GLOBAL M&A MARKET REVIEW - Bloomberg …...• Global merger and acquisition activity reached $2.1 trillion in 1H 2018, representing a 36.4% increase from the same period last year

GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1H 2018

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables5. Americas M&A Regional Review6. Americas M&A League Tables8. EMEA M&A Regional Review9. EMEA M&A League Tables12. APAC M&A Regional Review13. APAC M&A League Tables16. Disclaimer

DATA SUBMISSIONS AND QUERIES

North America

EMEA

Asia Pacific

Contact Nageen Qasim

Madeeha Ahmad

Sayaka Sakashita

Phone +1-646-324-2878

+44-20-3525-3754

+81-3-3201-2198

Email [email protected]

[email protected]

[email protected]

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

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

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

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

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

1H 2018

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

©2018 Bloomberg Finance L.P. All rights reserved.

mailto:[email protected]



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

Global M&A Heat Map

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2018.

North AmericaUSD 1.3T1. Morgan Stanley 39.2%2. Goldman Sachs & Co 33.4%3. JPMorgan Chase & Co 31.6%

Latin AmericaUSD 101.5B1. Morgan Stanley 30.9%2. Bank of America Merri l l Lynch 20.2%3. Banco Itau BBA SA 19.7%

Western Europe USD 692.6B1. Morgan Stanley 30.3%2. JPMorgan Chase & Co 25.3%3. Goldman Sachs & Co 20.8%

Eastern Europe USD 42.5B1. JPMorgan Chase & Co 15.8%2. BNP Paribas SA 10.3%3. Rothschi ld & Co 8.9%

Middle East & AfricaUSD 87.4B1. JPMorgan Chase & Co 34.5%2. Barclays Plc 22.9%3. Goldman Sachs & Co 22.8%

Asia PacificUSD 727.0B1. Morgan Stanley 23.9%2. JPMorgan Chase & Co 23.7%3. Citigroup Inc 20.0%

2

Date

Total

Value

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 21,146 Consumer Non-cyclical $490.3 23.1% 59.5%

Volume (Bln.) $2,078.2 Financial $437.3 20.6% 3.9%

Avg Deal Size (Mln.) $98.2 Communications $276.9 13.0% 139.9%

Consumer Cyclical $180.2 8.5% -5.0%

Energy $175.0 8.2% -5.9%

Morgan Stanley Industrial $169.7 8.0% 11.2%

Number of deals 174 Technology $147.3 6.9% 73.9%

Volume (Bln.) $623.5 Utilities $141.4 6.7% 166.2%

Avg Deal Size (Bln.) $3.6 Basic Materials $100.3 4.7% 183.1%

Diversified $4.0 0.2% -55.9%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $1,265.3 -0.2% 57.7%

Cross Border $957.1 -1.1% 35.8%

Private Equity $518.6 1.5% 22.5%

Asset sale $350.3 -7.0% 15.3%

Tender Offer $222.3 -23.9% 39.5%

Venture Capital $104.2 5.2% 65.1%

Spin-off $28.4 37.1% -6.7%

Minority purchase $257.4 5.0% 29.3%

Majority purchase $173.0 -2.9% 29.8%

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

Deal Type

Global M&A: Deal Type Breakdown

Comcast Corp

-

5/8/2018 $80,163.1

3/8/2018 $68,375.7Express Scripts Holding Co Cigna Corp -

4/30/2018

Top Adviser

$30,465.0AndeavorMarathon

Petroleum Corp-

-Sky PLC

4/29/2018 $57,805.6

4/25/2018 $40,647.0

Sprint Corp T-Mobile US Inc

Global M&A: Industry Breakdown

Glo

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18

Global M&A Regional Review Global M&A: Premium Breakdown

Global M&A: Highlights of 1H 2018

Summary IndustryAcquirerTarget Seller

Shire PLC

Takeda

Pharmaceutical Co

Ltd

-

Global M&A: Quarterly Volume

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2

Volume $(Bln.) Deal Count

19%

33%

40%

5% 2% 1%

0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global merger and acquisition activity reached $2.1 trillion in 1H 2018, representing a 36.4%increase from the same period last year. The consumer, non-cyclical sector experienced year-on-year growth of 59.6%, with $490.5 billion in deal activity for the period. Takeda PharmaceuticalCo Ltd’s announced acquisition of Shire Plc for $80.2 billion was the largest deal announcedwithin the sector as well as globally.

• Private equity activity increased 22.5% year-on-year to $518.6 billion in transactions. The UnitedStates continued to be the most acquisitive country in 1H2018, accounting for 46.4% of theglobal private equity volume.

• Cross border deals reached $957.1 billion in deal volume for 1H2018, representing an increase of35.8% from 1H2017. Deals involving European-based targets experienced a year-on-yearincrease of 42.3% to $405.0 billion.

3

Global Announced Deals 01/01/2018 - 06/30/2018 Cross Border Announced Deals 01/01/2018 - 06/30/2018

Morgan Stanley 1 30.0 623,521 174 2 16.1 13.9 Morgan Stanley 1 35.4 338,855 89 4 18.6 16.8

Goldman Sachs & Co LLC 2 25.1 522,014 184 1 21.0 4.1 JPMorgan Chase & Co 2 28.4 272,158 95 5 16.3 12.2

JPMorgan Chase & Co 3 23.5 489,016 166 5 13.0 10.5 Goldman Sachs & Co LLC 3 26.7 255,624 104 1 27.3 -0.6

Citigroup Inc 4 16.7 346,841 126 3 14.3 2.4 Citigroup Inc 4 23.5 225,030 71 2 19.5 4.0

Evercore Inc 5 13.0 270,146 69 12 4.9 8.1 Evercore Inc 5 16.3 156,377 35 19 3.0 13.4

Bank of America Merrill Lynch 6 12.0 248,890 95 4 13.1 -1.2 Barclays PLC 6 14.8 141,563 48 12 6.2 8.6

Lazard Ltd 7 11.3 234,452 109 9 7.8 3.5 Bank of America Merrill Lynch 7 13.2 126,537 50 3 19.3 -6.1

Barclays PLC 8 11.0 228,809 90 6 8.7 2.3 Lazard Ltd 8 11.7 112,038 74 8 11.3 0.4

Centerview Partners LLC 9 8.9 185,871 27 18 2.6 6.4 Nomura Holdings Inc 9 9.2 88,428 26 29 1.8 7.4

Credit Suisse Group AG 10 8.9 185,341 98 7 8.3 0.6 UBS AG 10 9.1 86,943 39 9 9.0 0.1

Deutsche Bank AG 11 6.7 138,930 52 13 4.7 2.0 Robey Warshaw LLP 11 6.9 65,631 3 16 4.4 2.5

Rothschild & Co 12 6.4 133,525 159 8 8.3 -1.9 Rothschild & Co 12 6.7 63,757 111 6 12.0 -5.4

PJT Partners Inc 13 5.9 122,391 16 28 1.6 4.3 Deutsche Bank AG 13 6.4 61,454 27 11 7.4 -1.0

UBS AG 14 5.9 121,830 67 10 6.1 -0.3 PJT Partners Inc 14 6.1 58,776 8 21 2.7 3.4

Nomura Holdings Inc 15 4.8 99,336 61 29 1.4 3.4 Credit Suisse Group AG 15 5.9 56,310 55 7 11.4 -5.5

RBC Capital Markets 16 4.7 96,742 64 14 3.9 0.7 RBC Capital Markets 16 5.4 51,379 32 13 5.0 0.3

Sumitomo Mitsui Financial Group Inc 17 3.2 66,841 90 46 0.7 2.5 Wells Fargo & Co 17 4.5 43,065 8 23 2.3 2.2

Robey Warshaw LLP 18 3.2 65,631 3 22 2.0 1.1 Banco Comercial Portugues SA 18 4.1 39,409 2 113 0.1 4.0

Wells Fargo & Co 19 3.0 62,683 22 23 2.0 1.0 LionTree Advisors LLC 19 3.7 35,301 5 182 0.0 3.7

Mizuho Financial Group Inc 20 3.0 61,826 53 65 0.4 2.6 Macquarie Group Ltd 20 3.1 29,254 32 33 1.7 1.4

TOTAL 2,078,527 21,174 TOTAL 957,129 7,705

Global Private Equity Announced Deals 01/01/2018 - 06/30/2018

JPMorgan Chase & Co 1 25.7 133,346 66 5 14.0 11.8

Morgan Stanley 2 20.9 108,383 74 2 23.0 -2.1

Goldman Sachs & Co LLC 3 20.9 108,362 81 1 23.1 -2.2

Citigroup Inc 4 19.3 100,239 46 6 12.5 6.8

Barclays PLC 5 10.5 54,260 40 8 10.1 0.3

Lazard Ltd 6 9.4 48,666 47 15 4.0 5.4

Bank of America Merrill Lynch 7 9.2 47,653 33 3 14.8 -5.6

Evercore Inc 8 8.1 41,790 34 21 2.2 5.9

Credit Suisse Group AG 9 7.6 39,436 42 4 14.3 -6.7

Deutsche Bank AG 10 7.3 37,799 23 10 6.2 1.1

Rothschild & Co 11 6.8 35,040 80 9 6.4 0.4

Macquarie Group Ltd 12 5.7 29,585 21 17 3.0 2.7

UBS AG 13 5.4 28,109 26 7 11.5 -6.0

Guggenheim Capital LLC 14 5.3 27,389 8 75 0.2 5.1

TD Securities Inc 15 4.2 21,797 8 86 0.2 4.0

RBC Capital Markets 16 4.1 21,251 25 14 5.6 -1.5

China International Capital Corp Ltd 17 4.0 20,891 9 94 0.1 3.9

Centerview Partners LLC 18 4.0 20,890 13 13 5.6 -1.6

Canson Capital Partners 19 3.3 17,000 1 - - 3.3

CITIC Securities Co Ltd 20 2.7 14,000 1 47 0.5 2.2

TOTAL 518,587 6,476 423,485

2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

2018 2017MKT SHR

CHANGE FIRM

2018MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

FIRM

2018 2017MKT SHR

CHANGE

FIRM

RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

1,524,122 705,050

4

Country

United States $953.1 89.0% 58.7%

Canada $47.6 4.4% -23.4%

Brazil $24.9 2.3% 19.6%

Bermuda $16.1 1.5% 1941.9%

Chile $8.7 0.8% 337.2%

British Virgin Islands $6.4 0.6% 33.1%

Mexico $1.0 0.1% -69.2%

Colombia $0.7 0.1% -56.7%

Date

Total Value

(Mln.)

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 9,020 Consumer Non-cyclical $331.2 30.3% 94.0%

Volume (Bln.) $1,070.8 Financial $208.1 19.1% 45.1%

Avg Deal Size (Mln.) $118.5 Energy $129.4 11.9% -3.0%

Communications $108.3 9.9% 101.8%

Technology $94.0 8.6% 132.0%


Number of deals 93 Consumer Cyclical $66.7 6.1% -12.6%

Volume (Bln.) $440.0 Utilities $46.0 4.2% 115.8%


Diversified $0.7 0.1% 407.5%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $771.8 5.5% 77.3%

Cross Border $349.8 3.2% 37.8%


Asset sale $159.2 -9.2% 2.5%

Tender Offer $63.2 -35.7% 15.7%


Spin-off $11.5 70.0% -33.2%




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

Deal Type

3/27/2018 GGP IncBrookfield Property

Partners LP- $27,760.8

4/30/2018 Andeavor Marathon Petroleum Corp - $30,465.0

Amount

(Bln.) % of Total

% YoY

Change

Top Adviser4/29/2018 Sprint Corp T-Mobile US Inc - $57,805.6

3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7

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1H

20

18

5/8/2018 Shire PLCTakeda Pharmaceutical Co

Ltd- $80,163.1

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

Americas M&A: Highlights of 1H 2018

Summary Target Acquirer Seller Industry

Americas M&A: Industry Breakdown

0

1,000

2,000

3,000

4,000

5,000

6,000

$0

$200

$400

$600

$800

$1,000

2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2


• Deal activity in the Americas reached a volume of $1.1 trillion in 1H2018, representing a 52.8% increase compared to the same period last year. The United States contributed to 90.9% of the region’s total and continued to be most targeted country for M&A transactions.

• Deals exceeding $1.0 billion in value accounted for 72.8% of the region’s total deal volume in 1H2018. The consumer non-cyclical industry continued to be the most targeted sector in the region accounting for approximately 30.1% of the overall deal volume. Takeda Pharmaceutical Co Ltd’s announced acquisition of Shire Plc for $80.2 billion was the largest deal announced within the sector as well as globally.

• Morgan Stanley ranked as the top financial adviser in the Americas with a market share of 41.1% and involvement in 93 deals including the pending acquisition of Sprint Corp by T-Mobile US Inc for $57.8 billion.

5

US Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 US Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018


Goldman Sachs & Co LLC 2 34.5 424,505 141 1 30.6 3.8 Goldman Sachs & Co LLC 2 39.8 407,259 122 1 32.1 7.7

JPMorgan Chase & Co 3 31.6 389,197 120 4 17.5 14.1 JPMorgan Chase & Co 3 31.8 325,771 98 3 18.4 13.4

Evercore Inc 4 21.9 269,865 64 9 8.2 13.7 Citigroup Inc 4 21.8 222,781 70 4 16.8 4.9

Citigroup Inc 5 20.7 255,262 81 3 19.4 1.4 Evercore Inc 5 20.0 204,884 54 7 9.1 10.9

Barclays PLC 6 16.1 198,730 72 6 13.1 3.0 Centerview Partners LLC 6 17.5 179,235 25 12 5.7 11.8

Centerview Partners LLC 7 14.6 179,235 25 15 4.7 9.9 Credit Suisse Group AG 7 14.7 151,044 60 8 7.0 7.7

Credit Suisse Group AG 8 13.2 162,743 66 7 12.3 0.9 Barclays PLC 8 13.7 140,402 58 6 15.1 -1.4

Lazard Ltd 9 11.9 146,747 53 8 8.3 3.6 Lazard Ltd 9 11.7 119,484 37 13 5.2 6.5

Bank of America Merrill Lynch 10 11.5 142,229 61 5 17.4 -5.8 Deutsche Bank AG 10 9.9 101,759 30 11 5.9 4.0

PJT Partners Inc 11 9.5 117,444 13 21 2.8 6.8 Bank of America Merrill Lynch 11 9.1 93,526 51 5 15.7 -6.6

Deutsche Bank AG 12 9.5 116,741 33 12 5.4 4.1 Nomura Holdings Inc 12 7.9 81,313 6 40 0.7 7.3

Nomura Holdings Inc 13 6.8 83,213 8 30 1.1 5.6 PJT Partners Inc 13 6.8 69,315 10 20 3.4 3.4

RBC Capital Markets 14 5.6 68,442 48 11 5.9 -0.4 RBC Capital Markets 14 6.3 64,742 42 10 6.4 -0.1

Wells Fargo & Co 15 5.1 62,683 20 19 3.4 1.7 Sumitomo Mitsui Financial Group Inc 15 5.7 58,010 5 49 0.5 5.2

Sumitomo Mitsui Financial Group Inc 16 4.7 58,010 5 38 0.8 3.9 Mizuho Financial Group Inc 16 5.7 57,836 4 46 0.6 5.1

Raine Group LLC 17 4.7 57,986 3 97 0.1 4.6 Raine Group LLC 17 5.6 57,806 2 86 0.1 5.5

Mizuho Financial Group Inc 18 4.7 57,836 4 49 0.5 4.2 Guggenheim Capital LLC 18 3.9 40,338 9 24 1.6 2.3

Rothschild & Co 19 4.5 55,223 53 16 4.0 0.5 UBS AG 19 3.3 33,724 24 9 6.7 -3.4

UBS AG 20 3.7 45,147 34 10 6.1 -2.4 Jefferies LLC 20 3.2 32,857 61 17 3.8 -0.6

TOTAL 1,232,190 9,682 TOTAL 1,024,416 7,937

Canada Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Canada Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018

Morgan Stanley 1 29.7 42,750 14 7 11.4 18.3 TD Securities Inc 1 39.8 30,087 16 4 23.2 16.7

Citigroup Inc 2 29.2 42,092 12 8 11.3 17.9 Goldman Sachs & Co LLC 2 33.9 25,624 9 3 25.9 8.0

JPMorgan Chase & Co 3 29.2 42,065 15 1 33.2 -4.0 Morgan Stanley 3 30.6 23,103 7 14 6.7 23.9

Goldman Sachs & Co LLC 4 21.9 31,577 11 2 25.0 -3.1 Citigroup Inc 4 29.4 22,247 7 8 12.5 16.9

TD Securities Inc 5 21.5 31,012 18 5 17.6 3.9 Bank of America Merrill Lynch 5 27.9 21,066 2 11 7.9 20.0

Deutsche Bank AG 6 16.8 24,181 4 19 4.6 12.2 JPMorgan Chase & Co 6 27.0 20,374 7 1 36.6 -9.6

RBC Capital Markets 7 16.0 23,028 22 3 22.7 -6.7 Centerview Partners LLC 7 22.5 17,000 1 - - 22.5

Bank of America Merrill Lynch 8 15.6 22,423 6 12 7.2 8.4 Canson Capital Partners 7 22.5 17,000 1 - - 22.5

Centerview Partners LLC 9 12.0 17,300 3 16 5.7 6.4 Guggenheim Capital LLC 7 22.5 17,000 1 - - 22.5

Canson Capital Partners 10 11.8 17,000 1 - - 11.8 RBC Capital Markets 10 17.7 13,348 17 2 26.4 -8.8

Guggenheim Capital LLC 10 11.8 17,000 1 - - 11.8 Lazard Ltd 11 14.7 11,122 4 9 10.4 4.3

BMO Capital Markets Corp/Toronto 12 11.8 16,951 26 13 7.2 4.6 BMO Capital Markets Corp/Toronto 12 14.3 10,810 21 12 7.3 7.0

Lazard Ltd 13 11.7 16,860 9 9 10.4 1.3 Bank of Nova Scotia/The 13 10.4 7,878 15 5 23.2 -12.7

Rothschild & Co 14 9.8 14,094 11 18 4.8 5.0 CIBC 14 9.1 6,897 14 7 15.0 -5.8

China International Capital Corp Ltd 15 9.7 14,000 1 - - 9.7 Greenhill & Co Inc 15 8.4 6,310 2 33 0.5 7.9

CITIC Securities Co Ltd 15 9.7 14,000 1 - - 9.7 Canaccord Genuity Corp 16 5.9 4,460 11 30 0.7 5.2

Barclays PLC 17 8.5 12,240 10 4 17.8 -9.3 Sinolink Securities Co Ltd 17 5.4 4,066 1 - - 5.4

Credit Suisse Group AG 18 7.4 10,638 9 11 7.3 0.1 GMP Securities LP 18 4.9 3,732 8 28 0.8 4.2

PJT Partners Inc 19 6.6 9,547 4 24 2.6 4.0 Credit Suisse Group AG 19 3.4 2,565 5 15 4.6 -1.2

CIBC 20 5.8 8,293 17 10 9.9 -4.2 GMP FirstEnergy 20 3.3 2,504 2 - - 3.3

TOTAL 144,051 1,750 TOTAL 75,580 1,171

835,191 685,910

139,796 79,348

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017

VOLUME USD

(Mln)

MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

DEAL

COUNT RANK

MKT SHR

(%)

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

6

Latin America Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Brazil Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

1 45.7 23,452 7 1 15.9 29.9 1 70.9 19,974 13 8 8.3 62.7

2 39.6 20,318 9 3 12.8 26.8 2 68.8 19,386 5 3 16.1 52.8

3 38.9 19,974 13 11 5.4 33.6 3 58.0 16,332 4 - - 58.0

4 31.8 16,332 4 - - 31.8 4 54.0 15,219 4 1 19.2 34.9

5 30.5 15,664 6 13 4.7 25.8 5 51.0 14,362 1 9 7.3 43.7

6 11.2 5,753 8 5 10.7 0.5 6 19.5 5,480 6 2 16.4 3.1

7 11.0 5,636 8 15 3.9 7.1 7 12.5 3,528 5 6 11.4 1.1

8 7.9 4,066 1 - - 7.9 8 4.3 1,207 3 5 12.8 -8.5

9 6.9 3,528 5 7 7.4 -0.6 9 3.4 969 1 30 - 3.4

10 6.0 3,058 7 12 4.8 1.2 9 3.4 969 1 - - 3.4

11 4.2 2,150 6 2 14.2 -10.0 11 2.5 693 3 13 2.5 0.0

12 3.3 1,695 7 8 7.2 -3.9 12 2.2 606 2 30 - 2.2

13 2.5 1,269 2 - - 2.5 13 0.9 250 1 21 0.8 0.1

14 2.2 1,120 1 34 0.1 2.1 14 0.2 56 1 - - 0.2

14 2.2 1,120 1 41 - 2.2 15 0.1 22 1 9 7.3 -7.2

16 1.9 969 1 41 - 1.9 16 - - 2 11 4.8 -4.8

17 1.2 606 2 41 - 1.2 16 - - 1 15 2.1 -2.1

18 0.8 421 4 16 3.9 -3.0 16 - - 2 - - -

19 0.6 300 1 - - 0.6 16 - - 2 14 2.2 -2.2

Morgan Stanley

Bank of America Merrill Lynch

Banco Itau BBA SA

Riza Capital Consultoria de Investimentos JPMorgan Chase & Co

Banco BTG Pactual SA

Goldman Sachs & Co LLC

Sinolink Securities Co Ltd

Banco Bradesco BBI SA

Citigroup Inc

Credit Suisse Group AG

Lazard Ltd

Jefferies LLC

GBS Finanzas SA

Deutsche Bank AG

Cooperatieve Rabobank UA

Vinci Partners Investimentos Ltda Rothschild & Co

Houlihan Lokey Inc

Greenhill & Co Inc 20 0.6 284 2 - - 0.6

Banco Itau BBA SA

Morgan Stanley

Riza Capital Consultoria de Investimentos Bank of America Merrill Lynch

JPMorgan Chase & Co




Cooperatieve Rabobank UA

Jefferies LLC


Vinci Partners Investimentos Ltda

Moelis & Co

Ernst & Young

XP Investimentos Corretora de Cambio Lazard Ltd

Rothschild & Co

Cypress Associates

HSBC Bank PLC

Artica Participacoes e Assessoria Financeira 16 - - 4 30 - -

TOTAL 51,291 388 TOTAL 28,164 187

Latin America Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018 Brazil Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018

1 38.1 30,395 8 2 27.9 10.2 1 77.2 19,974 13 8 8.6 68.7

2 25.2 20,121 8 1 30.4 -5.1 2 67.5 17,467 3 5 10.3 57.3

3 25.1 19,974 13 14 3.1 21.9 3 63.2 16,332 4 - - 63.2

4 20.5 16,332 4 - - 20.5 4 58.9 15,219 4 3 16.3 42.6

5 19.7 15,664 6 12 3.2 16.5 5 55.5 14,362 1 6 8.8 46.8

6 16.5 13,150 7 3 27.4 -10.9 6 21.2 5,480 6 1 17.8 3.4

7 7.2 5,753 8 9 7.3 -0.1 7 13.6 3,528 5 4 13.8 -0.2

8 7.1 5,636 8 4 26.8 -19.7 8 2.7 693 3 15 1.1 1.6

9 5.1 4,066 1 - - 5.1 9 2.3 606 2 28 - 2.3

10 4.4 3,528 5 10 5.0 -0.6 10 1.0 257 2 9 8.5 -7.5

11 3.2 2,562 7 11 3.6 -0.4 11 1.0 250 1 18 0.9 0.0

12 3.1 2,444 4 19 1.9 1.2 12 0.2 56 1 - - 0.2

13 2.9 2,295 2 - - 2.9 13 0.1 22 1 6 8.8 -8.7

14 2.4 1,940 8 15 2.9 -0.5 14 - - 4 28 - -

15 1.7 1,311 1 - - 1.7 14 - - 2 21 0.5 -0.5

16 1.4 1,120 1 41 0.1 1.3 14 - - 1 - - -

16 1.4 1,120 1 59 - 1.4 14 - - 1 12 2.5 -2.5

18 0.8 606 2 59 - 0.8 14 - - 4 26 0.1 -0.1

19 0.5 421 5 16 2.6 -2.1 14 - - 1 - - -

Morgan Stanley


Banco Itau BBA SA

Riza Capital Consultoria de Investimentos JPMorgan Chase & Co

Citigroup Inc



Sinolink Securities Co Ltd



Gram Capital Ltd

Goldin Financial Holdings Ltd

Lazard Ltd

China International Capital Corp Ltd

GBS Finanzas SA

Deutsche Bank AG

Vinci Partners Investimentos Ltda Rothschild & Co

Jefferies LLC 20 0.4 300 2 59 - 0.4

Banco Itau BBA SA

Morgan Stanley

Riza Capital Consultoria de Investimentos Bank of America Merrill Lynch

JPMorgan Chase & Co




Vinci Partners Investimentos Ltda


Moelis & Co

Ernst & Young

XP Investimentos Corretora de Cambio Artica Participacoes e Assessoria Financeira Lazard Ltd

Broadspan Asset Management LLC Rothschild & Co

RGS Partners Assessoria em Fusoes

Pi Capital International LLC

Cypress Associates 14 - - 2 - - -

TOTAL 79,718 461 TOTAL 25,861 166

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

38,776 25,197

57,157 20,885

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

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(Mln)

DEAL

COUNT RANK

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(%)

7

Country

United Kingdom $182.1 32.2% 53.8%

Germany $92.8 16.4% 229.3%

Spain $36.5 6.4% 93.7%

Switzerland $32.1 5.7% -3.5%

France $30.8 5.4% -59.0%

Netherlands $25.7 4.5% 56.6%

Italy $22.3 3.9% -41.6%

Finland $1.5 0.3% -67.4%

Date

Total Value

(Mln.)

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 5,472 Financial $112.4 19.3% -12.4%

Volume (Bln.) $566.0 Communications $106.5 18.3% 608.9%

Avg Deal Size (Mln.) $103.4 Consumer Non-cyclical $101.7 17.4% 12.1%

Utilities $80.7 13.8% 359.7%

Consumer Cyclical $55.3 9.5% -13.9%


Number of deals 46 Energy $32.5 5.6% -6.6%

Volume (Bln.) $156.1 Technology $23.6 4.0% 71.6%


Diversified $0.8 0.1% -83.6%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $329.8 -7.7% 57.8%

Cross Border $437.2 -3.5% 46.4%

Private Equity $160.3 -7.3% 27.7%

Asset sale $145.5 -4.6% 59.3%

Tender Offer $142.5 -39.2% 72.5%

Venture Capital $13.7 -3.3% 66.6%

Spin-off $12.5 58.8% 241.1%

Minority purchase $42.9 -8.4% -7.9%

$50.4 -1.6% -3.4%

EMEA M&A: Industry Breakdown

Amount

(Bln.) % of Total

% YoY

Change

E.ON SE

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

Deal Type

3/27/2018Consumer healthcare

business/Novartis AGGlaxoSmithKline PLC Novartis AG $13,000.0

$40,647.0

RWE AG $21,669.9

Top Adviser5/9/2018 Multiple Targets Vodafone Group PLC Liberty Global PLC $21,813.2

5/11/2018EDP - Energias de Portugal

SAChina Three Gorges Corp - $28,159.9

3/12/2018 Innogy SE


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18

Majority purchase

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

EMEA M&A Highlights of 1H 2018

Summary Target Acquirer Seller Industry

4/25/2018 Sky PLC Comcast Corp -

0

1,000

2,000

3,000

4,000

5,000

$0

$100

$200

$300

$400

$500

2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2


• Deal volume for EMEA-based targets increased 34.8% from the same period last year to $527.5billion. The United Kingdom was the most sought-after country in 1H2018, with $182.4 billion intransactions.

• The communications sector was the most targeted industry experiencing a year-over-year growth of658.7% and accounting for 20.3% of the transactions for the period. Comcast Corp's pendingacquisition of Sky PLC for $40.6 billion was the largest deal announced in the sector and region.

• Private equity activity for EMEA-based targets reached a volume of $150.7 billion in 1H2018,representing a 24.4% increase from the same period last year.

8

Europe Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Europe Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018


JPMorgan Chase & Co 2 24.7 175,074 80 7 15.4 9.3 Bank of America Merrill Lynch 2 22.2 126,994 32 3 22.5 -0.3

Goldman Sachs & Co LLC 3 20.3 143,927 75 1 28.8 -8.5 JPMorgan Chase & Co 3 21.7 123,946 67 7 15.8 5.9

Lazard Ltd 4 19.1 135,258 72 6 16.2 2.9 Lazard Ltd 4 20.0 114,064 63 5 18.3 1.7

Bank of America Merrill Lynch 5 18.6 132,038 40 2 23.7 -5.0 Rothschild & Co 5 19.3 110,227 132 4 21.3 -2.0

Citigroup Inc 6 16.7 118,396 51 3 22.0 -5.3 Goldman Sachs & Co LLC 6 18.9 107,813 57 2 24.3 -5.5

Rothschild & Co 7 15.6 110,227 137 5 18.0 -2.4 Citigroup Inc 7 15.9 90,615 40 1 25.5 -9.7

UBS AG 8 13.4 94,980 33 10 9.2 4.2 UBS AG 8 15.8 90,155 27 10 10.9 4.9

Barclays PLC 9 12.7 89,798 37 16 4.8 7.8 Barclays PLC 9 14.9 85,035 28 14 5.6 9.3

Evercore Inc 10 10.4 73,409 22 30 1.6 8.8 Evercore Inc 10 12.5 71,473 20 29 1.8 10.7

Robey Warshaw LLP 11 9.3 65,631 3 15 5.8 3.5 Robey Warshaw LLP 11 11.5 65,631 3 23 3.0 8.5

PJT Partners Inc 12 7.6 54,096 6 22 2.8 4.8 PJT Partners Inc 12 9.5 54,096 6 21 3.2 6.2

Credit Suisse Group AG 13 6.9 48,527 43 9 13.1 -6.2 Credit Suisse Group AG 13 8.2 46,914 33 8 15.1 -6.9

BNP Paribas SA 14 6.6 47,009 35 8 14.4 -7.8 BNP Paribas SA 14 7.9 45,264 29 6 17.4 -9.5

Wells Fargo & Co 15 6.1 43,065 8 20 3.3 2.8 Wells Fargo & Co 15 7.4 42,395 6 19 3.6 3.8

LionTree Advisors LLC 16 5.6 39,854 5 143 0.0 5.6 LionTree Advisors LLC 16 7.0 39,854 5 195 - 7.0

Banco Comercial Portugues SA 17 5.6 39,409 2 92 0.1 5.5 Banco Comercial Portugues SA 17 6.9 39,409 2 87 0.1 6.8

Deutsche Bank AG 18 4.7 33,126 21 11 8.1 -3.4 RBC Capital Markets 18 4.0 23,083 11 32 1.5 2.6

RBC Capital Markets 19 3.3 23,423 18 28 1.7 1.6 Perella Weinberg Partners LP 19 3.8 21,670 3 33 1.4 2.4

Perella Weinberg Partners LP 20 3.1 21,670 3 26 2.3 0.8 Macquarie Group Ltd 20 3.7 21,084 18 41 1.0 2.7

TOTAL 708,684 6,485 TOTAL 571,412 5,294

UK Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Germany Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

Morgan Stanley 1 38.1 122,767 26 2 30.8 7.3 1 50.9 62,897 12 3 10.4 40.6

JPMorgan Chase & Co 2 26.5 85,250 36 5 15.7 10.8 2 26.1 32,299 3 24 1.2 24.9

Barclays PLC 3 24.7 79,425 22 16 6.0 18.6 3 26.0 32,138 11 5 7.5 18.5

Robey Warshaw LLP 4 20.4 65,631 3 7 13.7 6.7 4 25.7 31,707 15 9 5.0 20.7

Bank of America Merrill Lynch 5 19.1 61,649 21 3 29.2 -10.0 5 23.0 28,395 7 1 16.2 6.8

UBS AG 6 18.9 60,926 15 4 16.8 2.1 6 22.4 27,713 16 8 5.4 17.0

Goldman Sachs & Co LLC 7 18.8 60,622 36 1 44.3 -25.5 7 22.4 27,672 5 10 3.8 18.6

Rothschild & Co 8 18.4 59,194 68 10 11.8 6.6 8 20.5 25,366 5 16 1.9 18.7

Evercore Inc 9 17.1 55,087 18 30 1.6 15.5 9 19.1 23,656 4 7 6.1 13.1

Citigroup Inc 10 17.0 54,851 23 6 15.5 1.5 10 17.7 21,813 1 - - 17.7

PJT Partners Inc 11 16.1 51,895 5 14 6.3 9.9 10 17.7 21,813 1 - - 17.7

Wells Fargo & Co 12 12.6 40,647 3 13 7.0 5.6 12 17.5 21,670 1 - - 17.5

Credit Suisse Group AG 13 11.7 37,595 23 9 12.5 -0.9 13 7.7 9,561 5 38 0.4 7.3

LionTree Advisors LLC 14 9.9 31,862 2 89 0.1 9.8 14 6.1 7,480 4 4 8.5 -2.5

Deutsche Bank AG 15 9.3 29,813 10 8 13.0 -3.8 14 6.1 7,480 6 20 1.6 4.4

RBC Capital Markets 16 6.9 22,320 13 21 3.7 3.3 16 5.2 6,367 17 2 13.8 -8.7

Macquarie Group Ltd 17 6.5 20,934 13 34 1.4 5.1 17 4.5 5,513 2 17 1.7 2.8

Greenhill & Co Inc 18 4.4 14,054 4 25 2.4 2.0 18 4.3 5,364 1 56 - 4.3

China International Capital Corp Ltd 19 4.4 14,005 2 35 1.3 3.0 19 3.9 4,788 1 - - 3.9

CITIC Securities Co Ltd 20 4.4 14,000 1 - - 4.4


BNP Paribas SA

Morgan Stanley

Rothschild & Co

Citigroup Inc

JPMorgan Chase & Co

Lazard Ltd


UBS AG

LionTree Advisors LLC

Robey Warshaw LLP

Perella Weinberg Partners LP Goetzpartners

Corporate Finance GmbH Deutsche Bank AG

Macquarie Group Ltd

Ernst & Young

Credit Agricole Corporate & Investment Bank RBC Capital Markets

D'Angelin & Co Ltd

Societe Generale SA

19 3.9 4,788 1 56 - 3.9

TOTAL 322,186 2,473 TOTAL 123,587 1,101227,512 51,954

540,158 443,369

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

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(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

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(%) RANK

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(%)VOLUME USD

(Mln)

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COUNT RANK

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(%)FIRM

2018 2017MKT SHR

CHANGE FIRM

2018

9

France Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Italy Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

1 50.1 51,714 20 13 8.9 41.2 1 30.8 10,663 16 1 64.5 -33.7

2 34.8 35,875 36 5 24.4 10.3 2 21.4 7,393 2 - - 21.4

3 28.0 28,891 12 8 13.3 14.7 3 20.8 7,186 6 9 4.6 16.1

4 19.3 19,876 41 2 48.2 -29.0 4 12.1 4,190 6 15 2.2 10.0

5 14.7 15,201 1 - - 14.7 5 11.9 4,108 3 6 6.4 5.5

6 13.5 13,918 22 1 56.5 -43.1 6 9.2 3,189 3 5 10.0 -0.8

7 12.1 12,513 8 4 27.8 -15.7 7 9.0 3,105 1 - - 9.0

8 10.8 11,137 1 - - 10.8 7 9.0 3,105 1 34 0.0 8.9

9 8.6 8,902 8 6 21.5 -12.8 7 9.0 3,105 1 - - 9.0

10 8.5 8,764 6 3 34.9 -26.4 10 8.8 3,049 3 4 37.5 -28.7

11 7.6 7,820 7 7 17.5 -10.0 11 8.3 2,887 2 11 3.6 4.7

12 5.6 5,784 4 19 1.6 4.0 12 6.2 2,140 3 31 0.1 6.1

13 4.6 4,788 1 - - 4.6 13 6.1 2,104 10 14 2.3 3.8

14 2.9 3,002 2 50 - 2.9 14 4.3 1,472 3 23 0.4 3.9

15 2.1 2,201 1 - - 2.1 15 3.2 1,109 2 7 5.0 -1.8

16 2.0 2,101 1 - - 2.0 16 2.2 756 6 8 5.0 -2.8

16 2.0 2,101 1 11 11.0 -9.0 17 1.9 660 1 - - 1.9

18 1.3 1,310 4 17 3.9 -2.6 17 1.9 660 2 20 0.7 1.2

19 1.2 1,191 5 35 0.3 0.9 19 1.9 639 4 19 0.8 1.1

JPMorgan Chase & Co

Lazard Ltd

Morgan Stanley

Rothschild & Co

Ardea Partners LLC

BNP Paribas SA

Credit Agricole Corporate & Investment Bank Guggenheim Capital LLC


Citigroup Inc

Societe Generale SA

Evercore Inc

D'Angelin & Co Ltd

Banco Santander SA

PJT Partners Inc

Arpwood Capital Pvt Ltd


Nomura Holdings Inc

Ernst & Young

KPMG Corporate Finance LLC 20 1.0 1,000 7 40 0.2 0.8

Rothschild & Co

Studio Tributario Associato Facchini Rossi Goldman Sachs & Co LLC

Barclays PLC

Morgan Stanley



Banco Itau BBA SA


Mediobanca Banca di Credito Finanziario SpA Credit Suisse Group AG

Nomura Holdings Inc

Lazard Ltd

UBS AG

Deutsche Bank AG

JPMorgan Chase & Co

Alpha Bank AE

Alantra Srl

Robert W Baird & Co Inc

BNP Paribas SA 20 1.8 630 7 3 59.6 -57.8

TOTAL 103,228 919 TOTAL 34,602 371

Benelux Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Iberia Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

Lazard Ltd 1 42.9 33,075 18 6 18.1 24.8 Banco Comercial Portugues SA 1 52.1 39,409 2 29 1.8 50.3

JPMorgan Chase & Co 2 34.7 26,733 15 2 30.1 4.6 Lazard Ltd 2 43.0 32,522 5 12 8.3 34.7

Evercore Inc 3 19.1 14,738 2 23 2.8 16.4 Morgan Stanley 3 42.3 32,040 5 1 21.2 21.2

Goldman Sachs & Co LLC 4 18.7 14,363 9 7 15.7 3.0 Bank of America Merrill Lynch 4 37.7 28,565 4 15 7.3 30.4

Morgan Stanley 5 17.5 13,505 11 9 12.5 5.1 UBS AG 5 37.2 28,160 3 5 15.0 22.2

HSBC Bank PLC 6 17.0 13,080 3 30 0.6 16.4 Citigroup Inc 6 20.5 15,514 7 4 15.2 5.3

Citigroup Inc 7 9.7 7,454 3 1 33.7 -24.0 Banco Santander SA 7 10.5 7,950 8 7 9.8 0.7

BNP Paribas SA 8 7.0 5,354 6 4 21.7 -14.7 JPMorgan Chase & Co 8 9.8 7,419 3 3 18.2 -8.4

Barclays PLC 9 6.0 4,605 5 24 2.4 3.5 Societe Generale SA 9 7.9 5,966 2 17 4.7 3.1

Credit Suisse Group AG 10 5.5 4,256 5 12 5.2 0.3 PricewaterhouseCoopers LLP 10 5.4 4,063 30 16 5.1 0.3

LionTree Advisors LLC 11 4.5 3,438 2 - - 4.5 Goldman Sachs & Co LLC 11 5.1 3,860 5 8 9.8 -4.7

Kempen & Co NV 12 4.3 3,275 4 51 0.0 4.2 Evercore Inc 12 2.9 2,200 2 30 1.7 1.3

Banco Santander SA 13 3.8 2,897 1 - - 3.8 Alantra Srl 13 2.0 1,529 2 24 2.9 -0.8

Rothschild & Co 14 3.4 2,595 25 3 28.0 -24.6 Deutsche Bank AG 14 1.8 1,368 3 13 7.7 -5.9

Wells Fargo & Co 15 2.6 1,990 3 - - 2.6 RBC Capital Markets 15 1.6 1,178 1 46 0.2 1.4

Bank of America Merrill Lynch 16 2.4 1,847 5 10 11.7 -9.3 GBS Finanzas SA 16 1.5 1,120 2 44 0.3 1.2

Nomura Holdings Inc 17 2.4 1,811 3 28 1.1 1.2 Barclays PLC 17 1.4 1,058 4 23 2.9 -1.5

UBS AG 18 2.1 1,617 2 17 3.9 -1.8 Ernst & Young 18 1.4 1,029 25 6 14.6 -13.2

BMO Capital Markets Corp/Toronto 19 1.9 1,470 2 13 4.6 -2.7 Rothschild & Co 19 1.1 824 7 2 18.3 -17.2

Jefferies LLC 20 1.6 1,209 6 35 0.4 1.2 Alpha Bank AE 20 0.9 660 1 - - 0.9

TOTAL 77,031 802 TOTAL 75,712 378

134,357 44,248

79,530 32,657

MKT SHR

CHANGE

2017MKT SHR

CHANGE

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2018 2017MKT SHR

CHANGE FIRM

2018

VOLUME USD

(Mln)

DEAL

COUNT

FIRM

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

FIRM RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) RANK

MKT SHR

(%)

FIRM

2018 2017

RANK

10

Nordic Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Eastern Europe Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

LionTree Advisors LLC 1 31.1 18,041 3 51 0.2 31.0 JPMorgan Chase & Co 1 15.9 6,744 5 30 - 15.9

Morgan Stanley 2 30.7 17,813 10 7 9.1 21.6 BNP Paribas SA 2 10.3 4,395 2 30 - 10.3

Barclays PLC 3 27.0 15,646 6 38 0.6 26.4 Rothschild & Co 3 9.0 3,809 5 1 11.6 -2.6

Nordea Bank AB 4 25.3 14,645 4 5 10.1 15.1 Morgan Stanley 4 8.9 3,785 3 2 10.4 -1.5

Macquarie Group Ltd 5 17.3 10,049 3 36 0.9 16.5 LionTree Advisors LLC 5 8.1 3,438 1 - - 8.1

Goldman Sachs & Co LLC 6 11.4 6,598 7 2 14.6 -3.2 Barclays PLC 5 8.1 3,438 1 - - 8.1

Citigroup Inc 7 10.6 6,161 9 16 3.3 7.3 Goldman Sachs & Co LLC 7 6.4 2,713 4 18 0.7 5.7

Rothschild & Co 8 10.6 6,145 11 28 1.5 9.1 VTB Capital JSC 8 5.8 2,448 4 4 8.7 -2.9

Bank of America Merrill Lynch 9 9.3 5,400 5 9 6.7 2.6 PJT Partners Inc 9 5.2 2,201 1 - - 5.2

Ondra LLP 10 7.9 4,553 1 - - 7.9 Evercore Inc 10 5.2 2,200 1 8 3.5 1.7

JPMorgan Chase & Co 11 7.2 4,182 9 1 18.0 -10.8 Citigroup Inc 11 3.0 1,281 3 9 3.3 -0.3

BNP Paribas SA 12 5.9 3,438 2 63 - 5.9 Deutsche Bank AG 12 2.8 1,172 2 3 8.9 -6.1

Skandinaviska Enskilda Banken AB 13 5.0 2,900 11 21 2.3 2.7 Credit Suisse Group AG 13 2.1 893 4 - - 2.1

Evercore Inc 14 4.3 2,481 3 23 2.1 2.2 Bank of America Merrill Lynch 14 1.4 606 1 - - 1.4

Svenska Handelsbanken AB 15 4.2 2,432 5 30 1.1 3.1 UniCredit SpA 15 0.9 393 1 30 - 0.9

Ernst & Young 16 4.0 2,338 17 3 11.0 -7.0 Superia Corporate Finance 16 0.9 386 3 - - 0.9

Carnegie Fondkommission AB 17 3.5 2,009 13 45 0.4 3.1 Lazard Ltd 17 0.7 286 2 11 2.1 -1.5

Deutsche Bank AG 18 3.3 1,904 5 34 1.0 2.3 Avendus Capital Pvt Ltd 18 0.5 210 2 - - 0.5

Lazard Ltd 19 2.7 1,562 7 6 9.2 -6.5 Houlihan Lokey Inc 19 0.4 153 1 19 0.5 -0.2

Sundling & Warn Partners 20 2.1 1,195 1 - - 2.1 UBS AG 19 0.4 153 2 30 - 0.4

TOTAL 57,978 975 TOTAL 42,489 557

Africa/ME Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

1 34.5 30,122 11 11 4.0 30.5

2 22.9 20,026 5 24 0.7 22.2

3 22.8 19,899 5 5 6.2 16.6

4 11.9 10,392 5 9 4.1 7.8

5 10.7 9,350 4 8 4.6 6.1

6 9.9 8,627 6 13 3.2 6.6

7 9.0 7,834 3 50 - 9.0

8 8.3 7,283 10 23 1.1 7.2

9 7.8 6,833 1 25 0.5 7.3

10 6.5 5,634 2 30 0.4 6.1

11 4.5 3,927 5 14 3.0 1.6

12 3.3 2,897 1 - - 3.3

13 2.4 2,101 1 - - 2.4

14 1.2 1,033 3 1 17.8 -16.6

15 1.0 869 1 - - 1.0

16 0.9 748 1 - - 0.9

16 0.9 748 1 15 2.5 -1.6

18 0.6 520 5 41 0.1 0.5

19 0.5 446 6 32 0.2 0.3

JPMorgan Chase & Co

Barclays PLC


Morgan Stanley


Lazard Ltd

Evercore Inc

Rothschild & Co

Greenhill & Co Inc

Credit Agricole Corporate & Investment Bank Citigroup Inc

Banco Santander SA

Arpwood Capital Pvt Ltd

UBS AG

Alantra Srl

PowerOne Capital Markets Ltd

GMP Securities LP

KPMG Corporate Finance LLC PricewaterhouseCoopers LLP

Ares Management LP 20 0.5 400 1 - - 0.5

TOTAL 87,402 723

37,092 21,902

45,574

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017

RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

FIRM

DEAL

COUNT RANK

MKT SHR

(%)

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNTRANK

MKT SHR

CHANGE

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

11

Date

Total

Value

Number of deals 6,659

Volume (Bln.) $452.5

Avg Deal Size (Mln.) $68.0

JPMorgan Chase & Co

Number of deals 11

Volume (Bln.) $40.2

Avg Deal Size (Bln.) $3.7

Deal Type

Amount

(Bln.)

%

Change

% YoY

Change

Company Takeover $173.3 -2.0% 7.1%

Cross Border $179.8 -0.9% 16.3%


Asset sale $47.1 -3.5% -16.3%

Tender Offer $16.6 -11.1% -25.0%


Spin-off $4.4 2.1% -53.7%



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

Zhejiang Ant Small & Micro

Financial Services Group Co

Japan M&A: Quarterly Volume

$6,808.95/18/2018 Bhushan Steel Ltd TATA Steel Ltd -

Multiple Sellers

-

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

4/20/2018Inner Mongolia BaoTou Steel

Union Co Ltd

Baotou Iron and Steel

Group Co Ltd- $8,151.9

Top Adviser5/9/2018

Yantai Wanhua Chemical Co

Ltd

Wanhua Chemical Group

Co LtdMultiple Sellers $10,231.6

6/8/2018

$16,000.0

Multiple Acquirers $14,000.0

APAC M&A Regional Review

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APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1H 2018

Summary Target Acquirer Seller

5/9/2018Flipkart Online Services Pvt

LtdWalmart Inc

25%

14%

13% 13%

11%

10%

7%

4% 3% 0%

APAC Industry Breakdown Financial

Communications

Consumer Cyclical

Consumer Non-cyclical

Industrial

Basic Materials

Technology

Energy

Utilities

Diversified

0

2,000

4,000

6,000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60


0

1000

2000

3000

$0

$100

$200

$300


0

500

1000

$0

$50

$100

$150


• In 1H2018, M&A activity targeting the Asia-Pacific region experienced an increase of 10.8% to $452.5billion compared to the same period last year. Deals exceeding $1.0 billion in value increased by 3.2%to 64 deals. The value of deals targeting Chinese companies or assets in China accounted for 51.1% ofthe total deal volume.

• The financial and communications sectors were the most targeted industries, accounting for 41.0% ofthe region's overall volume. The pending acquisition of Flipkart Online Services to a consortium led byWalmart Inc for approximately $16.0 billion was the largest private equity deal announced both in theregion and quarter.

• Private equity related deals increased 32.7% year-on-year to $119.6 billion. Sequoia Capital was themost active investor in 1H2018 with its involvement in 35 deals including the $2.5 billion round offinancing for Jingdong Express Group Corp.

12

APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018

Morgan Stanley 1 14.4 84,845 35 3 10.6 3.8 JPMorgan Chase & Co 1 10.6 46,713 14 18 1.8 8.7

JPMorgan Chase & Co 2 14.3 84,279 25 17 2.6 11.7 Citigroup Inc 2 10.1 44,463 27 20 1.7 8.3

Lazard Ltd 3 11.2 66,058 23 19 2.2 9.0 Goldman Sachs & Co LLC 3 7.3 32,099 22 2 8.1 -0.9

Citigroup Inc 4 10.8 63,591 34 6 5.0 5.8 China International Capital Corp Ltd 4 6.9 30,302 15 4 6.9 0.0

Bank of America Merrill Lynch 5 10.0 59,219 18 4 9.4 0.7 CITIC Securities Co Ltd 5 6.2 27,144 16 7 4.1 2.0

Goldman Sachs & Co LLC 6 9.7 57,226 36 1 11.3 -1.6 Deutsche Bank AG 6 5.6 24,929 11 12 3.2 2.5

UBS AG 7 7.6 44,840 21 2 10.6 -3.1 Morgan Stanley 7 5.5 24,443 21 3 7.8 -2.3

Banco Comercial Portugues SA 8 6.7 39,409 2 119 0.1 6.6 Barclays PLC 8 3.8 16,898 5 27 1.0 2.8

China International Capital Corp Ltd 9 5.5 32,370 19 5 5.8 -0.4 UBS AG 9 3.8 16,626 18 1 8.5 -4.8

Barclays PLC 10 4.7 27,650 9 23 1.7 3.0 Macquarie Group Ltd 10 3.5 15,420 16 15 2.2 1.3

CITIC Securities Co Ltd 11 4.6 27,144 16 9 3.4 1.2 Credit Suisse Group AG 11 2.7 12,085 21 21 1.6 1.2

Deutsche Bank AG 12 4.4 26,049 13 16 2.8 1.6 CSC Financial Co Ltd 12 2.6 11,450 16 19 1.8 0.8

Macquarie Group Ltd 13 4.3 25,507 22 18 2.3 2.0 Ernst & Young 13 2.6 11,289 34 13 3.0 -0.5

Evercore Inc 14 3.2 18,773 8 70 0.2 3.0 Bank of America Merrill Lynch 14 2.1 9,281 12 5 5.8 -3.7

Canson Capital Partners 15 2.9 17,000 1 - - 2.9 Haitong Securities Co Ltd 15 2.0 8,824 10 16 1.9 0.1

Centerview Partners LLC 15 2.9 17,000 1 66 0.3 2.6 Lazard Ltd 16 1.6 6,973 14 23 1.4 0.2

TD Securities Inc 15 2.9 17,000 1 84 0.1 2.7 RBC Capital Markets 17 1.4 5,968 3 28 0.9 0.4

Guggenheim Capital LLC 15 2.9 17,000 1 - - 2.9 Huatai Securities Co Ltd 18 1.3 5,940 15 35 0.7 0.6

HSBC Bank PLC 19 2.3 13,630 6 116 0.1 2.2 JM Financial Ltd 19 1.2 5,490 4 79 0.1 1.1

Rothschild & Co 20 2.1 12,499 24 7 4.6 -2.5 Goetzpartners Corporate Finance GmbH 20 1.2 5,364 1 - - 1.2

TOTAL 591,397 6,681 TOTAL 441,724 5,756

APAC Private Equity (Any Involvement) 01/01/2018 - 06/30/2018

JPMorgan Chase & Co 1 37.8 82,680 16 11 4.9 32.9

Morgan Stanley 2 24.4 53,346 24 2 19.4 5.0


Citigroup Inc 4 19.3 42,124 13 5 14.0 5.2

Lazard Ltd 5 14.5 31,610 13 8 7.2 7.3

Barclays PLC 6 12.1 26,349 3 14 4.5 7.5

Macquarie Group Ltd 7 10.8 23,592 9 9 6.4 4.4

Bank of America Merrill Lynch 8 10.7 23,305 8 4 17.4 -6.7

Deutsche Bank AG 9 9.6 21,064 7 17 3.8 5.8

China International Capital Corp Ltd 10 9.6 20,891 9 41 0.4 9.2

Evercore Inc 11 8.6 18,873 9 46 0.3 8.3

Canson Capital Partners 12 7.8 17,000 1 - - 7.8

Guggenheim Capital LLC 12 7.8 17,000 1 - - 7.8

Centerview Partners LLC 12 7.8 17,000 1 47 0.3 7.5

TD Securities Inc 12 7.8 17,000 1 - - 7.8

CITIC Securities Co Ltd 16 6.4 14,000 1 24 1.6 4.8

HSBC Bank PLC 17 5.8 12,719 2 - - 5.8

Nordea Bank AB 18 4.6 10,049 1 - - 4.6

LionTree Advisors LLC 18 4.6 10,049 1 88 - 4.6

UBS AG 20 4.1 8,893 5 3 18.6 -14.6

TOTAL 218,736 1,608

390,812

147,671

MKT SHR

CHANGE

DEAL

COUNT RANK

MKT SHR

(%)

RANK

MKT SHR

(%)

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

FIRM

2018 2017MKT SHR

CHANGE

478,457

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018

RANK

RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT

2017

13

AU & NZ Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Japan Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

Macquarie Group Ltd 1 34.3 22,745 20 2 24.3 10.0 JPMorgan Chase & Co 1 61.0 104,105 11 1 16.9 44.1

Morgan Stanley 2 19.2 12,735 9 12 5.9 13.3 Goldman Sachs & Co LLC 2 59.6 101,754 11 5 11.6 48.0

Citigroup Inc 3 16.5 10,957 11 15 3.9 12.6 Nomura Holdings Inc 3 57.1 97,375 49 3 14.1 42.9

Barclays PLC 4 15.9 10,570 3 25 0.6 15.4 Morgan Stanley 4 52.5 89,622 32 2 14.3 38.2

Nordea Bank AB 5 15.1 10,049 2 - - 15.1 Citigroup Inc 5 48.8 83,276 6 13 3.9 44.9

LionTree Advisors LLC 5 15.1 10,049 1 - - 15.1 Evercore Inc 6 47.1 80,395 3 6 10.6 36.5

JPMorgan Chase & Co 7 14.5 9,611 7 5 11.3 3.2 Barclays PLC 7 9.7 16,600 2 33 0.3 9.5

Deutsche Bank AG 8 11.7 7,794 5 3 18.6 -6.9 Sumitomo Mitsui Financial Group Inc 8 5.3 9,035 88 4 13.2 -7.9

Ernst & Young 9 10.8 7,135 9 7 10.2 0.5 Mizuho Financial Group Inc 9 2.4 4,021 52 9 7.1 -4.8

Lazard Ltd 10 10.5 6,973 10 6 11.0 -0.5 Lazard Ltd 10 1.6 2,710 5 7 9.3 -7.8

Credit Suisse Group AG 11 9.6 6,347 11 16 2.5 7.1 Rothschild & Co 11 1.6 2,663 3 24 1.3 0.3

RBC Capital Markets 12 9.4 6,268 5 9 9.4 0.0 Credit Suisse Group AG 12 1.3 2,181 2 12 5.2 -4.0

Goetzpartners Corporate Finance GmbH 13 8.1 5,364 1 - - 8.1 Daiwa Securities Group Inc 13 1.1 1,915 16 11 5.4 -4.3

UBS AG 14 7.1 4,712 7 1 29.2 -22.1 Bank of America Merrill Lynch 14 0.7 1,196 4 10 6.4 -5.7

Goldman Sachs & Co LLC 15 6.8 4,526 10 4 16.1 -9.3 GCA Corp 15 0.5 890 14 20 1.7 -1.1

Bank of America Merrill Lynch 16 5.6 3,713 8 8 9.5 -3.9 UBS AG 16 0.4 735 2 16 2.7 -2.2

Bank of Nova Scotia/The 17 3.2 2,126 4 - - 3.2 RBC Capital Markets 17 0.4 730 1 - - 0.4

Arpwood Capital Pvt Ltd 18 3.2 2,101 1 - - 3.2 KPMG Corporate Finance LLC 18 0.4 727 4 8 8.7 -8.3

Rothschild & Co 19 2.9 1,943 6 11 6.1 -3.2 Centerview Partners LLC 19 0.4 612 1 - - 0.4

Nomura Holdings Inc 20 2.0 1,295 4 31 0.2 1.7 Cowen & Co LLC 19 0.4 612 1 43 0.1 0.2

TOTAL 66,396 843 TOTAL 170,683 1,558

South Korea Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 China Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018


Credit Suisse Group AG 2 8.1 3,438 3 6 2.8 5.3 Banco Comercial Portugues SA 2 12.5 39,409 2 72 0.1 12.5

Macquarie Group Ltd 3 6.5 2,762 1 - - 6.5 UBS AG 3 10.8 33,806 9 5 8.0 2.8

Bank of America Merrill Lynch 3 6.5 2,762 1 14 0.9 5.7 Bank of America Merrill Lynch 4 10.4 32,519 4 4 8.8 1.6

Rothschild & Co 5 4.8 2,033 3 - - 4.8 China International Capital Corp Ltd 5 10.3 32,370 19 2 9.8 0.5

JPMorgan Chase & Co 6 3.4 1,429 3 13 0.9 2.5 Lazard Ltd 6 10.0 31,427 8 29 1.0 9.1

Deutsche Bank AG 7 2.9 1,221 1 8 1.7 1.2 CITIC Securities Co Ltd 7 8.5 26,723 15 7 5.7 2.8

Samsung Securities Co Ltd 8 2.0 835 3 10 1.6 0.4 Citigroup Inc 8 8.5 26,697 9 6 6.9 1.6

Ernst & Young 9 1.7 717 7 1 13.4 -11.7 Deutsche Bank AG 9 5.2 16,453 4 19 1.3 4.0

BNP Paribas SA 10 1.3 561 1 19 0.2 1.1 JPMorgan Chase & Co 10 4.8 14,951 6 13 2.3 2.5

UBS AG 10 1.3 561 1 - - 1.3 Goldman Sachs & Co LLC 11 4.3 13,532 13 3 9.6 -5.2

Duff & Phelps LLC 12 1.2 501 1 - - 1.2 CSC Financial Co Ltd 12 3.7 11,481 17 12 2.5 1.2

Barclays PLC 13 1.2 500 1 - - 1.2 Haitong Securities Co Ltd 13 2.8 8,824 10 10 2.8 0.0

RBC Capital Markets 14 1.2 488 1 - - 1.2 Huatai Securities Co Ltd 14 2.1 6,635 16 28 1.0 1.2

NH Investment & Securities Co Ltd 15 1.1 445 3 12 1.0 0.1 Sinolink Securities Co Ltd 15 1.4 4,316 3 - - 1.4

PricewaterhouseCoopers LLP 16 1.0 427 6 4 5.9 -4.9 China Renaissance Partners 16 1.1 3,400 1 78 0.1 1.0

Bank of Nova Scotia/The 17 0.6 250 2 - - 0.6 Messis Capital Ltd 17 1.1 3,290 1 - - 1.1

Citigroup Inc 18 0.5 216 2 - - 0.5 Nomura Holdings Inc 18 0.9 2,855 4 20 1.3 -0.4

Republic Partners Financial 18 0.5 216 1 - - 0.5 China Merchants Securities Co Ltd 19 0.8 2,617 8 18 1.3 -0.5

Nomura Holdings Inc 20 0.4 180 3 - - 0.4 Somerley Group Ltd 20 0.6 1,901 8 17 2.0 -1.4

TOTAL 42,462 905 TOTAL 314,253 2,765

45,805 78,382

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

49,105 283,721

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

14

Hong Kong Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Taiwan Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

JPMorgan Chase & Co 1 24.2 15,871 5 12 3.5 20.7 Goldman Sachs & Co LLC 1 20.1 1,606 2 3 9.4 10.7

Deutsche Bank AG 2 22.2 14,580 4 - - 22.2 Citigroup Inc 2 9.3 740 2 - - 9.3

Citigroup Inc 3 22.2 14,576 5 37 0.5 21.7 Deloitte Touche Tohmatsu ILA Group Ltd 3 5.7 453 4 - - 5.7

CITIC Securities Co Ltd 4 21.4 14,000 1 19 2.8 18.6 Shenwan Hongyuan Group Co Ltd 4 1.1 88 1 - - 1.1

Morgan Stanley 4 21.4 14,000 5 2 9.5 11.8 Union Square Advisors LLC/NY 5 0.8 66 1 - - 0.8

China International Capital Corp Ltd 4 21.4 14,000 1 24 2.3 19.1 Cowen & Co LLC 6 0.6 45 1 - - 0.6

Goldin Financial Holdings Ltd 7 3.5 2,295 2 26 2.0 1.5 KGI Securities Co Ltd 7 0.5 36 2 4 8.0 -7.6

Gram Capital Ltd 7 3.5 2,295 2 14 3.2 0.3 Morgan Stanley 8 0.4 34 1 - - 0.4

Raymond James & Associates Inc 9 3.2 2,080 2 - - 3.2 Mizuho Financial Group Inc 9 0.4 33 1 - - 0.4

Nomura Holdings Inc 10 3.1 2,007 2 9 5.4 -2.4 KAF Investment Bank Bhd 10 0.1 9 1 - - 0.1

Qatalyst Partners LLC 11 2.6 1,680 1 - - 2.6 Ernst & Young 11 - - 1 - - -

Lazard Ltd 12 2.0 1,337 2 6 7.1 -5.1

Somerley Group Ltd 13 1.8 1,204 8 18 3.0 -1.2


HSBC Bank PLC 15 1.6 1,016 3 82 - 1.6

Red Sun Capital Ltd 16 1.3 856 3 41 0.3 1.0

China Construction Bank Corp 17 1.1 691 4 40 0.4 0.6

Euto Capital Partners Ltd 18 0.8 510 1 42 0.3 0.4

Duff & Phelps LLC 19 0.8 501 1 38 0.5 0.3

Moelis & Co 20 0.7 433 3 25 2.1 -1.4

TOTAL 65,582 719 TOTAL 8,001 94

SE Asia Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 India Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

1 46.4 65,172 5 12 4.0 42.4 JPMorgan Chase & Co 1 43.3 35,436 4 14 1.9 41.3

2 27.3 38,308 6 11 4.1 23.2 Goldman Sachs & Co LLC 2 24.3 19,891 6 3 34.9 -10.6

3 24.5 34,395 5 13 3.6 20.9 Citigroup Inc 3 23.7 19,448 8 13 3.3 20.4

4 23.6 33,142 8 1 9.3 14.3 Morgan Stanley 4 20.2 16,583 3 1 35.1 -14.9

5 20.6 28,994 3 6 5.0 15.7 Barclays PLC 5 19.7 16,177 3 - - 19.7

6 15.5 21,701 5 20 2.6 12.9 CITIC Securities Co Ltd 6 17.1 14,000 1 - - 17.1

7 12.9 18,172 3 42 0.2 12.8 Deutsche Bank AG 6 17.1 14,000 1 10 3.4 13.7

8 12.1 17,000 1 68 - 12.1 China International Capital Corp Ltd 6 17.1 14,000 1 - - 17.1

8 12.1 17,000 1 - - 12.1 JM Financial Ltd 9 6.7 5,490 4 18 1.1 5.6

8 12.1 17,000 1 - - 12.1 UBS AG 10 6.7 5,462 2 2 34.9 -28.3

8 12.1 17,000 1 - - 12.1 Bank of America Merrill Lynch 11 4.4 3,621 3 4 33.0 -28.6

12 11.4 16,000 1 10 4.3 7.1 Ernst & Young 12 4.3 3,486 16 20 0.9 3.4

13 11.0 15,500 3 21 2.5 8.5 State Bank of India 13 3.4 2,814 1 - - 3.4

14 11.0 15,474 3 23 2.4 8.6 Arpwood Capital Pvt Ltd 14 2.8 2,281 2 - - 2.8

15 10.0 14,000 1 - - 10.0 Rothschild & Co 15 2.3 1,851 3 5 32.6 -30.4

16 9.0 12,614 3 54 0.1 8.9 Axis Bank Ltd 16 1.7 1,377 3 6 32.4 -30.7

17 5.6 7,900 10 68 - 5.6 Avendus Capital Pvt Ltd 17 1.3 1,023 11 17 1.2 0.1

18 4.0 5,634 1 - - 4.0 LionTree Advisors LLC 18 1.1 874 1 - - 1.1

19 2.5 3,522 6 9 4.5 -1.9 Kotak Mahindra Bank Ltd 19 0.9 722 5 7 32.0 -31.1

JPMorgan Chase & Co

Citigroup Inc


Morgan Stanley

Lazard Ltd


Evercore Inc

Centerview Partners LLC

Canson Capital Partners

Guggenheim Capital LLC

TD Securities Inc

Barclays PLC

China International Capital Corp Ltd Deutsche

Bank AG

CITIC Securities Co Ltd

HSBC Bank PLC

Rothschild & Co

Credit Agricole Corporate & Investment Bank Credit Suisse Group AG

RHB 20 1.9 2,651 9 25 1.7 0.2 Credit Suisse Group AG 20 0.6 492 2 54 - 0.6

TOTAL 140,474 1,133 TOTAL 81,936 1,015

75,060 5,883

53,773 42,049

MKT SHR

CHANGE

DEAL

COUNT

FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln) RANK

MKT SHR

(%)FIRM

2018 2017MKT SHR

CHANGE FIRM

2018 2017

15

Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are

converted to US dollars at the time of announcement.

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

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

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

Advisory fees hold no weight over advisory credit.

General Database Criteria

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

the target company.

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

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

{LEAG<GO>}: M&A

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

16

Documents

GLOBAL M&A MARKET REVIEW - Bloomberg …...• Global merger and acquisition activity reached $2.1 trillion in 1H 2018, representing a 36.4% increase from the same period last year