-1

2.1

0.8

+1

+101.7 0.2

0.10.1

13

-30.1

3.3

42.7 3

13.73.7

4

1,200.01,571.6

3.7

2.0

3,716.4

1,858.8


6.2

3.73,300.0

21,521.618.416.3

13.1

-11.8

-4.8

Goldman Sachs & Co

57

28,437.84

13.716,288.7

Credit Suisse29.7

8

621.6

33.6

24.8

11

29,660.3

40.833,591.3

5

2016 Rank

# of

-1.5%

1,528


3

100.0

12.0%

AdvisorImputed Fees (US$m)

Market

-15.8%

6.8Rothschild

1▲32,508.010

41.5

+3Financial Advisor

15 35,667.10

533,082.0

Citi4Goldman Sachs & Co

28.5

13,145.4

▼

9.3

24,271.52

Societe Generale

7.6

-16.8

6,353.9

+9 Credit Agricole CIB2.7 ▲0.7 +3

2.045

+1

-958

▲12

▼

13.29,245.7

-24.6

5.0

410 6.4

3.7 3.7

147,543.2

15 6,206.03,716.4-16*

20

16*JayDee Partners Ltd

13

25*

Malayan Banking Bhd

2,698.72,023.2

-2619RBC Capital Markets

-BDO

Nomura 21

1.61.946

39

Macquarie Group 230.1

▼

0.1


Citi

Lazard

11

18

Evercore Partners

99,847.4

Societe Generale

22--

HSBC Holdings PLC


Deutsche Bank

24

Jones Lang LaSalle Inc

TD Securities Inc

12

18,377.7

20

6

52

8

2109

13,700.1BNP Paribas SA

15Natixis

24,749.211

▼▲

11▼

▲

1

3

100.0

29

103* 3,674.2

▲

▲▲

2▲▲

-21.7

1.7

▲

2.7

▲

▼▼▼

+5

Sh (%)3.9


0.5

▼▼

0.51.01.6

Market

+4

# of Deals

0.7 -

-4

3+208

5

+1

+1 ▲

+3

▲-

+3

+3

Wells Fargo & Co

▲

UniCredit 325

23

1,146.21.7

0.8

10.524

4.73,716.44.7

2,819.7

-

8,363.26.24,963.4

6▲

+20+2

51

-5▼21

6▲

+1

30.8-3.2

▲40.2 ▲

+4

-7

▲ 3.5

▼+4

100.460.7 -1

0.40.5

0

4.234.3 3.354.8

▼▲

-5

2,211.2

Change in

-364

▲

▼

▲0.70.4

0.02.4

-

▼2.4

▼2.0

2.7 ▲0.3

▲0.83.42.12.6

▲

▲

1.8

5.1

▲2.4

▼

2.1

1.4

▼

▲0.3

0.1

▲0.11.3

0.00.1

-▼

▲

▼0.50.2▲

0.31.3

0.2

0.6

2,819.73.5

Duff & Phelps

Benedetto, Gartland & Co, Inc.


1,333.5

-12.8

-10.0

1

17.3 1▲

27▲

-11.1

22.4

30

-41.5% ▼

MarketSh (%)

65.736,377.4

44.7

US$m


52,449.7

263,042.5Industry Total

11.9

▲4.3 ▲

1

# of

1,943

-10.512

54,683.1

16

0.3-4.0

66

▼

-10.0%


US$m

-58.1%

▼

5

11▲

+3▲▼8

9

▲

1.6 ▲1.1

2.1

▼

-5.5%

7

33.9Deals

Market

-14.3▼-0.6

27

Share Ch.

40,730.5

Rank Value

Any French Involvement Announced (AD33)

▲

▼

Rothschild

3

34.6%

0.7-2

Credit Agricole CIBMorgan Stanley

54.8

▲

2 3

Industry Total

Financial Advisor


2015 Rank


107,914.5

Market

▼

Jan 1 – June 30

-215100.0

▲

34

▲

+1

▲30

14

JP Morgan

Deutsche Bank

Lazard

109

Barclays

11*

Industrial & Comm Bank China2018*18*

Natixis

▼

JayDee Partners Ltd

15Zaoui & Co

Malayan Banking Bhd

71311*

1317

234

-16

36

21*

▲

35

21*

0.2

0.30.51.8

HSBC Holdings PLC

3,716.4

1

8.6

5.3

24.3

Morgan Stanley

-

6

Sumitomo Mitsui Finl Grp Inc

BNP Paribas SA

2015 Rank Sh (%)

▲

4

Industry % Change from Last Quarter-17.9%

Share Ch.

258.9 6

717.2▲

6 45.6

Deals

29.624.3

18,994.722.4

13,779.614,114.2

17.3

23,643.6

17,911.2 22.4

4.7

1

+14

1,471

▲4.7

▲

79,817.5

0.3

0.2-134

-8.3%▼ ▲

Market


t e

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

11

Rothschild UBS

▼

0 4 ▲ 1 0 3 +1 ▲0

+4+6+1

3i Group PLC 25* 142 3 0 4

▲▲▲-

1.10.9

▲

▼▲▲▼▲--▲▲+4

-9-27 ▼

0.30.3

-45+1+4-5

+100

+30.81.04.35.31.82.39

11

3.80.82.01.30.30.30.31

34

1721

7

1538511

▼▼▲▲▲▲0.4

▼▼▲▼▲▲▲▲▲1.4

-9.5-0.60.70.40.60.6

0.4

-3.2-2.52.0

-15.02.40.22.01.61.6

1.41.31.20.70.6205.1

192.0142.3

4.54.13.73.22.42.02.0676.3

518.9469.7437.3384.2224.1

1,486.41,348.51,238.21,063.3

800.9676.3

92038*31-

38*25*

1112217-

17*38*

--19

2021222324Itau Unibanco

CFI

111213141516*16*18Credit Agricole CIB

UniCreditDeloitteKPMGNorgestionN+1

PricewaterhouseCoopersBank of America Merrill LynchSantanderCitiErneholm & Haskel ABMediobancaLeonardo & Co

2.0▲▲▲▲

12.11.8

▼▲

▲▲

0.30.52.20.60.81.4

2.65.5

1.90.63.70.60.81.7

▼▲▲▲

-2+1-32+1+1+3

23117

1.50.66.70.30.32.0

1.31.31.21.10.9 ▲

KPMGRabobank NVItau UnibancoNorgestion

213618--

40

1.2-2.41.2

346.0318.9310.3291.3279.6

1.4202122232425

BBVACredit Agricole CIB

224.1

30

8.4 0.1


# of Deals▲

MarketSh (%)

0.2Share Ch.

Change in

▼Fees

1.63.0

Advisor

▲ 0.9 2.9

Imputed Fees (US$m)

14.50.2

▼▼

4.819.9

5.18.7

0.9 ▼-86.422

▲▼0.9

1 --▼

0.6

4

+2

0.5

1.34.4

2.9

▼

▲

▼

-61.2

1.6 ▲

▼

2.4

5.76.3

3.2

▲

1.25.5

EMEA Rankings

Market

5.2

1.6

+2

+1

▲-3


Any Spanish Involvement Completed (AF41)

6.1

4.5

1.6

▲▼

3.0

Jan 1 – June 30

15.7

▼

1.7▲0.5

▲

▼2.6

2.6

▲

0.6

▼1.59.0 2.8-1.3

342

6.0▼▲▼▲

52

▲2,227.32,056.8 +1

▼▲

4

4.3

-5.7

3,879.6

12

6

10

4,338.11

2,372.1

1,226.8 5.0

11.7

16.1

▼2,879.0

▼

5,998.8 24.4 24.4

▲

-2.2

▲

▲

▼ 3▲ 2

Deals

2

Share Ch.32.5

Market

▲

MarketSh (%)Sh (%)

1.2

# of

28.2

2015 Rank


▼

▲

▼

# of

1,638.0-6

0.82.8

6.7

▲5.81,902.3

54.7

Change in MarketFinancial Advisor

Morgan Stanley


Lazard 7,989.9

JP Morgan 12

+4

-20.8

▼Citi

0.5

1.8

Goldman Sachs & Co-8

15

Societe Generale14

Banca IMI (Intesa Sanpaolo)Santander

13

7▲

210

Banca IMI (Intesa Sanpaolo) 910

8BBVA 16

8

19.73

20.6 ▲19.6JP Morgan 4

5 10.4HSBC Holdings PLC

3.9

# of Deals29.4

6 ▼-7-6

Share Ch.

1.07.0 ▼

Sh (%)7

Sh (%) DealsMarket

41

Market

▲

Rank ValueFinancial Advisor

Any Spanish Involvement Announced (AD34)

US$m2015 Rank

2016 Rank

2,587.02,212.4

67

Lazard22Deutsche Bank5 7.8

BNP Paribas SA

Morgan Stanley

9,732.7▲24.3

3,449.0

BNP Paribas SA 3Goldman Sachs & Co


423 6,827.7

6,497.9

-14.3

2▲

8,041.8

1,556.0

24

▼

3.0

10.3▼

3.2

Jan 1 – June 30

▼

Deloitte

+2

Deutsche Bank

Macquarie Group▲5.5▲ +4

5-6.3▲

RBC Capital Markets

1.35.017*

01.0

-27.0

1134 1.0

-1

19

4

8

5

102

24.830.3

6,099.427.0

171

2016 Rank

1.3 9

11

-

8

10

▼

6Credit Suisse

-

N+1

715.018

11Bank of America Merrill Lynch

3Rothschild

1.4 ▲0.60.6

-2

+611 3.2 ▲

7

-9.2

-36.45.1

17.7

11.0

24.5

▲

US$m

00

-13

3

6.61,613.2

3.4

7

4

9.79.1

6,031.3

28

17

15.8

Rank Value

7,438.2

831.24.3

22

231.6

16

0.6▲

3▼

2.6

0.30.9

4.4

13.1

16.3

▲

▲+30.32.0 12.2

8.51.2

4

2.63.85.0

11.6

4.08.4

▲

-5

▼ +1 ▲

0

▼

6+1

-

2.1▼

1.52

6.9

3.6▲

0.6

0.6

▼▲

22 +1

20.3▲

4.07.9

-36.6 0.9▼▲

3

16 -0.3

2

1,049.4 1.8

-35.513

2.4

3.2783.2

2.92.9

-3.9

589.5 0.8-6.8 ▼

Nomura

19 392.0

2+7

Industry Total 24 572 5 100 0 707 325 4 100 0


Barclays Credit Suisse

HSBC Holdings PLC


0.4 ▲ 1 0.3 +1 ▲3i Group PLC 25 - 142.3 0.4

-39.2%

3

-44.4%

21

8

1,157.2

▲+1

16

+10.6

▲

+2

▲

+1

11

13CitiDeloitteUBS

12INGABN AMRO Bank

-3.3%Industry % Change from Same Period Last Year

0.025,548.0Goldman Sachs & Co 47.5

-46.9%

21


▼

Jan 1 – June 30

Imputed Fees (US$m)

5.2

MarketShare Ch.

▼

▲

▲

3.6

9.3

▼

1.2

▲

▼2.9+1

FeesAdvisor Market

4.6

6.1Sh (%)

5.1

1.6

33.8

0.7 ▼

▲▼5.6

1.31.7 ▲

▲

19.21.2

▼▲

▲2.1

342

Deutsche Bank

62

8

1

14

▼

0.9101.2

74*

910

-

▲

Morgan StanleyJP Morgan

Perella Weinberg Partners LP7

▲

3

+1

+30.40.3

0.3

1

0.8▼

+2

+3+3

0.6

▲

1

+30.55

▲

▼Moelis & Co

Jefferies LLC+2

+1+6

▲+1▼ 2223

61

Ledouble SA 25

22-24 417.0

327.0▲ ▲

-109208.7

48▼9 -3

24

7.0%-37.1% ▼

Industry Total▲

N+1

▼

0.8 - 0.453,795.9 652.1

▼1.2▼

▲

2.3

0.3

▲

▲0.9

0.8

1.1

0.3

0.2

0.2

▼

0.2

0.9

▲

▲

100.0

0.8

0.8

▲

1.3

0.2

▲

▲

0.1

0.57.95.4

0.2

0

+1

▼

▲▲

-65.9%Industry % Change from Same Period Last Year ▲225.5% ▼-9.1%

10

▲13.2▲

0.6

13.21

▲3

0.31.1▲

1,089

0.9

36.6 ▲

847.7

0.6

▼

46.8

1.2

13

25

0.3

4

0.1

0.3

6

6

0.13

3

1

Sh (%)

400


-46.5%

Change in

Jan 1 – June 30

# of Market

+2

-183

2.3

# of DealsDeals56.0

-42.2%

Share Ch.12

24,882.8

13.6

+11 ▲

▼

▲▲

-

14,017.913,897.8

17,075.2

▲

10.2

27,517.7

18,647.4

9.5

-2.7

3.0

42*

9.713,897.8-

9.819*

9.7

9.5


16,291.6

42*

4,245.08

10.2Credit Agricole CIB 21


Evercore Partners

▲

Ernst & Young LLP 1,666.12322

Ernst & Young LLP2,100.0

272566*66*Jones Lang LaSalle Inc

143,641.8

302.5%

1.5

1.0101.0

6 1.2

▼

1920

2.6

▼

13.0

2113

-3,704.7

CITIC 18 4,461.0

Valence GroupCiti

▼Ernst & Young LLP 30

3.1 -2.7

HSBC Holdings PLC

Societe Generale 15*15*Robey Warshaw LLP

BNP Paribas SA 17-

33 8,339.3

3,275.4

-

▼

▲

1-9.5

3,800.0

RBC Capital MarketsUBS

14 ▼-23.8 0.5

9.5 ▲

▲0.2

▼+1 ▲

30.0-9

61,738.535,121.1

1.71.4 ▲

0.5

4.61.4

0.7

▼

Goldman Sachs & Co 21.4

-67,801.8

▲

13.0-18,946.5

17.3 -9.5

▲46

10 30,730.724.5

2Deutsche Bank

11.3

19.27

JP Morgan 198

11.9

22Perella Weinberg Partners LP 11 13.0

5.813.6

11.5

9.7

10

9.7

▲

▲

60.1

11.5 ▲

▲

▲

0.1

Credit Agricole CIB

Market

4,459.1

6

10

+4

▲

18

12 ▲


2,100.0

2.7

15


0.1

7.6

8.3

3,094.1

10.84,502.7

2,925.2

7.66.63,566.3

+6 Rothschild

4.9

4,095.1

0 4

4,065.0

10▲

▲+8

▲+1+3

1.10.7

▲

Financial Advisor

▲

▲

▲▼

7.6

2015 Rank

2

21.5

892.0

▲

BNP Paribas SA 14

13

PricewaterhouseCoopers9.5

▲

▼

-1

0.63

-109

1,593.224

847

▼

Lazard▲

▲9

Sh (%)

43.0


95,198.9

2015 Rank

MarketUS$m

278,160.9

412

13.2Lazard

3Morgan Stanley

5

57.83

Ducera Partners LLC 43.05 47.2

100.033,075.4

Rank Value

▼Industry % Change from Last Quarter

83,089.6

-62.6%

7

Industry Total

-8.5%

2016 Rank

1Financial AdvisorBank of America Merrill Lynch


-13

0.4▲

20.2

6.0

-

▲+4

-24.0%-40.8%

-202

1.50.7

3.15.5

1.2

▼ 2.3

1.22.5

0.6

1.5

15.0

0.9

2.33.8

0.2

9.2

5.8

-2

15.9

23.6

29.82.4

60.6

23.543.8

3.66.7

14.8

0

-3

▼+1

-20▲

▼▼

+2

-42.1% ▼

-1 4.2▼

-6+2

-

10.0

▲1.1

Barclays

Share Ch.

▲

-58

-

Any German Involvement Completed (AF42)

+1

▼▲

▼-20.5

0.744.5

▲

7

Rank Value

3

Sh (%)2016 Rank

Market

45.96.6

-▲

24,710.8

39.119,897.05

923,933.1

Market

37.04

75

▲36.8

9,198.5


22.6

716

▲21,044.3

▼

32.76 -6.617.1

19,809.1

5,821.1▼

-15.28.4

-20

▲19

▲▲

Mizuho Financial Group 53

17 -

6.15.8

1,500.02.2

-3.82,066.3

27

25.4

1

213

3.84.8

-13.5

▲2.8

▼

1.7

-5.0

1

2

4

662.1

▲675.4 1.3

1.7

▲

2.8▲

▲

1.2

▲0.4

▲

▲▼

1

0.250.5

-0.8

▲8 0.9

0.10.6

3 +2+4

0.4

+1

▼-13.0%-19.3%

▲

66.3

Any German Involvement Announced (AD35)

▲

Credit Suisse54.4Rothschild

▼

2.1

▲1.3

0.8

▼

+3

2

0

2

0.27

0.6

60.8

Change in # of Deals

5

-4

1.8

0.242

15

0.2

9

4

36.7

Market# ofDeals

5

0.6Sh (%)

4

0.1

100.0

US$m

0.5

0.9

1.5

7.6-7.4

-47.3

0.8


▼

0.2

0.5

Industry Total 24,572.5 100.0

▼ ▼ ▼

-707 325.4 100.0

-2.0%

* tie


12

Equita SIM SpA Banco BTG Pactual SA

Vitale & Co SpA

2015 Rank

Banca IMI (Intesa Sanpaolo)


Jan 1 – June 30


16

0.9

2.9

-

# of Deals

-2856

1.4

10

▼

Sh (%)

24.7

Rank Value

-10

1.1▼

Change in Share Ch. Share Ch.

2 18,571.150.2

Morgan Stanley19

1.1

+4

Sh (%)

17.6

5

47.3 ▲40.9 ▲

▼

24.22.9

MarketMarket

Any Italian Involvement Completed (AF43)

0.7▲ +1

▲

13

87

14

28.5+7


Share Ch.

4*

11,184.2

▲

▲16.6

-3.723.824.211

16

▲

▲

▲▲

▼

▲

23.4

10,980.3

23.4

-5

1.69

4.2 ▲

Imputed Fees (US$m)

▼

▲1.024.6

▼

+57

0.5

43

+11

0.72.9

-4

4.7

▲

+40.42

+3+3

62.4

▲

▼▼

▲

5

1.624*

-18.5-27.22.2

-9

1.3 06

3.5

▼▼

0.21

7

26

2.66.0

▲

42.7

33.9

5.56.6 2.25.2▲

1.8

+1

+11

3.1

4

1.2

▲

▲0.4 +2

-20.2

15.4

+20.9

16.6

62

0.2

+17,788.8

21.2

15.4

5.6

6,715.4

4,325.2

17.2

11.0▲14.814.8

8.3-

6,985.3

▲

19 76

▼

5.6

-22.9

▲5.5

1,840.123UniCredit 2,472.718 18 2.4

4.1

Evercore PartnersMacquarie Group

2.4Credit Agricole CIBBanco Bradesco SA

25

21

48*24

362.8

-

542.723 -20

1,101.7590.022

▲

32*

Nomura

+711,159.1

15,991.5

▲

▼▲

512.6

20

Banco BTG Pactual SA

▼ 4

▲

1.3

▼

▼

▲ 1.1

1.1

# of

-36.1-15.4

▲▼

335*

16

3.8

-6.2

-20.5

▼▲

▼

8

4,233.6

18

1.6

33

UBS

12,412.6

193.9

24*

BNP Paribas SA

15

1,383.3

976.31,083.3

-

1,686.9Credit Agricole CIBHoulihan Lokey

KPMG

557

La Compagnie Financiere 723.8▲-Philippe Villin Conseil

44 097 5 100 0Industry Total3723.8

7.9

5.2-22.3-11.5

6.7

3.8

7.70.5

+88

Credit Suisse

1.6

10

2020

2223

21 45*

13 4.2

3.1

3,499.4-

Leonardo & Co 1,847.918Vitale & Co SpA 1,726.217

42*

UniCredit

162,934.715 7

11 2,939.6

2,298.4

12*

Nomura

5

14Colombo & Associati

Goldman Sachs & Co

9 24101112*

7

Citi

6,442.6

236

8 50

4,058.6

Lazard

Morgan Stanley

2

Rank Value

6

2016 Rank

Market2015 Rank Sh (%)

43.7 ▼2 19,273.2

-15.3


Financial Advisor

4Mediobanca

Any Italian Involvement Announced (AD36)

▼

Rothschild

3Itau Unibanco

7,044.3

4

US$m

3 13,939.8

5

EMEA Rankings

Deutsche BankBank of America Merrill Lynch

11,184.2 25.4 25.2

2.4

14.5

9.6

16.015.8

10.44,593.2

6.7

9.2

2.5

2.1902.61.6

Market

3,499.4

4.414.6

▲

3

2

7.9

-33.6

-0.3

18

31.6


19

Deals

▼

▲3.2

▲

-

Industry Total

1,724.8

17,126.422,777.6

Financial Advisor6.4

Jan 1 – June 30

1

3

6,974.91

2016 Rank

▲+24

▲

Deals

1.6

0.9

0.7

+2+8

1.10.6

+2

+2

▲

0.811.6

7.6

9.1

1.11.5

8.9

6.6

6.2

4.8 2.1

▲

+30 447 3 100 0

-

▲1.0

▼0.3 2.2

3.4

▼

3.5

1.2

-

▲

3.5

15.0

0.2

-+6

-2

1.3

2.0▲

26.8

21.6

Advisor

▲Fees

▲

1.25.1

29.5

▲

11.8

▼

▼27.6

▲▲

1.8

▲

3.40.2

▲0.9▼

1.5

▲0.2

▲0.4▲

2.0

▲0.00.2

▲

0.62.9

0.8--

Sh (%)# of Deals

▼

▲

4.5

8.2

2.0

15.9

▲

▲0.8

-

▲

2.6 1.3

5.60.2

1.0 ▲

5.51.3

-

US$m Sh (%)Market # of

35.28.82▼

▼ Mediobanca

1Bank of America Merrill Lynch

83

Market

3

Market

▲

5▲

1.8

1.3

1.6

32*

-3▲

-

Deutsche Bank

-3

▼0

Citi

+29 ▲▼

9.53

8.7▲10.4

115

3,421.813

0.0120.0

7.5

4,723.8

+83.3

▲2,527.4 -8.4

▲▼

▲2,551.014

44845 374 9

39

1.3

0.8

+5

0.7▲

3

+11▲

5.1

100 0

1.20.6

3.82.4

1.3 ▲+3

0.2

211

0.200

3.1 -517

3.83.6

1.2

4,997.2


14

9

23

12

7

13Barclays

HSBC Holdings PLCRothschild 16

BNP Paribas SA 31

-

7.9 -35.1

▲▲

-30.1

-2

8UBS

▼0.50.4 JP Morgan

11BDT & Co LLC

7

15KPMG

-

1

▼

0

65

10+3

0.5

38.8

28.2

▼-12.1▲9,638.6

10,795.0

Change in

LazardItau Unibanco

2 ▼3

▲

▲

▲

-8

-

-20.9

+1

+3+4

+22

▼

0.49

Credit Suisse

0.90.2

5

-4.5-3.9

1.1

▼-0.8

0.8

+10.4

1▲▲

0.4-

+10.2▲ 1.7

.8

Industry % Change from Same Period Last Year ▲

Pangea Property Partners AB Societe Generale


▲113.9%

-59.7% ▼ -17.1% ▼ -36.1% ▼

2.039

▼

15

▲

5.35.6

5

16.5

▲

0.1

1

17.0

3.0

40.0

▼

▲40.1

39.4

Danske Bank 21Evercore Partners

UBS

PricewaterhouseCoopers

KPMG


222324

629.8

9

34,950.9

1.9

▲

William Blair & CoGCA Savvian Group Corp

Deloitte 20▲ 2.2

▼▲

1.91.1681.2

-8.1 0.9

▼Industry Total

2

25

▲

▲

▼-14.3%

754100.01.8 0.7

-3

-0.4% -10.8%

+1

+1-10

▲

▲

0.32.30.4 ▲

▼-15.2

3671.8 1.9-4.5 17677.2

6

▼

▲12.0

-5▼ 0.8 5.8▼ 7 6.9

+3

1,630.6

22▲

2.9 +11▲

4.7 -32

3.1

▼

2.3

Rothschild 0.51,783.53

19 51 803.1 2.3

14.0 0.61.0

14.5 2.1

5.0

2.9▲+10.4

-12.5

4.1 ▲4.14

+2

5.1

0.3 ▲

1.2▲

▼

▲0.32

1,417.62.4

+1

▼-2

7.1 ▲▲

4.6 ▲

0.80.7

▲1.6

5

▲7

▲12

0.9

3.1

751.7

54*

1,079.7

62.2

54*

2.036*

1.8

764.5

▲


18.8%▲

Financial Advisor

-32.0%

US$m2015 Rank

▼

Sh (%)



Any Nordic Involvement Completed (AF44)

FeesDealsChange in 2016

RankMarketMarket

11

557

# of Deals per AdvisorMarketMarket

-1.8%▲

44,097.5 100.0Industry Total

▲

▼7.6%


+1

Change in

25

0

Jefferies LLC-2

▲

Credit Agricole CIB

SEB

-

Moelis & Co

0.3

Goldman Sachs & CoCiti

Credit Suisse

+1

0.3

Zaoui & Co▲

▼

▲7*

▼

Ernst & Young LLP

CIMB Group Sdn Bhd

12

16

39.4

39.4

1514

34

7*

13 211,844.2

2,959.21,940.3

54*

127*

--7*

7*-

14,596.66

4

13,779.6

13 14,823.4

▼

-1

+1

10

54*17

41

-18▲

1.3

0.6

0.6

33

0.6

140.5

1

-1

1.40.4

+4

6

▲

4

0.1

+3

+2 ▲-1


5

▲

▲

0.6▲+3+3

-1+1

▲

7

▲

0.6

+3

+1

▲

4

14,183.9

Market

Jan 1 – June 30

28.1

+88

2016 Rank

Any Nordic Involvement Announced (AD37)

US$mRank Value2015

RankFinancial Advisor


19.7

27.6

Sh (%)

139.5%

-37.0

-14.9

-21.517.019.7

26.8

4,943.5

▲

▲▼

8

-11.6

8,600.0

9,955.224.9 5.0

9,917.1

14.6

19.7

3.8

▼

-32.2

▲-25.4 ▼5.9

0.1

5.93,013.3

2,961.0

5,197.32

3,554.6169.8

5

4

▼

+3

+2

▲

15

+2

+4

▼5.6

3.5

17.0

56.0

-45.6

9.2

▲

3.7

4.3

# of

7

▲▼

▲

DealsShare Ch.

▲0.7

12 1.1

JP Morgan

1.0Lazard

2.6

2.5

-12.9

0.4

2.6

0.43

1.8

▲

0.3

2.8

2.5

2.7

100.01.8

▲2.5

7

1.82.0

▼

9.20.4

▲1.4+4 6.7

100.0499.2

0.6▲

▲

▲

▲+2+10.7+1

▲1.0

▲

▲36.9

39.4

1▲ 1.8

11.04.8

▲39.4

▲

1.5

5.20.5

5.2

▲2.0

0.5

10.5+5+2

18.752.5

▲

▲

1.0 ▼2.2

3.10.5

▲0.6

2.20.4

-3

0.1+1+1

0.1 0

00.1

13,779.613,779.613,779.613,779.6

39.5

1

▲

139.439.4

▲

Sh (%) # of Deals7

39.4

39.4

41.8

38

Rank Value

13,798.1

▲49.7 +1

▲

Sh (%)

-14

Morgan Stanley 1 17,352.6

Industry Total +30

+9

3

1.2

447.3

1

# of Deals

4

6.6

5.4

▼

100.0

Imputed Fees (US$m)

Sh (%)Market

0.2

1.4

1.6

▼

1.3

▼

1.5▲

▲

▼

0.5

2.3

▲0.6

0.7

1.40.1

2.8

▲

2.4

▼

0.53.8

0.5

0.50.4

0.40.4

▲

▼

▲

Share Ch.▲

1.6

▼

▲8.31.7

Jan 1 – June 30

MarketMarket

▲ 38.6%

2.126.8

Advisor

47.7

-17.1%

616,656.7

# of

448


45,374.9

Share Ch.

2.50.3

2.5

1,085

0.1

1,320.3

1,257.70.1 +1

311

0.3

▲1,276.7

▲ 3

▲▲

1,249.150,465.2

25 34

23.5%14.5%

+85

13.6%

Moelis & Co

N+1


Danske Bank

-

21

2324

56

Nordea

Jefferies LLC

--

22

Ernst & Young LLP16 6

ABG Sundal Collier20

12,566.3

UBS

11

1,844.21,763.5

7*

42,989.7

13

JP Morgan

Morgan Stanley1 24

10.3

Rothschild

7The Raine Group LLC

SEBBank of America Merrill Lynch

13,936.42

-

42

9

33

10

7*

6

35

Credit Suisse

15Deutsche Bank

Arctic Securities ASA

412

Citi

12Lazard

Goldman Sachs & Co

1,915.8

118

2,143.5

1372*

1718

21-

1,880.9


19


3.3

8.5%

Centerview Partners LLC -

7,379.38

5

14

Carnegie

2,133.3

1,393.41,641.9

3.5

3.8

+2

3.7 2.0

4.2

17.6▲

▲

▲

1.3

▲▲

1.8-

7.319.2

▲

25.82.5

11.6

3.0

▲

-29.7%

6

42.4

▲

3.5

▲▲

-31.63.3

2.5

8.5

0.1

0.5

0.6

Deutsche Bank

15

5

▼

2

100.0

7.2%

48.5

37.1

41.516,946.2

Industry Total

▲

+2

▲▲

+3

▲

▲

7.0

3.7


▼

4

6

▼

▲

+1

▼

▼

https://www.thomsonone.com * tie

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

13

China Construction Bank Guggenheim Securities LLC11.5

-0.6▲

▼1

3.223

-1.7

1,209.5

.7

0.6

0.9

974.7

1

▼

▲

11

1.1

-11.1

9

1.4

1 0.1

-4.1

# of

▲

▼

-10

+2

-1

Share Ch. Sh (%)1.656.9

10

1 0.12.3

11.52

32.9

38.5

32.9▲

+1

▲

3.2 ▲

1▲5.2

1 0.1

129,224.3US$m

Any Benelux Involvement Completed (AF47)

81.8JP Morgan 5Financial Advisor

-

▼

11.5

73.3

51.3

12 19

2

12+1

Goldman Sachs & Co▲ Bank of America Merrill Lynch 4 121,504.8

▲-2

▲

9.9Citi

13*

18,148.5

10* 18,108.5

918,108.5 11.5

11.5

▼ 1

2.3

7

Credit Suisse0 -

Jefferies LLC

Centerview Partners LLC1

0.6

ING0.1

Vitale & Co SpA1.7

▲ 10.3

▲

0

100 0946 249100 0Industry Total 157 930 7122-4▲

708

▼-3.2

20.5▼

311-1.7

0.1 0.3

0.4 ▼0.0

1.10.4 -

▼

▼-1 0.20.30.0.1 -▲+1

▼▲

▼

0.3

-20.0

+4 4.01.60.4

-111 +1

▼

3.1

2.92

▲

-5+8

0.60.1

4

▲

▼

▲

4

16

7

▲

Market

0.3

51.3

1247.1

55.6

76.9

11.5

▲


Rank Value Market Change in

▼ 85.9 9.1

Imputed Fees (US$m)

Deals

78.5▲

3.78.3▲


+2

# of Deals

▼▲

51.7

-12.5


Share Ch. Sh (%)1

# of Deals


Jan 1 – June 30


62,176.2

Market 2016 Rank

Market

58.8 55.5

Sh (%)Market

46.6

▲54.6-23.6 ▼

Deals

▲

0.20.348.2

50.8

44.846.6

47.7

0.1▲▲▲

Barclays

0.6

▲ 2 0.20.5

-

15 17

+10.1

-9

+1 PJT Partners LP

8+1

▼-45.5

1.1▼

Rabobank NV

9.014,239.2

1,719.0

63

15

-0.70.92120 1

▲13* 14,239.2 9.0

15,700.4

0.9

0.6

2,740.1-

1,386.30.9

27

5621 0.7

172231

19

22

1,485.8

0.81,106.4

UBS2423 20

▼Deutsche Bank

+21,379.2-

25

Industrial & Comm Bank ChinaWestern Securities

▲

▼

+10

NIBC NVDeloitte

-

▲

5

-3+1

-60.6

16

0.10.2

1.8 -6

100 540 7

1,719.02

▼878

1.5 -4.3100 0

2,437.7 5

1.70.6

0.2

2.0▼

12.0 ▲2,036.6

3.5▲

1,536.7

-50.7▼

2▼

6

▲

▼ 3.1▼

▲0.8 +1+7-50.7

▲

27 4,000.0 2.55,072.4

18

3.2▲

ABN AMRO Bank 16▲

▲2.5

0.32 -1

18

▼10.0

▼ 24.011.3

0.1 7.2

0.4

-

0.1

.7

1.6

32.5

0

1.1

1.72.2

+1

1.8

▼▲

▲

0.80.8

0.1

1.1

1.3

▼

▼

5,568.7

-6

▲+4

-

54.27

-3

-10.32.9

▲

▲ ▼

▼

▼

37.74.46.2

▲

33.1115,712.6

1.061.623

24.397,243.887,801.6

1.7▲

11.1

AdvisorFees

Market

104.5

▲

▲

5.2

▲

▲0.3

14.0

9.3

2.6▲

▼

0.3

▼

22.2

20.1

0.9▲

2.1 ▲

0.4

▲0.1

1.1

▼

1.2

▼

▲

▲

3.5

Share Ch.

1.8 ▲

7.1 ▲

Jan 1 – June 30

Sh (%)

▼ 1.3

▲6.5 ▼

4.4

4.8

10.0

88.4

41.7▲58.6

12.6

2.4

1.3

8.61.5

1.34.0

0.3

▲

▲

BNP Paribas SA▼-

Rothschild

8

6Robey Warshaw LLP 81,009.7

10*

3

6

9

4

85,561.5

18,219.77

5

32Morgan Stanley

Lazard+1-12

▲+2▲+4

▲▼

+3

-6+1

Market

▲▼ 1.3

0.9

47,916.83

▲

59,087.7

48,416.8

44.246.48* 19 46,596.5

47,316.6 47.147.7

61.8

Rank ValueFinancial Advisor US$m

EMEA Rankings

Sh (%)2015 Rank

1Goldman Sachs & Co

Change in

6

11JP Morgan

3

5

13

2016 Rank

4

1UBS

91*2

Credit Suisse2

Any Benelux Involvement Announced (AD40)


N+1

+7

1.3 -4+1CITIC -7

+5

Industrial & Comm Bank China46,869.0

8

-

8* -

LionTree Advisors LLC 6.4

8*8* -

-

13 54.4

46,596.5Dyalco

14*

46.4

8,957.546.4

46.4

8.946.4

91*

BarclaysVitale & Co SpA


20

17

Lazard

14*

8*

24

Robey Warshaw LLP

Rothschild

Industry Total

23

20

Sycomore Corporate Finance SAS

21

6

4

Morgan Stanley

Greenhill & Co, LLC

Citi

4,642.3

6,042.3

Deutsche Bank

16

Evercore Partners

8

7

22

1819

38

24

-

3


4.14,092.5

10

-66.2

-65.6

-25

3,420.0

6,408.8

6,021.4

46,596.5

6,408.8

46,596.5

54,900.7

46.4

0.9

-10.2

6.0 4.5-48.3

2.4

6.4

3.4 3.42.8

-48.4

▼

▲

3.2

46.4 46.4

2

▲ 1

5

▼1

▲0.5

0.11

0.1

▲

40.1

2,800.0

46,596.5

4.66.0

1.10.3

17HSBC Holdings PLC4

▲

# of

811

46.4 1

Quarterly EMEA Cross Border Volume

-19.8%

100.0

-10.2%▼

946.2

-51.7% ▼▼

-49100.0

-13.4%▼

Industry Total

69.1%

157,930.7-122 708

▼▲▼

▼-5.2%Industry % Change from Last Quarter

-32.1%▼ Industry % Change from Last Quarter-2.7%

Jan 1 – June 30 2016

Industry % Change from Same Period Last Year-67.4%-59.9%

* tie

Industry % Change from Same Period Last Year ▼

100,540.7 878100.0Industry Total

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

$135.5

$70.0

$69.3$58.4

$49.0

$48.9

$37.5

$23.7$22.6

$17.9 $16.7 $13.5

Materials Industrials Financials

Energy and Power Real Estate Healthcare

High Technology Consumer Staples Telecommunications

Retail Consumer Products and Services Media and Entertainment


`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

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

2009 2010 2011 2012 2013 2014 2015 2016

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


14

824

Goldman Sachs & Co7,129.7 6,063.5

China International Capital Co 11.7

46,704.6 53

4169.9

429 37,333.4

24,362.8

China Renaissance Partners

84,719.8 IndustrialsCITIC

Jan 1 - June 30 2016

4

12.5

10

47.22

5

No. Deals

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

3

972

3

1712.53

20.5

38.028.8

2

7

226.6

5

1,007 1

5

Huatai Securities Co LtdReal Estate

8

2

47.4

Announced Mergers & Acquisitions activity with Asian involvement in the first half of 2016 decreased by 11% comparedto the same period in 2015, accruing US$541.3 billion with 6,236 announced deals. The number of deals increased by5.4% from the same period last year. Materials, High Technology and Industrials were the most active industries so farthis year.

Asian buy-side financial sponsor M&A activity reached US$51.4 billion during the first half of 2016, a 13% decreasefrom the same period last year. Companies in the High Technology sector posted US$17.9 billion, capturing 35% of theoverall activity. Real Estate and Financials followed with 13% and 12.8% market share, respectively.

According to estimates from Thomson Reuters/Freeman Consulting Co., M&A advisory fees from completedtransactions in the region totaled US$1.5 billion during the first half of 2016, a 4% decrease from the same period in2015. The top earner was Goldman Sachs, with US$104.7 million, followed by Morgan Stanley and JP Morgan, withUS$104 million and US$94.7 million, respectively.

China cross-border activity recorded US$140.6 billion during the first half of 2016, a 66% increase over the US$84.9billion accumulated during the same period last year. Outbound investment volume reached US$123 billion, withcompanies in the Materials sector being the most targeted.

Announced M&A activity with Australian involvement totaled US$46.9 billion, a 30% decrease from the US$67 billionrecorded during the same period last year Australia’s cross border activity recorded US$17 3 billion with outbound

22,571.6

12,458.4

Rank Val US$m101,514.2

Asia Pacific (ex-Japan) Deals Intelligence

Financials

49,736.9

61,212.2

9.5

629 1

99,841.1 47,859.1 48,096.5 Goldman Sachs & Co

JP MorganMaterials

High Technology

Mkt.Rank

49.02

Share

Credit Suisse

1Goldman Sachs & Co

JP Morgan

Morgan Stanley

20,476.1

4,442.6 4,582.6

Morgan Stanley12,497.8

1China International Capital CoCITIC

3* 1

15.7HSBC Holdings PLC

27.84,749.4

19.8

Asian M&A Drops 11% I Imputed Fees Dip 4% I China Cross-border up 66%

32,225.4


Asia Pacific (ex-Japan) M&A

Industrials / Transportation & Infrastructure

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

Syngenta AG (100%)

Materials / Metals & MiningSupercell Oy (84.3%)

3/23/2016 YTO Express Co Ltd (100%)Pending

2/17/20166,673.4

Pending Ingram Micro Inc (100%) Tianjin Tianhai Invest Co Ltd

High Technology / Computers & PeripheralsHigh Technology / Semiconductors

General Electric Co-Appl Bus (100%) Qingdao Haier Co Ltd6/6/2016

Jan 1 - June 30 2016

Industrials / Building/Construction & Engineering

1/15/2016

6/14/2016

recorded during the same period last year Australia’s cross border activity recorded US$17 3 billion with outbound

Pending

Asian Completed M&A by Region - Imputed Fees

8,780.7China / Finland

China / China 10,805.6Industrials / Transportation & Infrastructure

Shenzhen Metro Qianhai Intl (100%)

Pending High Technology / SoftwareChina / China

Consumer Staples / Household & Personal ProductsChina / United States 5,600.0

Materials / ChemicalsDate Effective Target (% Sought/Acquired)

6/21/2016Pending Coal India Ltd (23%)

3/14/2016 Pending

Tencent Holdings Ltd

5/23/20162/3/2016

China Cross Border Announced M&A

CNAC Saturn (NL) BVSF Holding (Group) Co Ltd (100%) China / ChinaPending

Rank Date Acquiror / Target Nation Target Macro / Mid IndustryAcquiror46,596.5

Rank Value (US$m)Netherlands / Switzerland

Maanshan Dingtai Rare Earth &

6,257.7

16,829.8

Coal India LtdChina / United States

India / India

Dalian Dayang Trands Co LtdChina Vanke Co Ltd

8,600.0

High Technology / Computers & Peripherals

5/23/2016 Siliconware Precision Ind Co (100%)China / China 4,788.1

Pending Taiwan / Taiwan 5,296.7Pending GreatWall Info Industry Co Ltd (100%) China Greatwall Computer

Advanced-Siliconware Hldg Co2/25/2016

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

% 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

$0.5

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia


15

Industrial & Comm Bank China China Renaissance Partners

2016 RankDeals

103

+825


9Credit Suisse

-5HSBC Holdings PLC 8China Construction Bank 9

-21.3Bank of America Merrill Lynch 15 3

Industrial & Comm Bank China

-16.516 9


1.22.5

Sh (%)Market

39

▼

2.3

0.8

0.0

Asia (ex-Japan) Rankings

Citi

Jan 1 - June 30

0.1

2.5


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

25China Securities Co Ltd 1.6

Haitong Securities Co Ltd 22 23 10,227.6

▲13,735.7

0.3

100 0

1.81.61.0

+317▲4,880.3 ▲2.3 1.036.3

3 244100 0

59 1.5+511

0.620Barclays

24▼-1.0

▲0.3

-190.1▲ 20 +11 ▲0.21.7 GF Securities▼

6,456.5 2.2▼1.3

-117Deutsche Bank 23 7

-3.0Rothschild 24 15 9,329.49,442.0 2.6▼ 19.41.7 5,528.9-7.5 ▼ -6.112 Deutsche Bank

▲ 0.14

1.9-17

▼ 1.50.310

21 ▲-4 ▼ 10.2 0.73 0.3

-1.8-0.8 ▲▼ 27 0.8 -10 1.5

0.1Ernst & Young LLP

21▼6,743.9+5 ▲ 2.3

19-1 -0.2▼ 10▼ 0.6

0.3 ▼▲+9

0.0China Dvlp Bank Sec Co Ltd 16,829.8 ▲3.1 3.119 -0.11.1

0.3-417,784.5 PricewaterhouseCoopers3.3 2.4 2.88,361.4 1.3

Haitong Securities Co Ltd 14+1 2.319 ▼3.9 0.2▼0.70.4 28

-2.9▲0

China Merchants Securities Co 1716.2-3018Southwest Securities Co Ltd

19,079.7 3.5 3.235

0.8+10▼▲ 23

17 +198,646.4- 18

▲▲3.32.9 1.3

2.8▲ 2.4 0.10.225

43.7+10.2 5

230.4 0.8▼

0.522,189.2 4.1 1716 ▲▲28 +4-3.6 Rothschild

▼ 27.3-30.4 1.8 ▼12 ▼10.1-1

0.2 ▼24

▲▼0.728,180.8 -9.0 ▼5.2

Huatai Securities Co Ltd 14 24 36,252.7

12 15 12,438.2 4.2 -0.72.741.44.0

0.3▼

Lakeside Capital Advisers LLC▲ 1 0.0 25 0.8

0.0 +1 ▲ Lazard- 46,596.5

6.7 5.0

8.68.6

12* - 46,596.5-3.1 ▼121312* ▲

▼18.611,855.1

11 ▲+7 ▲ 51.8▲-39

3.40.9 ▼71.0

0.0 -

▲2.2▲ 33.74.6

1.0▼23N+1 11 -6.67217 5.111+4 15,327.6

10 14 47,065.8 8.7 3.40.16

24 +351.3

34Citi8.6 ▲ ▼ 0.7 -3

4.45.917,578.2 3.30.3 -6 ▼

▲ 0.8▼

-45

2 62,074.747,768.7

0.4-16.8

16,501.7▼ 10 5.5

6.218,422.0▲9 4+2 Bank of America Merrill Lynch0.1

12 2.4 ▲ 22 5.8 1.511 ▼

0.7 +4 ▲ 89.80.5

▲--4 ▼ 2.8 0.00.219,053.7Huatai Securities Co Ltd 7

160.6

80.2 -5 ▼19

25 ▲▲0.6

3.5 ▲20 0.6

0.618

6.1 3.9▲+5

6.4▲▼-4.5 65.4

94.7▲68,918.4

▼7.0

▲0.8 +124.2 0.9

5 21,660.2 7.3UBS 8

1320,739.96

Credit Suisse 5 8 69,445.2 12.8+1127 0.86 23,253.1 ▲▼

1116.0 ▲33

10.36.0 4

3▲-5.0 1.5▲ 7.8▼▲

3.757.9+5 0.4

▲2.70.8 +3 ▲ 104.0 6.79.9

35,181.40.6 1.11929,357.3 1.9

▲17.1▲

-3.0 0.5309

-15.4▲ 2Morgan Stanley 11.8 1.8

14.743,941.81

# ofRank ValueShare Ch.

2015 Rank Sh (%)

25▼

MarketChange in Advisor

▲6.8 1.3104.7

Market MarketMarket Market# of Deals FeesDeals Sh (%)

-9Share Ch.Sh (%)Financial Advisor

0.7▼1US$m

Goldman Sachs & Co 22

MarketFinancial Advisor

1 1 105,138.2US$m

19.1 ▲


Share Ch.

China International Capital Co19.4Goldman Sachs & Co

36

# of Deals# of

10,366.7

22

39

9,713.5Southwest Securities Co Ltd▲

27

4.0

37

12.7-0.6 37

8.6 ▲

11,818.5

5.2 ▲

15

1

0.6 14SomerleyHSBC Holdings PLC

0.319

▲+2

Imputed Fees (US$m)

Sh (%)▼

CITIC 3 12 86,661.7

▼103,144.7 +23

72,394.5

46,622.8


2015 Rank

Rank Value

▼

-60.6

Change in

13.4

18.2

0.5

66,184.6 12.2

▲4.4▲

30

0.4

Dyalco +18.6▲

UBS7Morgan Stanley 56 0.4

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


10

JP Morgan 4 11

2

186,760.9▼

▲

Guotai Junan Securities24 2021

+11 Malayan Banking Bhd

2.3

42

▼25

0.2

21

▼

0.4Lazard 0.3China Renaissance Partners 20 34 2.5

+5China International Capital CoJP Morgan▲

-2+4

CITIC0.5

0.3▲

1.6

-0.1

▼11.5 ▼-7.6

▲

541 346 5

53

21 18

23

10,551.5 2.0 -1.3 ▼

▲

▲8.78.8

▼

▲

-1

0

15

2223

▼

-

33.1

▼1.9

2

298 184 0

5,408.4

6,774.1

3.5

27

18 2.1

6 236 3 198 1 547 0 100 0Industry Total

Deutsche Bank Lazard


Industry % Change from Last Quarter▼

Industry Total

16-5.2

▼23.914.3

0.5

▲-

▼

13.2

0.90.4

7.6

2.31,931.4

17.912.9-3 74.12.6

10 -2.2

2.8

Share Ch.

UBSBank of America Merrill Lynch

▲

Citi

1.0▼

0.9-2.0

US$m

5.1

5.7 -0.8

▲

-

1.021 370.0

362.8

1.4-19*

3


1.1

-

0.4

7.4

▲-10.8%

+18

▲▲

0.1

-1

100.0

Industry % Change from Same Period Last Year▼▼

+317

4.2%

Any Australian Involvement Announced (AD24)


US$m Share Ch.2.6

Financial Advisor

-12.3%

Sh (%)

12


Macquarie Group 1 2

Rank Value

6

Credit Suisse5

▼

37.9Goldman Sachs & Co 2

16

3

8

112

3

0.7-

UBS

11.0

3.7▲

5▲3.4

450.4

0-13.2

0.6 Grant Samuel▲-1

+34

5

▼

-2 ▼-1 -▼

▼▲13.2

Sh (%)102.7

Sh (%)

1.10.2

7

12

1.5

13.6-


1.9%

1

▲Fees# of Deals

+117.032

2015 Rank

# ofMarketRank Value Market

▲Share Ch.Financial Advisor Deals

Market2016 Rank

Change in AdvisorSh (%)

Market

▼Industry % Change from Last Quarter

▼ ▼0.1▲4.0

▲

Imputed Fees (US$m)

Jan 1 - June 30

9.6%

-3,244100.0

Market

▼-4.0%▲

Any Australian Involvement Completed (AF31)

▲-1.4%Industry % Change from Same Period Last Year

Sh (%)

Jan 1 - June 30

-21.5%

145.60.4

0.3

0.0

0.325


▲168.8

0.11675

-30.1%Industry % Change from Last Quarter

Industry Total 46,874.3

-4.6%

1,593.6

10.3

3.4 1

0.3

14LazardCiti

First NZ Capital

Duff & Phelps

Evercore PartnersCenterview Partners LLC 16*

Moelis & Co

13

24Sidra Capital

▼

42

121.1

0.423

172.7

100.0

Houlihan Lokey

11.9 ▲5.21.5

5.4%

17,777.3

Market

541,346.5

Market

▲

Change in 2016 Rank

2015 Rank

MarketDeals

Gresham Partners

3.6

27.6

9,577.1

117

Morgan Stanley

4

JP Morgan 30

1,736.04


2,732.4

4,578.6

10

4,272.0

7

5

China Renaissance Partners 11

479

74Greenhill & Co, LLC

Grant Samuel8

▲

14,107.9

9,652.312,928.1

5.8

▲▼

37.1

5.7

▲

9.1

11.2

▲

20.4

▲▼

0.4

30.117,395.3

9.8

22.7

-4.119.4

20.6

101.8

35

-3

-3

-8.3

0.4

12

0.73

0.433 ▲

▲+1

8

Macquarie Group

Tudor Pickering & Co LLC

Goldman Sachs & Co

+1

1.2 +3

# of Deals▲

# of

48.8%

298,184.0

2.8▼

6.6

4.0

▲50.9

2.1

13

+11.3

▲

02.96

2.4

▲

▲

8.8

2.4

1.2

6.8

1.416.3

0.40.5

▼

0.9

▲

0.2▼

▼▼

0.7

▲

0.4

▲

0.82.4

▲

0.6

2.1

0.1

1.3

-

+1-▲

0.5-

13.8 2.4

012.2

0.3

38.1

0.20.9▲

▼ 13.81.2

2.9

3

▲

5

2

+2

041

61.1

▲ 4▼▲

0

5 0

1.1

10.6▲

1.9

0

0.2+10.2

3.6

0.5

0

▲

0.4

+1

0.7

1.3 +1

▼

-

-3

-

1.00.9

1.0-22*

7 2,698.32,015.2

910

40.438,458.83

Credit Suisse 8

4,452.613

Morgan StanleyRothschild

6.55

12

2

4,666.7

▲

12.6

4

6

14,318.6-16.9

-1.4

1 14,685.8 41.41

5,065.0

2

+2 ▲ 22.8

6,236

8.0

▲▲

4.8

▼2.4

▼ 115.5

2.7

4.87

1.9

1,809.9

480.01.4

1,593.6

-

14

2.4

1,706.1

3.51,239.04.5

1.4- 499.0

61 4.5

▲ 16

▼

27*480.0 1.4

0.1 11▼▼

1.41.9

1,689.8

688.417 -18

▲1.0▲

1.4

0.1

1.0 1

▼

0.1

0

256

▲

Deutsche Bank

-49 -7.7

▲ 15014▼613.2 ▲

-Blum Capital Partners LP 1.0

1.177*1516* -

1.1 0.1

Luminis Partners Pty LtdCameron Partners Ltd

495.4480.0

-

-

370.0282.8261.5

31*

38*

0.1

▲

▲18

0.16

0.4

0.6

-0.10.80.6

193.3 0.4NomuraJones Lang LaSalle Inc

▼-12.0

0.1▲

22

2519 0.7

-2120

0.4 0.10.3

1Evercore Partners1

0.1-▲

▼

+1

-▲▲

+1

Blum Capital Partners LP

UniCredit22*

▲▲

0 19*Centerview Partners LLC

0

848.4

ING

Fort Street Advisers3 12China Renaissance Partners 13

+1+1

1▲

1 2.4

0.4

0.9-7.6

+30.7▲

0.7

▲

970.0

2.4▲ 0.2 ▲+11▲ 0.2

▲

3.10.6

1.01.00.4

▲

0.4

0.6

1.0

0.2

▲

▲

▲

▲

0.2

0.40.4

▲

0

0.4

1.4

▲▲

0.5

2.1

0.5

-45.8%

2

0.4

1

1

11

1 0.3

▼

0

17.9%-17.1% ▼▼ -12.7% ▼ ▼

-100.0 100.0

-8.1%

-109+2


32

24JP Morgan 324.20.9 ▲

454

5.30.40.7

▼

62

575.3▲

-22.7% ▼

2.1

5.5

1

-19.4%

0.2

▲

▲+1▲+1 2.1

2.6

-

-

5.9

▼

3,198 1,547.0

-7.1%

315.017

362.8--1

First NZ Capital 25+1


▲

-

Industry Total

▼

35,450.7

100.0

0.5+1

Industry Total

723.0 ▲

▼1.2+3 Barclays

870.1 -0.4-8.2

-4▼1.9

1.31.5

65

480.0 1.0▼

Canaccord Genuity 0.3-

-98

▼

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


16

Deals-

Any New Zealand Inv Announced (AD39)

Financial Advisor1

Citi

1* ▲37.7

# of

1*338.1

37.737.7

▼-

-2

+1

2.0

1

-40.132.3

▲

2Goldman Sachs & Co 5.924

-Rothschild 929.0


315.0

-48 8% ▼

3,191.1


-First NZ Capital563.2848.4

US$m

6▲9.9

12


4

Asia (ex-Japan) Buyside Financial Sponsor Activity

2016 Rank

Craigs Investment Partners Ltd

Industry Total

Cameron Partners Ltd

Goldman Sachs & CoFinancial Advisor

3

5*

99

Change in Market# of Deals

-1

Any New Zealand Involvement Completed (AF46)

Market2015 Rank

337.5%

1

1.0

6.3%-1.0%

1

38.8▲

Jan 1 - June 30

100.0

4

Deals


▼

▲

▲

3.28.0

6.6

# of

2015 Rank

Share Ch.▼4.3

# of Deals

▲

Sh (%)Market

KPMG

Industry Total

29.1 5.8

Sh (%)Sh (%) Share Ch.

▼

Jan 1 - June 30


37.7

Fees

-


26.617.7

29.1

MarketAdvisor

10.4

Market

15.9 18.1

7.22 3.2

3 -1

9.9

26.6 ▲▲

▲▲

10.16.6

▲

3 +2 5.53.6

+25

Change in

+3 1.02.9

5.2


1*

14*

MarketShare Ch.

-40.9

2,168.0

1,239.5

+137.7

037.7

▲12.2

Sh (%)

69

▼

-13

12 6%-15 9%

65.4

Imputed Fees (US$m)

Asia (ex-Japan) Rankings

▲


1.0

100.0

2.1

▲▲

4.3

▼

Market

100.0

▲

MarketRank Value

5,746.5

Deutsche Bank

2,168.0

▲

Credit Suisse 5* - 315.0

2,168.0

9

US$m

4.39.9 9.9 6.6

▲

▼

Rank Value

206.0%

5.2

▲▲ 3 4.3 +3

Sh (%)

10.1+4▲▲

$3.1 $9.6 $3.5 $6.0 $8.9 $6.1 $12.8 $14.0 $19.3$4.0$4.0

$6.6$13.3

$8.2

$17.1

$45.2 $32.1

$6.8$5.1 $3.3

$8.1

$9.8

$6.6

$31.8

$44.3

$6.7 $17.3$5.7

$6.2

$10.3

$14.0

$31.6

3.0%

7.8%9.9%

10.5%8.0%

11.2%

8.0%

14.5%

19.1%

24.0%

0%

5%

10%

15%

20%

25%

30%

$0

$20

$40

$60

$80

$100

$120

$140

$160

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% 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

▲-48.8% ▼Industry % Change from Same Period Last Year69.7%

▲▲2.5%

* tie

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

-8.3% ▼▼ 12.6%-15.9%

Australian Cross Border Announced M&A


19%

18%

16% 11%

9%

6%

5%

5%4%

3%3%

Materials High Technology Industrials

Financials Real Estate Energy and Power

Media and Entertainment Retail Healthcare

Consumer Staples Consumer Products and Services Telecommunications


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


17

Mitsubishi UFJ Morgan Stanley

* tie

JP Morgan 380.0 3* 5.4 1

NomuraMitsubishi UFJ Morgan StanleyEvercore Partners 5.4 1 380.0

389

1

1

3*25,927.5 84.0

7,057.9

2

2 84.4

10,720.5 Real Estate

3,800.3 3,845.8

2

5,958.4

25.8

252

2

26

35.9

2

275 9 1

10

3 114

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - June 30 2016Mkt.

The Raine Group LLC

5 28.2

Japan Deals Intelligence

8,600.0 8,600.0

19,126.6 1


High TechnologyMitsubishi UFJ Morgan Stanley

Japanese M&A volume in the first half of 2016 decreased 16.6% compared to the first half of 2015, accruing US$70.1billion in value from 1,632 announced deals. This was the lowest first half volume since 2014’s US$74.2 billion worth ofdeals. 13 Japanese involvement deals valued at US$1 billion or more, worth an accumulated US$38.9 billion, wereannounced during the first half of 2016; a 20% decrease compared to the first six months of 2015, which postedUS$48.6 billion in value.

Any Japanese involvement deal making in the High Technology sector totaled US$19.1 billion, with a 27.3% marketshare. Industrials was the second most targeted sector, with deal volume totaling US$13 billion from 252 deals. RealEstate followed closely, accruing US$10.7 billion in value from 114 deals.

Almost half of the announced Any Japanese Involvement deals during the first six months of 2016 were domestic, withvalue reaching US$34.5 billion, an 18.2% increase compared to the first half of 2015. The first half of 2016 nearlyovertook 2013’s volume of deals worth US$38.5 billion, the last time Japanese domestic deals were larger than crossborder transactions during the first half of the year. Six out of the top 10 announced deals were domestic deals.

Japanese outbound activity was down 64.1% compared to the same period last year, totaling US$17.2 billion from 340deals. This was the lowest first half Japanese outbound volume since 2014’s US$33.9 billion.

Completed Japanese involvement activity was up 15.4% compared to the first half of 2015, accruing US$77.7 billion.Estimated advisory fees, according to Thomson Reuters/Freeman Consulting, reached US$765.7 million.

45.045.0

No. DealsRank

13,699.3 2*2*

Share

NomuraIndustrials

Daiwa Securities Group Inc


31.0

21.835.5

Consumer StaplesDeutsche Bank

3,672.8 3

Nomura

Healthcare


Japan M&AJapanese M&A Down 17% | High Technology Highest Valued Sector | Domestic Deals Dominate Market, Up 17%

3,359.9

4,032.0 1

71.6

Rank Val US$m

Mitsubishi UFJ Morgan Stanley 2

1

2,338.3

13,005.5

73.6 4 Lazard

3,911.8

2,879.7 1*Rothschild 2,879.7 1* 73.6 4

129 2,879.7 1* 73.6 4

Sharp Corp (72.3%)Daihatsu Motor Co Ltd (48.7%)Dell Systems Corp (100%)

Supercell Oy (84.3%) 8,600.0Tencent Holdings Ltd

Investor Group

3,055.0

High Technology / ElectronicsIndustrials / Automobiles & Components

Jan 1 - June 30 2016

Birra Peroni Srl (100%)NTT Data CorpAsahi Group Holdings Ltd

3,468.6Taiwan / Japan

Rank Value (US$m)

Nomura Real Estate Master Fund

Daiwa House Reit Investment (100%) 2,338.3

Japan / Japan

1,462.0Japan / JapanJapan / Japan

2,879.7Japan / United States

Japan / Japan

High Technology / Software

Any Japanese Involvement by Market

Toyota Motor Corp

China / FinlandJapan / Japan

Nissan Motor Co Ltd

Consumer Staples / Food and BeverageTelecommunications / Telecommunications Services

Japan / Italy

Daiwa House Residential Invest Japan / JapanIndustrials / Automobiles & Components

2,630.8

2,189.0Real Estate / REITs

Mitsubishi Motors Corp (34%)Real Estate / REITs

High Technology / IT Consulting & Services

Acquiror / Target Nation

Healthcare / Healthcare Equipment & Supplies

Pending

Completed

5/12/2016

1/29/20162/10/2016 Pending

PendingPending

5/26/2016

4/15/2016

Date EffectiveTop Ten Japanese Involvement Announced Deals

Toshiba Medical Systems Corp (100%) Canon IncPending

3/17/2016

NTT DOCOMO Inc (3.11%) NTT DOCOMO Inc

Any Japanese Involvement Announced M&A

AcquirorTarget (% Sought/Acquired)Rank Date Target Macro / Mid Industry

3,131.63/28/2016

Pending

PendingPending

1/29/2016

6/21/2016

Pending

2/25/2016

Top REIT Inc (100%)

5,901.7

$50.1$34.0 $23.4 $35.2 $38.2 $37.0 $25.6

$42.3 $51.0 $41.3

$31.0$37.1

$21.6$19.2

$45.9 $41.0$32.8

$31.9$33.0

$28.8

$28.7 $47.5

$42.4$50.3

$50.5$42.4

$32.6$24.0

$45.7

$51.9 $28.6

$38.9$30.2

$50.4$59.3

$35.2 $26.8

$65.2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# 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 Q2

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Domestic Value Inbound Value Outbound Value Outbound # Inbound # Domestic #


18

Imputed Fees (US$m)

Financial Advisor

Credit Suisse


2016 Rank

Jan 1 - June 30

# of Deals# of 2016

Rank

Any Japanese Involvement Announced (AD19)


-20.1 82

41.6-17

Deals2015 RankSh (%)

Change in Rank Value per Advisor (US$m)

Sh (%)


13.210,312.9

583.626

▼▲31.9

44

Market2015 Rank

▼

29,160.522,357.9

US$m

9,237.7

Rank ValueSh (%)

▼▲

▲

14.7

3

12.3-6.0

11.1

21.9

1

6

13



JP Morgan 6 5

Rothschild

7

10

2.5

12

1025

4.4

5.5

17

14*

86,051.0

2

8,600.07,795.7

12

1,726.616

3

Plutus Consulting Co Ltd

14*Wells Fargo & CoLazardDeutsche Bank

UBS

3,870.9

0.2Frontier Management Inc ▲Barclays

6.35.1

Evercore Partners306.6 ▲ +9

5

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 (%)

13 29,358.1 37.845,104.8

47.5▲

5.135.0 ▼58.1-1 ▼

-7 ▼▼

5.0

12

1.6

6▲▲ 0.6

24▼-40▼

-32.4

0

▼

▼

+6

+1

8.0

8.7

-7

▼

▲

4.7

12.4

3.5

▲

8.6

28.5

7.4

75.6

12.4

935.8

▲

▼

▼

42.9

65.9

- ▲

1.9

5.6

1.6

9.9

0.4

1.6

▲

▲

▲

1.1

0.1

-3

-7▲

▲

▼

1.9

▼

0.4

0.9

0.1

0.7

-1

.4

26.5

▼

0.9

0.4-15

0.8 0.8

▼

15

▼21

▲▼

1.52.1

18

1,000.0

1.110▲

2

1.8

0.323

▲0.9

2412 ▼ 2

▼

4.0-

-3

3 6 1

3.6

2.10.2 ▼

+10.8-6.6

0.11

▲3.2▲▲

2 0

0.2 0

110.3

▲

19 38

0 8

▼

17

20

▲2.4

111.0 14.5

▲▲6.2

2.7

37.9 5.0 2.50.7

0.5

0.6

▼

3.5

▲2.4

▼▲

▲

56.4

24.7

▲0.3

4.4 0.6

-

1.1

0.8

▲▲

▲▼

0.80.2

▲

0.5

▲

▲

1.5

0 3

1.1

1.7

0.5

0.0

7.5 -6.6 ▼▲

23 27

-2.83.7

-3.6

7.58.71

▼

-48Nomura

1.8

▲10

5,792.15,801.0

50.5 Lazard+414-2

3,531.43,055.0

5.0

7.25,072.6

100*

4,380.34,641.0

13

11

3,055.0

6-6.5 ▼ 6

12.3

4.4

▲8.6

-4.7


8-4.8

5.73,961.3 3.611

▼

▼

58

45

24,268.4-

Sumitomo Mitsui Finl Grp IncRothschild

3.6243

21,083.6 27.2

Citi

9

19

7

24

The Raine Group LLC

4

▼

18

Mitsubishi UFJ Morgan Stanley52

Mitsubishi UFJ Morgan Stanley

Mizuho Financial Group

8

▲7

4

2

18.8 0.6-1

Nomura25,099.9

2

6

30.5

-832.3

-3

1

415.6

520,762.2

▲31.3

5.33▲0.2

1-3 ▼

Citi▼Goldman Sachs & Co▲Bank of America Merrill Lynch

+10.1

▼▲

62.3 +138

616,025.4

77

0.4

3.646

-17.49 ▲

9

0.620.6 -124.3 4.5▲

68 26.7

▼1.1

0.8

0.43

▲

3 0.37.6

6.9 +116.412,754.4

▲

11

2.7

6,789.2

3,654.00.3

0.4 ▼1

4.72.2

0.1-1

+1 12

+10.3

▲2.10.9

1314

+12.1

35

189

-1.81,601.5

▼

1.51,631.1

3

-5.1 ▼

13.3-11.1 0.2 -3

14.532.0

-13

789.4651.6

2.318 37 1,018.2 1.5

1.1Societe Generale 20 -Goldman Sachs & Co 19 7 0.2

0.93

1.3-7▼ Frontier Management Inc

▲ 1.3-11.4

▼▲ 0.1 +1

0.1 ▲1,000.0- ▲

Evercore PartnersKPMG

21-2.8

▲CIBC World Markets IncPerella Weinberg Partners LP 1.3

0.92

Trustees Advisory 23 73* 521.4 0.7▼0.9

0.722 20

▲2 3GCA Savvian Group Corp 25 22 0 7-

638 3▼ 27PricewaterhouseCoopers1 0 1 50 8+1 25 ▼

14 611.5 0.9 ▼BNP Paribas SA▼601.1 -17

-8.8 -1

1,182.8

0.2

6 0.4 -18 1.5

Deloitte15 15

▲

Any Japanese Involvement Completed (AF23)

▼

261.0

45 1,609.0-7.2

▼

-0.8 -4.5

-1.2

11

-14▼

24720.31 0.1

▲ +4 651.60

50▲

0.41,673.7

▲

KPMG▲

0.2GF Securities+2 -Credit Suisse

▲0.9957.8

1

0.6-

22

512.8 ▲0.7

▼▼

18

▼

22 1.3UBS

1.3

Societe Generale

16

43

1,013.9

2.1

0.8

GCA Savvian Group Corp1.71,331.5

▲ 8

511 690.5Yamada Consulting Group Co Ltd

16

.00.1

-19 ▼

0.1

0.0+1 0.8+11.3

6.020*20*

6.00.80.8▲

Ernst & Young LLP

▲

3-5

+13

Jan 1 - June 30

1,616.8

JP MorganMizuho Financial Group

2.1


4.4 ▲

Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▼▼-16.1%

▼-3 6.1

-7.3%

Industry Total

Japanese Target Completed M&A Fees

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

-6.0%

2.0

-7.4%

0.8201,015

▲

▼

100.0

▼

-65

htt // th

765.70.3▲

100.0 1,63270,110.1-2.3

Industry Total +19GCA Savvian Group Corp 25 22 0.7

* tie

-30.1%-16.6%

▼

638.3▼ 27

15.4%▼

▲▼ 1.2%-21.6%

▲▼-2.9%

PricewaterhouseCoopers1.0 -1.50.8+1 25100.0

▼77,660.7

Japanese Involvement Announced M&A Target Industry by Value

511.6 16

27.3%

18.6%

15.3%

10.1%

5.6%

5.4%

High Technology Industrials Real Estate

Healthcare Consumer Staples Materials

Financials Telecommunications Retail

Media and Entertainment Energy and Power Consumer Products and Services

$190.6 $225.9

$98.6

$241.6 $212.7$170.1

$219.4 $225.1$143.9 $120.9

$270.4 $180.8

$148.0

$238.7

$130.7 $202.2 $116.4 $82.9$141.7

$236.0

$208.1

$161.2

$144.4

$148.7

$106.3

$223.1$192.4

$147.1$90.2

252.8

175.1

241.4

178.1

156.9

238.8

209.9

154.9214.9

0.0

0

100

200

300

400

500

600

700

800

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

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


19

Industry Total

Industry Total

1.86.9

0.00.1

22.60.20.7

22.3▼▲

.0159.7

41,072.0303.0

1,238.340,548.1

3,269.212,513.2

▲▲-▼▼▼

2.12.1

+4+30-1-1-2-1

+1

2.82.12.12.12.12.1

15*28*

43333333

--

20*15*15*12*

Guggenheim Securities LLC

10*13*13*13*13*13*13*13*

KPMGBarclaysRaymond James Financial IncJefferies LLCLazardPJT Partners LP

8,721.1

+4

0.27.50.3

3,112.62.10.7

620.0 100.0

2,202.21,342.9

0.50.3

1.61.5

0+1

-▲

Sandler O'Neill PartnersHoulihan Lokey

21*4*

109

▲

314.315,115.0

651.3

-10

Primary Capital Inc-

444

2.12.12.1Canaccord Genuity

21*

▼ 16,092.3

12*12*12*0.8

1.35,708.2

569.13,603.1

46,089.2784.4

12,625.8823.3

6,580.9

▲-▼

+20

-10+1+3

▲

14*5*

0.46.20.43.3

2.12.1

2.65

14*

12*

0.1Citi

440.9

23*FirstEnergy Capital Corp12*

▼▼ -45.3%Industry % Change from Last Quarter▼-64.4%

-82620

Guosen Securities Co LtdGreat Wall Securities Co Ltd

4*

Huatai Securities Co Ltd

Fairness Opinion Provider US$m Sh (%)

JP Morgan

1*

1*

12.117

4

35

DealsMarket

10JP MorganFairness Opinion Provider

Sandler O'Neill Partners

# of Deals# of

Jan 1 – June 30Any US Involvement Announced Fairness Opinion

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


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

Change in Sh (%) Sh (%)

# of Deals per AdvisorBased on Number of Transactions

Change in # of Market2016 Rank

Market2016 Rank

Rank Value (US$m)


Rank Value (US$m)MarketRank Value


4

-29.5%

56*

▲

5

Citi 18*18* 19*18*21*

10

Citi

2*

8923*

Raymond James Financial Inc55*

BarclaysEvercore PartnersMorgan Stanley

6*

▲

6.4-12

▼Sh (%) # of Deals

2016 Rank

2015 Rank

1 37.1

-47*2*

4-14

+1

7*

85.0

7-3

5.04.3

▼

▼+110*

12*65

5

2.8

-65.6%

▼7.1-6

10

7

9

-9▼

▼0 8.3

▼784.4

5.7

▲

3.66.7

▼

4 -102.8


15*Chartwell Financial Advisory

10*10*

0.449,512.7 27.2

-06

-

▼-

+3202,038.8 100.0-88

-38.4%-30.1%

47.0.0

Industry Total 181,989.3


100.0


191

▼

-80

-16.3%

+1+4

Duff & Phelps

Deals0

-65 1*

4.74 5*

2015 Rank

0.8

Rank Value

JP Morgan21 51* 38

Fairness Opinion Provider2015 Rank

6.1Gram Capital

Rank Value

28,577.317US$mSh (%) Deals Sh (%)US$m

3,565.8

Sandler O'Neill Partners

# of Market Change in

1 1*# of Deals

-8.3

Market

0.48.9 -5 ▼

2* 7* 10 5.2 +1

14.12* 1* 10 5.2

9

799.3-12 ▼

▼8,721.1

▲

4.2

7 +13.73.7 -97

-1482,202.2

▲

▼▼

China Securities Co Ltd 11*19 ▲+106* 6*

1.9 6*19 3.1

19

China International Capital CoSouthwest Securities Co Ltd

4China Merchants Securities Co

10*+8

14

2.6

Prairie Capital Advisors IncStout Risius Ross Inc

Sinolink Securities Co Ltd

16 ▼

8

TD Securities Inc1213*12

0.7

CITICHaitong Securities Co Ltd

Duff & Phelps

16*

13*GF SecuritiesKPMG

10*

13*New Times Securities Co Ltd

12

1.617*1.8

10

Guotai Junan Securities

16*

12*

+7

0

▼

▲+3

3,905.0

3,503.7▲

2.6

3.1

▲3,573.8

10,059.70.8

6▼2.4+1 9*

9*9*

Stout Risius Ross Inc

24.50.0

5Morgan StanleyEvercore Partners22.82.6

3.1

Duff & Phelps

Houlihan Lokey

Prairie Capital Advisors IncGoldman Sachs & Co

2,859.0.0

4.31.11.4

Stifel/KBW

0.0

8.2 ▼.0

4.5

49,512.7Goldman Sachs & Co

Stifel/KBW

24* 149 24* 166* 8

21*6* 6

21

-37*

Houlihan Lokey4.2

-1 34,946.0

4 38*3 3

-25

1.9 -31.9

11

121.8

2

▼

+34

▲

▲22

4.0

3.1 -1

5.7

▲

17,779.9

2.3

7,929.2

+23.6

2,160.0

3.4 +17

0.3

13 2.10.5

3.8

2.3

▼

1.9 -11

1,217.9▼

-3

14*

1 +6

21*51*

9*

-2

-20

Shenwan Hongyuan Securities Co

3,001.3

0.8

34,659.4▲

19,079.7

▲

8.2▼

35,232.4


28,577.3 15.78,721.1 4.8

799.3 0.436,538.9 8.6251.2

2,859.0 1.62,202.2

.0

-55.2%

0.0.0 0.0

▼▼

12,275.815,115.0

1.6 -1

▼

141

Fairness Opinion Rankings†

55*

44Chartwell Financial Advisory

National Bank of Canada Fin'l 0.3

12*12*12*

2.12.12.1

23*-

4

▲▲▲ 516.8

0.00.0

Stifel/KBWChangjiang Securities Co Ltd

21*21*

12*60*

99

1.51.5

-13-6

▼▼

y

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

0.10.3

39.723.4

▼▲▲-

63.4359.6

47,916.828,259.7

3.23.2

-2+2+20

--

8*

2222

5*5*5*

PricewaterhouseCoopersGuggenheim Securities LLCN+1Lazard

7

1.612 2.8

-1

34,659.4

Sh (%)Sh (%)

17,779.9▲22 +17

▲ 3,603.1New Times Securities Co Ltd 11*

CITIC

35,232.4

Rank ValueUS$m

8.2

Guosen Securities Co Ltd

Rank Value (US$m)

3.24.44.4

-2

+3

7

3.23.2

Rothschild

1

Sinolink Securities Co LtdHaitong Securities Co Ltd

Rank Value

Any Asia Pacific Inv Announced Fairness Opinion

Houlihan Lokey 5*5*

Based on Number of Transactions

Fairness Opinion ProviderUS$m

13*


10*


4.8

-14,733.4

5*

Huatai Securities Co Ltd

# ofFairness Opinion ProviderKPMGCITIC

SEB

1

China Merchants Securities Co

China International Capital Co10,427.2▲

▲

* tie

8* 10 2.3 0▲

Shenwan Hongyuan Securities Co9 2.1Changjiang Securities Co Ltd

Guotai Junan Securities

4

3.0

16

19China Securities Co Ltd

9

-53.0%-27.3% -44.2%

0.2

+33

Based on Number of Transactions

2016 Rank

210*

31*

4.8

31*251.52

-3

Gram Capital1

0.6

Sh (%)

3.9

8.623*

2015 Rank

-11.7%

▲▼ 2.5

Market

Jan 1 – June 30

Rank Value (US$m)

3,503.75,708.2

# of Deals

2

Market2015 Rank

Change in Deals

9Sh (%) # of Deals

▼4

16.4 +4

14.3

Southwest Securities Co Ltd

2016 Rank

-

Jan 1 – June 30Any EMEA Inv Announced Fairness Opinion

Market

3* -3*

38*

34*

2

11

0.6

11 2.6+72.6

- 0.5+6

9,063.81,342.91,217.9

+538*

▲

-Citi 18 16*Nuada Ltd

JP Morgan 16*

100.0-2463

-32.0% ▼Industry % Change from Last Quarter -34.2% ▼ -74.7%Industry % Change from Same Period Last Year

Industry Total

▼

120,765.7

-27.6%

▲ 19,079.721

1.63,565.8▲

-1 7.915.4

8.5

15.6

2.8

3.312* 3.712* 145 13

Industry % Change from Same Period Last Year 8.1%

GF Securities

13*15

6 12

7

Industry % Change from Last Quarter -30.8% ▼ -45.6%

Industry Total 100.0

▲

428

3,905.0▼ 3,001.3

34,946.0▲7,929.2 3.5

15.54.5

11,412.5 5.11.2+6

4

5*

11*

-2.1%▲

+32

4,582.0 2.0

4.9 ▼

1.71.3

# ofDeals

▲

Change in Market

-3

10,059.7

5.1

1.4

38 +348.9+235

+4

▼

-3

225,321.5

+103

2.11.6 -

▲

19

81.63,573.8

▲

12*

1,424.9

+6

▼

5*

+84.419

▲

+1

1.2

0 - 703.6

▼

▼

4.0

UBS 20* 66* 5

31* 9

6 ▲

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

393.9 0.20

0.8

▼

1.6

Duff & PhelpsJP Morgan

5*5*

4*2*

22

3.23.2

-4-5

10

16*

19

Great Wall Securities Co Ltd

▼▼

.0205.5

0.00.2

5 1.2 -3 ▼ 1,850.4Industrial Securities Co Ltd 20*


20

-

-

-

-

- 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.

EMEA

Tel: +44 (0) 20 7542 2246

E-mail: [email protected]

Japan

Ewelina JareckaDeals 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, 2015 and June 30, 2016 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on June 30, 2016.

Tel: +65 9832 8945


Asia-PacificKai Soriano Sta-Cruz

Kaori Motohashi

-

-

-

-

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

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

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

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.

Tel: +813 6441 1338Kaori Motohashi


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.

© 2016 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.


21

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Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparabledeal screening• On-brand pitch book creation

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Documents

First Half 2016 M&A FA Cover.ppt - Reutersshare.thomsonreuters.com/general/PR/MA_2Q_2016_E.pdf · Western Europe Mergers & Acquisitions Jan 1 - June 30 Scorecard: Worldwide Completed