GLOBAL M&A MARKET REVIEW - Bloomberg Finance L.P. … · $1.11 billion of the global activity, representing a 20.1% decrease from the same period last year. • Despite a decrease

GLOBALM&A MARKET REVIEWFINANCIAL RANKINGS1st 3Q 2016 3

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

Contact Phone Email North America Meaghan Burke +1-646-324-1537 [email protected]

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

Asia Pacific Ee Wen Tay +65-6231-3404 [email protected]

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

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

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

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

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

1st 3Q2016

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

©2016 Bloomberg Finance L.P. All rights reserved.

mailto:[email protected]



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

Scale in USD Bln.0 - 18

19 - 4647 - 92

93 - 138139 - 230231 - 368369 - 552553 - 782783 - 828

829 -

Global M&A Heat Map

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1st 3Q2016.

Eastern EuropeUSD 29.9B1. Goldman Sachs & Co 14.7%2. China Renaissance Partners 11.1%3. Deutsche Bank AG 6.3%

Asia PacificUSD 917.1B1. Goldman Sachs & Co 16.2%2. China Internationla Capital Corp 13.0%3. JP Morgan Chase & Co 12.3%

Western EuropeUSD 718.5B1. Goldman Sachs & Co 33.1%2. Morgan Stanley 26.7%3. Credit Suisse Group AG 23.5%

Latin America & CaribbeanUSD 97.0B1. Banco Santander SA 18.3%2. Banco Itau BBA 15.3%3. Bradesco BBI SA 10.4%

Middle East & AfricaUSD 91.8B1. Credit Suisse Group AG 21.3%2. UBS Group AG 17.9%3. Goldman Sachs & Co 15.3%

North AmericaUSD 1,412.3B1. Goldman Sachs & Co 32.1%2. Morgan Stanley 27.0%3. JP Morgan Chase & Co 21.7%

2

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 28,769 Financial $496.5 20.3% -11.8%

Volume (Bln.) $2,398.1 Consumer Non-cyclical $398.9 16.4% -37.3%

Avg Deal Size (Mln.) $83.4 Consumer Cyclical $268.8 11.0% 28.9%

Technology $249.0 10.2% 25.7%

Basic Materials $245.6 10.1% 123.9%

Goldman Sachs & Co Industrial $240.9 9.9% -23.5%

Number of deals 217 Communications $201.7 8.3% -41.0%

Volume (Bln.) $606.1 Energy $194.1 8.0% -30.0%

Avg Deal Size (Bln.) $2.8 Utilities $113.1 4.6% 57.6%

Diversified $31.2 1.3% -54.6%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,538.7 0.3% -13.4%

Cross Border $1,046.1 1.0% -3.4%

Private Equity $520.2 -3.0% -12.8%

Asset Sale $381.5 2.3% -17.3%

Tender Offer $211.9 3.7% 24.2%

Venture Capital $93.6 -4.9% 0.8%

Spin-off $44.2 -8.5% -19.5%

Minority Purchase $261.9 1.0% -1.0%

Majority Purchase $152.6 -2.4% -6.5%

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

Deal Type

Global M&A: Deal Type Breakdown

Shire PLC

-

5/18/2016 $65,695.7

2/3/2016 $46,311.7Syngenta AGChina National Chemical

Corp-

7/18/2016

Top Adviser

$30,124.6ARM Holdings PLC SoftBank Group Corp -

-Baxalta Inc

9/6/2016 $42,818.3

1/11/2016 $35,563.4

Spectra Energy Corp Enbridge Inc

Global M&A: Industry Breakdown

Glo

bal M

&A

Revi

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1st

3Q

2016Global M&A Regional Review Global M&A: Premium Breakdown

Global M&A: Highlights of 1st 3Q2016

Summary IndustryAcquirerTarget Seller

Monsanto Co Bayer AG -

Global M&A: Quarterly Volume

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3

Volume $(Bln.) Deal Count

18%

30%42%

7%

2% 1%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global M&A deal volume reached $2.4 trillion in the first 3Q2016, representing a 14.0% decrease compared to the same period last year. Deals involving targets based in the United States accounted for $1.11 billion of the global activity, representing a 20.1% decrease from the same period last year.

• Despite a decrease in deal activity in the first 3Q2016, companies paid a median of 11.3 times their targets’ EBITDA, making 2016 the most expensive year for deal making on record. Transactions targeting the technology sector were the priciest, hosting an average TV/EBITDA of 14.6.

• Transactions involving companies based in Canada increased 30.9% by volume from the same period last year to $254.0 billion. Enbridge Inc’s announced acquisition of Spectra Energy Corp for $42.8 billion was the largest deal for the region and energy sector this year.

3

Global Announced Deals 01/01/2016 - 09/30/2016 Cross Border Announced Deals 01/01/2016 - 09/30/2016

Goldman Sachs & Co 1 25.3 606,134 217 1 25.5 -0.2 Goldman Sachs & Co 1 32.4 338,765 121 3 26.2 6.2Morgan Stanley 2 20.5 490,544 201 3 23.6 -3.1 Morgan Stanley 2 27.8 290,737 105 4 23.8 4.0JPMorgan Chase & Co 3 17.3 414,631 211 2 24.3 -7.0 Credit Suisse Group AG 3 23.2 242,479 81 7 15.2 8.0Credit Suisse Group AG 4 15.5 372,498 145 5 17.6 -2.1 JPMorgan Chase & Co 4 21.3 222,205 110 1 35.2 -14.0Bank of America Merrill Lynch 5 15.2 363,604 141 4 20.5 -5.3 Bank of America Merrill Lynch 5 15.6 163,545 76 2 26.5 -10.8Barclays PLC 6 13.4 321,565 136 8 9.8 3.6 Lazard Ltd 6 15.6 163,500 94 5 17.6 -2.0Citigroup Inc 7 11.2 268,370 148 6 16.8 -5.6 Barclays PLC 7 14.9 155,683 70 10 14.0 0.9Lazard Ltd 8 9.2 219,891 145 7 12.6 -3.5 Citigroup Inc 8 13.4 140,048 81 8 14.6 -1.2UBS AG 9 8.8 210,332 109 13 6.1 2.7 Rothschild & Co 9 13.2 138,003 154 6 17.6 -4.4Deutsche Bank AG 10 8.2 197,267 107 10 9.1 -0.9 UBS AG 10 11.9 124,171 59 12 5.5 6.4Evercore Partners Inc 11 7.4 177,553 114 15 3.9 3.5 Deutsche Bank AG 11 10.2 106,161 58 9 14.4 -4.2RBC Capital Markets 12 7.2 171,536 115 22 2.4 4.7 RBC Capital Markets 12 7.7 80,230 45 28 1.9 5.8Rothschild & Co 13 6.8 163,869 221 11 8.0 -1.2 HSBC Bank PLC 13 7.6 79,876 35 16 4.7 2.9China International Capital Corp Ltd 14 5.0 119,322 28 38 1.0 4.0 Ducera Partners LLC 14 6.3 65,696 1 - - 6.3HSBC Bank PLC 15 4.1 98,902 45 14 4.4 -0.3 China International Capital Corp Ltd 15 6.2 64,859 7 100 0.1 6.1Centerview Partners LLC 16 3.6 85,950 28 9 9.4 -5.9 BMO Capital Markets Corp/Toronto 16 5.3 55,763 17 24 2.0 3.3Mizuho Financial Group Inc 17 3.4 81,714 81 36 1.1 2.4 Mizuho Financial Group Inc 17 5.0 51,982 29 22 2.2 2.8Guggenheim Capital LLC 18 3.3 77,930 16 12 6.1 -2.9 Evercore Partners Inc 18 4.7 49,376 41 13 5.4 -0.7Wells Fargo & Co 19 3.2 76,040 56 29 1.7 1.5 China Construction Bank Corp 19 4.6 48,197 11 194 0.0 4.6BMO Capital Markets Corp/Toronto 20 2.9 68,847 42 32 1.3 1.5 Raine Group LLC 20 4.5 47,125 5 387 - 4.5

TOTAL 2,397,611 28,772 TOTAL 1,045,633 10,714

Global Private Equity Announced Deals 01/01/2016 - 09/30/2016

Goldman Sachs & Co 1 23.4 121,784 86 3 17.5 5.9JPMorgan Chase & Co 2 15.9 82,419 70 1 23.2 -7.4Credit Suisse Group AG 3 14.7 76,454 63 8 10.3 4.4Morgan Stanley 4 12.6 65,650 67 4 16.8 -4.2Citigroup Inc 5 11.8 61,549 56 5 14.1 -2.3Barclays PLC 6 11.5 59,915 56 6 13.9 -2.4Bank of America Merrill Lynch 7 10.5 54,341 45 2 18.6 -8.1Deutsche Bank AG 8 10.3 53,761 37 7 12.8 -2.5RBC Capital Markets 9 8.8 45,862 41 12 5.0 3.8UBS AG 10 6.9 35,898 44 10 6.4 0.5Lazard Ltd 11 5.7 29,705 63 17 4.1 1.6Jefferies LLC 12 5.3 27,505 59 16 4.2 1.1Rothschild & Co 13 4.8 24,706 107 11 6.1 -1.3Gresham Partners Ltd 14 3.8 19,673 6 55 0.4 3.4Macquarie Group Ltd 15 3.3 17,041 20 14 4.8 -1.5Centerview Partners LLC 16 2.9 15,288 8 9 6.5 -3.6Moelis & Co 17 2.7 13,916 31 22 2.8 -0.2Evercore Partners Inc 18 2.5 13,060 47 27 2.0 0.6Grant Samuel Securities Pty Ltd 19 2.4 12,270 3 - - 2.4Wells Fargo & Co 20 2.3 12,023 22 13 4.8 -2.5

TOTAL 520,149 8,125

1,082,710

FIRM

2016 2015MKT SHR CHANGE

FIRM

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

2,763,722

2015MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

2016 2015MKT SHR CHANGE FIRM

2016MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

596,602

4

Country

United States $1,117.6 88.6% -19.7%

Canada $78.8 6.2% 64.5%

Brazil $23.7 1.9% 5.4%

Chile $14.5 1.2% 169.1%

Mexico $7.8 0.6% -33.6%

Colombia $5.8 0.5% 1361.1%

British Virgin Islands $5.7 0.5% 47.7%

Bermuda $0.6 0.0% -89.8%

DateTotal Value

(Mln.)Amount


Change

Number of deals 12,440 Consumer Non-cyclical $258.8 20.4% -43.8%

Volume (Bln.) $1,261.2 Financial $183.7 14.5% -30.0%

Avg Deal Size (Mln.) $101.4 Energy $147.4 11.6% 16.9%

Technology $146.3 11.5% 3.0%


Goldman Sachs & Co Consumer Cyclical $132.3 10.4% 81.1%


Volume (Bln.) $410.5 Utilities $88.4 7.0% 133.5%

Avg Deal Size (Bln.) $3.5 Industrial $67.7 5.3% -51.7%

Diversified $2.8 0.2% -23.5%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $911.2 1.5% -13.4%

Cross Border $502.3 5.0% 29.1%

Private Equity $290.1 -5.0% -14.7%

Asset Sale $210.3 6.6% -25.2%

Tender Offer $70.3 -8.7% -21.5%

Venture Capital $42.2 -11.4% -17.0%

Spin-off $18.4 -34.4% -30.1%

Minority Purchase $82.9 -6.7% -18.7%

Majority Purchase $31.0 -9.5% 47.2%


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

Deal Type

1/25/2016 Johnson Controls Inc Tyco International PLC - $28,667.3

4/28/2016 St Jude Medical Inc Abbott Laboratories - $30,108.2

Amount (Bln.) % of Total

% YoY Change

Top Adviser1/11/2016 Baxalta Inc Shire PLC - $35,563.4

9/6/2016 Spectra Energy Corp Enbridge Inc - $42,818.3

Glob

al M

&A

Revi

ew |

1st

3Q

2016

5/18/2016 Monsanto Co Bayer AG - $65,695.7

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

Americas M&A: Highlights of 1st 3Q2016

Summary Target Acquirer Seller Industry

Americas M&A: Industry Breakdown

0

1000

2000

3000

4000

5000

6000

$0$100$200$300$400$500$600$700$800

2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3


• The Americas continued to be the most targeted region for M&A activity, accounting for 52.6% of theglobal deal volume in the first 3Q2106. Despite a relatively stagnant summer of deal making, volume forthe third quarter reached $438.9 billion.

• Cross border transactions represented 46.9% of the region’s total volume in the first 3Q2016. Foreignconsumer, non-cyclical and technology companies were the most targeted by acquirers based in theAmericas, contributing 20.7% and 20.5% to the total deal count, respectively.

• Companies based in the Americas received the most venture capital financing in the first 3Q2016, with$42.2 billion in total funding. Airbnb Inc’s $850 million Series F round of financing was the largestventure capital deal announced this quarter.

• Goldman Sachs & Co was the top adviser for the first 3Q2016 with $410.5 billion in volume for theregion.

5

US Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 US Announced Deals (Target or Seller) 01/01/2016 - 09/30/2016

Goldman Sachs & Co 1 33.8 445,302 145 2 25.8 8.1 Goldman Sachs & Co 1 35.3 419,622 120 3 26.6 8.8Morgan Stanley 2 27.2 358,665 116 3 25.6 1.6 Morgan Stanley 2 29.2 346,451 104 2 27.9 1.3JPMorgan Chase & Co 3 22.6 297,346 149 1 29.3 -6.7 JPMorgan Chase & Co 3 23.6 280,835 135 1 29.8 -6.1Bank of America Merrill Lynch 4 21.2 278,816 95 4 23.8 -2.7 Bank of America Merrill Lynch 4 23.2 275,544 83 4 25.0 -1.8Barclays PLC 5 20.3 267,772 102 8 14.6 5.8 Barclays PLC 5 22.4 266,269 96 8 15.0 7.5Credit Suisse Group AG 6 19.8 260,895 90 5 23.8 -4.0 Credit Suisse Group AG 6 20.0 237,505 79 5 24.6 -4.6Citigroup Inc 7 17.5 230,887 86 6 22.1 -4.6 Citigroup Inc 7 18.6 221,121 75 6 24.5 -5.8Evercore Partners Inc 8 13.2 173,665 103 15 5.7 7.5 Evercore Partners Inc 8 14.1 167,019 92 15 6.1 7.9Lazard Ltd 9 11.4 149,843 82 9 12.3 -0.9 Deutsche Bank AG 9 12.1 143,615 58 12 7.5 4.6Deutsche Bank AG 10 11.2 148,103 63 11 8.4 2.9 Lazard Ltd 10 12.1 143,407 68 9 12.1 0.0RBC Capital Markets 11 9.3 122,373 79 19 3.1 6.2 RBC Capital Markets 11 10.0 118,552 71 18 3.4 6.5Rothschild & Co 12 8.9 116,549 62 17 4.7 4.2 Rothschild & Co 12 8.4 99,978 42 22 2.2 6.2Centerview Partners LLC 13 6.5 85,950 28 7 15.4 -8.9 Guggenheim Capital LLC 13 6.5 77,649 14 10 11.5 -4.9UBS AG 14 6.0 78,848 52 12 7.3 -1.3 Centerview Partners LLC 14 6.4 75,976 27 7 17.1 -10.7Guggenheim Capital LLC 15 5.9 77,930 16 10 10.2 -4.3 Wells Fargo & Co 15 6.3 75,306 52 20 2.9 3.5Wells Fargo & Co 16 5.7 75,494 54 21 2.8 3.0 UBS AG 16 5.6 66,993 49 11 7.6 -1.9Ducera Partners LLC 17 5.0 65,696 2 - - 5.0 Ducera Partners LLC 17 5.5 65,696 2 - - 5.5BMO Capital Markets Corp/Toronto 18 4.5 59,341 28 25 1.6 2.9 BMO Capital Markets Corp/Toronto 18 4.9 58,248 23 26 1.7 3.2Qatalyst Partners LLC 19 3.8 50,064 7 34 0.7 3.1 Qatalyst Partners LLC 19 4.2 50,064 7 32 0.8 3.4Jefferies LLC 20 3.3 44,004 89 20 2.9 0.4 Jefferies LLC 20 3.6 43,041 86 19 3.1 0.5

TOTAL 1,317,114 13,102 TOTAL 1,187,805 10,805

Canada Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Canada Announced Deals (Target or Seller) 01/01/2016 - 09/30/2016

Morgan Stanley 1 41.1 104,463 18 7 13.9 27.2 RBC Capital Markets 1 39.7 35,854 30 2 15.7 24.0Goldman Sachs & Co 2 38.1 96,724 20 6 14.8 23.3 CIBC 2 36.4 32,925 20 4 13.3 23.1JPMorgan Chase & Co 3 36.6 92,935 21 1 35.1 1.6 Barclays PLC 3 32.5 29,394 6 21 2.7 29.9Barclays PLC 4 35.4 89,845 16 3 18.2 17.2 Morgan Stanley 4 21.4 19,324 4 26 2.0 19.4RBC Capital Markets 5 33.7 85,537 38 8 12.8 20.9 Bank of America Merrill Lynch 5 21.3 19,286 5 10 5.7 15.7Credit Suisse Group AG 6 29.3 74,291 17 9 12.5 16.7 BMO Capital Markets Corp/Toronto 6 11.7 10,533 16 1 23.4 -11.8BMO Capital Markets Corp/Toronto 7 24.6 62,365 23 4 15.8 8.8 TD Securities Inc 7 10.8 9,727 19 3 14.0 -3.2Citigroup Inc 8 20.2 51,377 8 5 15.5 4.7 Goldman Sachs & Co 8 8.2 7,413 5 5 9.8 -1.6Bank of America Merrill Lynch 9 15.5 39,424 15 2 18.5 -2.9 Bank of Nova Scotia/The 9 7.7 6,932 16 9 5.7 2.0CIBC 10 14.8 37,550 22 14 8.9 5.9 JPMorgan Chase & Co 10 7.5 6,785 6 11 5.5 2.0Lazard Ltd 11 10.2 26,013 12 42 0.6 9.6 National Bank Financial Inc 11 7.4 6,674 23 15 4.4 3.0Wells Fargo & Co 12 9.8 24,904 7 131 - 9.8 Credit Suisse Group AG 12 5.1 4,614 3 19 2.9 2.2Gresham Partners Ltd 13 7.7 19,594 4 36 1.0 6.7 Deutsche Bank AG 13 3.6 3,250 4 22 2.3 1.3Bank of Nova Scotia/The 14 7.4 18,857 19 15 8.0 -0.5 GMP Securities LP 14 2.8 2,487 11 8 5.8 -3.1Macquarie Group Ltd 15 5.4 13,660 14 16 7.1 -1.7 Citigroup Inc 15 2.5 2,256 2 18 2.9 -0.5UBS AG 16 5.3 13,500 10 34 1.2 4.1 Peters & Co Ltd 16 2.1 1,855 5 35 1.0 1.1National Bank Financial Inc 17 4.9 12,378 26 31 1.5 3.4 Blair Franklin Capital Partners Inc 17 2.0 1,823 1 42 0.8 1.3Grant Samuel Securities Pty Ltd 18 4.8 12,270 3 - - 4.8 Jefferies LLC 18 1.5 1,352 7 7 5.9 -4.4TD Securities Inc 19 4.7 11,953 23 18 4.5 0.2 Platinum Securities Co Ltd 19 1.5 1,340 1 - - 1.5Stifel Financial Corp 20 3.3 8,293 5 88 0.1 3.2 HSBC Bank PLC 19 1.5 1,340 2 23 2.2 -0.8

TOTAL 253,915 2,240 TOTAL 90,388 1,573

FIRM


2016 2015MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)DEAL

COUNT RANKMKT SHR

(%)FIRM


2016 2015VOLUME USD

(Mln)MKT SHR CHANGE

1,659,245 1,476,218

194,045 63,059

6

Latin America Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Brazil Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Banco Santander SA 1 24.7 17,733 19 4 16.7 8.0 Banco Bradesco BBI SA 1 38.8 10,895 15 2 32.2 6.6Banco Itau BBA SA 2 20.7 14,871 31 8 12.7 8.0 Banco Santander SA 2 36.6 10,275 12 9 21.2 15.4Banco Bradesco BBI SA 3 15.2 10,895 15 6 15.5 -0.3 Banco Itau BBA SA 3 25.9 7,270 25 6 24.2 1.7JPMorgan Chase & Co 4 13.6 9,787 9 5 16.1 -2.5 Banco BTG Pactual SA 4 19.6 5,502 12 4 25.5 -5.9Morgan Stanley 5 12.1 8,693 8 13 7.5 4.7 JPMorgan Chase & Co 5 19.2 5,398 2 5 25.0 -5.8Banco BTG Pactual SA 6 10.5 7,562 16 7 13.4 -2.9 Goldman Sachs & Co 6 11.5 3,229 4 3 29.0 -17.5Citigroup Inc 7 8.7 6,248 11 15 6.3 2.4 Bank of America Merrill Lynch 7 10.9 3,065 3 12 12.5 -1.5IMAP Inc Sucursal Espana 8 8.5 6,081 4 - - 8.5 Citigroup Inc 8 10.7 3,006 5 14 4.2 6.5Goldman Sachs & Co 9 6.2 4,481 8 3 19.3 -13.1 Morgan Stanley 9 7.8 2,197 5 21 1.4 6.4Banco Bilbao Vizcaya Argentaria SA 10 5.8 4,170 9 11 8.8 -3.0 BNP Paribas SA 10 6.7 1,878 2 20 2.3 4.4Credit Suisse Group AG 11 5.8 4,157 6 9 12.5 -6.7 Industrial Securities Co Ltd 11 5.3 1,500 1 - - 5.3Bank of America Merrill Lynch 12 5.2 3,738 4 12 8.7 -3.5 HSBC Bank PLC 11 5.3 1,500 1 10 19.8 -14.5BNP Paribas SA 13 4.1 2,915 6 18 2.0 2.1 Barclays PLC 11 5.3 1,500 1 22 1.0 4.3Lazard Ltd 14 3.9 2,789 7 23 1.7 2.2 Deutsche Bank AG 11 5.3 1,500 1 8 21.3 -16.0HSBC Bank PLC 15 3.1 2,215 6 10 11.5 -8.4 Ping An Insurance Group Co of China Ltd 11 5.3 1,500 1 - - 5.3Jefferies LLC 16 2.9 2,055 3 48 0.1 2.7 Trust & Co Investimentos 16 3.9 1,086 2 - - 3.9Deutsche Bank AG 17 2.1 1,500 4 2 19.9 -17.8 Evercore Partners Inc 17 3.6 1,017 1 - - 3.6Industrial Securities Co Ltd 17 2.1 1,500 1 - - 2.1 BR Partners 18 3.4 943 5 13 5.0 -1.7Barclays PLC 17 2.1 1,500 1 22 1.8 0.3 Banco Safra SA 19 2.3 633 1 - - 2.3Ping An Insurance Group Co of China Ltd 17 2.1 1,500 1 - - 2.1 Olimpia Partners 20 1.4 400 2 39 - 1.4

TOTAL 71,879 618 TOTAL 28,100 316

Latin America Announced Deals (Target or Seller) 01/01/2016 - 09/30/2016 Brazil Announced Deals (Target or Seller) 01/01/2016 - 09/30/2016

Banco Itau BBA SA 1 25.2 14,871 31 8 14.1 11.1 Banco Bradesco BBI SA 1 39.8 10,895 15 2 35.0 4.8Banco Bradesco BBI SA 2 18.4 10,895 15 6 17.2 1.2 Banco Santander SA 2 37.6 10,275 12 8 23.0 14.5Banco Santander SA 3 17.7 10,479 16 4 18.6 -0.9 Banco Itau BBA SA 3 26.6 7,270 25 6 25.3 1.3JPMorgan Chase & Co 4 15.5 9,127 8 5 18.0 -2.5 Banco BTG Pactual SA 4 20.1 5,502 12 5 26.7 -6.6Morgan Stanley 5 14.7 8,693 8 12 8.3 6.4 JPMorgan Chase & Co 5 19.7 5,398 2 4 27.2 -7.5Banco BTG Pactual SA 6 12.8 7,562 16 7 15.0 -2.2 Goldman Sachs & Co 6 11.8 3,229 4 3 31.5 -19.7IMAP Inc Sucursal Espana 7 10.3 6,081 4 - - 10.3 Bank of America Merrill Lynch 7 11.2 3,065 3 12 7.1 4.1Citigroup Inc 8 9.5 5,588 10 16 4.2 5.3 Citigroup Inc 8 11.0 3,006 5 14 4.6 6.4Goldman Sachs & Co 9 7.6 4,481 7 2 21.4 -13.8 Morgan Stanley 9 8.0 2,197 5 21 1.6 6.5Banco Bilbao Vizcaya Argentaria SA 10 7.1 4,170 9 11 9.8 -2.7 BNP Paribas SA 10 6.9 1,878 2 20 2.5 4.4Credit Suisse Group AG 11 7.0 4,157 5 9 13.9 -6.8 Industrial Securities Co Ltd 11 5.5 1,500 1 - - 5.5Bank of America Merrill Lynch 12 5.2 3,065 3 14 4.8 0.4 HSBC Bank PLC 11 5.5 1,500 1 9 21.6 -16.1BNP Paribas SA 13 4.9 2,915 6 18 2.2 2.7 Barclays PLC 11 5.5 1,500 1 22 1.1 4.4HSBC Bank PLC 14 3.8 2,215 5 10 12.8 -9.0 Deutsche Bank AG 11 5.5 1,500 1 10 17.1 -11.7Lazard Ltd 15 3.8 2,214 6 21 1.9 1.9 Ping An Insurance Group Co of China Ltd 11 5.5 1,500 1 - - 5.5Jefferies LLC 16 3.5 2,055 2 45 0.1 3.4 Trust & Co Investimentos 16 4.0 1,086 2 - - 4.0Deutsche Bank AG 17 2.5 1,500 3 3 18.8 -16.3 Evercore Partners Inc 17 3.7 1,017 1 - - 3.7Industrial Securities Co Ltd 17 2.5 1,500 1 - - 2.5 BR Partners 18 3.4 943 5 13 5.5 -2.0Barclays PLC 17 2.5 1,500 1 20 2.0 0.6 Banco Safra SA 19 2.3 633 1 - - 2.3Ping An Insurance Group Co of China Ltd 17 2.5 1,500 1 - - 2.5 Olimpia Partners 20 1.5 400 2 39 - 1.5

TOTAL 59,087 559 TOTAL 27,363 289

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

54,425 26,148

48,868 24,055

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

7

Country

United Kingdom $128.0 25.6% -44.7%

Switzerland $60.5 12.1% 212.9%

France $50.4 10.1% 1.8%

Germany $41.6 8.3% -30.7%

Spain $32.9 6.6% -1.6%

Italy $29.5 5.9% -24.8%

Netherlands $19.3 3.9% -25.7%

Finland $13.1 2.6% 56.4%

DateTotal Value

(Mln.)Amount


Change

Number of deals 7,743 Financial $133.6 26.6% -1.9%

Volume (Bln.) $500.8 Consumer Non-cyclical $68.7 13.7% -21.3%

Avg Deal Size (Mln.) $64.7 Technology $62.2 12.4% 192.8%

Industrial $60.6 12.0% -26.8%


Goldman Sachs & Co Consumer Cyclical $52.8 10.5% -11.5%


Volume (Bln.) $151.4 Energy $22.7 4.5% -78.7%

Avg Deal Size (Bln.) $2.9 Utilities $13.4 2.7% -11.4%

Diversified $6.5 1.3% 0.6%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $304.6 -1.5% -18.6%

Cross Border $352.6 -0.3% -27.6%

Private Equity $125.1 -1.1% -20.3%

Asset Sale $91.7 -6.4% -13.9%

Tender Offer $110.7 15.0% 72.6%

Venture Capital $10.1 9.8% -17.7%

Spin-off $11.6 141.7% 306.0%

Minority Purchase $50.3 3.3% 8.1%

$33.8 -1.0% -28.6%

EMEA M&A: Industry Breakdown

Amount (Bln.) % of Total

% YoY Change

National Bank of Abu Dhabi PJSC

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

Deal Type

2/10/2016 Meda AB Mylan NV - $9,974.8

$46,311.7

- $13,441.9

Top Adviser2/23/2016 London Stock Exchange Group PLC Deutsche Boerse AG - $13,809.8

7/18/2016 ARM Holdings PLC SoftBank Group Corp - $30,124.6

7/3/2016 First Gulf Bank PJSC


Glob

al M

&A

Revi

ew |

1st

3Q

2016

Majority Purchase

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

EMEA M&A Highlights of 1st 3Q2016

Summary Target Acquirer Seller Industry

2/3/2016 Syngenta AGChina National Chemical

Corp-

0

1000

2000

3000

4000

$0

$100

$200

$300

$400

$500

2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3


• Deal activity for EMEA-based targets reached $500.8 billion in the first 3Q2016, a 18.1% decrease from the same period last year. The United Kingdom continued to be the most targeted country in the region despite a 44.7% decrease in deal volume.

• Transactions involving EMEA-based targets exceeding $1.0 billion in value decreased 24.2% by dealcount to 81 deals in the first 3Q2016. Financial companies were the most sought-after, accounting for23.5% of the region’s total mega-deal volume.

• The region’s private equity activity decreased 14.2% from the same period last year, reaching $207.6billion in transactions in the first 3Q2016. The $4.4 billion consortium bid for Playtika Ltd from CaesarsInteractive Entertainment Inc was the region’s largest private equity buyout for the period.

8

Europe Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Europe Announced Deals (Target or Seller) 01/01/2016 - 09/30/2016

Goldman Sachs & Co 1 32.5 238,667 79 2 31.4 1.1 Goldman Sachs & Co 1 29.3 163,929 64 1 34.2 -4.9Morgan Stanley 2 26.2 192,448 69 3 29.3 -3.2 UBS AG 2 21.1 118,269 43 13 5.7 15.5Credit Suisse Group AG 3 22.9 168,501 55 8 14.5 8.4 Credit Suisse Group AG 3 18.8 105,303 46 9 11.0 7.9Rothschild & Co 4 20.6 151,383 188 5 25.1 -4.5 JPMorgan Chase & Co 4 18.0 100,947 61 2 31.3 -13.2Lazard Ltd 5 19.3 141,777 93 6 25.0 -5.7 Lazard Ltd 5 15.8 88,318 83 6 25.9 -10.2Bank of America Merrill Lynch 6 18.9 138,621 59 4 28.1 -9.3 HSBC Bank PLC 6 14.1 78,717 28 12 6.3 7.7JPMorgan Chase & Co 7 16.2 119,351 74 1 31.4 -15.1 Rothschild & Co 7 12.5 70,086 177 3 28.5 -16.0UBS AG 8 14.7 108,089 46 14 5.4 9.3 Deutsche Bank AG 8 12.0 67,241 46 7 15.5 -3.5Deutsche Bank AG 9 14.5 106,805 46 7 14.9 -0.4 Morgan Stanley 9 11.9 66,631 61 5 27.6 -15.7Barclays PLC 10 12.7 93,333 66 11 10.0 2.7 Bank of America Merrill Lynch 10 10.5 58,925 49 4 27.7 -17.2Citigroup Inc 11 12.2 89,354 62 9 12.9 -0.7 Raine Group LLC 11 8.4 47,125 4 273 - 8.4HSBC Bank PLC 12 10.7 78,717 29 13 5.5 5.2 China Construction Bank Corp 12 8.3 46,312 1 - - 8.3Ducera Partners LLC 13 8.9 65,696 1 - - 8.9 China CITIC Bank Corp Ltd 12 8.3 46,312 1 - - 8.3Evercore Partners Inc 14 6.7 48,920 35 19 2.6 4.1 China International Capital Corp Ltd 12 8.3 46,312 2 213 - 8.3China CITIC Bank Corp Ltd 15 6.3 46,312 1 - - 6.3 Robey Warshaw LLP 15 8.1 45,048 3 8 12.1 -4.1China International Capital Corp Ltd 15 6.3 46,312 2 110 0.1 6.2 Citigroup Inc 16 7.5 41,914 52 10 10.6 -3.1China Construction Bank Corp 15 6.3 46,312 1 - - 6.3 Barclays PLC 17 7.3 40,565 51 11 8.9 -1.7Robey Warshaw LLP 18 6.1 45,048 3 10 10.5 -4.4 Mizuho Financial Group Inc 18 6.9 38,725 5 34 0.9 6.0Raine Group LLC 19 5.3 38,725 2 287 - 5.3 Societe Generale SA 19 5.8 32,227 25 15 4.8 0.9Mizuho Financial Group Inc 19 5.3 38,725 9 38 0.8 4.5 BNP Paribas SA 20 4.7 26,068 69 14 5.5 -0.8

TOTAL 735,221 9,081 TOTAL 559,589 8,145

UK Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Germany Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Goldman Sachs & Co 1 42.5 92,512 29 1 43.0 -0.6 Bank of America Merrill Lynch 1 53.6 93,636 14 9 10.3 43.4Lazard Ltd 2 28.2 61,373 32 6 27.0 1.2 Morgan Stanley 2 51.4 89,785 11 7 15.6 35.8UBS AG 3 23.5 51,152 16 14 5.8 17.6 Credit Suisse Group AG 3 45.6 79,528 11 3 21.3 24.2Robey Warshaw LLP 4 20.7 45,048 3 7 22.1 -1.5 Rothschild & Co 4 42.9 74,929 36 2 21.5 21.4JPMorgan Chase & Co 5 18.3 39,814 29 2 42.6 -24.3 Ducera Partners LLC 5 37.6 65,696 1 - - 37.6Barclays PLC 6 16.9 36,904 28 8 16.7 0.2 Deutsche Bank AG 6 20.4 35,562 17 1 24.9 -4.5Deutsche Bank AG 7 16.8 36,597 20 9 10.4 6.4 Goldman Sachs & Co 7 18.9 32,973 13 10 8.0 10.9Bank of America Merrill Lynch 8 15.8 34,318 23 4 38.6 -22.8 JPMorgan Chase & Co 8 17.5 30,625 15 6 16.8 0.8Mizuho Financial Group Inc 9 13.8 30,125 2 35 1.0 12.9 Lazard Ltd 9 13.9 24,226 15 4 17.5 -3.6Raine Group LLC 9 13.8 30,125 1 - - 13.8 Barclays PLC 10 11.2 19,488 10 23 1.1 10.0RBC Capital Markets 11 12.1 26,414 18 22 3.6 8.6 HSBC Bank PLC 11 10.8 18,801 7 21 1.3 9.5Citigroup Inc 12 11.0 23,980 25 10 7.2 3.8 Perella Weinberg Partners LP 12 10.6 18,483 3 14 2.5 8.1HSBC Bank PLC 13 10.7 23,322 12 17 4.8 5.9 Societe Generale SA 13 9.8 17,020 3 71 - 9.8Morgan Stanley 14 9.8 21,290 22 5 31.3 -21.5 UBS AG 14 9.6 16,669 4 34 0.6 9.0Rothschild & Co 15 9.2 20,081 65 3 38.7 -29.5 RBC Capital Markets 15 8.0 13,930 3 46 0.1 7.9Perella Weinberg Partners LP 16 6.6 14,310 3 83 0.1 6.5 Robey Warshaw LLP 16 7.9 13,810 1 - - 7.9Societe Generale SA 17 6.3 13,810 1 126 0.0 6.3 Citigroup Inc 17 5.7 10,011 14 8 11.7 -5.9Greenhill & Co Inc 18 3.9 8,438 9 20 3.8 0.1 BNP Paribas SA 18 5.0 8,741 7 43 0.2 4.8Ernst & Young 19 3.3 7,235 22 23 2.5 0.8 Joh Berenberg Gossler & Co KG 19 2.8 4,913 4 18 1.8 1.0Credit Suisse Group AG 20 3.1 6,811 16 11 6.7 -3.6 CITIC Securities Co Ltd 20 2.5 4,375 2 - - 2.5

TOTAL 217,903 3,554 TOTAL 174,610 1,453

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

762,046 658,688

360,690 106,886

9

France Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Italy Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Rothschild & Co 1 38.2 45,791 90 9 25.6 12.7 Lazard Ltd 1 22.9 8,890 11 6 28.7 -5.8Goldman Sachs & Co 2 33.0 39,519 21 7 26.1 6.9 Morgan Stanley 2 19.7 7,657 8 2 39.5 -19.8Morgan Stanley 3 32.8 39,284 14 6 26.3 6.5 Deutsche Bank AG 3 18.4 7,160 5 13 16.1 2.3Lazard Ltd 4 19.0 22,788 34 10 19.3 -0.2 Citigroup Inc 4 15.6 6,064 4 11 16.9 -1.3Credit Agricole Corporate & Investment Bank SA 5 18.2 21,848 24 12 16.0 2.3 Bank of America Merrill Lynch 5 14.6 5,689 5 1 47.3 -32.7Credit Suisse Group AG 6 15.0 17,997 7 5 26.7 -11.7 Credit Suisse Group AG 6 14.2 5,529 2 12 16.5 -2.3Bank of America Merrill Lynch 7 14.7 17,567 10 4 29.3 -14.6 Intesa Sanpaolo SpA 7 11.5 4,451 14 21 2.7 8.8BNP Paribas SA 8 13.7 16,396 48 1 35.4 -21.7 JPMorgan Chase & Co 8 11.3 4,388 9 3 38.1 -26.8Societe Generale SA 9 11.5 13,716 23 3 29.9 -18.5 Borghesi Colombo e Associati 9 11.1 4,332 1 - - 11.1Mizuho Financial Group Inc 10 7.2 8,600 5 74 - 7.2 Mediobanca SpA 9 11.1 4,332 4 25 1.2 9.9Raine Group LLC 10 7.2 8,600 1 - - 7.2 Rothschild & Co 11 11.0 4,287 22 10 17.4 -6.4JPMorgan Chase & Co 12 7.0 8,396 14 2 32.4 -25.4 PricewaterhouseCoopers LLP 12 6.5 2,527 8 30 0.4 6.2Deutsche Bank AG 13 6.3 7,508 5 11 17.1 -10.8 UBS AG 13 6.1 2,363 4 16 9.5 -3.4HSBC Bank PLC 14 4.8 5,776 9 16 10.1 -5.3 BNP Paribas SA 14 5.1 1,996 11 7 25.6 -20.5Evercore Partners Inc 15 4.3 5,185 4 28 0.6 3.8 Jefferies LLC 15 4.7 1,820 4 27 1.1 3.6Natixis SA 16 4.1 4,947 7 55 0.1 4.0 Barclays PLC 16 4.7 1,814 6 5 30.2 -25.5RBC Capital Markets 17 3.0 3,530 8 53 0.1 2.8 Nomura Holdings Inc 17 3.9 1,517 3 20 3.1 0.8Maybank 18 2.9 3,439 1 - - 2.9 JC Flowers & Co LLC 18 3.0 1,171 1 26 1.2 1.8Citigroup Inc 19 2.6 3,063 6 8 25.7 -23.1 Goldman Sachs & Co 19 2.9 1,116 3 4 37.2 -34.3Barclays PLC 20 2.2 2,658 12 15 10.6 -8.4 Banco Bilbao Vizcaya Argentaria SA 20 2.4 918 2 - - 2.4

TOTAL 119,813 1,268 TOTAL 38,870 556

Benelux Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Iberia Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Credit Suisse Group AG 1 13.2 7,833 9 9 12.2 1.0 Banco Santander SA 1 28.4 12,931 14 14 2.9 25.4Lazard Ltd 2 11.6 6,925 16 5 48.2 -36.6 Goldman Sachs & Co 2 20.1 9,167 5 8 15.3 4.8Rothschild & Co 3 10.9 6,488 24 6 40.2 -29.3 BNP Paribas SA 3 18.0 8,216 8 17 2.7 15.3Goldman Sachs & Co 4 8.6 5,139 7 3 53.3 -44.7 Bank of America Merrill Lynch 4 13.4 6,099 4 11 9.6 3.7BNP Paribas SA 5 7.7 4,570 19 8 12.4 -4.7 Deutsche Bank AG 5 13.1 5,989 3 3 26.3 -13.1JPMorgan Chase & Co 6 7.3 4,340 5 1 63.0 -55.8 Citigroup Inc 6 13.0 5,923 8 7 17.6 -4.6Deutsche Bank AG 7 7.0 4,172 4 13 7.3 -0.3 Morgan Stanley 7 10.7 4,855 5 6 19.9 -9.2UBS AG 8 6.6 3,898 6 33 0.4 6.2 Banco Bilbao Vizcaya Argentaria SA 8 10.3 4,688 18 25 1.3 9.0Barclays PLC 9 6.3 3,746 3 11 10.2 -3.9 Credit Agricole Corporate & Investment Bank SA 9 3.9 1,774 3 - - 3.9Morgan Stanley 10 5.8 3,419 7 2 55.8 -50.1 KPMG Corporate Finance LLC 10 3.8 1,750 31 9 11.9 -8.1Perella Weinberg Partners LP 11 4.2 2,502 1 82 - 4.2 Societe Generale SA 11 3.5 1,574 1 24 1.4 2.0Evercore Partners Inc 12 4.1 2,462 8 15 1.9 2.3 PricewaterhouseCoopers LLP 12 3.4 1,541 30 13 3.3 0.1Jefferies LLC 13 3.6 2,158 2 17 1.2 2.4 JPMorgan Chase & Co 13 3.2 1,466 3 21 1.9 1.3Citigroup Inc 14 3.3 1,956 10 22 0.8 2.5 Credit Suisse Group AG 14 1.8 796 4 5 21.1 -19.3Cooperatieve Rabobank UA 15 3.1 1,818 25 32 0.5 2.6 Caixa Banco de Investimento SA 15 1.5 668 3 16 2.8 -1.3Bank of America Merrill Lynch 16 2.4 1,444 4 4 52.8 -50.3 Deloitte Touche Tohmatsu ILA Group Ltd 16 0.8 376 3 36 0.2 0.7Bridge Street Securities LLC 17 2.3 1,375 1 - - 2.3 Barclays PLC 17 0.7 339 3 19 2.5 -1.8Ernst & Young 18 1.9 1,157 10 25 0.7 1.2 Banco de Chile 18 0.7 337 1 - - 0.7LionTree Advisors LLC 19 1.9 1,114 1 16 1.4 0.5 Banco Itau BBA SA 19 0.7 318 2 - - 0.7Robey Warshaw LLP 19 1.9 1,114 1 7 37.6 -35.7 ING Groep NV 20 0.7 295 3 - - 0.7

TOTAL 59,484 1,066 TOTAL 45,590 570

RANKMKT SHR

(%)

FIRM

2016 2015

RANK

FIRM RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)


2016VOLUME USD

(Mln)DEAL

COUNT

97,928 75,619

211,057 54,587

MKT SHR CHANGE

2015MKT SHR CHANGE

10

Nordic Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Eastern Europe Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Bank of America Merrill Lynch 1 21.4 16,533 10 6 19.0 2.4 Goldman Sachs & Co 1 14.9 4,399 5 23 0.3 14.6Morgan Stanley 2 17.6 13,562 10 5 25.5 -7.9 China Renaissance Partners 2 11.2 3,300 1 26 0.2 11.0Rothschild & Co 3 16.5 12,702 13 12 7.1 9.4 Deutsche Bank AG 3 6.4 1,876 4 14 2.5 3.9Svenska Handelsbanken AB 4 16.3 12,554 13 33 0.5 15.8 UBS AG 4 5.4 1,602 4 19 0.9 4.5Skandinaviska Enskilda Banken AB 5 15.6 12,020 20 11 7.2 8.4 Citigroup Inc 5 4.4 1,293 6 5 10.5 -6.2Centerview Partners LLC 6 12.9 9,975 1 - - 12.9 Bank of America Merrill Lynch 6 3.7 1,083 4 10 3.7 -0.1Goldman Sachs & Co 7 12.9 9,928 13 4 29.6 -16.7 Morgan Stanley 7 3.5 1,017 3 6 7.8 -4.3Mizuho Financial Group Inc 8 11.2 8,600 1 63 - 11.2 VTB Capital JSC 8 3.1 925 9 2 17.4 -14.2Raine Group LLC 8 11.2 8,600 1 63 - 11.2 KPMG Corporate Finance LLC 9 2.7 807 11 28 0.1 2.6Nordea Bank AB 10 7.2 5,545 14 18 1.9 5.3 Standard Chartered Bank 10 2.3 689 1 - - 2.3JPMorgan Chase & Co 11 6.8 5,230 11 3 30.4 -23.6 JPMorgan Chase & Co 11 2.3 680 5 1 20.1 -17.8Lazard Ltd 12 6.6 5,105 8 15 4.6 2.0 UniCredit SpA 12 1.1 309 11 11 3.6 -2.5Jefferies LLC 13 6.1 4,722 9 40 0.2 6.0 PricewaterhouseCoopers LLP 13 1.0 297 9 30 0.1 0.9Citigroup Inc 14 5.7 4,393 7 2 30.9 -25.2 Jamieson Corporate Finance LLP 14 0.9 270 1 - - 0.9Credit Suisse Group AG 15 5.5 4,217 6 7 18.9 -13.4 Ernst & Young 15 0.8 241 9 12 3.5 -2.7Barclays PLC 16 4.9 3,760 9 34 0.5 4.4 Rothschild & Co 16 0.6 188 11 15 1.8 -1.2Deutsche Bank AG 17 3.8 2,953 5 1 31.2 -27.4 Barclays PLC 17 0.5 158 1 9 4.4 -3.8Carnegie Fondkommission AB 18 3.6 2,784 16 47 0.1 3.5 Societe Generale SA 18 0.5 137 2 7 6.3 -5.8Moelis & Co 19 3.5 2,734 5 26 0.7 2.8 Bank of Nova Scotia/The 19 0.4 125 2 - - 0.4Arctic Securities AS 20 2.7 2,084 4 37 0.2 2.5 Grant Thornton International Ltd 20 0.3 98 1 - - 0.3

TOTAL 77,127 1,334 TOTAL 29,461 739

Africa/ME Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Credit Suisse Group AG 1 21.5 19,561 6 15 2.4 19.1UBS AG 2 18.1 16,483 8 26 1.0 17.2Goldman Sachs & Co 3 14.9 13,563 7 4 11.2 3.7JPMorgan Chase & Co 4 14.4 13,147 10 1 48.9 -34.4Raine Group LLC 5 9.2 8,400 2 - - 9.2Rothschild & Co 6 7.1 6,475 11 9 4.8 2.3Barclays PLC 7 5.2 4,769 6 2 42.0 -36.8Ernst & Young 8 4.8 4,412 9 13 2.7 2.1Centerview Partners LLC 9 4.8 4,400 1 20 1.7 3.2CODE Advisors LLC 9 4.8 4,400 1 - - 4.8Deutsche Bank AG 11 4.6 4,143 4 21 1.3 3.3KKR & Co LP 12 4.4 4,000 1 - - 4.4Guotai Junan Securities Co Ltd 13 4.1 3,713 2 - - 4.1Jefferies LLC 14 3.8 3,470 9 16 2.4 1.4Grant Samuel Securities Pty Ltd 15 3.1 2,865 3 - - 3.1Gresham Partners Ltd 15 3.1 2,865 2 - - 3.1Citigroup Inc 17 2.8 2,553 7 8 5.1 -2.3CBRE Capital Advisors Inc 18 2.8 2,507 1 - - 2.8JLL Partners Inc 18 2.8 2,507 1 68 0.1 2.7Macquarie Group Ltd 20 2.0 1,777 2 36 0.2 1.7

TOTAL 91,092 1,084

FIRMDEAL

COUNT RANKMKT SHR

(%)

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNTRANK

MKT SHR CHANGE


MKT SHR (%)

VOLUME USD (Mln)

RANKMKT SHR

(%)FIRM


2016 2015

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT

59,916 47,042

109,015

11

DateTotal Value

(Mln.)

Number of deals 8,549

Volume (Bln.) $642.0

Avg Deal Size (Mln.) $75.1

46$72.1

Morgan Stanley

Number of deals

Volume (Bln.)

Avg Deal Size (Bln.) $1.6

Deal TypeAmount

(Bln.)% Change

Deal Count% YoY

Change

Company Takeover $326.5 -0.5% -10.3%

Cross Border $196.9 1.9% -9.8%

Private Equity $108.2 -0.5% 8.4%

Asset Sale $80.0 3.5% 9.0%

Tender Offer $30.9 2.5% 83.8%

Venture Capital $41.3 -3.0% 38.8%

Spin-off $14.2 2.0% -44.8%

Minority Purchase $131.4 10.0% 13.2%

Majority Purchase $89.3 0.3% -4.7%

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

Japan M&A: Quarterly Volume

8/11/2016 Aditya Birla Nuvo Ltd Grasim Industries Ltd - $7,929.8

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

3/15/2016 Asciano Ltd Multiple Acquirers - $9,405.8

$9,868.1Top Adviser

5/24/2016 RHB Bank Bhd (Shareholders) -

9/22/2016Wuhan Iron & Steel Co

LtdBaoshan Iron & Steel Co

Ltd- $10,432.9

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

1st

3Q

2016APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1st 3Q2016

Summary Target Acquirer Seller

9/5/2016 CNPC Capital Co LtdJinan Diesel Engine Co

LtdChina National Petroleum

Corp$14,480.3

27%

17%

13%11%

10%

8%

6%3% 3%

2%

APAC Industry Breakdown Financial

Industrial

Consumer Cyclical

Consumer Non-cyclical

Communications

Basic Materials

Technology

Energy

Diversified

Utilities

0

2000

4000

6000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60


0

500

1000

1500

2000

$0

$100

$200

$300


0

500

1000

$0

$50

$100


• M&A activity targeting the APAC region for the first 3Q2016 decreased 6.6% to $641.9 billion comparedto the same period last year. The decline was largely attributable to a 5.4% decrease in Greater China’sinbound activity to $351.7 billion.

• Cross border deals drove the momentum for deal activity in the APAC region, accounting for 49.7% ofthe total volume in the first 3Q2016. Outbound activity in the Greater China region hit a new high of$203.0 billion, representing a 142.8% increase from the same period last year.

• Softbank Group Corp’s announced acquisition of ARM Holdings PLC was both the largest acquisitioninvolving an APAC country in 3Q2016 and the largest cross border takeover of a European company by aJapanese company to date.

12

APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2016 - 09/30/2016

China International Capital Corp Ltd 1 15.0 119,322 28 19 3.5 11.6 China International Capital Corp Ltd 1 10.2 61,277 25 16 4.2 6.0Goldman Sachs & Co 2 14.1 112,409 63 1 16.3 -2.1 Goldman Sachs & Co 2 8.1 48,835 48 1 16.0 -7.9JPMorgan Chase & Co 3 13.1 104,045 42 2 13.2 -0.1 CITIC Securities Co Ltd 3 8.0 48,142 24 8 7.7 0.3Credit Suisse Group AG 4 12.7 100,646 47 5 12.7 - Morgan Stanley 4 7.9 47,194 33 5 10.1 -2.2Morgan Stanley 5 10.5 83,459 51 3 12.8 -2.4 Credit Suisse Group AG 5 7.5 45,213 36 4 10.4 -2.9UBS AG 6 10.2 80,785 41 15 4.8 5.3 JPMorgan Chase & Co 6 6.1 36,810 26 9 7.6 -1.4HSBC Bank PLC 7 8.1 64,750 19 8 10.0 -1.9 UBS AG 7 4.9 29,518 27 18 3.5 1.5CITIC Securities Co Ltd 8 6.6 52,700 28 10 6.3 0.3 China Securities Co Ltd 8 4.4 26,584 25 39 0.9 3.6China Construction Bank Corp 9 6.1 48,745 15 145 0.0 6.1 Huatai Securities Co Ltd 9 4.1 24,552 27 15 4.3 -0.2China CITIC Bank Corp Ltd 10 5.8 46,312 1 - - 5.8 Bank of America Merrill Lynch 10 3.6 21,611 20 10 6.7 -3.1Bank of America Merrill Lynch 11 5.2 41,599 30 6 12.1 -6.9 Gresham Partners Ltd 11 3.5 20,656 10 36 1.0 2.4Citigroup Inc 12 4.8 37,913 48 4 12.7 -7.9 Citigroup Inc 12 3.3 19,850 29 6 8.4 -5.1China Securities Co Ltd 13 3.3 26,584 25 44 0.7 2.6 Macquarie Group Ltd 13 2.9 17,600 34 13 5.6 -2.6Huatai Securities Co Ltd 14 3.2 25,332 29 18 3.6 -0.4 JM Financial Ltd 14 2.4 14,161 19 17 3.7 -1.3Gresham Partners Ltd 15 2.6 20,656 10 35 1.1 1.5 HSBC Bank PLC 15 2.2 13,346 10 3 10.7 -8.5Mizuho Financial Group Inc 16 2.4 19,454 13 24 2.3 0.2 Grant Samuel Securities Pty Ltd 16 2.1 12,653 9 22 2.4 -0.3Macquarie Group Ltd 17 2.3 18,059 38 11 6.0 -3.7 China Merchants Securities Co Ltd 17 2.1 12,596 18 29 1.6 0.5Deutsche Bank AG 18 2.1 16,384 24 7 11.5 -9.4 Kotak Mahindra Bank Ltd 18 2.1 12,396 14 99 0.1 2.0Grant Samuel Securities Pty Ltd 19 1.9 15,066 10 26 2.0 -0.1 Southwest Securities Co Ltd 19 2.1 12,285 10 25 2.3 -0.2JM Financial Ltd 20 1.8 14,161 19 21 3.0 -1.2 Rothschild & Co 20 1.4 8,596 18 40 0.8 0.6

TOTAL 795,803 8,604 TOTAL 599,591 7,267

APAC Private Equity (Any Involvement) 01/01/2016 - 09/30/2016

JPMorgan Chase & Co 1 17.4 32,311 17 1 20.3 -3.0Credit Suisse Group AG 2 16.5 30,708 16 7 8.7 7.8Goldman Sachs & Co 3 16.2 30,198 28 11 7.0 9.3Gresham Partners Ltd 4 10.6 19,673 6 31 1.3 9.2Morgan Stanley 5 10.1 18,879 18 3 17.2 -7.1UBS AG 6 8.7 16,157 14 6 9.2 -0.5Citigroup Inc 7 6.9 12,836 18 2 17.9 -11.0Macquarie Group Ltd 8 6.8 12,669 10 10 7.5 -0.7Grant Samuel Securities Pty Ltd 9 6.6 12,270 3 - - 6.6China International Capital Corp Ltd 10 4.3 8,000 2 26 1.6 2.7Lazard Ltd 11 3.8 7,043 9 25 1.7 2.1Moelis & Co 12 3.7 6,917 7 8 7.7 -4.0Banco Bradesco BBI SA 13 2.8 5,200 1 - - 2.8Banco Santander SA 13 2.8 5,200 1 49 0.4 2.4Barclays PLC 15 2.8 5,112 7 15 4.8 -2.0Centerview Partners LLC 16 2.6 4,880 2 19 2.6 0.0China Renaissance Partners 17 2.5 4,692 7 18 3.1 -0.6CODE Advisors LLC 18 2.4 4,400 1 - - 2.4Raine Group LLC 18 2.4 4,400 2 110 - 2.4Allen & Co Inc 20 2.3 4,184 3 - - 2.3

TOTAL 186,215 1,905

2015MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)VOLUME USD

(Mln)

FIRM

2016 2015MKT SHR CHANGE

802,687

FIRM


2016

RANK

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

657,157

161,884

MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

13

AU & NZ Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Japan Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Gresham Partners Ltd 1 31.0 20,656 10 12 9.6 21.4 Mizuho Financial Group Inc 1 34.7 57,349 78 3 21.2 13.4Credit Suisse Group AG 2 30.3 20,235 13 8 11.5 18.8 Morgan Stanley 2 25.9 42,792 33 2 27.4 -1.5Macquarie Group Ltd 3 27.1 18,059 37 1 27.9 -0.9 Raine Group LLC 3 23.4 38,725 2 64 - 23.4Goldman Sachs & Co 4 26.5 17,688 18 13 9.3 17.2 Lazard Ltd 4 22.5 37,174 8 7 13.2 9.2Grant Samuel Securities Pty Ltd 5 22.6 15,066 10 4 17.8 4.8 Goldman Sachs & Co 5 21.8 35,982 10 4 20.6 1.1UBS AG 6 19.7 13,165 14 2 25.6 -5.9 UBS AG 6 18.9 31,304 3 25 1.4 17.6JPMorgan Chase & Co 7 16.2 10,813 6 7 15.3 0.9 Robey Warshaw LLP 7 18.2 30,125 1 - - 18.2Morgan Stanley 8 13.1 8,729 5 9 10.0 3.0 Nomura Holdings Inc 8 17.0 28,157 82 1 27.5 -10.5Citigroup Inc 9 7.9 5,279 12 10 10.0 -2.1 JPMorgan Chase & Co 9 10.2 16,818 9 5 16.8 -6.6Deutsche Bank AG 10 6.1 4,047 7 5 15.9 -9.8 Bank of America Merrill Lynch 10 7.8 12,829 11 6 14.3 -6.6Moelis & Co 11 2.6 1,716 6 6 15.8 -13.2 Sumitomo Mitsui Financial Group Inc 11 6.2 10,297 66 10 10.7 -4.5Lazard Ltd 12 2.5 1,667 6 17 7.0 -4.6 Daiwa Securities Group Inc 12 4.8 7,863 50 18 4.0 0.8Bank of America Merrill Lynch 13 2.4 1,597 4 3 24.1 -21.7 Credit Suisse Group AG 13 3.8 6,234 3 13 7.2 -3.5CITIC Securities Co Ltd 14 2.0 1,344 1 - - 2.0 Deutsche Bank AG 14 2.3 3,856 2 15 5.0 -2.7RBC Capital Markets 15 1.6 1,086 5 28 1.2 0.4 China International Capital Corp Ltd 15 2.1 3,500 1 - - 2.1Nomura Holdings Inc 16 1.5 984 4 46 0.3 1.2 Rothschild & Co 16 2.1 3,416 7 14 6.4 -4.3KPMG Corporate Finance LLC 17 1.5 965 7 41 0.5 0.9 Citigroup Inc 17 2.0 3,309 5 8 12.3 -10.3Greenhill & Co Inc 18 1.3 846 3 22 2.5 -1.2 Wells Fargo & Co 18 1.9 3,055 1 - - 1.9Guosen Securities Co Ltd 19 1.1 755 1 - - 1.1 Foros LLC 19 1.8 3,002 1 - - 1.8Ernst & Young 20 1.1 751 5 36 0.8 0.3 Barclays PLC 20 1.5 2,434 4 22 1.8 -0.3

TOTAL 66,718 1,334 TOTAL 165,465 2,319

South Korea Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 China Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Credit Suisse Group AG 1 10.7 5,340 5 3 38.3 -27.6 China International Capital Corp Ltd 1 23.2 119,322 28 6 7.2 16.0Mirae Asset Daewoo Co Ltd 2 9.0 4,497 3 - - 9.0 Goldman Sachs & Co 2 18.8 96,630 25 8 6.0 12.7Morgan Stanley 3 7.6 3,786 5 1 40.9 -33.3 JPMorgan Chase & Co 3 14.1 72,718 20 2 10.7 3.4PricewaterhouseCoopers LLP 4 7.0 3,506 19 4 37.0 -29.9 UBS AG 4 13.8 70,846 20 22 2.1 11.7Ernst & Young 5 6.1 3,024 7 16 0.9 5.2 Credit Suisse Group AG 5 13.1 67,360 15 11 4.3 8.8Samsung Securities Co Ltd 6 3.8 1,885 5 8 12.3 -8.5 HSBC Bank PLC 6 10.7 55,051 9 9 5.4 5.3Bank of America Merrill Lynch 7 2.5 1,251 2 18 0.8 1.8 CITIC Securities Co Ltd 7 9.6 49,562 25 1 13.3 -3.7Mizuho Financial Group Inc 8 2.3 1,167 1 - - 2.3 China Construction Bank Corp 8 9.3 47,599 8 95 0.1 9.2Goldman Sachs & Co 9 1.9 926 5 2 40.2 -38.3 China CITIC Bank Corp Ltd 9 9.0 46,312 1 - - 9.0JPMorgan Chase & Co 10 1.6 777 2 11 3.3 -1.8 Morgan Stanley 10 8.8 45,143 24 7 6.6 2.2Standard Chartered Bank 11 1.5 764 2 17 0.8 0.8 China Securities Co Ltd 11 5.1 26,485 24 26 1.6 3.6Citigroup Inc 12 1.4 689 1 5 35.8 -34.4 Huatai Securities Co Ltd 12 4.9 25,303 26 5 7.6 -2.6Barclays PLC 13 1.1 547 1 9 6.1 -5.0 Bank of America Merrill Lynch 13 4.3 22,142 10 4 7.6 -3.3Nomura Holdings Inc 14 1.1 528 2 19 0.6 0.5 Citigroup Inc 14 3.7 18,800 18 18 3.1 0.6Goulston & Storrs PC 15 0.6 305 1 - - 0.6 GF Securities Co Ltd 15 2.6 13,330 22 13 4.0 -1.4Business Development Asia LLC 16 0.5 256 1 - - 0.5 Raine Group LLC 16 2.5 13,000 3 - - 2.5G2 Capital Advisors LLC 17 0.5 230 1 - - 0.5 China Merchants Securities Co Ltd 17 2.5 12,596 18 20 2.7 -0.3Reimei Global Advisors Pte Ltd 18 0.4 186 1 - - 0.4 Southwest Securities Co Ltd 18 2.4 12,285 10 14 3.9 -1.5Cowen & Co LLC 19 0.1 67 1 - - 0.1 Lazard Ltd 19 2.3 11,586 14 16 3.3 -1.1Raymond James & Associates Inc 20 0.1 54 1 - - 0.1 Deutsche Bank AG 20 2.1 10,577 13 15 3.4 -1.3

TOTAL 49,843 1,228 TOTAL 514,856 2,799100,885 382,853

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

89,576 133,056

FIRM



MKT SHR (%)

VOLUME USD (Mln)

14

Hong Kong Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 Taiwan Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

Morgan Stanley 1 8.9 7,815 7 5 12.8 -3.9 JPMorgan Chase & Co 1 52.0 11,778 3 5 8.9 43.0Goldman Sachs & Co 2 8.8 7,696 11 1 42.2 -33.4 Morgan Stanley 2 39.5 8,953 4 1 34.0 5.5JPMorgan Chase & Co 3 5.9 5,141 8 6 10.5 -4.6 Mizuho Financial Group Inc 3 37.1 8,415 2 - - 37.1Citigroup Inc 4 5.8 5,074 3 10 2.9 2.9 Credit Suisse Group AG 4 28.1 6,363 3 4 11.6 16.5RBC Capital Markets 5 5.6 4,890 2 10 2.9 2.7 KGI Securities Co Ltd 5 15.5 3,505 6 6 8.8 6.7Moelis & Co 6 5.1 4,482 3 - - 5.1 Citigroup Inc 6 14.8 3,363 1 2 22.8 -7.9HSBC Bank PLC 7 5.1 4,456 5 2 39.9 -34.8 Goldman Sachs & Co 7 12.2 2,754 1 9 4.0 8.1Centerview Partners LLC 8 5.0 4,400 1 - - 5.0 Yuanta Securities Co Ltd 8 3.2 721 3 8 4.1 -0.9CODE Advisors LLC 8 5.0 4,400 1 - - 5.0 Nomura Holdings Inc 9 2.9 649 2 - - 2.9Raine Group LLC 8 5.0 4,400 2 - - 5.0 Barclays PLC 10 2.8 642 1 - - 2.8Somerley Group Ltd 11 4.9 4,306 14 3 35.4 -30.5 Australia & New Zealand Banking Group Ltd 10 2.8 642 1 - - 2.8Bank of America Merrill Lynch 12 4.7 4,133 3 14 2.5 2.2 China Securities Co Ltd 12 2.6 598 1 - - 2.6Guggenheim Capital LLC 13 4.1 3,550 1 - - 4.1 RBC Capital Markets 13 2.4 536 2 - - 2.4BaoQiao Partners Capital Ltd 14 3.5 3,067 3 - - 3.5 Wells Fargo & Co 14 1.1 246 1 - - 1.1Quam Securities Co Ltd 15 3.2 2,802 3 40 0.2 3.0 Moelis & Co 15 0.9 196 1 - - 0.9TC Capital Advisory Ltd 16 3.2 2,790 5 - - 3.2 Evercore Partners Inc 15 0.9 196 1 - - 0.9Donvex Capital Ltd 17 3.2 2,768 2 - - 3.2 PricewaterhouseCoopers LLP 17 0.7 161 3 3 13.3 -12.6Credit Suisse Group AG 18 2.9 2,560 3 13 2.7 0.2 KPMG Corporate Finance LLC 18 0.5 105 1 12 0.7 -0.3China Construction Bank Corp 19 2.3 1,977 13 38 0.2 2.0 Skandinaviska Enskilda Banken AB 19 0.2 54 1 - - 0.2BMO Capital Markets Corp/Toronto 20 2.2 1,940 2 94 - 2.2 Huatai Securities Co Ltd 20 0.1 30 2 - - 0.1

TOTAL 87,487 1,100 TOTAL 22,671 179

SE Asia Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016 India Announced Deals (Any Involvement) 01/01/2016 - 09/30/2016

JPMorgan Chase & Co 1 23.6 28,099 12 2 39.5 -15.9 JM Financial Ltd 1 27.8 14,161 19 1 43.8 -16.0Goldman Sachs & Co 2 17.7 21,055 15 16 4.9 12.8 Kotak Mahindra Bank Ltd 2 24.4 12,396 14 24 1.2 23.1Credit Suisse Group AG 3 17.4 20,692 16 3 30.6 -13.2 Bank of America Merrill Lynch 3 16.5 8,419 6 5 7.9 8.7UBS AG 4 12.6 14,998 9 14 5.5 7.1 Citigroup Inc 4 10.4 5,295 8 4 14.2 -3.7Grant Samuel Securities Pty Ltd 5 10.3 12,270 3 - - 10.3 Arpwood Capital Pvt Ltd 5 9.1 4,621 3 18 2.1 7.0Gresham Partners Ltd 5 10.3 12,270 3 - - 10.3 Morgan Stanley 6 8.4 4,269 4 6 6.4 2.0Morgan Stanley 7 10.0 11,958 10 9 7.9 2.2 Ernst & Young 7 7.7 3,922 23 7 6.1 1.6Macquarie Group Ltd 8 9.4 11,183 4 43 0.2 9.2 SR Batliboi & Co 8 7.1 3,611 6 - - 7.1Maybank 9 5.1 6,074 6 26 0.7 4.5 Standard Chartered Bank 9 6.3 3,218 6 13 3.0 3.4Citigroup Inc 10 4.8 5,766 10 4 29.2 -24.4 CITIC Securities Co Ltd 10 6.2 3,138 3 - - 6.2Credit Agricole Corporate & Investment Bank SA 11 4.8 5,674 3 49 0.2 4.6 Haribhakti & Co/India 10 6.2 3,138 1 - - 6.2HSBC Bank PLC 12 4.6 5,444 5 13 6.4 -1.9 Ambit Corporate Finance Pvt Ltd 10 6.2 3,138 4 23 1.3 4.9Banco Bradesco BBI SA 13 4.4 5,200 1 - - 4.4 Barclays PLC 13 5.1 2,580 4 21 1.6 3.5Banco Santander SA 13 4.4 5,200 1 - - 4.4 ICICI Bank Ltd 14 5.1 2,576 9 25 1.1 3.9Rothschild & Co 15 4.2 5,022 8 17 3.5 0.8 Credit Suisse Group AG 15 3.7 1,863 4 12 3.0 0.7Bank of America Merrill Lynch 16 4.2 4,959 6 1 41.5 -37.3 Deloitte Touche Tohmatsu ILA Group Ltd 16 3.3 1,695 14 30 0.5 2.9BNP Paribas SA 17 4.1 4,871 4 - - 4.1 UBS AG 17 3.2 1,639 2 46 0.1 3.2Societe Generale SA 18 2.9 3,439 1 - - 2.9 Jefferies LLC 18 3.2 1,604 3 19 1.8 1.4Natixis SA 18 2.9 3,439 1 - - 2.9 State Bank of India 19 2.9 1,478 4 59 0.0 2.9Allen & Co Inc 20 2.9 3,390 2 - - 2.9 BNP Paribas SA 20 2.8 1,400 2 27 0.7 2.1

TOTAL 119,056 1,718 TOTAL 50,884 1,370

RANKMKT SHR

(%)FIRM


2016 2015

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)VOLUME USD

(Mln)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

130,550 15,958

131,460 55,254

MKT SHR CHANGE

DEAL COUNT

15

Bloomberg League Criteria

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

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

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

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

Advisory fees hold no weight over advisory credit.

General Database Criteria

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

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

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

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

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

16

Documents

GLOBAL M&A MARKET REVIEW - Bloomberg Finance L.P. … · $1.11 billion of the global activity, representing a 20.1% decrease from the same period last year. • Despite a decrease