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MERGERS & ACQUISITIONS REVIEWREUTERS / Navesh Chitrakar

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Half 2017

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFirst Half 2017 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Announced (AD34)3

6

6

11

12

11 18

Any Japanese Involvement Announced (AD19)

2

2

3

Table of Contents

1

Worldwide Announced (AD1)

10

2

11

11

20

20

South Korea M&A

Any South Korea Involvement Announced (AD51)

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

Any Nordic Involvement Announced (AD37)

Any Italian Involvement Completed (AF43)

Top Ten US Announced Deals 12

Any Italian Involvement Announced (AD36)

15

Any Asia Pacific Announced Fairness Opinion

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

Any Asia (ex-Japan) Involvement Completed (AF32)

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

22

21

22

21

Regional Contacts

13

13

13

Any Japanese Announced Fairness Opinion

14

13

22

8

21Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

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

Thomson Reuters Soultions for the Deal the Deal Making Community 23

Mergers & Acquisitions Criteria Summary

Any EMEA Announced Fairness Opinion

15

14

Any Nordic Involvement Completed (AF44)

Worldwide Announced Fairness Opinion 21

Fairness Opinion Rankings

Criteria Summary

21

Any USAnnounced Fairness Opinion 21

Any Americas Announced Fairness Opinion 21

Top 10 Any South Korea Involvement Announced Deals

20

20

Any South Korea Involvement Completed (AF58)

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WORLDWIDE DEAL MAKING UP 2%, NUMBER OF DEALS FALLS 4% - Worldwide M&A activity totaled US$1.6trillion during the first half of 2017, a 2% increase compared to the first half of 2016. During the first half, 275 dealswith a value greater than US$1 billion were announced, totaling US$946.9 billion, flat compared to last year's firsthalf. By number, deals greater than US$1 billion increased 14% compared to a year ago. Overall, 22,752worldwide deals were announced during the first half of 2017, a 4% decrease compared to last year's first half.

DEAL MAKING UP 6% FROM Q1'17 - The value of worldwide M&A announced during the second quarter of 2017totaled US$822.6 billion, an increase of 6% compared to the first quarter of the year (US$775.8 billion), but a 6%decline compared to the second quarter of last year (US$872.4 billion).

OUTBOUND US AND INBOUND EUROPE M&A POWERS CROSS-BORDER M&A TO 10-YEAR HIGH –Powered by increased levels of outbound M&A from acquirors based in the United States and inbound M&A forEuropean assets, cross-border M&A activity totaled US$630.9 billion during the first half of 2017, accounting for40% of overall M&A volume and the highest first half tally since 2007. China Outbound M&A totaled US$64.3billion, a 49% decline compared to last year's record first half.

EUROPEAN M&A UP 33%; UNITED STATES DEALS DOWN 16% - M&A activity for European targets totaledUS$449.0 billion during the first half of 2017, an increase of 33% compared to the level of activity seen during 2016.With US$583.9 billion in announced deals during the half, United States M&A fell 16% compared to a year ago.European targets accounted for 28% of worldwide M&A during the first half of 2017 the highest percentage since

Worldwide M&A Up 2% to US$1.6 trillion l Number of Deals Over US$1 billion Up 14% l European Deal Making Up 33% l China Outbound M&A Falls 49%

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

First Half 2017 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

European targets accounted for 28% of worldwide M&A during the first half of 2017, the highest percentage since2014.

ENERGY & POWER, REAL ESTATE, INDUSTRIALS LEAD SECTOR MIX - Deal making in the Energy & Powersector totaled US$240.6 billion during the first half of 2017, an increase of 29% compared to 2016 levels, while RealEstate M&A increased 8% by value and 7% by number of deals. Industrials deal making accounted for 12% ofoverall M&A activity, while Healthcare M&A accounted for 10%. Materials and Technology M&A registered thesteepest year-over-year declines, down 46% and 34%, respectively.

COMPLETED M&A ADVISORY FEES INCREASE 20% - Estimated M&A advisory fees from completedtransactions totaled US$17.7 billion during the first half of 2017, a 20% increase from the first half of 2016.

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

$78.5$16.7 $32.2 $67.3 $62.5

$116.6 $152.3 $162.1$76.6

$131.7

$80.7

$24.4$60.6

$87.6 $82.5

$80.3

$117.7$135.0

$146.8

$173.4$56.5

$35.6

$73.5

$70.3 $99.4$79.0

$137.5$168.5

$138.5

$36.0

$52.8

$100.1

$105.5 $99.9$108.5

$113.2

$232.7

$142.0

9.0%

5.5%

11.1% 12.9% 12.9%15.2%

12.0%

12.0%

16.8% 21.1%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A

$0

$1

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

$258.2$113.6 $176.1 $234.2 $173.2 $132.0

$239.6 $268.2 $299.1 $324.0

$368.0

$112.1

$203.8$249.1

$272.9

$168.0

$386.0 $335.9 $281.6$306.9

$326.0

$146.9

$274.7$206.2

$203.5

$181.8

$313.8 $420.7$342.7

$156.0

$165.9

$258.5 $195.3 $249.4

$233.7

$305.5

$463.7

$477.8

39.9%

24.1%

35.9%34.4%

39.4%

29.4%

39.5%

31.0%

37.1%

39.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b)

Q2 Volume (US$b) Q1 Volume (US$b)

% of YTD Global M&A

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2008 2009 2010 2011 2012 2013 2014 2015 2016 20172008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1

Western Europe

Mergers & Acquisitions

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

First Half 2017 | Mergers & Acquisitions | Financial Advisors

1/1/2017 - 06/30/2017

7,229.6

389 003 7

Worldwide7,957

No. Deals

No. Deals

Rank Val US$m

1,609,426.4

1/1/2017 - 06/30/2017 1/1/2016 - 06/30/2016

853,178.9

2,860.674100

694,004.5

3,291.9

766,217.9

Target Region/Nation

Mexico

319,655.590,833.2

53

26,111.8

16,548.3

694,657.1

32,423.8

728,509.2

Rank Val US$m

33,852.1United States

Caribbean

3,039.8

Brazil

Worldwide 22,7521,598,446.5

896Spain

North America

432,473.5

France

Chile 1,687.5

Asia Pacific

United Kingdom

848

Middle East

13,760.0Sub-Saharan Africa

Canada

Western Europe16,471.5

448,945.0

40,652.5

459249

74,079.7418

1,366

34,891.2

Americas3,171.9

6 212

94

7,352

Central America

South America62,983.2

1,325

583,895.5

52

646,878.7

40,775.0

6,504

158.4391 903 2 6 349

20,866.00 7

24,948.8197

Europe

58

Africa/Middle East

1,224.4283

571

337,607.6

North AfricaMiddle East

33.06,852343

14,986.8742.0

8,486.1 62.1

431

Eastern Europe

1,388

8,440

46,827.963,050.9

53,910.9

6,4855,52717,952.1

▲

▲

242

35.3

-39.4

1,955

86

1,34617.5

▲

▲Switzerland94.0

▼-8.2Europe

50,378.1France▲

318,766.1

▼United Kingdom▲

Eastern Europe

78,459.1826

Asia Pacific47,664.0

248 215 7

115

22 4

18,575.0

1,1793 360

1,116

186,526.3 1,128319 791 0

5,455

4 048

344,935.7

▲146.4

▲

4,479

363,510.7

-74.4

5,595▲

152

7,070

75195

4,967.0

1,615

-49.1

36,199.3

395

364,534.9 0.345,768.8

49

899.1

25,185.6

44

448

1,153.110,843.7

▼Sub-Saharan AfricaNorth Africa

90.6

178 13,385.3

150▲ 154

▼

6,807.9

20,671.2710

Chile62.9 ▲ 28,660.074.2

Africa/Middle East

766

3,459.8271

86.1 Canada 46,055.3▲25,411.2

Brazil 19,851.8

▼

61

6,3105,544

▲382.6-89.8

▲

▼

483 25.8

18,41216,777

Caribbean59.1

▲

-15.9

-9.42.2

855,353.9 -10.2

-52.88750

-10.35,957

8,475.411,410.81,993.1

1,564,129.9

Rank Val US$m

626,955

23,743

No. Deals

34767,792.8▼

78Central America▼

6,656▲

Americas

6.3 Mexico728,018.5

74-11.2 6,183

▲5,424

1,444,230.5

Rank Val US$m

% Change in Rank Value

South America

5,551

361

-3.460

Target Region/Nation

North America

57

25,132.5

No. Deals

4,001.910,361.3

3,875.2 7,628.4

681,963.1

195

632United States 780,393.5

18,681.2

▲4,862

▼

28.3▲▲▼

▼▲

5,174.339629,941.7

283.7

13.8-81.5

236 ▲

-49.2-9.6

83.2

-9.2

-15.1

▼

-12.6562

1/1/2016 - 06/30/2016

805,526.0 ▼▼

▼▼

% Change in Rank Value

▼▼

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

1,285▲

39.21,479.6

-7.6 ▼

▼▼

15.1%

12.5%

12.2%

10.2% 9.4%

8.4%

7.4%

6.6%

6.5%

4.1%4.0%

3.6%

South East Asia

France / France 13,045.5

Pending

389,003.7

Pending

251.6

Becton Dickinson & Co

Target (% Sought/Acquired)Rank Date Date Effective

Singapore

757

Intended

Australia

South Korea

1,159

34,738.7

25,527.4

5/15/2017

Asia-Pacific

4,523.4

66436,746.9

11,700.3981210

6,212

Pending

86.762224.9

Malaysia

2,446

6/2/2017Pending United States / Israel

2/1/2017Pending

6/16/2017

1/16/2017

Pending

1/26/2017

2/20/2017

5/17/20173/29/2017

15,277.2

FCCL Partnership (50%)13,598.46/16/2017

China / United KingdomChina Investment Corp

Pending

Amazon.com Inc

Christian Dior SE (25.6%)13,239.8

Williams Partners LP

Semyrhamis SA

Reckitt Benckiser Group PLC

Cyclops Holdings Inc

Cenovus Energy IncUnited States / United States

17,118.1United States / United States

CR Bard Inc (100%)

16,092.4

17,828.5

Essilor International SA

Switzerland / SwitzerlandAbertis Infraestructuras SA (100%)

France / ItalyMobileye NV (100%)

Whole Foods Market Inc (100%)

Valepar SA (100%)

13,742.4

ONEOK Inc

20,047.6

▼546

Logicor Ltd (100%)

43,452.4

3/13/2017

Actelion Pharmaceuticals Ltd (100%)24,226.820,956.7

Italy / Spain

Vale SA

▼

Luxottica Group SpA (61.9%)

Vodafone Grp PLC-Vodafone Asts

34,675.3Janssen Holding GmbH

889

Brazil / Brazil

ONEOK Partners LP (60%)

United States / United States

United Kingdom / United StatesEssity AB (100%)

6/15/2017

32,158.9South AsiaCentral Asia -84.6

6/15/2017

4/23/2017

2/1/2017

19,471.6

▼

Australasia

2,745760

245,227.9

707

1,862.5 New Zealand▼

South Asia 19,471.6

-10.9

▲

North Asia

25,239.0ChinaSouth Korea

12,557.4

173,332.0

30,776.6

▲

23,847.81,086

112

82

250 Malaysia

▼

▼

27.0

2441,121

13,128.7

-4.584

North AsiaChina 221,268.4

294,570.5

34,803.9

1,289

17,223.2

303,461.6

38.7

3,985219

3,767

33

27,858.8727

▼27.7

25,835.0Japan39

▲

Top Fifteen Worldwide Announced Deals

57.6Japan

4,299.8

391,903.2 6,349

529

5.2

-38.8

27,347.9

41,717.6

621-0.7

South East Asia

24.623,874.3

▼Australasia

▲25,480.3

546541,393.0

444

Asia-Pacific 248,215.7500▲29,500.8

29,038.5

Central Asia35,027.1

19

Rank Value (US$m)Acquiror

Australia

669

▼

-40.5

▼-9.8-2.9 ▼

-23.245,585.328

256,266.7

5.8-36.7

771

134 26.0

433

-51.9

2,5181,801

Singapore2,761.8

156

134,495.2▲

-34.0203,842.0

9,969.6

5691,696

-44.9-32.4

-36.730,776.6 669

-22.4

1585,014.6

18,614.2

3,360

623,101.7

319,791.021,764.4

4,048

28.3375443 17.1

▼

▼

Jan 1 - June 30 2017

Shareholders

6/30/2017

6/15/2017

4/25/2017Canada / Canada

Atlantia SpAAcquiror / Target Nation

Mead Johnson Nutrition Co (100%)Sweden / Sweden

Materials / Metals & Mining

Energy and Power / Oil & Gas

Consumer Staples / Household & Personal Products

Real Estate / Non Residential

Consumer Products and Services / Other Consumer Product

Consumer Staples / Food and Beverage

High Technology / Software

Telecommunications / Wireless

-55.1

▼▲

▼▼▲

▲▼

Target Macro / Mid Industry

1,779.1New Zealand

WPZ GP LLC (100%)3/20/20171/9/2017

PendingPending

Idea Cellular Ltd-Mobile Bus (100%) India / IndiaUnited States / United States

11,627.311,357.7 Energy and Power / Oil & Gas

Industrials / Transportation & InfrastructureHealthcare / Pharmaceuticals

Healthcare / Healthcare Equipment & Supplies

Retail / Food & Beverage RetailingEnergy and Power / Oil & Gas

Consumer Staples / Textiles & Apparel

Energy and Power Real Estate

Industrials Healthcare

Financials High Technology

Materials Consumer Products and Services

Consumer Staples Retail

Media and Entertainment Telecommunications

Government and Agencies

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2

UBS

TD Securities IncCenterview Partners LLC 20

36,101.840,272.9

2.2

▲50,894.4 3.2

2 235 727 3

2.53.1

2.235,816.135,749.7

4.21.9

3714

66,638.9

2.0

AZ Capital

62

Barclays10

1211

19

17

Moelis & CoBNP Paribas SA

494*

12

15

911

10

14

21

+4

-5.9

2

131,798.8Rothschild & CoCredit Suisse 6

-140.8

-15

▼

Worldwide Announced (AD1)

▲2.9

▼

-0.77.3

6Citi1

Morgan StanleyGoldman Sachs & Co

▲

-1.8

▼▼

▼17.0

-8.3

4.9

156,666.5 9.84

2

Citi205,599.50.5

12.915.1

349,439.5

34 55,652.413

254,536.9

13-1.2

2.3

-1.2

▲

1.625

2.026

▼

34-5

0.1 +190.1

4

▼▲

2 2▼▲

▲-2.6

0.1

0.3+40.115 0.2

9 ▲+70 145 904 3 ▲17 3 0 1 0 1▲ China CITIC Bank Corp Ltd ▲3 2+3+11 ▲1.0176.252,813.0 -5.13.7 ▼

▲▲

196▲20

+11▲1.6

3 211

64,548.2

4.242

Industrial & Comm Bank China

21

19 60,505.5Guggenheim Securities LLC

71.8-330.2

▼0.239

0.1

▼0.4

34.3 ▼0.8 0.4

25▲ 0.2

115.6-3 0.2

▲0.20.2

+4▼

▲▲

▲ 0.7

137.1▲ 4.5 26

2918▼ BMO Capital Markets 4.260,929.5 ▲

▲2.917

65,985.33.6

China International Capital Co

▲16 4.6

31

973,408.6 5.014

13

▼ 15

Rothschild & Co

HSBC Holdings PLCAlantra Partners SA 5.1

71,811.2 5.0156

29Wells Fargo & Co

5.782,492.916.3

396.80.9 ▼

0.4 -19▲

-7.8

34▼

0.00.1

360.1

-11-19 ▼

1.0 ▼

0.2 ▲

0.20.0

+20.1

-

72.0

0.444

▼▲

1590.399,128.0

13 7.2

2.3▼

1.91.34.66.9

▼

7.3-1.1-4.6

▼0.3

61▼ ▼

-225.5-50 329.9

0.23.2

▼-21 1.7

284.856 -9

-429.1538.6 0.0290.9

▼-3.710.3

▼

▲-4.4

+7

▼▼ 0.410.2 64▼ Lazard ▲▼ 133

147,329.2▼ 0.4

0.3232,254.33.6▼ +4256,377.8 105

▲0.5▲

2.40.8 +4

▲▼

3.1

+18 440.50.60.9

▲969916.176

6 222,277.8Credit Suisse

345,736.5▲0.6

0.8 ▼-1.2643.8

1.4

0.60.9

15.4

3 346,773.6 ▼

-4.2▼

24.0

17.8892.7827.0

140 +3

▼

▲0.6

-27130 785.3

Sh (%)

# of Deals per Advisor


-14

Market2016 Rank

24.2

Fees143

US$m

-60.8-9.3

▼378,967.3Sh (%)Share Ch.

2 226.2

348,778.9▼ ▲

-11.1

Market Rank Value Market2017 Rank

Rank Value per Advisor (US$m)

▲

MarketSh (%)


54

US$m DealsShare Ch.21.9

345

▲▲

0.4 JP MorganBank of America Merrill Lynch

-5.4

155

177

-3.4

107

-2.0

▼

79

▼99

-3.1

+4

78

-1.1 0.7

0.6

0.1

▼

0 0

65Perella Weinberg Partners LP

▼

HSBC Holdings PLC

21

6.3

8.3

18

3.5

117,892.0

78,435.3

9

49,805.41641

RBC Capital Markets

Deutsche Bank

Mediobanca

116,823.98100,499.3

85,147.7Evercore Partners

17

105,153.8

Market

Lazard 8

3

JP Morgan45

Bank of America Merrill Lynch

# of

23.9

121▲

▼

▼153 0.7

1

+8

7.4

15.9

7 7

5

-2.1

3 241,314.4

Rank ValueFinancial Advisor

100-8.5

1

Change in

Goldman Sachs & Co# of Deals+15

Jan 1 - June 30

0.8271,336.7 6.5 0.5

2017 Rank


1 ▼Sh ($)

Jan 1 - June 30

Worldwide Rankings

2016 RankFinancial Advisor Deals

Imputed Fees (US$m)

3.2

Morgan Stanley

-2.7

20

2.958 0.3+4-15

14

49 0.2▼0.3

0

100.3

5980

▼

62

22

Deutsche Bank

-4 RBC Capital Markets

▼Evercore Partners

-11

16

148,535.789-22 UBS

-12

103,394.910

▼

8

11-19

-4

▼

-4▼▼

7Barclays

0.10.40.30.3

-21-17

▼1.94.5 ▼

# of DealsMarket Advisor

▼▼

# of

Worldwide Completed (AF1)

Market

1.6

2.5

5.1

2.44.7 0.6

136176

5.3

Market

1,169.8

Change in

0.9Share Ch.Sh (%)

6.6

* tie

Jan 1 - June 30 2017

28,338.1 14.2

22

Goldman Sachs & Co

1

13 23.332

162,366.2

Citi

30.3Citi31.9

Goldman Sachs & Co

3195,764.8

38,188.9

59,229.9


Industry Total†25

Goldman Sachs & Co

PJT Partners Inc 2.1

31,825.9Alantra Partners SA 29,553.3

2.0Credit Agricole CIBRobey Warshaw LLP

1.9

32,943.033,506.2

2.235,727.3AZ Capital 494*5722

-131.4

2.1-8

24▼0.1

422

18

1,466

4

Top WW Announced M&A Advisors by Target Industry

2.2%

31

Mkt.

-1.21.6

2.2

-0.2▲▲

0.1

-10.3%

44,254.944,254.9

-

175▼

▲

100.01,444,230.5

+3▼

No. Deals

-9911,598,446.5

6.0% ▲

Rank

23*23*25

240,612.7

▼

▼22,752

Share

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

11.5%

China Construction Bank

▼▲

Industry % Change from Same Period Last Year

Lakeside Capital Advisers LLC

Industry Total

Dyalco-

22

-11.9%▲

0.1 -10 Macquarie Group 32,346.735

▼

40

-8.9%▼

2.2 0.9 ▲3.13.1 ▲

3.1 ▲ 0.0

▲

-12 0.5+1

88.9

▼

▲ 7.1

19.5%

17,665.2▼

-1,6350.2 0.5

-▲

100.0

0.00.0

0.0-▼

0.07.11

0.08 0.10.1+1 ▲

9

0.0+1

▲+7▲

0.144,671.745,904.3 ▲17.3 0.1

13.10.1

▲3.13.1▲ China CITIC Bank Corp Ltd ▲3.2+3 196 3.221

Goldman Sachs & CoCiti

3

2

11

35.7

149,758.8

1

0.0

Jan 1 - June 30

25 15,635.6 3

23 22,275.917,553.1

Morgan Stanley

48,406.0Financials

57,882.8


199,408.4Real Estate

Healthcare

▲


19.2

1

45,619.8

2

Credit Suisse

66,781.5

62,479.2

26,097.2

24

38,762.4

Rank Val US$mEnergy and Power

49,781.6JP Morgan

21

Industrials

Morgan Stanley

Industry % Change from Last Quarter

22100.0

23 2672

1,799

53,435.3

23

Industry % Change from Last Quarter -1.5%

19

10.4

1,646

8 32.929.8

2,461 14.911.7

11

JP MorganGoldman Sachs & Co

21

3,144

3

14

5

21

16.1

-4.2%-4.2%

7 13.12

20.7

1

0.0

23 27.8

▼

3.11

16,777

▼

205.22

138.28 161.91 149.03

175.24

92.95 75.76 88.85 90.88 75.13 59.60

85.3

45.1

71.7

43.2 30.4

56.0 25.9 25.4

17.8

20.0

21.0

24.2

24.2

29.0 29.0

29.0 29.0

34.7

34.7

34.7

$0

$50

$100

$150

$200

$250

$300

$350

$400

Goldman Sachs & Co

Citi Morgan Stanley

Bank of America

Merrill Lynch

JP Morgan Credit Suisse Rothschild & Co

Lazard Barclays UBS Deutsche Bank

Ran

k Va

lue

(US

$bil)

Abertis Infraestructuras SA/Atlantia SpA

Actelion Pharmaceuticals Ltd/Jansses Holding GmbH

CR Bard Inc/Becton Dickinson & Co

Valepar SA/Vale SA

Essity AB/Shareholders

Other Top 15 Deals

All Other Transactions


3

Jan 1 - June 302017 UP

2017 DOWN 2016EMEAAmericas

Worldwide M&A Matrix

25.0x

Japan

13.8x

Asia ex. JapanEurope

12.0x

15.7x

12.7x

7.8x19.0x

14.4x

13.1x

15.7x

15.4x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada


12.1x

9.8x

USA

11.7x

13.6x 20.2x

13.6x

12.5x14.1x

Telecommunications

Real Estate

Media and Entertainment

Retail

16.6x

-

19.3x

20.8x 18.5x

9.1x

-

8.8x

15.4x

24.0x

6.1x

28.4x

-

6.9x

Industrials 13.0x14.5x

14.5x

17.6x 26.2x

World

15.1x 9.6x

13.7x

9.7x

19.6x

11.1x

12.1x

21.9x

UK

14.3x

5.4x

21.9x

11.9x 16.6x14.0x

10.8x25.8x

10.8x 9.5x

15.7x

17.9x

7.8x

-

11.2x

-

26.1x

-11.9x

21.9x

11.4x

21.5x 26.6x12.5x

13.0x25.0x 15.8x

25.2x25.2x

15.8x16.5x 12.1x

19.9x 21.0x

15.6x15.6x15.9x

7.7x

14.8x14.8x 11.2x

5.2x20.3x

11.2x

12.6x12.7x

12.2x 12.2x

9.5x

14.3x

9.9x

10.3x

18.2x

16.6x6.4x

17.2x11.0x 16.6x

10.4x

12.2x

21.0x

-22.7x

14.9x8.9x

12.4x

9.5x 17.4x12.4x

10.3x 13.5x

11.1x10.6x

7.1x 12.8x

13.1x 11.3x

16.6x

13.8x

23.5x12.8x 12.3x

10.1x

25.0x13.7x

9.4x19.2x

9.4x

21.3x

13.8x- 19.1x17.6x

13.5x 21.0x

-

11.8x5.7x

6.1x

11.4x

14.3x

19.2x 25.9x

6.8x4.4x17.7x

16.9x

16.5x 12.8x

6.8x6.5x

14.5x

13.7x

12.0x

27.4x 15.0x

17.9x

14.2x

8.6x

9.8x

14.3x

6.0x 12.1x

11.9x

-

14.8x

21.7x13.4x13.0x 14.9x 17.0x

-

18.7x21.8x

10.3x

22.3x

6.7x

11.9x 12.1x

19.3x

10.6x

19.6x

15.1x

Energy and Power

16.6x

Materials

13.9x

14.2x

15.2x

Healthcare

14.7x

High Technology

15.2x

14.0x

11.1x 12.2x

Consumer Staples

Consumer Products and Services

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

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2016 - 06/30/2017 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

Consumer Staples

28.831.9

28.4

World

41.920.9

24.7

-

22.738.7 18.2

26.325.5

24.6

- -

28.2

32.8

25.9

27.628.8

20.7

14.7

32.3-

20.5

31.2

29.5

29.6

27.2

25.8

48.625.6

19.5

33.5

20.2

18.4

24.41.0

9.419.3

- 22.2

-28.2

41.3

31.0

40.6 29.2

13.5

21.5

20.717.2

25.225.0

25.5

27.124.5 22.7

20.9

26.3 40.9

-11.627.7

-

24.6

Average Industry Total

26.6

44.517.2

23.5

18.4

32.2

2017 UP 2017 DOWN

33.421.5

30.6

Financials

26.2

12.334.6

23.0

12.3x

42.6 36.827.7

35.2

39.2

36.927.7

50.5

20.7

23.8

17.6

23.7

24.0

31.4

27.125.7

30.4

Media and Entertainment

30.3

Telecommunications 32.7

Materials

28.7

26.5

25.3

Retail

Energy and Power

21.8

Average Industry Total

31.3

23.4

High Technology

Industrials

25.5

21.8

26.9

Canada

20.8

Healthcare


43.6

27.2

51.424.7

27.7

42.1

20.2

36.9

37.9

30.544.2

Americas

46.0

23.3

-

USA

9.7x14.0x 16.6x

34.538.3

53.7

55.137.1

64.22.5

22.0

2.5

55.0

10.1x

18.8

3.8

25.5

3.8

11.8

-

22.2

38.213.3

-

12.5x 13.7x

29.6

22.5

19.9

22.7

Japan

19.6

Asia ex. Japan

27.6

21.3 15.535.9

-

16.5

11.3

20.2

39.8

36.0 25.8

23.310.130.620.7

28.4

28.510.328.7

17.0

21.5

-

27.429.4

Europe

12.6x

15.1

23.3

39.4

21.7

41.5

29.9

32.8

-

49.5

24.7

21.7

61.5

12.2-

-19.0

15.8

34.7

26.514.8

21.1

25.441.5

12.2

21.7

-

-

44.0

35.3

41.1

33.4

-

14.7

28.5

20.0

37.3

67.2

36.4

24.9

19.4-

31.1

55.9

-

26.5

24.1

38.7 32.6

24.4

44.7

19.7

11.4x12.6x 17.4x17.8x 17.4x

2016

23.3

14.2x

21.425.8

13.9x

EMEA

Real Estate 12.3

37.0 36.0

86.1 86.1

16.7

29.8

16.7x

100.0

UK

34.5

15.9x15.3x


4


Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Citi

Morgan Stanley


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

5

6

7

8

9

102008 2009 2010 2011 2012 2013 2014 2015 2016 2017

5

6

7

8

9

10

Ran

k

JP Morgan

Credit Suisse

Rothschild & Co

Lazard

Barclays

UBS


5

21.4 27 JP Morgan

1

Americas M&A volume during the first half of 2017 was flat compared to the first half of 2016, accruing US$892.5 billion in activity from 9,488 announced deals. According to estimates, fees generated from completed deals in the Americastotaled US$11.9 billion, a 17.5% increase from fees earned duirng the first half of 2016.

US Targeted M&A saw a decrease in the first half of 2017 from a volume perspective, down 15.9% compared toannounced M&A during the same period a year ago, accruing a total of US$583.9 billion. Conversely, the number of UStargeted transactions announced during the first half of 2017 reached 6,522 deals, a 17.3% increase from a year ago.

The Energy & Power sector led the US market, with deal volume totaling US$114.5 billion, accounting for a 19.6% market share. Healthcare followed, accruing US$87.3 billion for a 15% share of the market. Real Estate rounded out the top 3sectors, with US$59.2 billion and a 10.1% share.

Accumulating US$120.5 billion in transaction value, announced Canadian Involvement activity increased 12.6% from thetotals reached during the first half of 2016. Completed Canadian Involvement activity was up 121.2% compared to the firsthalf of 2016, driven by the completion of Enbridge Inc's and Spectra Energy Corp's US$43.1 billion merger. CompletedM&A activity in Canada totaled US$149.9 billion from 1,014 deals.

In the Americas, all sectors saw an increase in exit multiples during the first half of 2017 except Healthcare, Media &Entertainment and Real Estate. Overall average EBITDA multiples across industries in the Americas posted an increaseduring the period, rising to15.9x compared to 12.3x averaged during the first half of 2016.

19.0

2 19.8Bank of America Merrill Lynch

8 7 8,245.0 3

9,575.6

6 30.0

17.1


Americas M&A Flat | Energy & Power Volume Drives US Activity | Canadian Activity Increases 13%

9

Americas M&A

7

688 55.5

15,090.315,050.6

1Morgan Stanley50,171.0 22,418.4

Sandler O'Neill Partners 10,353.1

Share

32.4

16.5319.0

24.0

44.77 2

3653

4

30.1

897 9

5 2

30.87

12

18

630 35.238.9

Rank

1

Mkt.

357

No. Deals

2

11,260.511,237.49,779.7

12

2

3

1

27,498.887,302.5 48,485.533,948.530,693.5

59,239.6 3 3

Barclays

CitiGoldman Sachs & Co

Goldman Sachs & CoJP MorganPerella Weinberg Partners LP


Americas Deals Intelligence

Energy and Power

Healthcare

Real Estate


Financials

Morgan Stanley

Barclays

48,322.7

US Announced Advisors by Target Industry Jan 1 - June 30 2017

Credit Suisse

Rank Val (US$m)114,485.6

37,088.735,269.5JP Morgan

Retail / Food & Beverage RetailingReal Estate / REITs

Energy and Power / Oil & GasRetail / Food & Beverage Retailing

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

4/5/2017 Panera Bread Co (100%)

Pending5/22/2017

Becton Dickinson & Co

Clariant AGHuntsman Corp (100%)

6/16/2017Pending

Healthcare / Healthcare Equipment & SuppliesConsumer Staples / Food and Beverage17,828.5

24,226.8Rank Value (US$m)

11,357.7

Pending Rice Energy (100%) 6,696.3

Pending

13,598.4


United States / United StatesAmazon.com Inc


United States / United StatesInvestor Group

Switzerland / United States8,902.8


Consumer Products and Services / Professional Services


Luxembourg / United States

6/19/2017

Williams Partners LP

United States / United States7,490.1

Materials / Chemicals1/9/2017

VCA Inc (100%)10,483.3

1/9/2017

WPZ GP LLC (100%)

EQT Corp


Pending

Pending DuPont Fabros Tech Inc (100%) Digital Realty Trust Inc

Mars Inc

7,282.5

2/1/20172/1/2017

Date Effective

ONEOK Partners LP (60%)

Pending CR Bard Inc (100%)

Whole Foods Market Inc (100%)

4/23/2017Rank Date

Pending

6/9/2017

6/15/2017ONEOK Inc

United Kingdom / United StatesUnited States / United States

Mead Johnson Nutrition Co (100%) Reckitt Benckiser Group PLC6/30/2017 17,118.1

Target (% Sought/Acquired) Acquiror Target Macro / Mid IndustryAcquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – June 30 2017

Jan 1 – June 30 2017US Target Announced M&A Target Industry by Value (US$ bil)

19.6%

15.0%

10.1%8.6%

8.3%

8.1%

7.7%

5.7%

5.0%

Energy and Power Healthcare Real Estate Consumer Products and Services

Financials High Technology Retail Consumer Staples

Materials Industrials Media and Entertainment Telecommunications

Government and Agencies17.5 25.8 26.4

77.5 81.9 114.6

30.3 68.6 27.7 33.5

33.5 33.7

33.3 46.9

48.4

65.6

90.6

18.3

13.6

27.7 26.6

52.9

42.6 51.9

94.9

72.9

25.1

39.3 64.5

56.1

59.9 43.8

133.2

63.4

28.4%

36.5%48.3% 38.3%

41.4%

56.3%

47.7%

54.9%

42.9%

52.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Rnk

Val

US$

bil

Q4 Volume (US$b)Q3 Volume (US$b)

Q2 Volume (US$b)Q1 Volume (US$b)

% of WW FS Volume YTD


6

UBS RBC Capital Markets

▼1.8 -1.2 0.6 0.10.2 +1 ▲ 76.2 ▲1.7 ▲ 55 0.6 20 16,106.5PJT Partners Inc 25 19▲

Raymond James Financial Inc 25 63 18,916.5 2.12.0 2.0

+7 ▲- 17,828.5 0.1 0.1▲ 8.2▲ 1 0.0 +10.1 ▲ 11 0.1 Robey Warshaw LLP 24-7 ▼

-Scotiabank 24 25 19,572.1 2.2

9 0.1 -3 ▼ 1.0 0.040 19,951.5 2.2 1.3 0.1 -2 ▼ 124.2Qatalyst Partners 231.4 0.60.5 -13 ▼ 164.3

▲ 5▼

Banco Bradesco SA 23 82 21,500.1 2.4 2.2 ▲▲ 37-19 ▼ Jefferies LLC 22

0.3 0.223 21,390.775 23,205.1 0.1 +3

2.4 0.12.9▲

-4.0 ▼+4 ▲

20 0.256 0.6

Wells Fargo & Co 22 14 25,398.9

▼Jefferies LLC 21 21 27,637.8 3.1 0.5 ▲ ▲37.1

13 0.1 -1 ▼ ▼ 172.8 -11.4HSBC Holdings PLC 21Centerview Partners LLC 20

▲ 82.6 2.510 25,215.2 0.2 -1 1.0 1.1▼ 124.3

2.9 0.5 1.3 0.60.6 -9 ▼ 151.3▲ 43 ▼Alantra Partners SA 20 194 29,038.5 3.3 3.3 ▲

2.1 ▲ 16 0.2 22 26,469.3Moelis & Co 19▲

HSBC Holdings PLC 19 33 30,079.2 3.43.0 2.3

+10 ▲42 27,259.8 0.6 0.1▲ 70.1▲ 26 0.3 +142.6 ▲ 20 0.2 TD Securities Inc 18-7 ▼

-PJT Partners Inc 18 38 31,776.2 3.6

25 0.3 +11 ▲ 0.1 0.0122 29,038.5 3.2 3.2 0.1 -9 ▼ 9.6Alantra Partners SA 171.5 0.20.8 +1 ▲ 172.5

▲ 8▼

Centerview Partners LLC 17 16 35,397.9 4.0 -2.0 ▼▼ 59+19 ▲ Rothschild & Co 16

1.5 0.416 37,505.49 52,813.0 0.2 +3

4.1 -2.34.0▲

3.0 ▲+5 ▲

34 0.413 0.1

TD Securities Inc 16 40 35,816.1

▲Perella Weinberg Partners LP 15 43 40,272.9 4.5 3.6 ▲ ▲175.2

63 0.7 -4 ▼ ▲ 276.6 5.0Guggenheim Securities LLC 15BMO Capital Markets 14

▼ 145.8 -8.726 60,007.2 0.3 +10 1.1 0.5▲ 134.6

7.0 -0.8 1.6 0.20.4 -4 ▼ 191.3▼ 31 ▼Rothschild & Co 14 10 40,555.5 4.5 -6.2 ▼

-2.7 ▼ 50 0.5 15 63,489.7UBS 13▲

RBC Capital Markets 13 12 42,257.2 4.77.1 4.3

-17 ▼0.9 0.1▲ 109.9▲ 22 0.3 +1Wells Fargo & Co 12-11 ▼ 21 64,580.9-7.0 ▼ 32 0.3

3.7 ▲ ▲Deutsche Bank 12 7 46,600.6 5.2

42 0.4 -25 ▼ 1.8 0.18 85,406.6 9.4 -5.8 0.4 -7 ▼ 209.7Deutsche Bank 111.8 0.00.5 -6 ▼ 208.3

▼ 32

2.7 0.2▲ 38 -

Moelis & Co 11 27 49,511.6 5.6

0.8 +1010.2 6.5

▼ 5911.2 -0.590.4

-1 ▼ ▲ 317.717 92,862.211 101,558.3

1.9 ▲ 3876

10-2 ▼Evercore Partners-2.8 ▼

10 17 59,327.9 6.7

▲Evercore Partners 9 9 76,509.8 8.6 ▲0.8

▲ 7482 0.9 0 - Lazard 8 12 103,718.2 11.4 0.2 1.0 +10 350.817.4 -9.8 3.0 0.80.8 +863 ▼

Lazard 8 11 80,136.5 9.0 2.9 0.2▲-1.0 ▼-4.9 ▼11.0

23.5+4 ▲70 0.7 Credit Suisse 7Credit Suisse 7 5 98,316.4

▼73 0.9 +13 3.25 157,835.5 ▲ 362.3▼

214,025.6Barclays 6 7 0.3▲ 375.20.7550.0 ▲1.1 -2 4.6

-17 ▼ ▲1.3Barclays 6 4 103,597.3 11.6105

-5.9 ▼ 65JP Morgan 1.14 230,361.2 25.3 -4.5 0.9 +9 ▲70▼

1.0 -9 ▼ 610.3244,776.2 813-8.2▼ Citi 5

45 6 157,850.8

1.5

17.7 2.3 ▲▼ 69 ▲ ▼2.5

+526.9 -7.0

▼▲ 6.4▼ 5.1


Bank of America Merrill Lynch 4 2 168,264.3CitiMorgan Stanley

3 81.0

7.80.7

▲Morgan Stanley

29.4 101+1178 0.8271,243.9

+3▲

2

18.919.9 3

1.0 ▼JP Morgan

▲698.3 1.0▼ 771 -1

▼ 29.8 -7.0177,762.3

Goldman Sachs & Co 1200,712.92 3244,037.0

22.5 -2.9Goldman Sachs & Co▲119 1.3

-391+8▼

5.9▲1.3

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

▲3.9 758.7

▼1 ▼32.2 1,037.3+3

267,125.962

8.7


-8.51 293,083.7 1.4108

# of2017 Rank

2016 RankUS$m

Rank ValueShare Ch. Financial Advisor

MarketChange in MarketRank Value MarketShare Ch.Deals

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

Market

Americas Rankings

Rank Value per Advisor (US$m)2016 Rank

27.3 -6.1Sh (%) Sh (%)

Advisor

▼1.2

2017 RankFinancial Advisor

MarketMarket# of Deals Share Ch.

# of Market

Jan 1 – June 30

Change in

Any Americas Involvement Completed (AF55)


# of Deals per Advisor # of Deals per Advisor

DealsUS$m

Imputed Fees (US$m)Market

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

Perella Weinberg Partners LP Deutsche Bank

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

Industry TotalTD Securities Inc 10,434.6

5125

583,945.5

▼-15.9%

2460

▼

▲9.9%

08,993.5

Sandler O'Neill Partners 23 1.916

-1.2%Industry % Change from Last Quarter ▼-15.1%

5,551

▲ 17.0%▼-5.5%▼▼


▼6

14.2%

100.0▼

-12.6% ▲

0.11.5+689

▲

14 0.3 -2- 0.3

0.6▼23.5

8,953.50.51425▲

100.0Industry Total

0.3 ▼-3.5 ▼ 54.3

▲23 0.4 -8 ▼ 0.1 ▼0.6

0.357.6

0.30.8▲+3▲

1.812,936.80.412,585.9 1.9

281.5

1.8 -2.122 PJT Partners Inc0.3 -15

1.34022

Sandler O'Neill Partners 23

+20.0 +1

▼ 1716,106.5 2.418 -1.3 ▼

19,837.7Robey Warshaw LLP 12.6

13 11,656.4

20▼▲ - 2.6▼ +118 0.3 21

▲▲ 0.1 ▲8.2

16.80.10.2 0.2▲

0.2▲ 0.0 +1 1.42.9 0.0-616 -

▲1.8▲19 - 124.2▼17,828.5 3.1 Qatalyst Partners 19 35 19,951.5 2.9 -119,958.618

▲ 5 0.1

0 -▼

0.6128.2 1.41.49 3.517

1.72.9115.9

22 33 152.5-1

0.6 -8 ▼0.70.4 ▲ ▼▼ 1.30.3▼ 16

▲0.327 46,897.2 6.9▼▲3.6 0.6

0.8

▼21

-14.324,015.2

135.9190.2 +1 73.90.3

13 ▲1.3-5.6

5.2 ▲BMO Capital Markets 150.748,501.1

▲Lazard 14 9 32,000.7 5.5 1.2 ▲

0.7▲ 2.01.5

0.3-7.1UBS

13 52,813.0 ▼0

Jefferies LLC 15 21 25,493.8▼45 0.2▼ 14 15

+514259.0175.27.7Guggenheim Securities LLC

+108

43 ▲13 16 34,641.7 23 -10.4▲0.4 +11▼-0.3

17 6.25.9

Deutsche Bank0.6▲ LazardUBS 12

Centerview Partners LLC▲54,122.6 7.9 -3.6 ▼ 0.8 2.90.3

11 1936,100.5 +11.2 ▲

11 10 39,237.6 -4 ▼ Wells Fargo & Co▼ 0.36.7 -3.831 -2-4.8 ▼ 2339,533.2 6.8 5.7 10 10

21 0.4 +3 97.6 1.1▲ ▲0.41.9165.5 ▲0.3

0.20.410.3 ▼

7.3 ▲ ▲162.5 1.810.5 -5▲

▲ ▼0.526209▲0.2

8.0 RBC Capital Markets-8+2

▲0.1▼ 47 ▲ 256.70.8 +6 2.9▼

Credit Suisse 8 5 52,855.6 9.1▲7

13.2 -0.90.50.8 +1417.3 -12.8 ▼ 266.346 3.0

4.3-8 ▼ 425▼

Citi 6117,893.9Credit Suisse

0.8 +5 ▲Evercore Partners 7 7 65,995.6 11.3 -1.8 ▼

16.0 3.20.74 172,275.3 25.3 -9.1 ▲ 387.3▼Barclays 6 4 84,151.2 14.4 -5.4

285.9▲ 0.8 Barclays+850 ▲56 1.0 +8▼5.0 3.7

3.2 0.5 ▼444.9

2.327.3Citi 5 8 93,589.8 186,352.35 616.8 Morgan Stanley 198,494.2 29.1 -6.6 564 3

▲Bank of America Merrill Lynch-13.6 ▼ 0.7 +344 1.0 -8 ▼

+1232.7

▲▲ 1.2

▼1.0 +133

JP Morgan1.2583.5

1.433.0 787 8.2 ▲225,327.8 ▲6.5▼ 58-7.82

▼663.6 7.4▲

0.7+46 114,961.4 19.7 1.8

1.06380

137,338.7▼

23.5 -4.8-2 ▼235,036.6 34.5 -8.0 ▼

▲

Financial Advisor1 157,693.9 1.09.472 1.31 173 841.41.1 -7 ▼ Goldman Sachs & Co

MarketShare Ch. Deals Sh (%) # of Deals

Market

27.0 -11.6 ▼US$mDeals Sh (%) Share Ch.Sh (%)

AdvisorFees

# of Change in 2017 Rank

2016 Rank

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

2016 Rank

Market

US Target Announced (AD2) Jan 1 – June 30

MarketRank Value Market2017 Rank

Industry % Change from Same Period Last Year -7.0%

US Target Completed (AF2) Jan 1 – June 30

7.0% ▲ 17.5% ▲Industry % Change from Last Quarter 8.6%

▼

100.0

-14.5% ▼▲

Imputed Fees (US$m)

▼

11,926.0

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

▼ -4.9%


Industry % Change from Last Quarter -6.2% ▼ -11.4%Industry % Change from Same Period Last Year -0.1% ▼ 9.1% ▲

Industry Total† +509909,865.2 7,772892,525.5 100.0 +7909,488 100.0Industry Total,y ,

33

2.0

4.4

03.1

-9.5 ▼

-7

PJT Partners Inc 20

▼17.3%

0

Robey Warshaw LLP 3.13.0

Wells Fargo & Co

2 98,158.3

RBC Capital Markets-

Moelis & Co 9 23

17

46,483.910

19 10,413.1

-11.9%

Financial Advisor US$m Sh (%) Share Ch.Goldman Sachs & Co

JP Morgan 3

18 14

Morgan Stanley 2 3


Guggenheim Securities LLC15

Bank of America Merrill Lynch 4

HSBC Holdings PLC 16

1

0.5

2

-9.5

▲2.9▲17,828.5Rothschild & Co 21 -7.8

75.02.4

+963

32▲ -5▲ 0.14

11 14,267.2

25,035.3 4.33.8

0.2▲

0.218,042.922,416.2

1.7

0.10.5

4.3-3.7

5

37

▼

-6.8

10

▼

▼

▲▲

▼

48

13

0.7

Evercore Partners 848 0.7

10▼

1222

89,854.3

222,967.2

11

5.7 ▼69,882.3

9.1

71,453.4

61,918.9

HSBC Holdings PLC

-

Allen & Co Inc24Rothschild & Co▼

24,215.6

+1▼

0.6

21

▲

0.9 -20.8▼ 53

▲

Jefferies LLC

100.0

Market # of

Centerview Partners LLC

+12

▲Moelis & Co

+3-1

2

681,963.1+3

▲+5 1.0

▲

16

5.9

1-

▲

1.3

60

29 17,458.7

18

-5.1

Piper Jaffray Cos 10,334.31.5


6,522

33

* tie

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

UBS RBC Capital Markets

40

+11

▲

5Barclays

2.1

▲

▼-1

0.7

20

0.10.1▼

0.5

+6-19

100 00.0

Credit Suisse

Guggenheim Securities LLC▲

▼

▼

▼

▼15

▼

▲

2017 Rank

Goldman Sachs & Co

11

0.9 JP Morgan

UBS 13

▲

Citi▼


34.51


Any US Involvement Completed (AF48)

Sh (%)US$m

10

Jan 1 – June 30Jan 1 – June 30

Industry Total

Americas Rankings

Share Ch.Market

8

21

100,848.6-2

795 609 0

65 0.8

-3

▲

▲

0.5

+4-8

-1

25

Evercore Partners 76,013.6

5

Lazard 9 11 70,434.6

6JP Morgan

Credit Suisse8

103,505.7

0.4

▲+27

3.5

52,813.0

22 26,469.3 3.2

-9.48

29,038.5180

14

3.5

▼6.3

2.217,828.5

▲Moelis & Co

23▼

▲

0.2

▲25 2.2

8 022▲1

0.3▲ 13,180.7 1.6 1.3

3

8

19

1723

17

10

13

667.3178,475.5 23

1

1.4 +51.1 +2

21.9 250,377.6 30.0

▲

# of Market

+1Share Ch.

▼

Market MarketMarketDeals

Change in Advisor

6.1Morgan Stanley

# of

111

4

Imputed Fees (US$m)2016 Rank


▲

2017 Rank

2016 Rank


85

MarketSh (%)

▼

7

1 237,612.3▼

Market

2

US$mFinancial AdvisorRank Value

+8

Change in

1.2+6

0.8

2

Morgan Stanley6

Financial Advisor

-18

0.9

88,627.3

4 3-5

▲

▼

▼

Any US Involvement Announced (AD41)

-3.33

21.0167,422.9174,249.7

29.91Goldman Sachs & Co


9713.018.3

2Citi 9.2

-7.3

-6.3

▼

DealsRank Value

# of Deals

0.8

+522.4

Market

1.4Sh (%)

0.1 -10.7

0.2

0.2


2.8

+13

-8.9▲Bank of America Merrill Lynch -6.9

3.131.3

287,399.9

94 ▲732.1▲ 6.7▲

-5.1

▲▲

-964

21

23

▲▼

0.2

+3

▲

▲Jefferies LLC

20HSBC Holdings PLC

Robey Warshaw LLP35-

55

22Qatalyst Partners

53

9

▲

▲

-24 53

22,628.9TD Securities Inc 22

0.63.420

17,841.9

2.6

7.458,497.7

343.8

3.2

PJT Partners Inc

Wells Fargo & Co

29,038.5

2121

▼

▲

12.16

1.4

-1.7

▼4145,539.2

95,880.8

▲

9.6

Moelis & Co

Perella Weinberg Partners LP 13 37 40,272.9 5.1Deutsche Bank

1131

▼

5.8

53

134.1▼▲▼

33

-2.9

5.9

▼

3.8

6374

40

8.9 ▼

14

16

46,277.0 -5.146,705.4

-4.5

5.04.8

12 10

25,398.9

15

RBC Capital Markets 15 39,494.5Rothschild & Co 15Centerview Partners LLC 16

9

3.7 ▲Alantra Partners SAHSBC Holdings PLC

20127,067.1

30,079.218

Jefferies LLC ▲

-2.2

-1.9

▼4.5

20

123.7

4.0

-4.5 ▼

31,776.20.3

Evercore Partners 12.1

69

2.6 +1117Alantra Partners SA

-6.6BMO Capital Markets

▲81,025.51011

35,397.937,935.5

25

Deutsche Bank-4

64

261,240.8▲

0.87

▲

Barclays

72

+96

▼

7

227,216.7

▼

6.6

23,205.1 2.8

▲

2.7

10.6

27.3

210,089.2 1.4

-7.0

14 5.0

525.2

55,179.9

7.5

1.8

60 0.9

▲+5

25

0.4

10

▲

▼

Robey Warshaw LLP

Guggenheim Securities LLC 23 140.6

-4.8Raymond James Financial Inc 492.2

2.3

+898+1

-12.5

21,227.7

17,828.5 2.1

833 862 6

+4

100 0

Share Ch.▲9.3

▼ 68 ▲1.09.3102 1,019.9

4.8▲563.0

Sh (%) # of Deals Fees Sh (%)1.5

6.16.7

▲5 4 219,437.4 26.3 4.8▼-4.3 0.9 +143.3 3.3

63-7

518.374 1.1 5.2▼ 5.2

342.0 3.155 3.1▲70 1.0 +13 ▲ 363.6

▲18.6 -9.6 ▼155,438.0 0.8 +7 ▲-0.6 ▼ 56 0.8 +9 ▲ 308.5 2.8 2.8 ▲

Lazard 9 12 92,071.9 11.0 -0.3 ▼ 318.2 2.9189.8 1.7

2.9 ▲1.7 ▲

0 -

9.7 -5.2 ▼ 3132 0.5 -3 ▼

1.8 ▲Wells Fargo & Co 12 20 61,918.9 7.4 4.3

0.50.3 0 - 0.997.6

1.8-4 ▼ 197.80.9

▲18 0.3 +4 ▲1.6

▲1.6

21▲15 58,718.1 0.4 -1 ▼ 171.07.0 -1.1 27

1.60.2 +3 ▲ 175.21.0

1.61.0106.1

▲Rothschild & Co 16 16 31,536.6 3.8 -2.9 ▼ 143.5 1.3 1.3 ▲49 0.7 +3 ▲

0.1 ▲7 0.1 -5 ▼ 8.6 0.1

▲1.1

▼ 149.30.8 ▲ 42 1.40.6 -5 1.4 ▲Centerview Partners LLC 19 9 25,215.2 3.0 -1

181.1 ▲▼ 124.317 0.3

▲+3▼ 162.6

7 0.1▲

▲ 36.61.50.5 -11 1.50.3 0.3

19,951.5 2.4 1.536

▲2.6 0.3 ▲

2.1 ▲ 1▲5 0.1 -2 ▼ 124.2 1.11.1▲

PJT Partners Inc 24 19 16,106.5 1.9 -1.3 ▼0.10.0 +1 ▲ 8.2 0.1

0.318 +3 ▲ 75.6 0.7 0.7

0.1 +2 ▲ 27.5▲ 7 0.3 ▲10 916 6 100 0+5686 720Industry Total

TD Securities Inc

18,042.92.8

32

67

CIBC World Markets Inc Credit Suisse

0.6

1.7

▼

-3

21

+4

Market

15

▼

4.9 1.4

▼-

11

5,920.6

12

17*

Rank Value per Advisor (US$m)Market


15

5.613Citi

▲

Rothschild & Co14 12

-5.1

-8.8

Credit Suisse5.5

-11.9▼11,249.5

6.2

-9.3

14 6,718.6

17,414.1 14.511,728.2

6.27,456.4

+2

Jan 1 – June 30

▲

▼

34 2.5

# of

-2

13

▼

-4

9.7

8.99.3

36.5 17.2

100.0

0.0-4.614.8

▲


Citi▼ Morgan Stanley▼ 56,425.1

24

▼

241.7

9.5%-44.6%

▲12.6%

PJT Partners Inc

100.0

2,100.0

+119

21 92*

30

+20.1

+420 41 4,122.0

+29

2,614.3 0.12.2

4.3 0.15,216.4 4.3

3,311.21

2

▲-5

1.7

0.7 ▲

2.8 ▲

2,060.5

80.6

76

-5.5

-▼

-2.1+2

▲

-3.7

14

Industry Total

18

17,844.4

6,627.4

10,731.8

18,772.1

19

▼13 11,495.310 ▼-1.9 23.011

0.10.0 1.5

▲ 4 0.0 ▼ 19.8 1.3-2

3.3 ▲

8

6.8

7.9

116.7

-14.5 ▼

▲3.1-3 ▼7.7Scotiabank

12

-17.2

▲3

+14

+517.5

▼ 3.6-8 ▼ 43.311,890.70.10.226 4.518.2 ▲

15 8

▲

70.10.0

7.6

48.8▲

11

71,218.9

62,340.9 ▼

3.2

35.718.7

0.0

▲

▲

7

▲

▲35.4

+1

▼

▲

0.9

▲▲

75.1▲

1.62.61.8

▼0.5▲

28.4

▲▲0.1

61.3

2016 Rank# of Deals

1

▼

5.8

795,609.0

29.7

24,961.9

3

+19

-3▼

Goldman Sachs & Co▲

9.5

1.5

▼

▼

Change in

42.6

8

BMO Capital Markets 11 10710

11,483.09 21.0 35.36.2

994.9

50,275.72.82.3

1033.5

▲

49,647.59

41-5

27,259.8

4.8 0.8

2.8

Wells Fargo & Co0.5

7

11

10,830.610,145.0

▲

16

▼

1.0 -6-40.4

HSBC Holdings PLC

117

Moelis & Co

Morgan Stanley

National Bank of Canada Fin'l

RBC Europe Ltd

Industry Total

AlixPartners LLC

National Bank of Canada Fin'l5,731.2

3.9▲0.0

0.00.0

53,502.0▼ 5BMO Capital MarketsBank of America Merrill Lynch 36.56

6

Lazard

37.6

TD Securities Inc

54,718.2

33.1

7

▼7 +341.6

▲

23

Barclays18.9

0.00.1

12

0.92.460.5

81.637.314

5.3-168,403.1

▲

2▲

4

▲1

Market

2

4

0.1

Sh (%)

Imputed Fees (US$m)

6.214

Share Ch.Sh (%)

8.247.5▲

# of Deals Sh (%)Change in

+9

FeesMarket Market

140.4▲

▼▲ 127.1

3.49.1

5.4

Market Advisor

▲

2016 Rank

MarketRank ValueFinancial Advisor

Any Canadian Involvement Announced (AD42) Jan 1 – June 30

-12.1%-1.9%Industry % Change from Last Quarter

8,022


Rank Value per Advisor (US$m)Rank Value


JP Morgan43,983.9

2017 RankUS$m Share Ch. Sh (%) Financial Advisor

1.1▲21.4▼

6 64.21

RBC Capital Markets 45.61.0

96,179.7

RBC Capital Markets

2

15.620.7424.329,253.6Goldman Sachs & Co

Barclays 5


5Scotiabank

8Lazard

9

131

867 2

4.1


MarketUS$m

6,209.5

149,935.7

3

2

1.72,772.4

▲

3.5

0.0%

+2+1

4

4.13.9 ▲ 1

0.1

-1.1

3

57,616.5 38.4

+22

+1▲

▲

19.0

27.3+1

▲

0.5

0.7

8▲

8

15

+7

▼

15

+4

5

0.34

-3

▲0.5

▼

0.4

CIBC World Markets Inc

▲

UBS

16▼Banco Bradesco SA 16▼ -

▲

▲

▼

17-

Sandler O'Neill Partners 85*

14

Any Canadian Involvement Completed (AF49)


22*+1

2.8

0.20.6 -4

2,614.322* -

25

▼-8.5%Industry % Change from Last Quarter

* tie


Houlihan Lokey

Ankura Consulting Group LLC19 36 3.0

120,548.1

3.8

UBS

2.220

12.6%

-1.0

9

Deals

2

▼

76

3

2017 Rank

35,816.1-8.1

TD Securities IncJP Morgan

Sh (%)

▼

+898 833,862.6 100.0

▼

10,916.6 100.0

17.9% ▲-15.7% -1.5%

+568

▼

6,720

▼9.2%

11.9%

Share Ch.

39.5

▲

▲39.0

# of

▲

▲

0.1Deals

1.8 0.80.1 +1

4.9▲

19 +11

17

▼0.4

▲ 26.9

0.01.8▲▲ 5.5

0.10.0 0.4

▲0.3

-0+1 0.3▲

▲18*Santander▲

44

-3.93.55,190.0

5,899.5

0.03.0▲ 0.013.5

0.0

5,190.05.0

-1 3,057.4

17*

214,363.1 +22.920 ▲

▲

12.60.7▲

18* ▼

0.80.0

0.32.8

▲5.01 0.1Credit Agricole CIB

▼11.70.0 ▲

1.4▼ 5-1.12.0

+1 17

▼23

Jefferies LLC-10

24

2220

Moelis & Co

-2

0.70.0 0 0.7164 10.4

25100.0

1.61.4

2,369.31.8

▼2,661.9

▼1.0▲

0.01.9-▼-1.2

-1.9 ▼

0.2-1▼

100.0

3 -7▲

Industry % Change from Same Period Last Year ▲

▼Industry Total

0.0 0

▲

1,542.8

▲▲-

1,014

45.3%-5.0%

0.12

33.6%8.7%

▼

+81-

1.022.7

▼ 18.7 1.21.01.5▼

▲ 1-0.4 ▼

▲0.1

▲3

2.2

1,3672,060.525

1

0.7

Industry Total

Evercore Partners60

Rothschild & Co

Evercore Partners6 -4

21

▼

0.0

0.1

▲0.4

5,216.4 4.3 4.3

▼

2.9

▲▲-

4,589.1-

3.4


16.07

0.8▼

▲-1

121.2%

CBRE Holding SAS


8

7

Jan 1 - June 30

68.9

10 1

51.5

26.9

27.7

20,422.9

38,020.0

2

20,467.8

Rank Val US$m Rank

3

3

1

69,568.4

158,397.4 50.748.3

3

8

18,712.4 3

40.630,743.8

553 6

Industrials

2

2

115,148.8

Handelsbanken Capital Markets

64,993.5

16 14

Credit Suisse

2

55,561.8

20,047.6

39,614.4

3

Real Estate

Morgan Stanley

Announced M&A activity with EMEA involvement totaled US$650.9 billion from 8,621 deals in the first half of 2017, up 19.2%compared to the US$546.2 billion reached in the same period last year.

Estimated fees accumulated on EMEA deals completed in the first half of 2017 were up 2.5% compared to the same period lastyear, totaling US$6.6 billion.

The Industrials sector led the EMEA marketplace, with 1,368 deals totaling a combined US$115.1 billion, including the acquisitionof Abertis Infraestructuras SA by Atlantia SpA, which was the largest European deal of the first half of 2017, valued at US$34.7billion. Healthcare accrued US$75.8 billion, and Consumer Staples yielded US$73.8 billion of activity.

Financial sponsors were more active in the first half of 2017 compared to the first half of 2016. EMEA-targeted buyside financialsponsor activity reached US$82.7 billion in the first half of 2017, up 20.6% from the US$68.6 billion reported for the same periodlast year.

Acquirors listed on the Euronext Paris Stock Exchange were EMEA's most acquisitive companies for the first half of 2017, with acombined total of US$68.9 billion in offers.

Citi

40,767.4 Goldman Sachs & Co


EMEA M&AEMEA Announced M&A Up 19% | Industrials Highest Valued Sector | Financial Sponsor Volume Increases

6 22.7

14,277.8

Citi15,772.2

EMEA Involvement Announced Advisors by Target Industry

75,809.8

5

EMEA Deals Intelligence

Goldman Sachs & Co

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

No. Deals

491 35.4

Mkt.

JP Morgan

Healthcare

Consumer StaplesLazard


Rothschild & Co

Credit Suisse


Energy and PowerLazard

2

690

50.6

73,784.6

52.3

3

1,368 Share

13

3

9

27.213

565

46.8

12

6

21,013.3

38,334.2

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

29.4

UBS

149.315,038.6

Industrials / Transportation & Infrastructure

Materials / Chemicals10,483.3Huntsman Corp (100%) Clariant AG

Cyclops Holdings IncConsumer Products and Services / Other Consumer Products

11,627.3

17,828.5


Consumer Staples / Food and Beverage

Jan 1 – June 30 2017

1/16/2017Pending

Top Ten EMEA Involvement Announced Deals

Telecommunications / WirelessIdea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone AstsPending India / India

Mead Johnson Nutrition Co (100%)

Abertis Infraestructuras SA (100%)Target (% Sought/Acquired)

20,047.6

16,092.4

Italy / Spain

15,277.2

United Kingdom / United StatesSweden / Sweden Consumer Staples / Household & Personal Products

High Technology / SoftwareChina / United Kingdom

Essilor International SAUnited States / Israel

Luxottica Group SpA (61.9%)

Switzerland / United States

France / Italy

13,742.4

5/22/20173/20/2017

Logicor Ltd (100%)

Pending* Undisclosed

Real Estate / Non Residential13,045.5

Reckitt Benckiser Group PLC

Actelion Pharmaceuticals Ltd (100%)

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

Rank Value (US$m)Acquiror / Target Nation

Janssen Holding GmbH

Rank Date AcquirorStatus

Completed

China Investment CorpFrance / FrancePending Christian Dior SE (25.6%) Semyrhamis SA4/25/2017

1/26/2017

6/2/2017

Switzerland / Switzerland

Pending

Completed

Pending

5/15/2017

Shareholders

3/13/2017

Completed

Mobileye NV (100%)

Intended

Essity AB (100%)6/15/20172/1/2017

34,675.3Target Macro / Mid Industry

29,038.5 Healthcare / PharmaceuticalsAtlantia SpA

$27.1$4.0

$15.6 $24.1 $18.3 $25.4$46.9

$28.0 $20.2$33.5

$43.3

$9.0

$16.6$38.7

$26.1$33.4

$43.1

$38.3 $48.4$49.2

$28.8

$14.4

$36.8

$23.9

$27.2$23.1

$30.6

$28.5$39.1

$25.0

$19.0

$28.8$21.5

$26.8$33.0

$44.4

$36.7

$50.211.6%

4.2%

10.8%

14.5%

10.6%

22.0%

18.7%

15.6%

18.9%

16.9%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A$68.9

$44.1

$37.1

$14.2

$10.6

$8.4$7.4 $5.1 $3.0 $2.7

Euronext Paris

London

Milan

Swiss Stock Exchange

New York

Zurich

Nasdaq

Madrid

OMX Stockholm

BMFBOVESPA


9

UBS

2.616,460.225

7323

100 0

0.1

4915

19,809.8

23,898.3

2.5

3.121,295.3

1.7

20,129.1

5.1

29,553.3

22

24,418.8 3.8

4.932,943.031,825.944*

4.51625

▼-170.1

▲▲

0.0 +1

0.0

▼

0.0

-7

-10▲0.1

0.11 663

17

-10

0.0

0.1+30.0

+10

24

1625

22

▲▼

24▲

20,315.8

Societe Generale

232.4-Arpwood Capital

-4.1

3.7

▲

▲

133.0 0.6

▲

0.51.8 ▼

0.2

0.40.3

119.5

7.1

▼

5.3

0.1

0.1

-

350.21.0

7.00.00.1 0.1

0.425.5

0.0 -17.50.0

8

▼ 51

45 57-8

12140

11▼

111,828.4

▲

173,137.3

113,120.0 ▼0.2

0.3▲

+5730.7 -8

26.6▼

101,183.5 15.5154-11.4

18.0 -20.6

Credit Suisse14.2 0.5

▼72 0.3 UBS

-13.7▲

-8

JP Morgan

+23

1

2

106,141.6

HSBC Holdings PLC

▼

10.917.713.7

8.3

1

7.1

203.9

▲

▲7.0

.2▲

▼0.1

1.8

▲0.1

0.10.1

▲

0.1

2.0

0.50.1

3.1

0.2

0.10.10.0

0.0

▼

▼ 0.2

0.66 581 7

0.1

0.1

+2 ▲

0.1-4

0.5

5.4

+1

1 509

0.137.8

0.0

234.4

100 0

▲

12.90.2

▼

14

▲3.8

20 5.931,136.1

22,374.2113

4.210

1

530 429 62.4

+10.4

-25+3

-1

▲

0.0

0.0▲+1

▼

6 921

8

12,907.3 2.4

0.1

12,578.1

-

10.640

45

26

1

0.1

▼

8.3

-1.1

▼

▼

-8.5

0.7▲

+2▼-4

-2

+10

113.6

▲9.3

67.4

▼-6

▼-4

▼

▼

0.1

116.8

2.0

0.70.3

▲+8

0.2

▲

▼▲

▲

▲▲

0.1

▼

▼1.7

0.8

351.8245.1

0.25.7373.5 1.74.5

3.7

296.4

0.61.71.71.2

-0.00.0

5.4

-0.2

▼

▼

Change in

+6

Fees

109.6

# of DealsAdvisor

▼▼

Imputed Fees (US$m)

1.0Sh (%)

▼5.2

Market

-5

Sh (%) Sh (%)


Share Ch.MarketChange in

Any EMEA Involvement Completed (AF53)

# of Deals

# of Deals per AdvisorRank Value

▼-18.5 54

Market Market

▲

Any EMEA Involvement Announced (AD47)

2017 Rank

MarketSh (%)

1 ▲14

84Deals

0.8 -7

MarketUS$m Deals

+24 1

2016 Rank

-17.0▼▼ -15

560.60.8▼ ▼

5▲ 4

26151

Lazard3

+110.33Bank of America Merrill Lynch 142,836.6

160,382.329.6157,174.4

▲

0.4▲▲

0.2

1Goldman Sachs & CoMorgan Stanley

2

111,920.0 -8.8 ▼26.9

+3

30.2

21.1 1.392-12.4 42

0-15.6 ▼

93,886.2

21.1▲7.4 0

0.820.0 -

0.50.5

32▲-19

25

337

32

-15.4

-7.5

11

24▼13.7

35

869

6

13

107

15

12Citi

▲

-9.6812.810.1 ▼

13.4

53,707.368,110.3

53,828.1

435,772.0

▲5.5 ▲-45.5 -6.5 0.1

0 13.872,429.870,810.2

-73,408.691Alantra Partners SA

Rothschild & Co-

+3

▲▼

0.1

5.521

-4▼▲

0.20.2

0▼

6.5

Deutsche Bank53

▼ 24-1.3

3.3

Raymond James Financial Inc

Barclays

Wells Fargo & Co

3321Handelsbanken Capital MarketsPJT Partners Inc

20

22

235*24

3150 16,618.5

650 947 6

19,206.1

Industry Total

Natixis

VTB Capital

16Robey Warshaw LLP

Industry Total8 621

26+2

▲

▲

-6.12.80.9

3.0 113.0

▲

2.6

2.58

4

8▲

-4.3

0.8

1.3

▲▼

10▼

Barclays 19

8.3

3.7

3.8

35,727.3

8.3

279

▼

26,040.3▼

-18

68▲▲

+4

BNP Paribas SA

▼

+12


21

▲29

▲ 15*

6.0

6

4.9

▲

-13.4

▼▲

100 0

4.6▲

China CITIC Bank Corp Ltd

9

8.3

15* 44,254.9Dyalco

44,378.4

15*

15*

-

-

Lakeside Capital Advisers LLC

1

24

3

139

- 8.38.3349*

China International Capital CoChina Construction Bank

Credit Suisse 6JP Morgan

Bank of America Merrill LynchCiti

Rothschild & CoMorgan Stanley

7

2

4

-0.3

810.2

10

▼ 9313.0Mediobanca

11

+3

42

-1.9

4.1

0.4

-2.716

0.2Deutsche Bank

19

17

9

6

23

Moelis & Co

AZ Capital

12

14

Societe Generale

Credit Agricole CIB16Robey Warshaw LLP

HSBC Holdings PLC 13

15

Alantra Partners SA

BNP Paribas SA

66,638.9

53

2

13

7Lazard

984,903.6

US$m203,385.6 3.9

18

8

116,989.25

92,145.6

420.1

2017 Rank

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

Sh (%)Market

Goldman Sachs & Co192,071.4

2016 Rank

Jan 1 – June 30

Market

31.2 344.2Share Ch. Share Ch.

Rank Value

Jan 1 – June 30

1.729.5

▼▼

▲

9.3

60,088.260,270.7

▼▼

9.3


40

-16369.2

Financial Advisor Financial Advisor

17.4

▲8.3

49,167.6

31,631.8

44,254.9

▲

44,254.944,254.9

8.3

10.8


7.914

# of

EMEA Rankings

▲

▲

8.4▲

8.4

▲▼

Deutsche Bank HSBC Holdings PLC9.7

38.3%

9.8

56

13

42*

25

24

Sh (%)

35,727.3266

25

5.8

5.2

3.9

21

Market

13.8

▲

15.7

8.7239

53,828.159,709.7

2016 Rank


Jan 1 – June 30

100.0

-1.884,903.6

186,705.7 30.3US$m

▲

-2.8▼▼

66,638.9 10.860,087.1

-6.520,129.1

4.8 -4.4

3.33.4

-2.7

6

-2.0%Industry % Change from Same Period Last Year

15

17

Rothschild & Co

Mediobanca

JP Morgan 7

31,457.029,553.3

32,943.0

19,206.1

16

1816

20 20,912.014

73

48 16,618.5

19 23,898.324,418.8

▼119.4 0.4

4.0 1.0

-1,545

3.12.8

▼0.01

3.2

▲ Deutsche Bank

+1

-2

▼

▼

15*

▼829

3.0

▼ -10

0.3

15*

-1,469

0.3

-1

▼

0.1

0.4

6 0.1

0.10.1

▼

▼

-18.3%

▲

-10.5%

-1▲

▼

+17.1

119.5

▲

100.0

+2

-1,663

-16.2%

Change in

▲▼

-5

+3

0

▼

▼▼0.4

35

# of Deals

-16

-8

0

▲

0.7

0.4

1▲

13

6Credit Suisse

Citi


-

▲12

Financial Advisor


Rank Value

-17.0%

US$m2017 Rank


-17.1

2016 Rank

Morgan Stanley


Share Ch.

-18▲

1.7%

-

2.5%5.7%

191.3

MarketSh (%)

0.8

0.7

0.8

0.2

0.3

0.8

+5

0.5+7

0

0.6

-19

-1

-30

▲

0.0

6,541

+2

26

32

0.0

28

-

0+2-4

1.4

0.50.4

2.0

-10

▼▲-

-25▼

▲

▲

▲

▲

11.1

▲

-14.24.9

4.0

13.7

14.6

8.9

▼

8.9

▲

8.98.9

▼

2832▲

▲

12132

22

▲

110,386.65.28.715.8

18.3

22.422.1

111,920.0

78,659.5

-8.8

Deals# ofMarket

▼-15.4

MarketSh (%)

5231.0▼27.9

▼

369154

▼

1

47

832

45

0.01

0.1

1

0.50.7

-

▲

▲0.2

0.1 ▼0.1 ▲

+1

▲0.1

0.1 0.1

▲0.4

▼

▲0

-40.0

19.5

0.6

6.9%

6,280.40.6

5.4

▲

▲

▲

▲

▲

+1 0.1

0.4

34.4

▲

0.0

-

▼

0.1

1.9

0.0

▲

▼

-0.23.1

▲

37.8

1.9

0.1 0.1

0.6

0.4

7.1

▲

0.2

Advisor MarketMarket

6,581.7

▼

▼0.5

0.2

0.1

1.8

▲

▼

▼0.21.4

Share Ch.

▲

1.9

0.9

▼

5.6

1.4

5.4

7.0

7.5

116.8

▼

0.1

1.3

5.8

▼

0.17.0

25.5

9.3

57.1

▼▼

▼

364.0

-

▼▼

0.9

3.7

339.2

Fees

0.589.8

4.4

1.592.8

337.9

Imputed Fees (US$m)

▼5.4 0.8

-1,509

Any European Involvement Completed (AF3)

-10.4%

Sh (%)

100.0

49,167.6


530,429.6

-7

-15.5

73,408.614.2

53,707.38

88

19

10.8

-

14.7

8.9

2.512,578.1

665.99

499,424.6

4.5

2.6

29,499.1

25

24

100.0

21

20,315.811

▲

14

0.3

+38

10+4

0.1

-10

-18

16

+12

+3-5

▲

1.8

▼

▲▲

1.4

0.8

▼

▲

▲


Moelis & Co

23

Kotak Mahindra Bank Ltd

52

19,809.833

Natixis22

Barclays

* tie

▲2.1

▲1.9%

-13.1

26,040.3

11122,374.2

44,254.9

44,254.9 8.944,254.9

13.2

-8.7

Jan 1 – June 30

6,921

▼▲▼ -17.9% ▼

158,767.9# of Deals

-7

10

14China International Capital Co

24China Construction Bank

176,541.7

22Robey Warshaw LLP

-4

0.1

0.1


PJT Partners Inc

Industry Total

31

3

111310

Lazard

HSBC Holdings PLC

Societe Generale

UBS

Wells Fargo & Co

Alantra Partners SA

Robey Warshaw LLP

67.0%

615,775.0

2.613,000.4

-4.1Handelsbanken Capital Markets

16Arpwood Capital 24 12,907.3+1

▼ 23

-4.3

-18.5% ▼Industry % Change from Same Period Last Year▲▼

3.4%

0.0

▲

Societe Generale

0.4 15*Lakeside Capital Advisers LLC

▲

▼▼

AZ Capital

19

▼

8 5.1

5.45.8

31,825.9-7.5

0.0

0.044.0

0.3

▲

0.2

-1.3▲

4

42

Credit Agricole CIB 14

9

12BNP Paribas SA

22

24

Credit Suisse

15Goldman Sachs & Co

Bank of America Merrill Lynch 53

2017 Rank

1

Morgan Stanley

8

Rank Value

▼19.2%


Financial Advisor

650,947.6Industry Total

-22.31 18.3

4Citi 2

172,754.1

7

-898,968.5

1.3 ▲-14.0 ▼

0.596,356.791,141.0 14.8

▼-14.5-15

+21143

0.8

Lazard

Industry Total

+22

▼▼

5336

92

Market

8,621

19.3

69

-0.2

4.2

7.0 0.2

2.0▲

0.9

16

Sh (%)

4▼

0.7

Market# of Deals per Advisor

Share Ch.

+4

-

▼ JP Morgan

10

5▼

Alantra Partners SA

▲0.6 0

+9 154,631.7139,271.0- Bank of America Merrill Lynch

Goldman Sachs & Co3

1

4

15

98

2

5

11

23

7

Rothschild & Co

28.1

1168,240.6

6

7 65,848.6

71,074.624

▲ UBS91,298.1

1.028.7

16.1

Any European Involvement Announced (AD21)

112,714.8

▼

▲

1.841

2.3 ▲57

1.1

47

68

78

# ofDeals

-5.2%

52

51.3%

31.8

100.0

▼

Change in

-21

▼ 234.9

277.0▲▼

349.8

0.01

▲▲

▲

-14.3

2

8.9

6.2 -1.1

8.3

326*15*

9.8-

-31,136.1

8.9

▲▼

Dyalco

-9.7-7.5

0.00.0

▼

32

VTB Capital

44,254.9

326*

44,378.4

8.9BNP Paribas SA

8.9China CITIC Bank Corp Ltd

5.220

▲

2.10.1

3

0.2

Barclays▲

23 ▼

▲

-0.1%▲

▲100.0 Industry Total

Industry % Change from Last QuarterIndustry % Change from Last Quarter

8,084


t e

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

10

Rothschild & Co JP Morgan


14.6▲

13,310.6

▲2.6

-6.1

3.04.64.3

7.1

7.7

-3.7

2.7

13,000.46.2

-3.4

3.5

5.19,589.0

7.07.06.2

3.7

2.8

5.0

3.9

0.0

3.9

▲10.58.4

8.6

7.6

▼

▲

▲

▲

33.8

Rank Value

-0.5-9.0

11.2

43.0 14.2

▲

▲

417.0

34.3

▼▼

▲

8

-6

8

13

▼▲

▼ 25

1

▲13

1.1

▲2.2

▲ 30.0

21

0.0

-10

▲ 0.0

-68-120.1▼

0.0

0.0

RBC Capital Markets

Moelis & Co

▲5.268

▲ 5

-36.7

▼0.2

610

Greenhill & Co, LLC

0.020

▼

15

38

3.0

▲

4.2 -8.3

4.7

▲

▼912 5.8

164.1

Goldman Sachs & Co

▼9

▼10.6

7.28,402.5Macquarie Group

Rothschild & Co 8

34,044.6-1

23

22

1.00.613

1764,118.0

21.5▲14.4

▲9.1

14.4

▲

▲8.2

31,825.9

Deutsche Bank

Citi 4

Robey Warshaw LLP10

40,143.811

3

12*6

7

3

Credit Suisse 11

UBSJP Morgan

10

HSBC Holdings PLC9

6

8

5

Bank of America Merrill Lynch 63,285.9

80,453.2US$m

1

14,360.7

25,469.9 1.013.425,098.6

7.6

5,175.2

100 0

2.9

7.5

▲10.2

BNP Paribas SA

+3-5

▲

8,080.3

Lazard

1611,627.3

14,188.0PJT Partners Inc

Industry Total

RBC Capital Markets

InvestecPricewaterhouseCoopers

-

6,912.42

0.1▲2.7

77

BNP Paribas SA29

18 5,344.2

16

188,650.2Moelis & Co

22

Kotak Mahindra Bank Ltd

21Zaoui & Co

Barclays 15

19

-

9-

98

Macquarie Group 23

20

Deloitte

Axis Capital Holdings Ltd 17

24Greenhill & Co, LLCPerella Weinberg Partners LP 25

155,044.8

187 154 5

▲

3▲ 9

3

-2+11

▲+32 211

▲

1.0

23▲+4

22

0.16

7,237.0

7

6

5

▲

0.1

-40.4

+2

▲

1

Any UK Involvement Announced (AD32)

2

15,786.9Wells Fargo & Co

2

13.6

20.318.2

7

10

Morgan Stanley▲

# of Deals

5.4

2.1

2.9

-21.8

0.0

104.9

Market

▲▲6.0

25

1413

7

20

14

11

Credit Suisse

20Loeb Partners

17

3,902.5

16

18 11

3,453.9

19Wells Fargo & Co 3.6

23 3,253.0

UBS

2.842

FTI Consulting Inc24

3.0Daiwa Securities Group Inc

142*

21 --

25

3,361.722

97 2,987.6116 713 0

-32,988.9

Industry Total

1

0.8

4.9

0.6

20.51.0

28.8

42.00.72.2

110.040.9

▲

▲

-

▼▲

19.3

35.6

19.2

12.9

Change in Advisor

68.5+7+1

Market

▲-10.7

▼410.6

Financial Advisor34.1

MarketShare Ch.

Jan 1 – June 30

Share Ch.3.5

Share Ch.# of

1.0 -10Bank of America Merrill Lynch

2

Market Market

4.8

1.0▼1.2

1.2 ▼

1.6 ▲▼5.4

▼3.1

▲

1.0

0.4 ▲

▼

▼-0.0

0.2

0.2▼

1.1

▼

0.4▲▲

1.0

1.0

0.2

20.2

19.2

15.0

3.9

0.6

3.7▼

3.2

▲

2.2

0.1

1.0

1.00.8

0.2▲

▲▲

+4

+1

0.8

11.1

▼+3

▼-1

1 949 1

0.0

+5

▲

+7▲

-5

+2-3

▼

+17 ▲

+1

-4 ▼

+3▲

-12

▲+8

+15

▲

0.4

0.8

0.6

1.4

0.2

0.1

0.0

30

0.3

0.1

0.3

▲

▼7+2

0.3

0.6

0.4

▲

▲▼

▲

+142.6 ▲

0.2

Any UK Involvement Completed (AF39)

75


19.222,374.2Robey Warshaw LLP

0.14

17.3Citi

Barclays

20,211.4611.4

Deutsche Bank

5

9

82 7.2

+122.6

2.9

+33▲

▲

+50.20.1

1 854

2.69

26

62.1▼21.8

▼

▼14.8

▼

▲

▲ 1.732.40.1

+4

Fees

▼

▼

+5

Imputed Fees (US$m)

0.8

1.5

104.5

Jan 1 – June 30

-4

-6

▲-9

1.8

57.4 ▲▼

1.20.9

10

+1

11

+5

+1

▲

0.1

▼

-9

+10

0

0.1

0.10.1

+47,376.5

4,921.6

6,014.826

0.00.1

8,455.1

6.3

6,326.1

7

27

▼

0.3

▲

44

Lazard

4,194.5

39,801.8Sh (%)

▼15

▼ 0.1Deals

0.02

16

Sh (%)# of Deals10 ▼-6

▼▼

-11

3.3

19.1

14-1.1

▼

4.2

4.1

12,315.813,267.7

10,559.4

4,889.4

5.7

5.4

9.1

7,026.6

5,449.6 -8.40.0

0.0

1213-9.4

▲0.355-37.7

0.1

100 0

0.0

2.92.8

44▼

3.32.5

100 0

▼

0.8▲

▲0.1

36

57

Market Market

Goldman Sachs & Co

51314

21,023.7

161*

41

38,026.2

12

8

Morgan Stanley

2

19,569.6

▼


-

Financial Advisor

3.2

1.0

1.1

▼

▼

1.7

▼

0.8

-32.9

-15.5

▲

▲

▼

-48.1

2.0

▼

4

30.43

19.322,461.7

Rank Value

35,217.1

US$m

30.2

Sh (%)

EMEA Rankings

0.1

1

61

Rank Value per Advisor (US$m)Change in

1.6

2016 Rank


Sh (%)


2017 Rank

2017 Rank Sh (%)

Market # ofDeals

2016 Rank

135,448.8

3HSBC Holdings PLC

* tie

Bank of America Merrill Lynch Credit Agricole CIB

Evercore Partners

▼Industry % Change from Last Quarter

Deals

-484

▼

Market

Any French Involvement Announced (AD33)

▲

-16.5

▲

RBC Capital Markets

▲

Credit Suisse

▼▼

-4

2021

-29.0%

0.2

1

▼

0

4▲

▼-12.7-18.7

▲

▼

1,184

▲2

6.6

2.32.33.2

▲

-6.9

2

2016 Rank

1

8,242.1

6,253.44

6

6

US$m

9

7,499.0

34.53 5

8.211

34*

8

3

8

19.8

-17.2%

100.0

2

33,430.8

Share Ch.

▼

85,419.1


Industry Total

12



105.2%

29,691.7

US$m

8

187,154.5

▲▼


2016 Rank

MarketRank ValueSh (%)

Jan 1 – June 30

DealsMarket

# of Deals

21.9

39.1

2017 Rank

40.2

Financial Advisor

6

4 2

1 1

50,857.9

Rothschild & Co

3BNP Paribas SA 2 10

5Citi▲52,316.1

62,152.6

BNP Paribas SA

109

24.947.7

5.9

826.61.2

-0.1

-12.20.9

▼

Deutsche Bank

UBS

Barclays

Natixis

4 +221.922.8

▼32,943.0

28,488.3

2.820.8

▼-1.2

▲

Athena Capital Partners

JP MorganNomura

DC Advisory

18

14


1615

17

54

23▲

▼

12.1

9.8%0.5%

39

# of

2,211

▲

-8

▼

116,713.0

30

-41.5%▼

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year -17.9%

Industry Total

13

17

5,663.4

▲

-1.5%

Share Ch.


▼

Change in

-

6.44,998.7

4.7

5,441.1

-15.0

2814

2,720.1118*

1.3

2.1-

17

▲0.60.611.1

8.4

▲ ▼▼

▲

0.3

0.3

0.20.8 ▼

2.7

▼

2.7

1.0

▲

0.20.5

0.30.7

▼

1.52.4

▼

▼▲0.6

0.8

0.2

2.2

3.8 3.5 ▲

2.4

1.3 ▲0.1

▼1.7

▼

▼

▼

▼2.80.92.8

0.1

4.3

▲

Market

9.2Fees

12.0%

Advisor

3.0121.6 8.6130.1

4.2

1,949.1

-14▼

▼8

131.0-16+2

50▲

▼

7.3

4.73,980.012*

1.80.4

-18.9

9

9.0

1.0

1.71.3

MarketSh (%)

4.0


2.9 ▼

34

+11

-18

▼

Industry Total

Banca IMI (Intesa Sanpaolo)

▲▼

1▼

▲

4▼

28*-

-0.3


23*

14,593.0Natixis

15Deutsche Bank

28,499.728*

14

11

3

8

6109

74*25

-

85*

UniCredit

13Sycomore Corporate Finance SAS 19

25

Morgan Stanley

JP MorganLedouble SA

Credit Suisse

14

130,241.2

HSBC Holdings PLC

23*

-1.5

0.8

▼▼-9.2%

985.6 0.8

13-7.2

3

▲45.7%Industry % Change from Last Quarter

0.8 0.8

* tie

1.2

-Barclays

20

17

Oddo & Cie SCA

23

Zaoui & Co

MTS Health Partners LP 2122

18

Nomura

7,237.0

7,915.1

15 7,492.77,449.8416

13

1244 6.0

11.2

7,865.9-3.35.6

6.1

11.19.5

5.8

-1.05

0.7

▼▲

10-23.7

14.8 ▲-64

-1

0.3

2.5▲

161.2

+4

+9

▲

▲▼

▼7

▼

0.40.5

7 8,324.0

10▼23

12-3

+20.57

9.7▼

8,134.2▲

▲

▼ 0.7 -1

1.1

21

▲

▼

▲

1

2.47

20,325.7-4

29-1

11


+12.5

5

-6.6

40,616.7 26.539.12

-3▼

Rothschild & Co-5

Goldman Sachs & Co▲

Morgan Stanley▼

Lazard

Change in Financial Advisor

+12

▼

Market

Jan 1 – June 30

+33

-15.8%

Sh (%)

1,854

Market # of

Goldman Sachs & Co25.3

9Lazard

5Credit Agricole CIB

77Mediobanca

Societe Generale 1.819,206.1

14,448.01112,330.3

-13.5

2.412

23,492.2 18.0

1,008.6

1,580.01,025.0

0.8

2,185.8 1.72,869.1

55.65.6

40.2 ▲2

1.62.2

5.7

▲

-26.1▲▼

4

1

Sycomore Corporate Finance SAS

-1

0.1

66

23

19+2

▲

Industry Total

-Mediobanca

118* 1.41.4

24

-4

25

1.2

1,200.0

1,928.41,973.0

0.20.1

0.1▲+1

0.2 0

▼▼

985.6

100.00.2926.3 0.7 30.7

1,350

0.6▲

-10.9%-26.9%

0.8Oddo & Cie SCA+2 ▲

-496

2017 Rank

+20.30.3

▼▲

▲

0.40.1

▼

1.7

-4

Societe Generale

0.3

1.2Evercore Partners

Citi

-5

0.3 10,858.6


▲

16,906.4-32.4

Rank Value

Any French Involvement Completed (AF40)

▼

29,440.8

5

47.6

4 23.8 -20.1

-7.1%

100.0

▼

53.7▲

15+1

▼

1.3

57

+31.6

21.0

▲

0.3 ▲

34.422.3

+10.80.3

▲▲

22

73

▼

1,010.81,025.01,194.0

-4

-33.5

▼

.01,409.8 100.0

14.4%▼

0.40.5 ▲

0.40.5

0.00.0 0.3

-

+1

7.05.0

-

0.8

0.0

-1

▲

0.2

-

▼

0.50.1

+1 ▲

▲

0.1

▼

+24.6

▲

17.7

-1

▼-1

-2▼

▲

▼31.3

38.5

▲

▲

34.144.0

137.2

10.0

10.8

18.6

65.8

100.0

2.24.7

▼

▲

30.5

9.73.1

▼

▼

Sh (%) # of Deals

▼

Imputed Fees (US$m)

-20

-0.0

▲

▼

Market

▼3.5

Share Ch.Sh (%)

0.6-8

▲

6

1.2▼

-18

7,037.6

+1

0.4

+2+2+3

▲

-42.4

8.8

9.712.7

-

2.1+1

MTS Health Partners LP▲

9.5 ▼

▼

-14.6

114

9

3.2

4-9.5

3▲

1.2

0.8

0.1

0.3

1

2.2

0.8101.4

0.3

0.1

5.2

1.4

-22.4%

▼100.0

-25.6%-17.0%▲

29*38

-2.4%

1,781.7

▼

▼

1

4 -4

t e


11

UBS Rothschild & Co

463

1.4

.7

4

-8.1

▲

7

3

1.7 0.4▲

-23.00.6

-21.50.4

▼▲

▼2▲

0.4

▼▼

▼▼

1.7

1.3


0.6

2+2

27

-556

5.8

Industry Total

2.4

▲

2017 Rank

19


30.1

25.6

▲

43*43*

0.70.7

174.0-

100.0

115

2021

1218

205.8

0.5-

1.7

205.9

1.2-0.3

540.1 1.1510.9

266.21.1

375.26.7

3.91

▼

1

11

4.5▲

0.21

0.33.3

▲

-19

▼+1 2.5-1

▼0.9

▲6

13

▼

0.4

-5

+2

12.93.9

▼

10

-1

▲+6+5

2.2

+10.2

2

2.4 28.5

3▲

3 0

# ofShare Ch.

1.5

4.16.6

1.78

3016 585.9

13

14,317.442.1

▲

12.4

3.9

25.8

8.7

2.80.2

19.4

Deals

10,315.8

345.4

614,553.0

2

749.5

1.7

BBVA

2

-

311Dome Group

Ernst & Young LLPPricewaterhouseCoopers

▲

24

Sh (%)

29.0

Houlihan LokeyCBRE Holding SAS

230.9

1.5

31,042.0

49.4 0.5

2

MarketRank Value

▲

Morgan Stanley

15

346.1

+1

6

54.3▲

▲Deloitte

4

85▲

KPMG

+41

0.9

1716

8

▲+3

Evercore PartnersGrant Thornton 23*

1.3

1.4

11

+1

▼-29.17

33

1.9

3

65 679 9

▲7.8

▲National Bank of Abu DhabiSwiss Life Insurance CompanyBank of America Merrill Lynch

100 0Industry Total

+1

+5

0

7

MediobancaDeutsche Bank

▲

10

12

25

▲

35,727.3

▲

4

40,029.737,089.2

3Mediobanca


Any Spanish Involvement Announced (AD34)

US$m

6,387.01

10

5,444.8

Deutsche Bank

4.0

Morgan Stanley

Financial Advisor2016 Rank

Rank Value

11,956.1

151

6

2 35,877.3

7.8

4.9

▲

54.34.3

3,189.9

21.8

4,827.8

9.7

4.9

1.41.3

18.2

▲54.4

0.9

553

56.5

Market

12Sh (%)

54.157.2 ▲

Deals

0.9

2017 Rank

2.08.3

2.2Sh (%)Share Ch.

AZ Capital 45 53.1Credit Suisse

7

# of Deals61.0

Goldman Sachs & Co20* ▲

Citi

34,881.1

5

▲

8JP Morgan 31

46*13Rothschild & Co 9 7.4

# of

▲

Change in Market

7

Goldman Sachs & Co

JP Morgan0.7


+7

# of Deals per AdvisorMarket

51741

3

54.6

▼

-19.2-24.7

▲

▲▼

▼

-0.7

▲2.42.3

6.8

181

▼

1.9

1.21.7

-15

1,482.82,108.0

84.8

▼

-2.4

0.2

▼0.52.3

0.1.4

1.6

5.8

430.9 100.00.9

0.3

▼

▼▼

2.6

▲

0.8

▲0.9 ▲

▼

1.3

1.4▼0.2

0.2

▲0.9

1.0 1.0

3.0

-3

+2▲+4

Jan 1 – June 30

MarketSh (%)

Market

0.40.6 ▲▲

▲

▲

0.2 ▼

0.7

▲

1.5-210.2 0.4

2.00.317.5+1

▲

5.2

25.16.4

▲

5.1▼▲

+111.6

-92.7

Market

0.65.30.9 27.5

-

30.6▼

# of Deals▲

22.2

Advisor

▲ 5.1 2.9

5.8 1.3

Share Ch.

3.0

8,017.47,929.8

6.49.2

Any Spanish Involvement Completed (AF41)

+1

10▲

+4

1

2,858.62,688.3

0▲

▲

+3

-+6

Nomura

▲

▲

9

▲▲

2.4

46.9

EMEA Rankings

33.2

BNP Paribas SA

2,806.2 4.3 0.2

21.9-4.3

718.8

6,791.9

Financial AdvisorMarket

-

LazardCiti

13

Imputed Fees (US$m)

0.8

Change in

▼Fees Sh (%)25.8

US$m


7.1

2016 Rank

Jan 1 – June 30

▲▲

-▲▼▲

6.0

15

3.0

414

-

917.2

20

19

9

0.6

2.1

1.5

3.2

0.60.2

0.4▲142.2 1 +10.5

▲▲

-2Nomura

+1+2

▲UBSCredit Suisse

22Oakley Advisory Ltd

-7.0

▲3.5

▼▲

0.8

2.30.20.80.1

LazardBarclaysBNP Paribas SA

Societe GeneraleDome Group

HSBC Holdings PLCStifel/KBW

PricewaterhouseCoopers

1920212223

ValueTr Finl Advisors SEHoulihan Lokey

11*11*131415161718

2425

--

117

243

-20*

2,806.22,642.02,108.01,904.61,402.01,354.48

6

-----

1,049.01,008.6

926.6917.2

1.4

512.20.8

1.4

510.9

1.2

0.8

761.51.0651.6

2.9-28.6

-5.51.61.6

1.5

4.3-2.1-6.21.6

2.1

▲▲▼▼▲▼▼▲▲▲▲

0.8-8.6

1.4

1.2

9

▲▼▲

222411

82

0.20.51.40.4

11

1.6

0.2 +1

+2

+3-1

+4

+2+4

0.40.4 ▲

0

▲▼-16

0.40.7

▲▲

0.20.5

0.2

▲--1.6

5.63113▼

+10

0.5

+1

2 0.4 +2 ▲ 4.0Jefferies LLC 23* - 142.2 0.5 0.9 ▲▲


Nomura Barclays

Ernst & Young LLP


▲

0.6

-2

0.3


# of Deals

0.1

1.9

1.3

101.814

Share Ch.

1.0

0.6

1.1

1.4

0.8

0.6

1.0

0.6

Change in Deals

# ofSh (%)

-42.1%

15

▼

0.8

11

Market

▼▼

8

22▲

0.1

4.6

▼35.7

5-14.2

14.8 24▼

19,514.828.025.8

616.8

24.2

10Goldman Sachs & Co

1.3

17.921.9

8

▲

6

5

2017 Rank

Change in

13

24.6

16.5

▼

27,008.226,234.0 34.7

7.9

-▲

-10.02

MarketSh (%)

3 ▼

25.3

0.4

1,069

-25.1%▲ ▼

1,046.2

1.1

0.431.4▲ 11.4▲

▲

-21.9%32.2%

-1 0.1

0.10.1

2 0

1

0.3

+1

+1+1

▲1.41.4

1.41.4

1,072.2▲

▲

1,248.2 ▼1,205.0 1.6 0.9

-4.9

2.3

9

5.0-3.4

▼-5.6

52.3

▼5.0

14.7

2.2

7

12

5

9.1

1

-29.65

2019

5.5▲3,800.0

14

1.7

Rank Value

1

13,919.1 18.424.9

2016 Rank

-3.3% ▼

▲

▲

10

▼

▼

▲

-3▼

+2

25.2

82.9

▼65.3

▲

▲

▼

+1

3.18.3

+2

3.8▲

30.7

3.8

▲+3

▼▲

-5

-4

+1

+3

+2 4.2

17.2

13.8

1.0

0.4.6

2.1

48.2

89

▼

▲

-46.9%

-

42.7%

-223

21,160.7

10.210.3

▲

12.7

19,127.4

4

Deals # of Deals


Any German Involvement Completed (AF42)

-62.6%-8.5%

Jan 1 – June 30

Market

-3365,679.9

Market Market # of2016 Rank

Any German Involvement Announced (AD35)

15,883.8

Financial Advisor

100.0

JP Morgan▼

▼-46.5%▼

Industry Total

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

Sh (%)

Morgan Stanley8

2

Rank Value

17,528.62

Citi

5

3

2,556.0

Deutsche Bank


2017 Rank


1Sh (%)US$m

1212,975.1

410

112,168.2

-7

▼-1 BNP Paribas SA

▲

1.9

+1 ▲

▼

▲796

▼

▲

▲

▲

0.410.3

1.0

- 7,405.9

▲

16

1,622.01,719.6

▲

▲

▲

8,052.0

-

-

-24.810.7

▲51

+1

-27 18,816.2Lazard

Deutsche Bank

Rothschild & Co

▲▲

11

▲

-2Morgan Stanley

6

16

▼ Societe Generale

+2

31.2

▼

▲8

Credit Suisse+1

0.5

▼0.3 66*18

-12.7

-14.6%

Infrared Capital Partners Ltd14

-21+1

UBS

4

3.4

0.8

10

2.6

▲

Valence Group

1.4

751.48

▲

1.4-56.2

6.63.4 ▲

6.1

▼10 0.9

▲

3

101.0

1.0▼

2.7

0.8

+1▲

0.5

1.7

1.6 1▼1.4 +3

7

12

Evercore Partners 8.6Moelis & Co -9

2.8

32

Jones Lang LaSalle Inc 0.4

4

Rothschild & Co 11

67 6,778.2

8Goldman Sachs & CoCredit Suisse

32,792.8

9.5

229.3

6,272.7

2,217.8 3.1 ▼

10,749.76,870.7

0.21.4

▼

0.7

▲6.0 0.3

0.5

-41.9

▲0.3

▲-1 ▼

+2▲

4.8

▲0.26.0-12.7 14*

5Berenberg Bank▼ 5.8

14*▲

CITIC

5.84,381.2 5.7

▲

33*

▲BNP Paribas SA 18

-41.9

921-

1,594.6 -3.9 ▼16

2.2

977.1

20999.4

13

-

-Lazard

15UBS

Peel Hunt LLPPiraeus Bank SA

Banco BTG Pactual SAErnst & Young LLP

▲1.0736.0

▼

7025

PricewaterhouseCoopersPricewaterhouseCoopers

72,581.2

28.7% ▲

28


Industry Total

Ludwig & Co GmbH


74*ACXIT Capital Partners

23*

-46.6%

1.0

Cushman & Wakefield IncVICTORIAPARTNERS GmbH -

21

751.423*22

1,973.11,882.4

74*

-19

17

1,046.2

1,363.01,197.5

27

1.9

231,656.4

1,985.7

2.3

2.762.7

6.14,764.8

-56.2

6.6 6.6

2.7

3.9

1.61,997.0

▼

▲▼

Share Ch.7

-42.2%

1

10

7

1

▲

▼

0.7

0.66

10

0.4

1

0.4

4

10.9 0.7

▲▲

-48.8

1

▼

0.7

7.2 ▲

0.1

3

0.1

5

170.3

▲

-9.4%

3.3

0.5

0.06.0

-

▼-210

0.0

0.32.6

.00.30.3

-29.3%

▲0.5

▼

0.4▲

0.4

0.4▼

0.7

0.20.2

▲1.3

0.3▲

100.01,004.3

▼

0.1

▼

0.1

1.0

▲

0.6 0.4 ▲

▼0.7

▼

75,603.2 100.0Industry Total-183

▼▼

▲

-183794.0

-▼0.6 -

▲+1▼-3

22Jefferies LLC

6 -3

▲▲

1 ▲

-30.1

+3

0.1

-9+1

1.6

0.1+10.5

▼0

+1

+1

-3

5-11

-2

0.1

4

+4

0.910

-37.1

553

-3.9

▲0.9

+5▼-1

-

Jan 1 – June 30

▲▲

Imputed Fees (US$m)

-2.0%

58.4

▼

▼

Share Ch.Sh (%)

▲+7

Fees

2.7

104.2▲

+43.15.8

10.4 6.4

-39.2%

38.2

60.351.8

Advisor

1.7▲

▲▲1.2

0.54.9 ▲

0.5

▼

▲

6.5

5.2

0.4 ▼

0.4

1.4

6.02.5

Market

▼

Market

4.9

21

4.3

5

1,046.2Nordea

26

3.4

7,181.3

23*1.125

4,381.2

66*23*

4,580.3

10

Market

9.8

6.1

17

9.5

1320

4,503.0


Jones Lang LaSalle IncPeel Hunt LLP

Natrium Capital Ltd

Deloitte

-

-44.2%

4

4

Citi

15

Industrial & Comm Bank China11

-44.4%Industry % Change from Same Period Last Year

Commerzbank AG

12

8

21


▼

41.4

▲

Financial Advisor US$m31,311.8Bank of America Merrill Lynch

JP Morgan

9

* tie


12

JP Morgan UBS

Robert W Baird & Co Inc

22

23

-

▲4

▲2,968.7-18.0

1

-

▼▲

JP Morgan

-

▲

Rothschild & Co

▼

▲

▲

Banca IMI (Intesa Sanpaolo)Roland Berger & Partner GmbH

▲

Industry Total

0.20

0

Mediobanca

0.2 +1

+1

+4

-2

BNP Paribas SA

Morgan Stanley

▼▼

Deutsche Bank

▼UniCredit-16

▲

1.12.315

6Share Ch.

3.0International Finance Corp

Goldman Sachs & Co

0.23.8

17

0.2

6

115*

351.4390.818619.7 3.7

19* - 2.1-2.4

-21

1▲

1

2

1

1▲

▲2.1

100 0

1.9

0.91.1

▼0.21.1

2.1

▼

▼

0.20.2

0.2

-13

▲2.1

1.6

0.2

▲

2.31

-2

+2

510▲0.2

16 904 5+1

▲

1.23.8

▼▲

0.8

+1

2,878.3

Market

3,139.9

US$m

13.2

9

6.113

15*

2421

2,742.0

2,235.3

-

20

11

3

1

7

165

14

Rank Value

98

10

7

10

14

12

▲

24.24,098.2

Any Italian Involvement Completed (AF43)

2017 Rank

Market

1.85,493.6

2

MarketShare Ch.

1.6

# of Deals

Bank of America Merrill Lynch-7.7

4,310.7-2 ▼

▲

▲

▲

▼

-84.7

Imputed Fees (US$m)

0.2

0.62.7

2.31.4

0.7

▼▼

▲

5.3

4.9

1.9

1.52.8

▲

1.1

2.7

0.0

1.7

▲▲▼

-

▼0.2

▼

▲

0.5

3.4

▼

▼

2.9

5.3

12.7

0.7

0.7

0.7

▼

1.4

2.2

1.8

▲

18.411.2

.01.03.9

2.67.0

3.4

0.7

3.01.8

▼

2.8

▲0.2+3+1

10.4

1.5

# of

▲2.6

▼

-5

4.2

8.7

▼

▲+1

1.03.9 1.0

▼1.6

-1

▲+1

1.0

▲0.70.7

0.6

▲

0.3

0.00.6

▲

373 3 100 0

3.9

0.6▲1.3

▼

14.6 2.9

▼0.9

Deals

EMEA Rankings

Mediobanca

Financial Advisor▼

▲

Change in

+1

1.53.5

-4

▼

8▲▼ 10

0.8

-31

636.9▼Leonardo & Co 31

0.8

0.2

Goldman Sachs & Co

-4

+1

-13

-3

51.2

0.3

-123

▲42.644.7

Market

28

30.3


20.73,650.3 21.6

▲25,232.0

61,706.81

# of Deals

36.6

4.9

14 61,971.9

Credit Suisse

US$m

15

2.3

-3.6

100 0

-8.7

1.3-17.0

-6.32.2

0.4

1.5

▼

4.7 -25.0

6.5 -32.6-23.9

3.62.5

-6.9-2.1

11.0

20.1

5.8

374.2

0.24

▼

+8

32.6 195▲

▲ Citi-4 KPMG

+6 ▲

66.0

4,136.3


Citi

41.737,198.5

34.8

45.1

28,933.96

3

-

74.5

Any Italian Involvement Announced (AD36)

2016 Rank

2017 Rank

9 2 5,382.2

7

Sh (%)

37,551.54

1

BNP Paribas SA

5AZ CapitalRothschild & Co

Deutsche Bank 3248

KPMG

15 16

9,189.1

304

8

3,883.4


Morgan Stanley

1,211.3

17

2,977.3

1011

4,833.4

12

52

16

12

Lazard 1,050.218Nomura

1.0

1.31,066.219

137

- 822.4

2321*

83 223 7Industry Total

Robert W Baird & Co Inc-

- 317.6VSL SpA

654

1,904.62,076.52113

351.4351.4

825.6-19850.5

40Roland Berger & Partner GmbH 21*

20Guotai Junan SecuritiesThe Raine Group LLC

Banca IMI (Intesa Sanpaolo)

14Leonardo & CoBarclays

2

Rank Value

34,675.3

UniCredit

41.7

▼

726.8▼▲

1

▲

351.4

▼

▲

▼14

11

0.2 +1

▲

1.8

0.9

1.915 308.3

261.3

317.6-6.8

+1 ▲

Boston Consulting Group

▼VSL SpA

1 -20.2BarclaysCredit Agricole CIB

.9 0.346

25BBVA

-24

159.20.4

2,568.8

851.21,745.8

636.9

19*

180.0-

-

23 27

1.2

2

17.6

-1.3-7.5

17.0

15.2

9.8▲8.2

12.7

-4

10

▼

62

-22

1

8

0.4

2.1 +2

-30.8▼

▲

9

3.8 ▲

▼

▲

▼0.4 -4

6

- +1

1.6

▼

2.0

417

511

0▼ BNDES

5.03.8

0.2 -1▲▼

0.8▼

1.251

-201.7

21.0

▲0.2

▲1.00.4

1.01.0

0.4 ▲▲

1

0.4 110.0

0.4

+2

▼

3,499.4▼18.6

16.2

▲

-

-120.4

-3▼4.1

0.6▼

-25▲▼

▼

▼

2.1

1.412.6

0.6

3.4

1.3

3.9

Fees Share Ch.Sh (%)19.6

Jan 1 – June 30

Sh (%)


Sh (%)Advisor

32.5 99.2 ▲ 5.3-9

Change in Rank Value per Advisor (US$m)

Market

24.58

2125.5 ▲10.3 3

Market

0.42

▲1.5

-4

0.2 ▼

▼

▼

5.7

▲

Deals

1.7118

Colombo & Associati

1.2▼

10

Financial Advisor

Jan 1 – June 30


0.9

MarketSh (%)

Lazard

Market# of

17.6

20.72

-23.0

▲-3.16.910.3

2016 Rank

Greentech Capital Advisors 24 69* 281.2 0.3 0.3 ▲UBS 25 20 193.2 0.2 -4.6 ▼

1 0.2 0 -3 0.5 -2 ▼

Industry % Change from Same Period Last Year ▼

Morgan Stanley Citi


1.0

0.4

1.0

0.2

-107

4.0%

1,077

11

0.6

-10.11

5

0.2

Industry Total

# of Deals

+2

0.2


▲0.9

2

Sh (%)# of

Deals

+2

0.66

2

0.5

Market

0

0.2


+1

▼

0.5 JP Morgan

Industry Total

Evercore Partners

▼▲

▼

Change in

-20.4

0.5

100.0

▼▼


20,315.8

MarketMarket

510

▼

-8.3%

Rank Value

▼

16,904.5

-7.5%

-44 3


# of

-5

-7.8%

Share Ch.US$m

6

22.118.2

▲

▼

MarketImputed Fees (US$m)

▼Sh (%)

19.5▼

▲3.6

▼

-7.8%

-33.8

▲2

▼4

14.512.1

1

3

+2

Nordea

2

▲

Morgan Stanley

+1

-2

-1

1,270.3

949.3985.7

1,220.4

14*

Bain & Co11

1,337.2

3,280.8

OC & C Strategy Consultants

12

1718

2-

1,214.2

21Nomura

ABG Sundal Collier

Cushman & Wakefield IncSEB

16


19

90*

Arma Partners LLP

Deutsche Bank 18-

3

90*

9LazardQuayle Munro Ltd

7

10

23

6

15

2

410

17

8

5JP Morgan

Goldman Sachs & CoUBS

21Nordea

3

Rothschild & Co

1,078.41,055.9

35

90*1,809.5

13-

2,022.6

1,270.3

20

Globalscope

Jones Lang LaSalle IncCiti

-11

DNB ASA

81-

22

14*1

49

Motilal Oswal Financial Svcs

2324

-

Wells Fargo & Co

25 -

103.8%Industry % Change from Last Quarter35.5%

653.868,532.8

1.0

▲

0.1

▲

21

-9.0%

▲1.31.2

▲

▲1.1

29 +3903.0

766.5 ▲831.7

1.3

1.11.2

0.8 ▲

0.9▲13.3

5,861.4

4.03.0

0.7

24,212.3 41.4

5▲

Share Ch.▲

1.95.7

▲

1.4

▲2.3▼

▲0.9

▼-

0.4

Market

▼

▼4.31.0

▲

▼

1.2

▲

8.4

▲

0.4 ▼-

0.1

▲0.7

0.04.710.6

3.9

11.9%

37.0

2.9

0.8

3.0

2.9-

2.8

1.33.2

3.0

0.70.4

373.3

# of Deals

100.0

4.7

4.219.2

334.7

-29.428 7,976.8 13.6

308,473.8

1

1412


7,759.9

5,333.2

4.8

1.310.0 -35.5

6.4 0.4-31.6

-1.7

9.1

-7-4

12.6▼

5

2

▼6

▲

7

0.020.6

27.6

▼

▼▼

2.8

2.08.7▼0.1

-2

-3

019.831.019.10.8

0.7

▼

55

5

0+1

0.31.3

1.10.6

0.61.4

1.3 0.79.63.6

-200.7

▼-

1.5

▲

▲

▲1.5

▲3.40.2

--1

▲

1.6▲

▲

100.0653.30.6 0.1

▲17.7%

1.4

100.01.0

1.8 -24.11.6

▲

▲

1.9▼

1.41.4

-6.3

1.8 -26.6

▼

1.6

▼

1.51.4

1.6 4

▲31

0.4

0.1

▲

11

2.6

Sh (%)

29.4

8.4

3.7

100.0

4.8

▲2.0

▲

1.9

2.6

1.90.9 ▲

▲3.0

▲

3.0

▲

▼▲

▼

4.81.74.6

▲

-4.4 ▼▲

Share Ch.

5

4.2

Market

5.67,009.5

-3.0%

▲54

2,552.3-1.04.83,279.4

-21.4

4,023.9

6,073.5

20,129.1

▲


▲

9.18.9

9.751

10Handelsbanken Capital MarketsBank of America Merrill Lynch 13.9

Industry % Change from Last Quarter 35.4%


▲

6

23,524.5

Market

Jan 1 – June 30

34.3

Any Nordic Involvement Announced (AD37)

5.9

4

5,767.4

▲

-

6 0.6 ▲

3

+1

+1-1

▲36

▼

1.5▲ 1.5

240.223 11

-0.8

+3

-8 ▼+1

4

0.161

0.6

0.3

+4 Nomura

Credit Suisse

0.3

-4

-1Deutsche Bank

4317

20

-18

7,343.1

57

1,525.0

3,757.5

1,378.6

▼▲


15

▼

▲

Arctic Securities ASA16-

77*

77*1,742.8

2,817.3

1,650.0

72,345.7

Perella Weinberg Partners LP

9

14HSBC Holdings PLC 13Moelis & Co

12Rothschild & Co

15

52

10

8

5

+3

6LazardGoldman Sachs & Co

UBS

0

▼

▼7

DNB ASA

▼-6

11+1

SEB

▲

0

-Financial Advisor

▲

6,253.110.2

0

654

0.0%

2017 Rank

▼Industry % Change from Same Period Last Year 74.6%

US$mRank Value2016

RankFinancial Advisor

Jan 1 – June 30

▼

Sh (%)MarketChange in

-34.8%▼

2017 Rank FeesDeals

-46

2016 Rank Sh (%)

AdvisorRank Value per Advisor (US$m)

Any Nordic Involvement Completed (AF44)

-69.2%

▲

▲

-1

10

▼

1

33.5

3

0.1

22.4

5

0.7

▲

0.7

0.7▼

+1

5.0 0.50.4

6.2+1 ▲▲

+1

0.4

0.32.2

22.4

▼▲

2.21▲

+1▲2.2

1.3

-34.1 ▼

0 -2.8

1.0

0.4

7.2

0.3

0.60.9

▲7.5

▲

▲ 0.1 2.4

0.1 +1▲ 1

1

1

1 0.1

2.4 ▼

-0

0.1

1.5

18▲

-20.31.5-0.2

0

-8+4▼

-

-171

-18.7%▲214.5%

▲ Industry Total

2

742▼

58,506.0

848.9

54.2%

837.1

100.0

▲▲

663.3

Industry % Change from Same Period Last Year ▼

27

887.4

1,278.4

77*

894.720*19 -

8*

2.8

▲

2.9

-26.8

0.80.4

8*

▲1.5

-34.8

-0.22.8

-7.5% ▼

949.3

0.8

0.12.6

▲

▲

1.4

▼

1,293.7

Carnegie

Access Partners

BNP Paribas SAArma Partners LLP

1.5

1.42220*

1.6

887.4

1.1

1.5

23

* tie


13

Scotiabank China International Capital Co

Change in # of

JP Morgan

Sh (%)

2,254.3

16,732.4

2.93.1

▲

2713

▲

20.2

▲5

3.6 3.63.83.8

0.7

1

2.0

14.7

▲

3.9

1.6

▲

▼

7.3

3

▼

7.3-44.4

4

13

3,546.5

7,990.2

4,338.8

8,376.2

26,795.1

4,395.0Guggenheim Securities LLC

Houlihan Lokey

Nordea 16

OC & C Strategy Consultants

BMO Capital Markets

Credit Suisse 17

2.0

25

2,325.3

29 3,312.0

24

22

1819

31

6

4,087.0

8,310.6

3,280.8

26

22

3

1

87*

22,049.1

9

37

5

21

15

1112

- 2.9

-2.3

-

0.72.9

Industry Total

23

20

Jones Lang LaSalle Inc

21

Barclays

Bell Pottinger CorporateItau Unibanco

97*

Quayle Munro Ltd

Deutsche Bank

-

PJT Partners Inc

-

UBS

13*

7.3

3.97.0

3.9

TD Securities Inc

4,395.0

10 --

13* -

7.3

7

0

Bank of America Merrill LynchLazard

Mediobanca

Morgan Stanley

20

3

2017 RankFinancial Advisor

2BNP Paribas SA

1

EMEA Rankings

-30

Goldman Sachs & Co45

2Rothschild & Co

Any Benelux Involvement Announced (AD40)

Citi

Rank Value

-22.8

US$m

-30.924.9 19.3

Sh (%)

15.5

▲ 1.5

25,452.7


+8

8 14 17,673.2

24,159.4 21.2

2016 Rank

19

6

28,358.0

25,853.4

-5

0.4 -16

Market

▲

22.71.5

Deals29.8

▲3.0

43

5

▲+6

▲▼

+213*

53,732.148,701.246,896.4

3Credit Suisse

HSBC Holdings PLCUBS

8

6China CITIC Bank Corp Ltd

44,929.5

44,286.37

72*44,378.4

24

39.5

0.8

3.5

43.43.2

▲

0.6

1.1-

▼2.9

1.3

Sh (%)

1.1 3.7

5.0

18.3

7.5

0.6

0.6

0.6

0.6

0.10.1

3.8

6.3▲

5.1 ▼

▼

▲

▲

0.6

▲▲

0.2 ▲

0.7

▲

▲

▲

0.20.8

0.4

▲▲

1.2

▲

9.4

90.7

3.9▲

▲

13.3

0.7

▲

0.6

1.2

Market

Jan 1 – June 30

41.8

44.1

Imputed Fees (US$m)

▼

Market

68.0

▲ ▲

▼

▼

Market

+2

Deals

+6

# of Deals

2.629.0- 1.6

0.7

36.6

0.7 +2+2 ▲

▲ 7.0

41.3

41.9

▲-

14.8

41.3

▲

7.5

-32.9 +9 73.7▲

0

10.1

+1

+1

2

41.341.3

41.3

44,254.9

+1

+2

▼▲

▲

6.62.4

35.5

0.6

0.8

▲7.0

▲ 7.17.1

0.6▲

▲2.0

8.1▲

0.11

312.8

11

41.3

0.21

18*▼▲

17

0.1Bank of America Merrill Lynch▼

▲

1,147.2

-44.7▲

2▲

5▼

▲2.0▲ 1

▲

2.0

1.0

0.10.6

0.1

2,182.4 5

1.11,495.7

1.90.4

▼

11.3 ▲

114 084 8

1,247.74 -1

8951.0 +1

100 0

ING0.10.4

▼

-70

▼FTI Consulting Inc

-

▲+1

-3

9

18*

22 29CitiMacquarie Group

-+1

1.7

8,310.6-

3,655.43.2

12

8

3,388.0

3.015

3.42120 2 7,835.8

3,253.02423

-3.1

7.3

9* 44,254.9 41.344,254.9

12.413,316.5

41.39*

7.8

20.121,536.5

8,310.6

21

614

9.0

7.89,147.8 8.5

--5

▲-Lakeside Capital Advisers LLC

5

0.60.8

0.1

+2

+1 China Construction Bank

Scotiabank

0.20.6

+1 Deutsche Bank 16

TD Securities Inc▲+1

9,673.7

Alantra Partners SA▲

+3▼

21

12

1

Dyalco

15

Morgan Stanley

1.3

Jan 1 – June 30

2.3▲10.6

▲8

22.30.9

19.3

22.3

-36.7

# of Deals

Goldman Sachs & Co▼23.5

Share Ch.Market

Sh (%)Market

24.5


BNP Paribas SA

57,677.1

▲1

34,029.5

Market

1.1

21.4 ▲

5.5 ▲ 11 1.2

Share Ch.3.9

Advisor

2 6.1

1.10.1

▲ 25

Fees

▲


Any Benelux Involvement Completed (AF47)

1JP Morgan

Rank Value

▼Share Ch. Sh (%)

1.4US$m

53.8

Change in

1.2

41.4

8-8.0 9

-5-6.3

+1

▲+3

1.25

0.3

1.5

0.1

0.325

0.3

4.2

▲

0.1

▼

▲21

▼

▲

1.8

1

▼

+11+1

13

▼

▲▼

▲

81 +1

0.5

+1 3.20.11.2

1.5

0.415.1

▲+4 1.73.10.15.4 ▼▲+1

35.1

▼0.3

1.40.3 ▲

▼▲

913.0

2.3

1.1▲

1.1

-13

289-11▼

7378-10.0

100 0Industry Total 107 249 5 176 100 01 120 2

▼-1.4 ▼

▼

▲

7.8

▲9

▲-69.0

Barclays

Lazard2Rothschild & Co▲

7 -1▲

0

0.1

▼

0.3

▲▲▼

+3

0.229*

+2 ▲ Industrial & Comm Bank China

▲ 4 0.4 +3-▲

-44,254.9

+322

44,254.9

9*--

+2 9*

50.1

41.4

43.7

52.2

41.3

45.4

4 55,978.41

Financial Advisor2016 Rank

Rank Value per Advisor (US$m)2017 Rank


1.2

# ofMarket

42.9

-26.2▼

▲

9

▲▲

40.4 2

10

+7

3

41.9

41.3 ▲ 1

-42.6

▲

8.1-2.7

41.3

7.8

2.7

0.11

▼ 16.81,849.7

-5

3,348.0

-1

-21.5

▲

Industry % Change from Last Quarter ▼ ▼-30.7% -21.0%

Industry Total 114,084.8 895100.0

* tie

Industry % Change from Same Period Last Year ▲3.8% ▼ Industry % Change from Same Period Last Year-14.7%

-289 737

▼▼

100.0

-17.6%▲

Industry Total

-33.6%

107,249.5

225.4%Industry % Change from Last Quarter ▲▲

-176 100.0

9.0%▼

1,120.2

17.8%

Quarterly EMEA Cross Border Volume

-22.4%

Jan 1 – June 30 2017EMEA Inv. Announced M&A Target Sector by Value ($bil)

$115.1

$75.8

$73.8

$69.6$65.0

$52.9

$44.3

$42.1

$40.9

$36.8$18.1 $14.6

Industrials Healthcare Consumer Staples

Energy and Power Real Estate Consumer Products and Services

Financials Materials High Technology

Telecommunications Media and Entertainment

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

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

2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


14

Credit Suisse 2,792.8 3 5.1 6630

964

Goldman Sachs & Co5,687.7 4,427.9

China Securities Co Ltd 10.4

41,067.7

10198.12

5,015.0

Rothschild & CoVeda Capital Ltd

Gram Capital

Jan 1 - June 30 2017

3

5.3

3

16.12

5

No. Deals

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

814

3

57.23

10.4

11.98.3

1

1

2

7

28.2

9

87,250.5

Announced M&A volume with Asian involvement for the first six months of 2017 decreased by 14.2% compared to thesame period in 2016, accruing US$432.8 billion in value from 6,204 deals. With a combined market share of 48%, RealEstate, Industrials and Financials were the most active industries so far this year. Real Estate took an 20% marketshare, while Industrials and Financials recorded 14.1% and 14% shares, respectively.

The top announced Asian-involvement deal for the first half of 2017 was the sale of European warehouse firm Logicorto China Investment Corporation for $13.7 billion.

According to estimates, M&A advisory fees from completed transactions totaled US$2.9 billion during the first sixmonths of 2017, a 61.5% increase from the levels recorded during the same period in 2016. JP Morgan earned thelargest wallet share in the period (3.5%) with US$101.1 million in fees, followed by Morgan Stanley and Citi, withUS$100.7 million and US$75.3 million, respectively.

China outbound activity in the first half of 2017 posted US$64.3 billion from 450 deals, a 0.7% increase in number oftransactions, but a decrease of 49.2% in value compared to the same period last year. Australia's outbound activity wasat US$7.9 billion from 161 deals, a decrease of 6.8% in volume and a 1.9% increase in deal count from the sameperiod in 2016.

4,985.9

953

Asia Pacific (ex-Japan) Deals Intelligence

High Technology

16,459.8

54,853.6

8.4

472 1

3,212.5

4Wells Fargo & CoCiti

Real Estate

IndustrialsGoldman Sachs & Co

Rank Val US$m86,539.1

Rank

19.02

Share

17.5

61,088.9 13,960.4 15,146.9

3

5

1China Renaissance Partners

Credit Suisse

Duff & Phelps

6,331.4

Mkt.

Morgan Stanley

China International Capital Co4,396.7 2Goldman Sachs & Co

60,474.5

Materials

Financials

113.8

3 3

17.7

3,440.2 5,649.1

Asian M&A Down 14% I Real Estate Top Industry I China Outbound Down 49%

7,189.0


Asia Pacific (ex-Japan) M&A

Target (% Sought/Acquired)

Telecommunications / WirelessLogicor Ltd (100%)

Financials / Credit InstitutionsMuse Holdings-B Inc 4,576.5China / China

Real Estate / Other Real EstateHigh Technology / IT Consulting & Services

Financials / Banks

11,627.3Guangzhou Wanxi RE Co Ltd

5,358.8Japan / China

4,985.9China / China4/28/2017 Pending5/2/2017 China Everbright Bank Co Ltd (12.3%) Investor Group

13,742.4

Jan 1 - June 30 2017

Real Estate / Other Real Estate

Real Estate / Other Real EstateChina / China1/24/20171/12/2017 China Vanke Co Ltd (15.31%)4/28/2017

6/2/2017

China Cross Border Announced M&A

PendingBelle Intl Hldgs Ltd (85.3%)

Pending

Asian Completed M&A by Region - Imputed Fees

5,500.0China / China 8,104.8

High Technology / SoftwareGuangdong Intl Tr Invest-Asts (100%)

China / China 4,499.1

JD Finance (68.6%)

6/29/2017 6/29/2017

Shenzhen Metro Group Co LtdInvestor Group

Investor Group

3/2/2017 Pending

Xiaoju Kuaizhi Inc (%)5/26/2017

China Investment CorpIdea Cellular Ltd-Mobile Bus (100%) India / IndiaPending

Rank Date Acquiror / Target NationAcquiror

3/20/2017 Vodafone Grp PLC-Vodafone Asts

Date Effective Target Macro / Mid IndustryTop Ten Any Asia (ex-Japan) Involvement Announced Deals

Rank Value (US$m)China / United Kingdom Real Estate / Non Residential


6/9/2017Jiangsu Shagang Co Ltd

China / China 4,294.86/15/2017 Suzhou Qingfeng Invest Mgmt Co (100%) 4,458.2

PendingPending China / China

China Vanke Co Ltd (14.1%) Shenzhen Metro Group Co Ltd

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7

$0.8

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia


15

Kotak Mahindra Bank Ltd China Construction Bank

Credit Suisse 7

37

Wells Fargo & Co 8China International Capital Co 9

Citi 5 17▼

▲45,904.312.915,146.9

14,187.715

12.7

53,005.4

3

-416


9HSBC Holdings PLC

+4135

2.7

28


6,851.6

0.20.3

Sh (%)Market

-1.7

Asia (ex-Japan) Rankings

China Securities Co Ltd

Jan 1 - June 30

16

▲

6.1-2.9

2017 Rank

0.5

0.2


▼

15.1

0.4

0.1

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

25China CITIC Bank Corp Ltd 1.3

Nomura 22 60 5,798.2

4

Lazard 233.02.9-13.6

291100 0▲10,656.4 ▲0.1 0.12.8

100 0

3.0+45

0.0116Great Wall Securities Co Ltd

24▲2.8

▲0.1

+10.1▲ 1 +1▲

▲0.51.3 Banca IMI (Intesa Sanpaolo)▲

10,930.9 3.0▲1.3

022

0.8Duff & Phelps 24 59 5,721.25,784.8 0.6▲ 37.01.3 10,777.2-1.3 ▼ 2.215 Evercore Partners

▲ 0.34

1.3-3

▲ 2.80.243

11 ▲+7 ▲ 18.0 0.69 0.4

▼75.31.8 -▲ 19 0.6 -2 0.0

2.63.4

18+15 -1.012,446.1GF Securities

▲ 1▼ 0.5

0.0 ▲▼-7

Haitong Securities Co Ltd 7,268.7 ▲1.7 0.419 300.32.4

0.2+17,402.1 Lazard1.7 -11.7 3.913,974.1 0.1

Arpwood Capital -+9 3.619 ▲5.4 0.2▼0.50.2 14

3.6▲-17

China Renaissance Partners 1769.2+218JP Morgan

7,436.0 1.7 -1.27

0.4-6▲▲ 16

17 -514,179.0▼ 18

▼▲5.53.9 1.1

1.5▼ 37.0 1.21.314

42.7-30.3 4

110.3 0.4▼

0.3▲▼17 -40.2 Bank of America Merrill Lynch 19,766.0

21.4+30.1 0.7 ▲4 ▲23.9-9

1.5 ▼12

▼▼0.8

10

0.2

▼2.2Credit Suisse 14 6 9,764.8

14CITIC 15

.912.20.0

▼44,254.91

-2▲ 7.1

▲ 38 0.6 1 0.00.0 +1 ▲ Dyalco2.7

1.52.7153 11,627.3Axis Capital Holdings Ltd

▲Alantra Partners SA 12.2 ▲19311*

14 65 23,691.2 6.50.013 ▼

- 44,254.9 12.2 12.211*1238

+10.2 ▲7.1

-0.1 ▼

+1▲+1 ▲

▲0.5▲ 13.10.2

0.2▲Robey Warshaw LLP 11 12.2-- 12.211*+2 44,254.9Lakeside Capital Advisers LLC

10 196 13,062.6 3.0 3.00.02

413,000.4 ▲ 0.0

0.1 ▲ 0.2883 44,671.7▲1

12.3 12.1

46,732.1▼20 96-11 China CITIC Bank Corp Ltd0.3

9.5 ▲ 24-1 ▼ 0.70.7 +10 ▲ 23.09 17.312.6 0.60.3 ▲0.5

▼+7 ▲

0.8▼+3 ▲ - 2.3-

70.3▼▲5.1

9.1 ▲23 0.7

0.826-6

14.6▼▲2.8 74.6

▼1.1 -322.6 4.3

5 60,505.5 2.4 2.7▼

16.7Goldman Sachs & Co 1

258,022.06 16.0

-326 0.85 64,548.232,689.0 7.6 0.2▼ ▼▲68.4 ▲

152.6

-5.8 43

13

▼10.6 2.4▼ 17.8▼▼

1.234.31.9

▼1.60.4 -12 ▼ 101.1 3.5-819.0

71,711.20.4 2.21568,604.0 12.3

▲63.5▲

2JP Morgan 19.8 13.622.8

7

MarketChange in Advisor

▼3.4 3.0100.7

MarketMarket Market# of Deals FeesDeals Sh (%)

# ofShare Ch. Share Ch.Sh (%)Financial Advisor

0.7▲3US$m

Morgan Stanley 25 ▼-782,683.31

2016 Rank

-10.4Sh (%)

Market

11.711.0Morgan Stanley2

MarketFinancial Advisor

1 1 47,627.9US$m

80.0

0.32116


Share Ch.

Goldman Sachs & Co

▲

31-9.1

Rothschild & Co▼

15

0.4

0.1

▼

-11.9

10

▼

Rank Value

0.6

4

-2

8▲2

CITICVTB Capital▼-8

-5

47,537.7 -111.0

5.1

▲

Imputed Fees (US$m)

Sh (%)▼


0.3-0.4

▲

# of Deals

-11UBSBank of America Merrill Lynch 3 16 36,405.9

▼

3.56

15,285.4 3.5

▼

2016 Rank

Rank Value

▼

-50.5

Change in # ofDeals

0.2

35

▲

82222,026.5

19,733.6 4.6

3.4

Gram Capital -92.4▼

Rothschild & Co7PJT Partners Inc -

3.5

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


25

UBS 4

2

2017 Rank

▲

Citi21 2021

+3 Macquarie Group22 +8 ▲

0.3Somerley 0.4Veda Capital Ltd 20 168

-7China International Capital CoIndustrial & Comm Bank China▼

-0.2

16

▲-13.73.3 ▼

1.6

8

3.0 ▲

0.3▼

190.424

▼

432 785 2

▼

▲

0.425

▼

14

9,376.2 -4.8

1.6

0.9

▲

7,945.9 ▲1.8

10,157.22.3

20

21 37 6,122.8 1.4 0.5

+23.0

2

15

2223

▼

▼ 25

▲24

3.0

19,932.6

1212,296.3

-8-

0.13.7▼

4 110 100 0362 041 3

10,776.6

12,907.3

5.5

17

3.4

77

6 204 3 342 2 929 2Industry Total

Deloitte Robey Warshaw LLP


Industry % Change from Last Quarter▲

Industry Total

49,947.1

6,352.5

US$m

▼

Gresham PartnersPlatinum Securities

▲

▲

1

-14.2%

-18 11.04.5-3 20.40.7

# of Deals

+1 40.3

▲▲

13.6

▼

27.4

12 2.9

10.4

Share Ch.

▲

13.6

12.3

▲

0.4

▲

Citi

27.1

-0.121*

▲

20.3

24

-

8 2.3

3.5-2


151.6

719

166.8221.8425.021425.0


21* 1.2▲

- 445.0 1.2

0.1

7.4

15,355.2

Market

-10.0


▲▼

-291

6.9%

100.0

Financial Advisor

25.4%

Sh (%) Share Ch.Market


Any Australian Involvement Announced (AD24)


6

RBC Capital Markets5

US$m

UBS 2

2016 Rank

Macquarie Group 1 1

Rank Value

31.4

Change in 2017 Rank Deals

▼ 18 2.03

2

1334*

4.2

-6.49,083.8

7,472.27,622.3

2,690.0

12▲

0.6

▲

+1 ▲

172,142.8 4.4

▲+8

5.3

3

2.5

5.5▲

1▲

9

-305

0.1 ▼

Deutsche Bank

5.0

2.510.5

17.5

RBC Capital Markets-


0.51

25.7

Sh (%)49.7

Sh (%)

0.5

▲ 3 +1

4

4

0.7

47.8▼1.4

▲

▲

-11.4%

3

▼Fees# of Deals

-153.420

# of

7.8

▲67.1Share Ch.

Advisor Market

27.0Financial Advisor Deals

Market2017 Rank

Change in Sh (%)MarketRank Value Market

▼Industry % Change from Last Quarter

▼ ▼3.0▼6.9

▲

Imputed Fees (US$m)

Jan 1 - June 30

7.6%

100.0

Market

▲61.5%▼

Any Australian Involvement Completed (AF31)

▲

2016 Rank

-18.7%Industry % Change from Same Period Last Year 3.3%

0.7

0.6

-1.7

0.624*


▲338.6

0.11888

+1

19.9%Industry % Change from Last Quarter

Industry Total 48,968.9

14

17

0.7

Citi

Kidder Williams Ltd

Nomura

Allier CapitalRobey Warshaw LLP

China CITIC Bank Corp Ltd

Barclays

Centerview Partners LLCPeter J. Solomon Co Ltd

13

24*CITIC

▲

Evercore Partners

14

303.0-

129.3%

303.0Moelis & Co

Sh (%)

Jan 1 - June 30

11

15 1.7

-4.5%

▼

Market

432,785.2

Goldman Sachs & Co

-15.7

15.6

5,797.5

77

JP Morgan

4

Credit Suisse 5

36


3,687.0

4,948.2

10

3,816.1

22

10

Rothschild & Co 11

89

34*Lazard

Morgan Stanley8

7.5

▼▲

29.1

0.5

▼

7.8

-23.7

▼

11.8

▲▲

0.5

18.614,252.4

10.1

15.4

4.0-15.4

15.3

0.5

+5

+1

16.1

1.9

4

1.04

0.817

7 ▼▲

-1

6

Macquarie Group

Deutsche Bank

Morgan Stanley

+4

0.7

# of

▲

+3

▼

-40.2

▼

-4,110 100.0

▲

▲

▲

1.7

1.9

1.2

1.60.9

▲

1.9

4.2

▼

▲

2.3▼

▲▲

1.0

0.3

0.5

1.0

▼

▼

▲

0.4

▼

2.57.1

0.7

7.7 1.71.9

▲

1.6

2.5

13.18.8

8.60.5

9.1

▲+2 2.9

2.0

4

+1

+67

10

30.2

1.71.2

1

3.1

-2

8 -7

0.7

4.7

22.7+2

-4

▲

3.0

+1

0.2+10.2

11.5

1.6

+1

1.0

0

1.5

0.5 -3

▼

▲

-

▲

0

0.6 10.8

▲▼

▼ Allier Capital▲

8.4%

Houlihan Lokey

23

100.0

▲ 4

9-34.2

804.0

1.4

▲

12.5

3.418

2.22.2

▲▲

1,230.01,284.5

▲31

12.5

36

4,664.94,929.0

-6.0

4.0

-

4.4

4,545.7

53

Bank of America Merrill Lynch 7*16

UBSBarclays 7*

6

4 -9

4,929.0

29

9,326.79,815.0

3

16.8%

362,041.3

14,606.426.627.1

1 24,314.82

+1 ▲ 11.3

6,204

25.6

▲ 512.9

3.2

7.3

910

2,658.4

Jefferies LLC

Ernst & Young LLP

2.217*

1,583.8

1,170.6

▲

16 833.5804.017* -

-5.71.2

▲▲

488.5

1.2 11▼-

2.2-Highbury Partnership Pty Ltd

4 -27.9▲ 15+3

▲▲

0.1 Sumitomo Mitsui Finl Grp Inc

▼1,613.6 ▼▲

2.0Credit Suisse4

5

▲

20*

2.83.11815

16 291,511.01,380.3

1

0.1

0.5

+2-

956.7600.0445.0

345.6

▲53

-

0.3

▼

▼18

0.9-

0.7

0.9

2.02.01.2

351.8 0.7

1.2

0.1▲

22

1119

-

▼▲

-

Peter J. Solomon Co Ltd2120

-0.5 0.10.1

Evercore Partners0.1▲ ING

23▲-

+1 20

1

3

-4

01

0.6

0

+1

▼

0.11

6

▲▲

▼3.4

Moelis & Co14

▲ 0.2 ▲+11▲ 0.2

2.5

0.6▲

▼

▲0.4 ▼

▲

0.70.9

0.62.50.4

0.40.2

0.70.70.4

▲1.20.4

▲

0.2

0.5

0

40.60.5

7.21.2

36,254.8

11.4

0.6▲

0.0

▲1.4 -

0.9

1

1

17

1 1.6▲

4.1

-1 ▼

1.1 ▼

▲+2

+45100.0

93.3%

0.4 ▲

▲-10.1%

0.2

▲

583

▼

100.0

-23.9%

+3

0.2

1

2.0

5

0.7 ▲▼

+1

454.0

1.70.9

-

▲

2.8

3,342 2,929.2

23.1%

+4▲

3.0

0.7+1

Industry Total

1,675.0 ▲

▲0.4-4.0

0.2

▲

2 1213

▲4.03.4 ▲

▼9.6-6

13.50.5

1.9 Goldman Sachs & Co0.2

997.0 2.0

+116

Dongxing Securities

1,948.4 2.52.5

▲

3.3

+3

25+1

+1

+117

Rothschild & Co

4

▲24Baillieu Holst Ltd▲

15.0% ▲12.4%

Industry Total

-35

▲-5.6% ▼

0.6

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

16

Goldman Sachs & Co

1*

Any New Zealand Inv Announced (AD39)

Financial Advisor Deals▲

# ofMarket

116.522.9

▲4

2016 Rank

- 22.90

2.9

1

9.22.3

▲

3UBS5

14.16.6

6131.9284.0

100.0

26.2


# of

469.7

▲6.6




13.7245.7

-54 3% ▼

1,795.5

251.0251.3

US$m

-

▼

-

Cameron Partners Ltd ▲3

Morgan Stanley

469.7

2017 Rank

4

RBC Capital Markets

Asia (ex-Japan) Buyside Financial Sponsor Activity

2017 Rank

Nomura

Industry Total

-

1*Rothschild & CoFinancial Advisor

3

1*

Deutsche Bank

Macquarie Group

3

1 1.0

105

Change in Market

-5

Any New Zealand Involvement Completed (AF46)

Market2016 Rank Deals


▼

▼

# of Deals

▲

Sh (%)Market

Share Ch.-

▲

0.0

Jan 1 - June 30

RBC Capital Markets

Industry Total

4.6 1.5

Sh (%)Sh (%) Share Ch.

1

MarketAdvisor

3.2

Market

1*

Jan 1 - June 30



▲14.0

+2

1.5

461.3

+217.0342.4 4.8

▼

5.55.5

▲

5.4

100.0

0.4

68

26.2

1.5 5.52.9

6*

2.3Sh (%)

-▼ 3.2

7.4

43.1

+1

14.0

Share Ch.

100.0

2

▲

22.9

▲14.0

-17 1%

Imputed Fees (US$m)

Asia (ex-Japan) Rankings

Change in

▲

▲

+2-

2

1.0

▼

-14

-33 9%

2.4

2.9

▼

Market

Rank Value

Rank Value

2,012.0

2

▲

▲5.5

+1Sh (%)US$m

-43.8%

1

▲+1▲13.75 1

7.4

2.4

1.8

461.3

▲

-2

▼

22.9

18.8%-4.5%

5

# of Deals

2 0 2.3

1

Market

-3

5.9 ▲▲

Fees

$9.6$1.0 $6.1 $8.9 $6.2 $12.8 $13.8 $19.9 $20.6$3.9

$6.6$13.3

$8.2

$17.2

$41.5 $28.0$17.4

$3.9$3.3

$8.1

$9.3

$6.5

$31.9

$40.6

$16.8

$2.3$5.7

$7.2

$10.3

$14.2

$38.1

$15.78.6%

12.0%

8.4%8.2%

15.3%

7.3%

11.1%

18.6%

21.5%

12.4%

0%

5%

10%

15%

20%

25%

$0

$20

$40

$60

$80

$100

$120

$140

$160

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of WW FS Volume YTD

Industry % Change from Same Period Last Year▼

-54.3% ▼-18.2%

▼▼0.0% ▲ -10.6%

-17.1%

* tie

▼ -33.9%Industry % Change from Last Quarter

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

20%

14%

14%13%

9%

8%

4%

4%4%

4%3%

Real Estate Industrials Financials High Technology

Materials Energy and Power Consumer Staples Telecommunications

Consumer Products and Services Healthcare Media and Entertainment Retail

Government and Agencies

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


17

Goldman Sachs & Co

* tie

JP Morgan 3,019.4 3* 41.2 1

PricewaterhouseCoopers 550.0 3* 8.0 2

Mitsubishi UFJ Morgan StanleyMizuho Financial Group 23,144.1 42.9

7,326.8

Evercore Partners 41.2 1

8.2Citi

3,019.4 3*

2*88

1

2 2

4 65.1

8,320.6 Healthcare

5,484.3 6,542.0

2*

4,769.5

4.7

307

8

12

78.6

3

275 16

6

7

3 81

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - June 30 2017Mkt.

Nomura

6 8.3

Japan Deals Intelligence

1,688.3 1,712.2

10,041.5 1

Lazard

IndustrialsSumitomo Mitsui Finl Grp Inc

Japanese M&A activity totaled US$62.8 billion during the first half of 2017, a 13.1% decrease from comparable 2016levels and the slowest first half volume since 2013’s US$58.4 billion in value. 13 Japanese involvement deals overUS$1 billion were announced during the first six months of 2017, totaling US$36.1billion in aggregate and down 22.6%compared to the first half of 2016. Overall, 1,605 deals were announced during the first half of 2017, an 9.5% decreasein deal count compared to last year.

Deal making in the Industrials sector led the Japanese market, with deal volume totaling US$10 billion, accounting for a16% market share. Technology and Healthcare followed closely, with US$9 billion and US$8.3 billion respectively;representing a combined 27.6% market share.

Japan-targeted buyside financial sponsor activity reached US$6.2 billion, a 218.5% increase from comparable 2016levels and the highest first half volume since 2012. HK Holdings’s US$1.3 billion acquisition of Hitachi Koki was thelargest financial sponsor involvement deal during the first six months of 2017.

Outbound activity totaled US$33.8 billion during the first half of 2017, a 90.7% increase over activity in the first half of2016. The United States was the most targeted nation by Japanese firms, with 56.3% of total outbound activity worthUS$19 billion in aggregate value. The US$5.5 billion investment in Xiauju Kuaizhi by an investor group includingSoftbank was the largest Chinese targeted deal by a Japanese buyer on record.

Estimated M&A advisory fees from any Japanese involvement completed transactions totaled US$1.4 billion during thefirst half of 2017 a 70 8% increase from comparable period in 2016

16.817.1

No. DealsRank

2,384.5 23

Share

NomuraHigh Technology

Evercore Partners

Sumitomo Mitsui Finl Grp Inc

11.6

65.965.9

Real EstateDaiwa Securities Group Inc

744.6 3

JP Morgan

Financials


Japan M&AJapanese M&A Down 13% | Industrials Lead Activity | Japanese Outbound Up 91%

426.9

1,048.6 1

23.8

Rank Val US$m

Daiwa Securities Group Inc 2

1

5,484.3

9,027.3


6,861.7

563.1 28.0 1

95 747.4 1 10.9 2

7 550.0 3*

Sunoco LP-Convenience Stores (100%) Energy and Power / Oil & Gas

High Technology / Software

Any Japanese Involvement by Market

Fortress Investment Group LLC (100%)USJ Co Ltd (49%)

Xiaoju Kuaizhi Inc (%) 5,500.0Investor Group

7-Eleven Inc

2,262.1SoftBank Group Corp

Japan / ChinaUnited States / United States

Financials / Asset Management

Jan 1 - June 30 2017

Intelsat SA (%)NBCUniversal Media LLCSoftBank Group Corp

3,305.6United States / United States

Rank Value (US$m)

Bavaria SA

Hitachi Koki Co Ltd (100%) 1,334.8

Japan / United States

1,280.8Sweden / Netherlands

Brazil / Brazil

1,730.0United States / Japan

United States / Japan

Toyota Industries Europe AB

Telecommunications / Space and SatellitesIndustrials / Automobiles & Components

Japan / Luxembourg

HK Holdings Co Ltd Japan / JapanIndustrials / Transportation & Infrastructure

1,573.3

1,301.0Financials / Other Financials

Vanderlande Inds Hldg BV (100%)Completed

Pending

3/23/2017Industrials / Machinery

Media and Entertainment / Recreation & Leisure

Acquiror / Target Nation

Healthcare / Biotechnology

6/26/20172/28/2017 Pending

PendingCompleted

2/13/2017

1/13/2017

Date EffectiveTop Ten Japanese Involvement Announced Deals

ARIAD Pharmaceuticals Inc (100%) Kiku Merger Co IncCompleted

1/9/2017

first half of 2017, a 70.8% increase from comparable period in 2016.

Takata Corp (100%) Key Safety Systems Inc

Any Japanese Involvement Announced M&A

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

3,019.42/28/2017

Completed

PendingPending

2/14/2017

4/28/2017

Completed

4/6/2017

Brasil Kirin Holding SA (100%)

5,310.3

$34.0 $23.5 $35.2 $38.4 $37.0 $25.6$42.4 $51.0 $41.9 $32.4

$37.1

$21.6$19.2

$45.9 $41.2$32.8

$32.2$33.0

$30.4$30.4

$47.5

$42.4$50.3

$50.5$42.4

$32.6$24.0

$46.7 $69.6

$28.7

$38.8$30.3

$50.4$59.3

$35.2 $26.6

$65.2 $50.6

0

500

1,000

1,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b)Q1 Volume (US$b) # of Deals Q2

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


18

Imputed Fees (US$m)

Financial Advisor

Daiwa Securities Group Inc


2017 Rank

Jan 1 - June 30

# of Deals# of 2017

Rank

Any Japanese Involvement Announced (AD19)


-15.3 46

20.8+3

Deals2016 RankSh (%)

Change in Rank Value per Advisor (US$m)

Sh (%)


13.510,474.5

817.37

▼▲18.5

330

Market2016 Rank

▲

13,077.011,649.4

US$m

8,503.7

Rank ValueSh (%)

-▲

▲

16.7

5

5.112.6

11.5

8.7

2

38*

13

Mizuho Financial Group

Evercore Partners

Mitsubishi UFJ Morgan Stanley 6 1


7

15

2.9

14

104

4.1

5.4

17

15

87,243.7

23

7,927.47,250.0

12

1,823.316

3


14KPMGCitiCredit Suisse

Jefferies LLC

3,374.3

1.1Guggenheim Securities LLC ▲Plutus Consulting Co Ltd

6.0-4.6

Daiwa Securities Group Inc38.3 ▼ -3

40

Financial Advisor Share Ch.


Japan Rankings

Share Ch.Market MarketAdvisor

Sh (%)MarketMarketMarket

Fees# of Deals# of

Share Ch.US$mRank Value

DealsMarket Change in

Sh (%)

9 19,225.9 20.729,104.2

60.6▼

5.6-23.5 ▼31.40 -

-15 ▼▲

2.9

12

0.4

76▲▼ 7.0

19▼-24▲

-91.7

+10

▼

-

-11

0

12.9

37.0

0

▲

▲

4.7

45.3

6.1

-

4.5

-15.7

7.5

47.1

47.5

1467.0

▼

-

▲

29.2

64.1

▲ ▲

5.0

2.1

3.2

3.3

0.4

3.3

▼

▲

▼

0.6

2.9

+8

-3▲

▼

▼

0.2

▼

0.1

1.3

1.4

0.1

+5

41.8

87.1

▲

2.9

2.0+13

1.3 0.2

▲

17

▼5

▼▲

1.60.5

18

1,161.9

0.328▼

2

0.4

0.923

▲1.1

24- ▲ 1

▼

13.6▲

+1

18 9 3

6.0

13.00.1 ▲

01.11.1

0.67

▲3.1▼▲

1 3

0.2 +2

112.5

▼

19 -

0 7

▲

17

14

▲0.5

95.3 6.7

▲▲4.3

1.1

96.5 6.8 0.50.9

3.1

2.2

▲

1.1

▲1.7

▼▲

▲

106.9

43.8

▼0.8

16.1 1.1

▲

0.9

1.0

▲▲

▲▲

1.80.4

-

0.4

▼

▲

2.7

0 5

2.6

1.0

1.0

1.0

11.5 10.9 ▲▲

- 13

--15.2

6.1

12.514.14

▼

-3Nomura

0.2

▲10

10,618.211,584.2

301.4 Deutsche Bank-612-5

2,932.12,544.3

4.7

11.16,998.5

22

3,782.75,233.6

11

8

2,092.6

50.0 ▲ 9

12.6

3.3

▼11.5

-2.6

Lazard

22-0.7

5.53,440.8 4.411

▲

▼

4

45

17,333.89

Mizuho Financial GroupSumitomo Mitsui Finl Grp Inc

0.523

14,815.4 16.0

UBS

9

3

5

26


2

▼

19

Mitsubishi UFJ Morgan Stanley61

JP Morgan

Nomura

8

▼7

4

1

-8.3 0.7+16

Goldman Sachs & Co18,686.4

2

8

12.0

+120.2

0

1

7-9.8

514,315.1

▲18.7

8.810▼0.2

85- -

Bank of America Merrill Lynch▲Lazard▲Goldman Sachs & Co

+235.3

▼▼

145.1 -1982

613,927.5

6

0.9

0.237

-15.38 ▼

9

1.415.0 -18-8.0 3.4▼

156 15.4

▼0.7

8.0

10.310

▲

39 3.60.6

-1.8 -414.613,492.4

▼

8

1.2

13,066.8

9,567.20.9

0.6 ▲4

10.39.3

0.4+50 12

+11.3

▲0.21.4

1314

+77.1

3

415

-0.41,523.0

▲

-21.26,604.3

14

0.1 ▲

13.82.7 0.1 +1

3.017-3.6

-2

1,730.01,311.0

2.818* - 1,730.0 2.8

2.8Deutsche Bank 20 13PJT Partners Inc 18* - 0.1

2.11

-0.4+1▲ Centerview Partners LLC

▼ 1.32.8

▲▼ 0.2 -4

1.1 ▲1,127.519 ▼

GCA CorpBMO Capital Markets

211.7

▲Houlihan LokeyQatalyst Partners 1.2

-3.318

Torreya Partners LLC 22* 55 1,050.0 1.7▲1.7

1.722* -

▼0 0Deloitte 25 28 0 980

883 2▲ 20KPMG1 4 0 71 04 25 ▼

24 1,127.6 1.8 ▼Torreya Partners LLC▲1,050.0 +1

0.7 -1

1,403.1

1.1

1 0.1 +1 1.5

Moelis & Co15 29

▼

Any Japanese Involvement Completed (AF23)

▲

152.8

10 1,768.30.9

▲

1.5 3.3

-1.2

41

+2▼

241,050.01 0.1

▲ -1 1,008.60

46▲

0.38,587.2

-

Credit Suisse▼

0.1Evercore Partners-18 11Rothschild & Co

▲1.21,080.0

3

0.6-

22

914.0 ▼1.5

▲-

21

▲

1 0.1BMO Capital Markets

1.3

Sumitomo Mitsui Trust Holdings

16

-

1,200.0

1.6

1.1

PricewaterhouseCoopers1.61,450.0

▲ 2

568 391.4Ernst & Young LLP

23

13.50.4

+2 ▲

0.1

1.0+1 0.7+11.2

18.12120

25.51.31.8▲

Plutus Consulting Co Ltd

▼

170

-142

Jan 1 - June 30

3,579.1

JP MorganCiti

3.9

Barclays

2.9 ▲

Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▼▼-10.1%

▼-18 9.3

70.8%

Industry Total

Japanese Target Completed M&A Fees

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

-12.3%

1.3

-25.3%

0.7141,086

▼

▼

100.0

▲

-153

htt // th

1,426.10.5▼

100.0 1,60562,849.20.0

Industry Total -168Deloitte 25 28 0.9

* tie

-6.2%-13.1%

▼

883.2▲ 20

10.8%▼

▲▼ -9.5%-10.3%

▼▼-6.5%

KPMG1.4 -0.71.0-4 25100.0

▼92,748.3

Japanese Involvement Announced M&A Target Industry by Value

568.3 23

16.0%

14.4%

13.2%

11.7%10.9%

8.8%

Industrials High Technology Healthcare

Financials Real Estate Energy and Power

Telecommunications Media and Entertainment Materials

Retail Consumer Products and Services Consumer Staples

$217.7

$99.5

$241.4 $217.1$170.2

$220.2 $227.8$146.4 $141.7

$240.0

$179.7

$148.8

$249.7

$130.5 $206.6 $120.0 $84.6

$146.9

$258.7

$289.7

$159.8

$144.3

$148.2

$112.8

$225.3

$188.7$153.5

$93.3

$165.2

176.7

246.9

181.5

166.3

247.7

209.4

157.3

216.8

183.2

0

100

200

300

400

500

600

700

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

4Q 3Q 2Q 1Q # of Deals Q2


19

▼ ▼▲ ▲

Jan 1 - June 30 Jan 1 - June 30

# of 2017 Rank

# of Deals per Advisor # of Deals per Advisor

Sh (%) Value US$mRank 2016

Rank2017 RankFinancial Advisor

23.8

# of Deals

KPMG11

▼

22.08,787.6

Sh (%) Share Ch.

Lazard ▲223.8 22.1 5*

Market Change inMarketSh (%)

1 10*

Market

Mirae Asset Daewoo Co Ltd 14

3.5▲1.4

0.8

-Guosen Securities Co Ltd 13 -

1.3 -12

▲

PricewaterhouseCoopers 9300.4▼


1

Financial Advisor

Mirae Asset Daewoo Co Ltd

Change in

5.7 ▼

▲

1 ▲

8Rank

2016 Rank

MarketUS$m


Goldman Sachs & Co 1

1

4 5Morgan Stanley 3 3 901.3

▲

Market MarketRank ValueSh (%) Share Ch.

-13.35.2

▼▲

-13

8,787.65* Evercore Partners 1* -▼0.4-3

2.2

0.41

13.5

37*

10*

▼5*

▲

Deals# of

3,206.2 8.3

5*

2 8*

1

874.9

0.41.8 -3.61

4▼1.5 -0.9 ▼

-2

0.10.1

3-1

0.423.8 23.8 ▲

0.30.6▲

10.4 ▲# of DealsDeals Rank

Credit Suisse 2 1 2,186.6 1* 143

-JP Morgan 1* 12* 8,787.6 ▲ 2 0▼2.3 ▼

-7.7 8*2.3 2-2 ▼Goldman Sachs & Co 4 7 2,766.9 7.5 5* 0.2

▼Daiwa Securities Group Inc 5 11 1,427.3 3.9 0.21.3 7*▲2.2 20.3-4.8

▲ 1▲1.5

10* 1Rothschild & Co 5* - 832.7

2.2Industrial & Comm Bank China 5* 832.7-2.2 -4 ▼Morgan Stanley 6* 5 1,280.3 10*-10.8 0.8▼

China CITIC Bank Corp Ltd 5* - 832.7 2.2 2.2 ▲Plutus Consulting Co Ltd 6* - 1,280.3 10*3.5 1.310* 0.1 1▲ 12* 0.810* 0.1

▼ 6▼ 4

The Raine Group LLC 8*1 ▲2.1 2.1 1 -Korea Development Bank 8 6 531.7 0Deutsche Bank 8* - 825.6 -5.1

- 825.6 1 ▲▲

02 796.1 2* 0.81 -12▲ 10* 0.1

-2.1 2.1 1.1 -16.33 407.5 ▼1 0.2

-19.6Samsung Securities 10 2Korea Development Bank 11 6 711.5PricewaterhouseCoopers 10

-6 ▼1 280.0 0.8 -23.6 1▼ 4▼

▼ 102.1 -13.0-1 ▼

1

2 ▲▼ 3 10* 0.2

-1 12 20Credit Suisse

0.2▲ 40.7 0.4239.6 2*Samsung Securities 13

10 586.3 10* 0.1Standard Chartered PLC 122* 0.5 186.5 10* 0.20.5 ▲ 1 ▲

1533.1 1.4 -7.7 ▼ 4 0.52 ▲

▼ 4 11▲10* 0.40.4 0.4 ▲-2 147.1Ernst & Young LLP 14 7 369.5 1.0 -3.8 2* 0.5

Daiwa Securities Group Inc 15 12 360.6 0.9 -1.3 10* 0.1▼ 1 1-2 ▼ 1 ▲Macquarie Group 15 - 51.0 0.1 -▲0.1 10*0.1 -14.2 ▼ 2Ernst & Young LLP 16 4 30.1 -6 ▼7* -Mizuho Financial Group 16 16 315.0 0 -0.8 -0.4 10* 0.1▼ 1

GF Securities 17 - 201.6 10* 0.1▲ 10.5 0.5 1 ▲Guosen Securities Co Ltd 18 - 186.5 0.5 0.5 1 ▲10* 0.1▲ 1

10* 0.1Bank of America Merrill Lynch 19 9 88.1 0 -0.2 -2.7 ▼ 1▲ 1 0 -0.1 0.1Macquarie Group 20 26* 51.0 10* 0.1

0.1 -0.4 ▼ 4 2 ▲2* 0.5KPMG 21 20 35.710* 0.1Haywood Securities Ltd. 22* - 17.8 0.1 0.1 ▲ 1

1 ▲1 ▲

10* 0.1▲ 1PI Financial Corp 22* - 17.80.0 0.00.1 0.1

Sumitomo Mitsui Finl Grp Inc 24 - 2.0 1 ▲- 1 10* 0.1

-3.3%

798

▲

38,631.4

23 5% ▼I d t % Ch f L t Q t 61 7% ▲Industry % Change from Same Period Last Year 23.2%

Industry Total

▲

478Industry Total

42.0%Industry % Change from Same Period Last Year

First Half 2017 I Mergers & Acquisitions I Financial Advisors

36,976.7 100.0

Any South Korea Involvement Announced (AD51)

100.0

South Korea M&A

-20.5%7 8%I d t % Ch f L t Q t17 4%

Any South Korea Involvement Completed (AF58)

▲ ▲

* tie

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

-23.5% ▼Industry % Change from Last Quarter 61.7% ▲

Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry

htt // th

7.8%Industry % Change from Last Quarter17.4%

Hyundai-Robot & Invest Bus Shareholders South Korea/South Korea 4,207.4

Top Ten Any South Korea Involvement Announced Deals Jan 1 - June 30Rank Date Date Effective Target

Machinery2/24/2017 3/24/2017 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3 Chemicals and Allied Products4/1/2017 4/1/2017

1,126.7 Transportation Equipment6/13/2017 Intended Hyundai Heavy Inds Co Ltd Hyundai Robotics Co Ltd South Korea/South Korea 1,297.3

KB Insurance Co Ltd KB Financial Group Inc South Korea/South Korea 1,059.5

Transportation Equipment6/28/2017 6/28/2017 Daewoo Shipbuilding & Marine KEXIM South Korea/South Korea

Insurance4/1/2017 4/1/2017 Hyundai Heavy Inds-Electn Bus Shareholders South Korea/South Korea 930.8 Electronic and Electrical Equipment4/17/2017 5/19/2017

3/14/2017 Pending Kumho Tire Co Inc Qingdao Xingwei Intl Invest China/South Korea 832.74/17/2017 Pending Double Down Interactive LLC DoubleUGames Co Ltd South Korea/United States 825.6

4/1/2017 Hyundai-Constr Equip Bus Shareholders South Korea/South Korea 770.7

Rubber and Miscellaneous Plastic ProductsPrepackaged Software

Target Industry

Machinery2/1/2017 Pending Hyundai Card Co Ltd Investor Group South Korea/South Korea 586.3 Credit Institutions4/1/2017

Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m)

Chemicals and Allied Products4/17/2017 Pending Double Down Interactive LLC DoubleUGames Co Ltd South Korea/United States 825.6 Prepackaged Software2/24/2017 3/24/2017

2/1/2017 Pending Hyundai Card Co Ltd Investor Group South Korea/South Korea 586.35/1/2017 6/19/2017 E Land Ltd Investor Group South Korea/South Korea 528.0

5/18/2017 Kyungnam Energy Co Ltd Prostar Capital Ltd United States/South Korea 445.5

Credit InstitutionsTextile and Apparel Products

Miscellaneous Retail Trade

Electric, Gas, and Water Distribution4/17/2017 Pending Dongyang HC Co Ltd Leguh Issuer Designated United States/South Korea 416.5 Wholesale Trade-Durable Goods5/18/2017

3/24/2017 Pending Tasaki & Co Ltd Stardust Japan/Japan 360.6

Transportation Equipment4/17/2017 Pending Hugel Inc Leguh Issuer Designated United States/South Korea 312.5

232.7Pending Hyundai Samho Heavy Inds Co IMM Private Equity Inc South Korea/South Korea 263.4

Chemicals and Allied Products

Drugs

Top Ten South Korea Buyside Financial Sponsor Involvement Deals Jan 1 - June 30

5/10/20176/23/2017 Pending Daehan Cement Co Ltd Ssangyong Cement Industrial Co South Korea/South Korea


1.25

20

1.80.2

Lazard 0.10.40.6

▲▲

222.6

▲

+2+3+1

923.71,336.3

2,106.1

-26*

333

1.71.71.7

0.10.40.60.9

Fig Partners LLCMTS Health Partners LPPiper Jaffray Cos

12,913.1222.6923.7

1,336.3

▼▲▲▲▼

2.01.51.51.51.5

-1+2+3+1-1

14*21*

43333

13*53*

-37*19*

21*21*21*

Fig Partners LLC

TD Securities Inc▲

▼▲

8,189.21.2 +253* 7BMO Capital Markets 21*

3.26.0

13,948.016,986.3

6,831.912,913.1

6.53.33.13.66.57.9

▲▲▲▲▲▼

+4+2+2+3+3-14

2.92.32.32.32.32.32.32.3

35*35*13*

5444444

UBS9

35*-

26*26*

1213*13*13*13*13*

RBC Capital MarketsCredit SuisseCenterview Partners LLCMoelis & Co

3.23.03.4▲

7,096.46,698.17,708.1

12,896.512,490.6

3.13.02.0

1.2+8-6

▲▼ 953.8

1.6 7,476.1Sandler O'Neill PartnersRaymond James Financial Inc

1125*

97

BMO Capital Markets

20*20*20*

35*

Centerview Partners LLC27* +1

MTS Health Partners LPPiper Jaffray Cos

444

2.02.02.0Credit Suisse

53*

▼ 223.7

14*14*14*0.0

10.4

66.0.0

13,972.8

▼▲▲

2,331.6+2+3

37*

9*

4.8RBC Capital Markets

+12.5

2.96

▼-6▲

+4

0.413*Chartwell Financial Advisory

13

37*3.20.00.06.2

2.9

BarclaysKPMG

4*

China Merchants Securities Co

13*

5*

8.114

4*3

4*

76.4

# of Deals# of

Duff & Phelps

Fairness Opinion Provider US$m Sh (%)# of Deals2017 Rank

2016 Rank

1

Based on Number of Transactions# of Deals per Advisor

18

DealsMarket

11Duff & PhelpsFairness Opinion Provider

Prairie Capital Advisors Inc

Jan 1 – June 30Any Americas Involvement Announced Fairness Opinion

Change in Sh (%) Sh (%)

Jan 1 – June 30Any US Involvement Announced Fairness Opinion

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

# of Deals per AdvisorBased on Number of Transactions

Change in # of Market2017 Rank

Market2017 Rank

Rank Value (US$m)

Worldwide Announced Fairness Opinion

Rank Value (US$m)MarketRank Value


Jan 1 – June 30

16*16* 105*16*21*

91.6

UBS8*

Stifel/KBWBMO Capital MarketsPendo Advisors LLC 2.9

2.9

9*65

6*

-

5.2-3

▲Sh (%)

+282

10+4

0

6*1

5*66

2

12

9

8

-5+3

▼

▼-13-1

10

8

9

-1▲

3.5

16.8

▼▲

▼5.8-6

4.64.63.5

5.2

▼3,343.6

18.036,079.2

8*

▼

3.50.0

+1 0.06 +4

3.513*Morgan Stanley

1.6556.4 0.3

▼-78* ▲8*8*

26*▲

▲▲

Chartwell Financial Advisory 6

-1

13,948.016,986.3

Lazard13*13*

+2+3


Deals0

-64* 13*

4.44* 2*

2016 Rank

2.2

Rank Value

Duff & Phelps21 1 25

Fairness Opinion Provider2016 Rank

4.3Gram Capital

Rank Value

521.814US$mSh (%) Deals Sh (%)US$m

9,023.8

Evercore Partners

# of Market Change in

1 7# of Deals

-1.4

Market

0.06.9 +2 ▲

3 5* 10 4.9 -3

0.22 8* 11 5.4

9

.00 -

▼19,812.7

3.93.9 -38

+49

Haitong Securities Co Ltd 114 ▲+76*

13 2.3

142.4

6*

▼

▲▼▼

4.4CITICChina Securities Co Ltd

8*Guotai Junan Securities

10*+9

11

2.1

JP MorganBarclays


13* ▼

8

Morgan Stanley1013*10

14.6

Morgan StanleySomerley

JP Morgan

16*

13*China International Capital CoEvercore Partners

10*

13*Huatai Securities Co Ltd

10*

42,475.8-

1.69


16*

10

Red Sun Capital Ltd

1.6

19,812.7

0.0

7▲1.3

27*9*9*

5* 6Pendo Advisors LLCStifel/KBW

6-7

+33,343.6 1.57,266.9

8.83.3

24.77,476.1

Barclays

0.416.1

953.8Raymond James Financial Inc

Sandler O'Neill Partners

3.4

Evercore Partners


JP MorganRaymond James Financial Inc

55,316.238,489.2

53* 128 13*

Sandler O'Neill Partners

17.2

5.1 ▼36,079.2

1.2

-111*

Bank of America Merrill Lynch1.8

+6 20,997.91.5 6* 8 -13

3 4*-3

529*

6* 25*

154 8*

19* 119

1.7 +51.7

-9

-3

▲

6*

▼

-15

▲

-16

2.9

2.4 -56,196.1

02.8

46,164.5

2.6 -1

0 -.0

5,421.11.9

▼

1.7 ▼9

-1.9

10-13 ▼

-20.2

11 1.911.3

0.19 ▼

1,666.2

156.3

-6

19*

2 0

36*

31* -18

Zhongtai Securities Co Ltd

59,956.6

0.6

1.6 726.6▲

3.1

6,359.9▼

4,742.1

▼

1.6▼

5,654.8

7,306.0


521.8 0.2.0 0.0

19,812.7 9.32,028.6 0.5173.5

55,316.2 25.87,476.1

38,489.2

66.0.0

13,972.87,096.46,698.17,708.1

+9

Fairness Opinion Rankings†

13*

44Moelis & Co

Citi 2.45.8

14*14*14*

2.02.02.0

37*53*

4

▲▲▼ 5,442.8

6.27.6

-1+2

UBSCredit Suisse

21*21*

37*37*

77

1.21.2

Industry TotalIndustry Total

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

0.0

†Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness

Crescendo Capital

201.0

Deloitte 10* - 2 2.6 +2 ▲ 2,607.9 1.6

15,283.3 9.1Prairie Capital Advisors Inc 10* 13* 2 2.6 +1 ▲ .0

▲ 960.0 0.6▲Moelis & Co 10* - 2 2.6 +2

▲ 822.4 0.5BMO Capital Markets 10* - 2 2.6 +2Guotai Junan Securities 10* 13* 2 2.6 +1

Huaxi Securities Co Ltd 22* - 4 1.1 +4 1,240.0 1.1

,852.2 0.4▲3 +11.537*21*0.4 Hovde Group LLC▲

,1,729.61.2 +453* 7

pDongxing Securities 21*

2.93.4

28.5

▲-▲▲

6,631.74,855.5

47,592.53.93.9

+30

+1+3

3*7*-

4333

7*7*7*

UBSRothschild & CoCredit SuisseGoldman Sachs & Co

13*

579.0 100.0

2017 RankFairness Opinion Provider

1*

1*

1*

1*

Nomura

Based on Number of Transactions

Sh (%)

▼ -24.4%

2,028.6

Rank ValueUS$m

4.8 1.9


▲ 1,729.6Dongxing Securities 12

Somerley

7 2.0

+63.9

6.4

-611,058.6

5*

China Merchants Securities Co

Guotai Junan Securities6.4 27.045,187.2

7,865.9

4.0Bank of America Merrill Lynch 2*

6

+6

+4

-

5.13.9

5,667.4

Red Sun Capital Ltd

1

Huatai Securities Co LtdChina International Capital Co

Rank Value

Any Asia Pacific Inv Announced Fairness Opinion

26*10

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

Fairness Opinion ProviderUS$m

13*


26*


-81579

# of

+4

-12.3%

6.4

2*

MarketFairness Opinion ProviderKPMGMorgan Stanley

JP Morgan

1

CITIC17,861.6▲

▲Ledouble SA

Morgan Stanley6 1.7Shenwan Hongyuan Securities Co

13*13*

1.7

Haitong Securities Co Ltd

8*10*

2.86 2.82 10- 2.5

-23.0%-27.6%

-10.2% -6.9%

▼Industry % Change from Same Period Last Year

3

Based on Number of Transactions

2017 Rank

105.52

+4

Gram Capital3*

0.1

▲

Sh (%)

6.6

10.75

2016 Rank

3*China Securities Co Ltd

1

-40.0%-25.3% ▼Industry % Change from Last Quarter


-40.8%

Rank Value

Jan 1 – June 30

224,232.9 100.0-41

-19.2%

Change in Market

Jan 1 – June 30

Industry Total 214,166.7

Rank Value (US$m)

▼

Rank Value (US$m)

# of Deals

100.0


204

▼

-61

-25.6%

MarketDeals

8Sh (%) # of Deals

▼6.4 +4

10.3

Change in

Jan 1 – June 30Any EMEA Inv Announced Fairness Opinion

Market

513*

513*

5

2017 Rank

13* 51

2016 Rank

5.6-6 1,754.1

6,098.4

1,080.61,264.8

▼▲ 1.2

+3

+3

2.5

+47*

▲

66 1.76

-6

▼

Altus Capital Ltd

Shanghai Securities Co Ltd

Industry % Change from Last Quarter 5.3% ▲ -1.2%Industry % Change from Same Period Last Year

TC Capital International Ltd

Industrial Securities Co Ltd

* tie

Industry Total

▲

167,216.3

4.0%

78

-12.7%

9,023.8▼

-5 6.85.9

4.4

6,359.9-17,306.0

▼

-

7*

19*

▲ 4,742.115

1.7

▲

16*

▼

▼

18*

▲

357 108,018.2

▼

▲


1.418*

5

▼

54.3

3,019.4 30.9

MarketMarket

▲1Deals

1

2016 Rank

# of

14.3 +1-14.3

▲

# of DealsSh (%)

-

▲

1* 1 14.3 0MTS Health Partners LP

.0

1

Ernst & Young LLP 14.31* 346.0

5,310.3-▲14.3

+1 5,310.3▲5.75.01.5

-

▲

Industry Total 100.0

13*

▼

0.01.4+5

223.7

5,421.1

-60.0% ▼708.1%▲

-34

93.5 0.1

▲

+2

# ofDeals

▼

Change in

-60.0%

0.70.2

7 9,782.6

16

-13

▲

Industry Total

Industry % Change from Same Period Last Year 40.0%

+5

100.0


- 5

42* 6

26*

+9957* 9

5

17

1.71.4 ▲

▲

14

4.54.2

+714

2.22,331.6▼ Plutus Consulting Co Ltd

-157.0-3

3.9

▲6,196.15*

Morgan Stanley

-63.412 +9

1,666.2

4

7▲

0.8

3,019.4 30.9

-27.9% ▼

Sh (%)US$m

▼

▼

▲14*

48.7

8*

0.2

▼ 874.2

▲

75.014.3 +1

+1

4.7

+4 ▲

+1

10.8 0.0+5

845.4186.51

14.3

▼

173

1

1*

54.38.6▲

▲ 1.9

0.013.5

+1

- 1 14.3

14.3

-

-

1*

Any Japan Inv Announced Fairness Opinion

-

JP Morgan

Evercore Partners8.4Sh (%)

-1

+11* +1

25

▲

5 1.4 -1 0.8

+8

▼ 1*-

Guosen Securities Co Ltd

Lazard

726.6

1.0


1.6

1.6

-43.7%-12.5%

Barclays 10* 13*

2* 13*2*

▲ 6,651.6 4.02 2.6 +1

100.0

10*Zhongtai Securities Co Ltd

INCU Corporate Finance Ltd18*

GF Securities

13*18*

opinions provided as part of a broader advisory mandate.


21

-

-

-

-

-

-

Announced league tables include all deals that were announced between January 1, 2016 and June 30, 2017 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on June 30, 2017.

Tel: +813 6441 1338

E-mail: [email protected]

Asia-Pacific & JapanKaori Motohashi


Ranking Criteria Summary

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.E-mail: [email protected]

AmericasRobert LevineTel: +1 646 223 5682

EMEA

Tel: +44 (0) 20 7542 2246

E-mail: [email protected]

Ewelina JareckaDeals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyf

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.

-

-

-

involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and theirrole. No fees are allocated to non-lead loan syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated byFreeman Consulting in partnership with Thomson Reuters.

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

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

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2017 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.


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