first nine months 2016 m&a fa cover.ppt -...

MERGERS & ACQUISITIONS REVIEWREUTERS / Bernadett Szabo

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Nine Months 2016

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFirst Nine Months 2016 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Announced (AD34)3

3

6

6

11

12

11

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

Table of Contents

1

20

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

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

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

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

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

20

21

21

22

21

20

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

Any Asia Pacific Announced Fairness Opinion

8

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal Making Community

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

20

15


Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

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First Nine Months 2016 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide M&A Falls to 3-Year Low l Deals Over $5 billion Down 40% l Tech, Energy & Materials Lead Balanced Sector Mix l Goldman Sachs Top Advisor

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees WORLDWIDE DEAL MAKING FALLS 22%, NUMBER OF DEALS DOWN 3%- Worldwide M&A activity totaledUS$2.4 trillion during the first nine months of 2016, a 22% decrease from comparable 2015 levels and the slowestperiod for worldwide deal making in three years. Sixty-five deals with a value greater than $5 billion wereannounced during the first nine months, their combined value down 40% compared to the first nine months of 2015.Overall, 32,551 worldwide deals were announced during the first nine months of 2016, a 3% decrease compared tolast year.

DEAL MAKING DOWN 10% FROM SECOND QUARTER - The value of worldwide M&A announced during thethird quarter of 2016 totaled US$796.2 billion, a decrease of 10% compared to the second quarter of this year.

UNITED STATES M&A FALLS 32%; ASIA PACIFIC DEALS DOWN 18% - M&A activity for United States targetstotaled US$1.0 trillion during the first nine months of 2016, a decrease of 32% compared to the level of activity seenduring 2015. With US$641.0 billion in announced deals during the first nine months, Asia Pacific M&A fell 18%compared to a year ago. Asia Pacific targets accounted for 27% of worldwide M&A, compared to 21% for Europe.

TECH, ENERGY & MATERIALS LEAD BALANCED SECTOR MIX - Deal making in the Technology sector totaledUS$365.4 billion during the first nine months of 2016, an increase of 4% compared to 2015 levels, while Energy &Power decreased 12% by value, but increased 3% by number of deals. Materials deal making increased 28%compared to a year ago. Six of 12 major industry sectors accounted for at least 10% of year-to-date M&A, the mostbalanced first nine month sector breakdown since records began in 1980

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

balanced first nine month sector breakdown since records began in 1980.

RECORD OUTBOUND CHINA AND INBOUND US M&A POWERS CROSS-BORDER DEALS – Powered byrecord levels of outbound M&A from Chinese acquirors and inbound M&A for US assets, cross-border M&A activitytotaled US$922.4 billion during the first nine months of 2016, accounting for 39% of overall M&A volume and a 12%decrease from 2015 levels, when cross border M&A accounted for 34% of total M&A activity.

COMPLETED M&A ADVISORY FEES DOWN 7% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totaled US$21.3 billion during the first nine months of2016, a 7% decrease from the comparable period in 2015.

$203.1

$78.4$16.0 $32.2 $65.7 $62.9

$117.1 $147.9 $163.5$73.6

$318.2

$82.6

$24.7$60.3

$87.6 $79.9

$80.1$118.8

$136.6

$140.8

$163.2

$57.4

$35.6

$73.7

$70.5 $99.9$82.0

$136.3$169.5

$125.5

$113.8

$35.9

$52.7

$100.5

$105.8 $98.8$110.6

$113.8

$231.111.5%

6.4%8.1%

13.6%

10.4%

15.6% 15.5%

13.9%

14.4%

14.3%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

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

$0

$1

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

$405.6$258.1

$113.4 $175.7 $235.3 $172.5 $132.4$239.8 $287.5 $304.2

$640.7

$364.7

$111.4$204.2

$247.4$272.6

$167.8

$384.6 $340.1 $279.6

$371.3

$325.9

$147.1

$271.8$204.3 $203.2

$180.1

$313.5$423.8

$338.6

$430.9

$156.4

$166.0

$261.8 $196.7 $252.1

$221.4

$303.5

$465.5

26.3%

36.2%33.2%

50.0%

30.2%31.7%

34.1%31.9%

35.9%

38.5%

0%

10%

20%

30%

40%

50%

60%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

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

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

% of YTD Global M&A

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

1

Western Europe

-50.796.2-8.2 ▼

▲▼

1,905▲

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

950

1/1/2015 - 09/30/2015

1,211,848.5 ▼▲

▼▼

% Change in Rank Value

▼▼

▲

-24.6-1.5

-46.4

-20.0

26.0

▼

1.5

▼

▲▼

3,754.658436,681.1

438.9

-30.4-36.6

78

United States 1,137,670.3

29,067.4

▼7,054

▲

-71.4▼▼

346

74,178.2

No. Deals

9,935.011,693.1

9,063.5 12,019.1

1,154,484.2

76

759

2,299,061.5

Rank Val US$m

% Change in Rank Value

South America

6,078

527

-52.4105

Target Region/Nation

North America-52.5 Mexico

1,194,259.3121

-29.8 6,837▼

8,004

1,262,123.5▼

125Central America▼

7,548▼

Americas

12,976.114,613.117,640.3

3,054,994.0

Rank Val US$m

8610,01933,668

No. Deals

59-1.1

-23.415364

-7.08,805

114.8

26,25323,747

Caribbean-82.5

▼

-31.7

-28.0-21.5

1,276,118.8

▼

90

9,0287,882

▲67.7

329.3▲

▼

7301,146

18,415.0436

15.3 Canada 39,775.1▲46,236.0

Chile 20,235.1▲

14,988.9

13,237.5971

Brazil57.7 ▲ 29,520.9

140.5Africa/Middle East

18,987.5▼

Sub-Saharan AfricaNorth Africa

-30.3

262 14,671.4

249▲ 193586

496,391.5 -8.623,228.4

306

3,679.8

42,417.0

93

701

1,051.4 76340

120,384.1

2,140

2.2

83,905.5

▼-16.8

▼

7,184

543,074.8

117.4

9,279▼

1,846

10,215

16,985.6 506573 952 6

8,075

5 381

515,153.21,461

22 6

27,921.7

5785 155

2,095

444 187 9

Eastern Europe

236,159.21,704

Asia Pacific36,926.141,370.1France▲

473,163.0

▼Italy▲

10.8

▼

▼United Kingdom-54.9

▼-38.2Europe

▼

▼

316

-17.3

-11.8

2,563

114

2,053

246

Eastern Europe

2,005

11,661

247,524.967,600.5

62,733.4

9,0988,74036,321.0

604,000.1

North AfricaMiddle East

-18.611,287504

17,244.42,095.6

14,678.2 -16.9

17 9

35,690.1312

Europe

109

Africa/Middle East

2,376.6457

926

410.3780 524 6 9 276

12,294.0

78

1,072,836.8

61,900.6

7,078

Americas3,081.2

9 466

153

8,103

Central America

South America71,284.2

2,547

1,001,552.6

671372

74,873.3266

1,792

33,032.7

1,025

Middle East

12,197.7Sub-Saharan Africa

Canada

Western Europe22,463.0

491,774.6

56,279.5

Switzerland

North America

469,311.6

France

Chile 18,707.0

Asia Pacific

United Kingdom

Worldwide 32,5512,397,192.6

1,846

Rank Val US$m

61,844.7United States

Caribbean

5,120.6

Brazil

Target Region/Nation

Mexico

567,679.1111,611.4

83

41,465.7

4,357.1

1,466,867.9

28,819.3

1,528,712.7

1/1/2016 - 09/30/2016 1/1/2015 - 09/30/2015

1365,813.4

10,776.1125175

1,143,632.0

12,217.6

1,587,389.9Worldwide

9,005

No. Deals

No. Deals

Rank Val US$m

2,471,340.8

19,696.7

640 989 5

1/1/2016 - 09/30/2016

Mergers & Acquisitions

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

First Nine Months 2016 | Mergers & Acquisitions | Financial Advisors

15.2%

14.4%

12.2%

11.5%10.6%

10.1%

8.8%

4.4%

3.9%3.6%

2.9%

South East Asia

Industrials / Transportation & InfrastructureReal Estate / REITs

Financials / Other Financials

Materials / ChemicalsMaterials / Chemicals

Energy and Power / Oil & Gas

14,131.413,897.8 Financials / Brokerage2/23/2016

PendingPending

National Bank of Abu Dhabi (100%) Utd Arab Em / Utd Arab EmGermany / United Kingdom

4,921.6New Zealand

London Stock Exchange Grp PLC (100%)7/3/2016

Target Macro / Mid Industry

▲▲▼

▼▲

208.5

▼▼

Financials / Banks

Materials / Chemicals

Financials / Banks

Industrials / Machinery

Industrials / Other Industrials

High Technology / Semiconductors

High Technology / E-commerce / B2B

Healthcare / Healthcare Equipment & Supplies

Jan 1 - Sept 30 2016

Abbott Laboratories

Pending

4/28/2016

9/6/2016United States / United States

Bayer AGAcquiror / Target Nation

Johnson Controls Inc (100%)United States / United States

▲

▲

-39.2665786 -37.6

1,151.9

573,952.666,439.6

5,381 -22.6

645,185.5

62,169.1

5,155

98

1,874

39.0-22.8

2.238,655.6 923

3,046

Singapore7,207.6

238

283,537.7▼

14.8246,936.5

19,346.7

786

36

448,301.0

-55.72.2

1,179

216 -9.1

744

-95.2

3,016

Australia

923

▼

36.1

▼-4.5-24.5 ▼

86.835,777.5

444,187.9657▼65,691.8

46,596.5

Central Asia66,837.8

38

Rank Value (US$m)Acquiror

41,466.5

882863,553.2

563

Asia-Pacific

37,802.1

▼Australasia

▼

South East Asia

-23.31,034-17.9

2,669.9

780,524.6 9,276

877

326.1

53.3

61,612.8

36,091.5

243.064,517.0Japan

37

▼

Top Fifteen Worldwide Announced Deals

5,078.4Japan

1686,097

48

73,858.11,146

▲

North AsiaChina 415,791.5

496,825.9

42,490.4

1,741

20,451.3

658,290.0

520.4

5,989

-27.1

3021,369

19,922.1

66.2120

38,655.6

▲

72,897.71,920

77

132

126 Thailand

▲

▲

South Asia 39,500.5

2.1

▲

North Asia

32,292.2ChinaSouth Korea

17,581.5

345,914.7

39,500.5

▼

Australasia

4,2671,004

435,456.9

890

2,960.5 New Zealand▲

St Jude Medical Inc (100%)9/2/2016

38,428.0South AsiaCentral Asia -62.6

Pending

9/6/2016

1/25/2016

▲

Credit Agricole-Regional Banks (25%)

First Gulf Bank PJSC

65,843.0CNAC Saturn (NL) BV

1,151

Japan / United Kingdom

LinkedIn Corp (100%)

Canada / United States

Ireland-Rep / United States

▼882

Agrium Inc (100%)

47,389.3

6/13/2016

Syngenta AG (100%)43,144.530,750.7

Germany / United States

SoftBank Group CorpARM Holdings PLC (99.28%)

18,329.6

Microsoft Corp

30,466.3

SACAM Mutualisation

Netherlands / SwitzerlandMonsanto Co (100%)

France / FranceDanaher Corp-Industrial Growth (100%)

SF Holding (Group) Co Ltd (100%)

24,617.5United States / United States

Spectra Energy Corp (100%)

20,060.2

27,700.7Tyco International PLC

Shareholders

Annaly Capital Management IncChina / China

14,514.5

Deutsche Boerse AG

Jinan Diesel Engine Co LtdPending

Maanshan Dingtai Rare Earth &

CNPC Capital Co Ltd (100%)7/12/20164/11/2016

19,946.6

Hatteras Financial Corp (100%)16,829.85/23/2016

Canada / CanadaPotash Corp of Saskatchewan9/12/20167/1/2016 United States / United States

6/13/2016Pending

Pending

2/17/2016

9/5/2016

2/3/2016

7/18/2016Pending

87.9884-42.5

Thailand

4,213

9,46650,406.1

20,336.11,511

324

833

5/23/2016

Asia-Pacific

11,377.5

Pending

Australia

South Korea

1,867

44,913.3

55,329.6

Rank Date Date Effective

Singapore

968

Enbridge Inc

Target (% Sought/Acquired)

640,989.5

Pending

1,390.9

China / China 14,482.9

Pending

2.3%High Technology Energy and Power

Materials Industrials

Financials Real Estate

Healthcare Media and Entertainment

Consumer Products and Services Consumer Staples

Retail Telecommunications

Government and Agencies

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2

Rothschild & Co

Market

1,881.1

Change in

0.8Share Ch.Sh (%)

8.8

130147

7.1

3.0

6.9

0.23.6 1.0

2.0

# of

Worldwide Completed (AF1)

Market

▼ 6.9 ▲

# of DealsMarket Advisor

▼ ▼0.8

0.40.30.30.8

-22+29

8

11-66

+7

▼

+10▼▲

7Barclays

411,398.569-30 Deutsche Bank

▲12

241,677.010

▲

▼

52

10

Centerview Partners LLC

+17 UBS

▼Rothschild & Co

-12

121

7

39 0.1▲0.2

+14

110.5

108106

33 0.1+17

-5 1.6

-4.0

22

JP Morgan

3.6

Jan 1 - Sept 30

Worldwide Rankings

2015 RankFinancial Advisor Deals

Imputed Fees (US$m)

1 ▼Sh ($)

485,563.3 -3.7 0.7

2016 Rank

Rank Value per Advisor (US$m)

Goldman Sachs & Co# of Deals-72

Jan 1 - Sept 30

0.7Financial Advisor

1365.4

1

Change in

9.2

16.7

7 5

6

-7.2

4 388,772.1

Rank Value # of

27.2

227▼

▲

▼230 0.7

1

-8

268,915.6

Market

UBS 8

3

Credit Suisse45

Bank of America Merrill Lynch


Deutsche Bank

Evercore Partners

200,247.07178,658.1169,078.5

RBC Capital Markets

11

7.5

10.4

18

5.4

221,223.8

163,754.6

9

82,678.31613

Guggenheim Securities LLC

21

▼

40Wells Fargo & Co

▼

0 0

-5.7

-39

249

-0.3 0.5

0.4

0.1

-3.6

163

235

-4.1

148

-0.9

▼

179

▼152

345

▼▼

0.5 JP MorganBank of America Merrill Lynch

52

US$m DealsShare Ch.25.8

Sh (%)

# of Deals per Advisor

▼

MarketMarket Rank Value Market2016 Rank


Share Ch.

2 438.5

690,533.9▼ ▼

1.830.0

Fees200

US$m

-390.911.2

▲884,979.1Sh (%)Sh (%)



-86

Market2015 Rank

1,463.6766.4

195 -26

▲

▼0.6

-60204 1,468.1

0.57.3

17.9

3 637,020.5 ▲

3.3▲

27.7

21.8625,474.2

▼0.50.8 ▲4.5

650.41.0

18.1869 411,905.9Credit Suisse

638.40.50.2

▲126126

2.90.7 -9

▼▲

3.2

-15 0.3415,411.63.1▲ -49501,566.1 129

▼0.4▼

14.7 98▲ Lazard ▼▲ 163

337,598.9▼ 0.4

▲8.017.9

▲

▲0.6

-19

▼▼ 0.7-

613.6678.1 0.0421.3

0.12.5

▲-69 2.0

418.434 +4

▲377.2-6-3 553.1

11.74.04.2

▲0.1

217▲ ▼

241,271.413 10.5

2.3▼

2.61.81.810.5

▲

0.9105

▲▲

950.4

0.1 ▼

0.30.2

-20.0

▼

144.20.4

+7+2 ▲

0.8 ▲

0.7 ▲8▲

6.7

38▲

0.20.3

15

10.0228,728.384.8

485.60.4 ▲7.2

156,168.0 6.890

15RBC Capital Markets

18165,751.9 6.914

13

▼ 15

Evercore Partners

Guggenheim Securities LLCLionTree Advisors LLC

▲4.517

124,680.15.5

Robey Warshaw LLP

▲16 5.4

65▲ 4.9 28318▼ Moelis & Co 4.6105,633.3 ▲

-18▲

▲▲

▼ 1.5

268.0

72▲ 0.0

314.7+1 0.3

▲0.30.3

0.3

▼0.3

64.4 ▲1.3 0.4

71.200.3

-0.07

111,760.4

3.944

Allen & Co Inc

21

19 89,282.8Greenhill & Co, LLC

▲▲

220▲20

+8▲1.6

3 036 ▲0.8177.872,419.4 1.83.2 ▲

▲ Needham & Co LLC ▲3 0+4+3

68 628 6 14 2 0 1 0 010 ▼80 0

0.2+110.237 0.4

▲-2.3

0.2

▲

2 8▲▲

159-8

0.5 +260.1

4

▼59

-4.8

3.3

1.1

▲

1.846

2.419

▼

618,351.9

45 130,300.613

399,501.6

281,428.8 11.79

3

Citi372,383.70.5

15.516.2

Morgan StanleyGoldman Sachs & Co

▼

4.2

▼▲

▼20.3

-6.3

6.8 ▲

Worldwide Announced (AD1)

▲0.8

▼

1.78.4

2Morgan Stanley1

-71

0.9

2

248,558.3CitiBarclays 6

-600.5

-21

12

15

108

10

14

29Ducera Partners LLC

35

Lazard12

2111

19

17

HSBC Holdings PLCChina International Capital Co

6.04.7

1514

144,006.0

-2.0 ▼91,769.9 3.8

2 866 168 0

3.43.5

3.174,605.267,982.2

80,169.081,910.9

2.8Mizuho Financial GroupCITIC 20

* tie

▼

2.3149

23,747

0.0

38 30.5

▼

21

19.0

-17.3%-3.3%

26 26.32

21.5

1

Credit SuisseGoldman Sachs & Co

35

2,673

3

28

29 26

23

17.9

4,552

27 15.014.8

3,663 22.118.2

38

Industry % Change from Last Quarter -0.8%

41,408.4

2,297

21

Materials

Morgan Stanley

Industry % Change from Last Quarter

823*100.0

23 3353


111,370.4

118,438.3

90,372.6

24

69,376.4

Rank Val US$mHigh Technology

78,472.2Goldman Sachs & Co

Morgan Stanley

35.1

1

101,007.8

240,973.3

Financials

104,078.5

Industry % Change from Same Period Last Year

344,306.0Energy and Power

Industrials

▼

39 45,308.4 3

28 55,872.946,011.0

Morgan Stanley2

27

37.7

253,447.0

1

0.0

Jan 1 - Sept 30

Goldman Sachs & CoLazard

3

21 220 3.0▲ Needham & Co LLC ▲3.0+464,454.168,628.6 -14.2 0.1

167.00.0

▲0.72.8 0.8+11 ▲

10

0.4-7

▼-8▼

0.0

180.7870.237 0.0

100.0

0.90.6

0.1▲-

0.30.0

▲-

21,275.5▼

-2,5060.4

▼

-21 1.6+27

338.7

▼

▲ 123.4

-7.0%▼

2.2 0.2 ▲1.1

-1.6 ▼2.3 ▲ 0.6

-17.9%▼

0.0 +6 Jefferies LLC 50,627.829

▼

98

-9.5%-6.7%

Wells Fargo & Co

▲▲


BNP Paribas SA

Industry Total

Mizuho Financial Group14

22232425

365,370.3

▼

▲32,551

Share

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

No. Deals

-1,1172,397,192.6

-9.5% ▼

Rank

▲

▲

100.02,299,061.5

+1▼0.1

-7.0%

52,458.953,889.9

40

27

1.7

2.8

1.2▲▲

41

4,774

14

Top WW Announced M&A Advisors by Target Industry

-21.5%

8

Mkt.

2.2

▲0.1

447

-591.2

2.6+2

37

-3022

Ducera Partners LLC 2.866,168.0

2.2

62,688.466,114.3BMO Capital Markets 2.8

55,417.5The Raine Group LLC 51,796.5

2.3Industrial & Comm Bank ChinaQatalyst Partners

120,716.0

102,430.0

Morgan Stanley

Industry Total†25

Credit Suisse

276,025.8

JP Morgan

35.0Morgan Stanley40.5

JP Morgan

3292,771.4

1

11 34.532

Goldman Sachs & Co

Jan 1 - Sept 30 2016

120,592.2 35.0

10

404.97

296.74 295.86 260.24 182.61 178.36 165.41

115.85 127.90 92.75 135.23

92.9

79.8 13.9

32.2

34.2 59.9 40.0

28.0 41.6

20.1

33.8

- 30.5

30.8

30.8 30.8

43.1

43.1

43.1

43.1 43.1

43.1

46.6

46.6

46.6

46.6

65.8

65.8 65.8

65.8

$0

$100

$200

$300

$400

$500

$600

$700

Goldman Sachs & Co

Morgan Stanley

JP Morgan Bank of America

Merrill Lynch

Credit Suisse Barclays Citi UBS Lazard Rothschild & Co

Deutsche Bank

Ran

k Va

lue

(US

$bil)

Monsanto Co/Bayer AG

Syngenta AG/CNAC Saturn NL BV

Spectra Energy Corp/Enbridge Inc

ARM Holdings PLC/Softbank Group Corp

St Jude Medical Inc/Abbott Laboratories

Other Top 15 Deals

All Other Transactions


3

10.9x

Consumer Staples

Consumer Products and Services

16.2x

Healthcare

12.8x

High Technology

13.3x

16.6x

12.4x

11.0x

13.2x

10.8x

Energy and Power

15.7x

Materials

13.0x

14.8x

5.5x

13.8x 14.5x

9.0x7.1x

23.0x19.8x

12.9x

26.1x

11.9x

-

11.6x

21.0x10.7x10.5x 11.2x 12.0x

16.1x

16.8x

11.9x

17.4x

12.2x

9.7x 13.5x

13.6x

14.6x 18.5x

-14.3x

11.2x

16.9x

16.2x

16.9x 24.5x

11.5x6.5x

5.9x

6.4x

9.3x

16.4x 10.8x

-15.1x8.3x

16.1x 11.9x17.2x

20.6x 6.8x

16.1x

13.2x

13.1x

23.8x19.8x

8.9x12.2x

9.0x

19.6x

15.8x

12.0x13.2x

12.6x 15.9x

13.6x 13.1x

14.9x

11.6x

18.9x13.7x

9.5x26.7x

21.7x11.3x

11.1x

14.0x 17.1x18.4x

13.4x 12.5x

12.2x

12.0x

18.4x13.0x

16.7x14.6x 18.4x

13.9x

14.0x

17.2x10.5x

14.9x

11.3x11.3x

11.6x 11.6x

11.2x

12.4x

13.2x

21.3x 17.2x

15.4x15.4x16.6x

5.4x

19.2x19.2x 11.9x

12.3x

23.9x14.7x 18.8x

17.1x17.1x

18.8x20.0x 9.5x

4.7x9.3x

-

9.3x

27.1x 20.3x7.2x

8.9x

4.7x

16.1x

20.0x

-

9.3x

16.1x10.0x

10.4x20.2x

11.1x 13.2x

UK

15.8x

14.4x

-

9.7x 16.0x

12.4x 15.8x

15.1x

11.0x

24.2x

8.9x

13.5x

18.1x

World

Industrials 13.2x14.5x

17.0x

19.5x 13.7x

12.9x

3.5x

14.2x

31.4x

8.8x

8.0x

12.9x

10.9x

19.4x 21.0x

8.8x 9.0x

11.4x

13.7x

Telecommunications

Real Estate

Media and Entertainment

Retail

13.5x

11.9x

15.4x

14.3x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada


13.1x

7.9x

USA

12.6x

15.1x 26.9x

19.4x

19.7x

13.8x

16.9x 23.8x

Japan

9.6x

Asia ex. JapanEurope

14.2x

9.3x

12.4x

20.0x

EMEAAmericas

Worldwide M&A Matrix

2016 UP 2016 DOWN 2015

Jan 1 - Sept 30

13.2x15.2x

8.0

36.6

14.0x

52.1

UK

25.3

Real Estate 19.7

33.6 33.1

23.0 23.0

15.4x

36.330.0

13.4x

EMEA2015

45.7

18.6x17.9x 18.6x14.2x12.1x

23.6

32.1

27.7

19.1

19.7

5.1 24.5

23.9

42.3

41.6

40.0

28.5

43.4

16.6

30.8

24.6

49.9

22.8

23.555.1

-

-

38.2

25.3

25.8

35.3

52.5

41.1

41.0

19.745.0

25.0

26.439.1

26.5

34.1

36.4

36.3

-

21.7

10.6

27.1

25.4

26.5-

52.5

Europe

13.1x

39.8

35.9

16.7

22.8

29.5

-23.1

100.0

39.3

-

23.122.3

22.0

27.9

42.1 31.7

6.719.111.828.7

26.6

22.722.2

40.3 22.332.3

45.1

15.7

20.6

27.2

17.3

22.0

19.7

Japan

26.7

Asia ex. Japan

13.6x12.9x

28.8

24.6

28.8

42.7

20.8

27.7

30.624.0

20.8

11.8x

54.6

47.923.2

60.07.4

55.7

7.4

43.9

20.8

31.0

36.0

USA

8.7x16.7x 12.1x

25.337.7

22.2

45.2

35.9

37.3

42.2

28.529.0

Americas Canada

29.4

Healthcare

Consumer Products and Services

39.4

29.7

45.729.0

22.1Energy and Power

25.4

Average Industry Total

29.1

23.6

High Technology

Industrials

28.1

25.6

26.9 37.1

Media and Entertainment

27.5

Telecommunications 25.0

Materials

26.4

16.4

28.2

Retail

26.6

14.1

23.8

26.4

30.7

30.9

31.2

42.2

28.028.4

36.1 16.238.4

33.0

32.7

39.7

30.933.5

28.7

14.9x

29.6

35.7

2016 UP 2016 DOWN

33.328.1

31.0

Financials

40.3

-20.329.0

-

28.1

Average Industry Total

15.6

26.518.6

32.6

26.912.7

27.5

38.524.3 23.5

29.6

19.5 23.4

26.610.0

42.0

14.0

33.1 31.6

18.4

24.4

19.617.6

15.7

18.131.7

18.526.9

65.6 23.4

29.4

32.3

32.7

42.3

24.9

26.537.2

35.4

47.4

26.6

10.0

36.0

25.2

12.328.2

29.9

40.2

17.730.2

20.0

24.5

46.6

23.533.1 29.1

-23.4

28.3

- -

22.727.2

31.0

World

20.047.3Consumer Staples

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2015 - 09/30/2016 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

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


4


Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan


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

5

6

7

8

9

102007 2008 2009 2010 2011 2012 2013 2014 2015 2016

5

6

7

8

9

10

Ran

k

Credit Suisse

Barclays

Citi

UBS

Lazard

Rothschild & Co


5

63.3 8 Lazard

1

Americas M&A volume during the first nine months of 2016 decreased 27.5% from comparable 2015 levels, accruingUS$1.3 trillion in activity from 11,427 announced deals. According to estimates from Thomson Reuters/FreemanConsulting, fees generated from completed deals in the Americas totaled US$14.8 billion, an 8.1% decrease from feesearned duirng the first nine months of 2015.

US Targeted M&A also saw a significant decrease, down 31.7% compared to announced M&A during the first ninemonths of 2015. US-targeted volume accrued a total of US$1 trillion during the period from 7,100 deals.

The High Technology sector led the US market, with deal volume totaling US$198 billion, accounting for a 19.8% marketshare. Energy and Power followed, accruing US$182.5 billion for an 18.2% share of the market. Healthcare rounded outthe top 3 sectors, with US$128.7 billion and a 12.9% share of the market.

Accumulating US$209.8 billion in transaction value, announced Canadian Involvement activity increased 17.3% from thetotals reached during the first nine months of 2015. Completed Canadian Involvement activity was down 34.5% comparedto the first nine months of 2015, accruing US$109.7 billion from 1,232 deals.

In the Americas, Energy & Power, Media & Entertainment, Real Estate and Telecommunications were the only sectorsthat saw an increase in exit multiples during the first nine months of 2016. Overall average EBITDA multiples acrossindustries in the Americas saw a decrease during the period, settling at 13.2x compared to 14.9x during the first ninemonths of 2015.

49.2

36,200.8 2 40.0 10 7 Citi 31,814.9

4 60.8

35.2


Americas M&A down 28% | High Technology Volume Drives US Activity | Canadian Activity Increases 17%

13

Americas M&A

26

502 54.8

77,789.470,543.4

1Bank of America Merrill Lynch116,015.8

79,355.8

Goldman Sachs & Co 57,211.3

Share

36.0

35.4345.0

27.9

3

68.47 2

3776

8

67.1

373 5

10 12

28.311 24

12

775 41.545.2

Rank

1

Mkt.

1,337

No. Deals

2

63,288.257,869.545,617.7

12

2

3

1

55,205.4182,463.0 100,051.382,435.375,752.8

128,700.3 14

Morgan StanleyQatalyst Partners

Guggenheim Securities LLCBank of America Merrill Lynch

Goldman Sachs & CoMorgan StanleyBarclays

Evercore Partners

Americas Deals Intelligence

High Technology

Energy and Power

Healthcare

Materials

Industrials

Goldman Sachs & Co

Morgan Stanley

3

90,455.9

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

Credit Suisse

Rank Val (US$m)198,043.8

71,292.056,109.2


Real Estate / REITsHealthcare / Pharmaceuticals

High Technology / Computers & Peripherals

Healthcare / Healthcare Equipment & SuppliesIndustrials / Machinery

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

1/25/2016Pending

43,144.530,466.327,700.7

United States / United States7/26/2016

8/22/2016 Medivation Inc (100%)

7/1/20166/13/2016

Bayer AG

ShareholdersDanaher Corp-Industrial Growth (100%)

Materials / ChemicalsEnergy and Power / Oil & Gas

Rank Value (US$m)Germany / United States

Pending Linear Technology Corp (100%) 12,927.3

9/28/2016

24,617.5

14,514.5

13,017.5

United States / United StatesPfizer IncAnnaly Capital Management Inc

Ireland-Rep / United StatesTyco International PLCUnited States / United States

United States / United States

Microsoft Corp

United States / United States13,789.6

Industrials / Other IndustrialsUnited States / United States6/13/2016

Hatteras Financial Corp (100%)19,946.6

4/11/2016

LinkedIn Corp (100%)

Analog Devices Inc

High Technology / E-commerce / B2B

7/12/2016

Pending IMS Health Holdings Inc (100%) Quintiles Transnational

9/6/20164/28/2016

Date Effective

St Jude Medical Inc (100%)

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

Johnson Controls Inc (100%)9/2/2016

5/3/2016

Pending65,843.0

Abbott LaboratoriesCanada / United States

United States / United StatesSpectra Energy Corp (100%) Enbridge Inc

Pending

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

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

19.8%

18.2%

12.9% 11.6%

9.0%

8.9%

5.5%4.3%

3.9%

High Technology Energy and Power HealthcareMaterials Industrials Real EstateFinancials Consumer Products and Services Media and EntertainmentConsumer Staples Retail TelecommunicationsGovernment and Agencies

112.5

17.5 11.3 26.9 26.7 77.7 82.8

115.5

29.1

192.7

28.7 33.5 33.5 34.8

33.3 47.5

46.3

63.5

91.2

18.3

13.6

28.4 26.6

52.9

44.4 51.7

94.5

62.7

20.4

25.2

39.4 64.7

56.1

60.9 44.7

139.0

52.2%

27.3%

41.9% 42.3%46.0%

49.9%

55.5%

43.9%

56.4%

45.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Rnk

Val

US$

bil

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of WW FS Volume YTD


6

Deutsche Bank Lazard

▲1.9 1.6 0.8 0.40.5 -11 ▼ 118.0 ▲1.5 ▲ 20 0.2 60 26,469.7Sandler O'Neill Partners 25 47-

Santander 25 53 24,435.2 1.82.4 0.7

+7 ▲27 33,724.0 0.5 0.0▼ 72.4▲ 25 0.3 -41.5 ▲ 36 0.3 BNP Paribas SA 24-20 ▼

▲Sandler O'Neill Partners 24 38 28,065.5 2.1

84 0.7 +16 ▲ 0.8 0.221 33,781.8 2.4 0.3 0.3 +9 ▲ 119.1PJT Partners LP 232.1 0.10.9 -12 ▼ 312.4

▲ 28▲

Moelis & Co 23 22 32,723.7 2.5 0.1 ▲▼ 84-3 ▼ Jefferies LLC 22

1.1 0.020 34,999.817 64,454.1 0.4 -8

2.4 -0.52.7▼

-5.1 ▼-10 ▼

7 0.124 0.2

Allen & Co Inc 22 13 35,865.6

-CIBC World Markets Inc 21 29 37,703.4 2.8 1.9 ▲ -165.0

93 0.8 -7 ▼ ▲ 104.8 4.7Wells Fargo & Co 21Needham & Co LLC 20

▲ 364.5 1.2125 68,628.6 0.1 -7 0.1 0.0▼ 14.2

5.0 2.9 1.1 0.60.3 +13 ▲ 163.9▲ 31 ▲Jefferies LLC 20 19 38,716.5 2.9 -0.6 ▼

3.3 ▲ 12 0.1 23 71,522.2Greenhill & Co, LLC 19▲

Qatalyst Partners 19 30 55,205.4 4.25.8 2.4

0 -16 82,338.4 1.5 0.3▼ 216.2▲ 75 0.8 -1-2.5 ▼ 59 0.5 Rothschild & Co 18+4 ▲

▼UBS 18 14 65,002.2 4.9

46 0.4 +1 ▲ 0.5 0.215 89,282.8 6.2 2.5 0.1 +1 ▲ 71.2Allen & Co Inc 171.7 0.60.8 +17 ▲ 256.2

▲ 7▲

BMO Capital Markets 17 21 66,031.3 5.0 2.4 ▲▲ 77+4 ▲ Moelis & Co 16

2.1 0.633 104,517.311 124,177.1 0.7 -15

7.3 6.25.0▼

5.0 ▲-6 ▼

4 0.019 0.2

Ducera Partners LLC 16 - 66,168.0

▲Guggenheim Securities LLC 15 11 80,169.0 6.0 -3.4 ▼ ▲311.1

56 0.5 +15 ▲ ▲ 4710.5 5.5RBC Capital Markets 15UBS 14

▲ 688.7 3.312 150,944.4 0.5 -2 1.4 0.4▼ 211.4

10.9 8.8 1.0 0.30.2 -1 ▼ 144.2▲ 15 ▲Wells Fargo & Co 14 26 80,622.3 6.1 4.5 ▲

-7.5 ▼ 33 0.3 24 156,168.0Guggenheim Securities LLC 13▲

Centerview Partners LLC 13 9 82,678.3 6.211.0 10.6

-3 ▼0.5 0.3▲ 72.9▲ 7 0.1 +1LionTree Advisors LLC 12-12 ▼ 51 157,482.53.2 ▲ 85 0.7

-5.4 ▼ ▲Rothschild & Co 12 16 108,189.7 8.1

105 0.9 -5 ▼ 2.7 0.914 207,765.9 14.5 10.0 0.9 +10 ▲ 406.1Evercore Partners 112.9 0.30.9 -18 ▼ 429.4

▲ 80

2.8 0.1▼ 82 ▼

Lazard 11 8 115,721.0 8.7

0.4 +616.6 -3.3

▲ 3418.8 6.990.6

+22 ▲ ▲ 418.45 238,096.18 268,915.6

-1.7 ▼ 63109

10-40 ▼Centerview Partners LLC2.6 ▲

10 10 134,525.3 10.1

▼Evercore Partners 9 12 138,958.9 10.5 ▼1.0

▲ 5999 0.9 +17 ▲ Deutsche Bank 8 9 276,335.8 19.3 7.4 0.6 -45 283.625.2 16.0 3.4 0.60.9 -1780 ▲

RBC Capital Markets 8 18 148,480.6 11.2 1.9 0.8▼7.1 ▲-9.3 ▼14.8

26.9-41 ▼90 0.8 Credit Suisse 7Citi 7 4 196,307.0

▲97 1.0 -6 3.810 360,177.4 ▼ 495.5▲

385,510.6Barclays 6 7 0.6▼ 557.40.91,215.7 ▲1.1 +21 8.2

-9 ▼ ▲12.5Credit Suisse 6 6 240,851.7 18.1125

-3.3 ▼ 108Barclays 1.02 423,031.5 29.5 -0.5 1.5 -21 ▼139▼

3.40.8 -41 ▼ 498.7423,893.7 77▲▼ 170 ▲ 4-6.4

▲ JP Morgan 54

▲▼ 7.8▲

5 7 262,603.4

0.3

19.8 3.9JP Morgan 4 2 281,226.3Bank of America Merrill Lynch

▼0.5-51

29.6 9.1-27 ▼

3111 1.0 3

1.2 ▼Morgan Stanley

+321.2

1.12.2

1.5▲

Citi31.923.7 120457,395.3

Bank of America Merrill Lynch6

213.6

459,403.7 ▼615.7 1.0▲ 991 -64

▼ 32.1 7.0Morgan Stanley3 5 314,668.8

Goldman Sachs & Co 1351,744.42 3421,000.0

Change in

26.5 -0.4Goldman Sachs & Co▼161 1.4

-53134-51

4.2▼1.3

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

▲-24

141

# of

1,147.9

▼1 ▲43.2 1,486.0

2016 Rank

2015 Rank

Rank Value Market MarketShare Ch.

10.0


3.41 618,610.3 1.5

Jan 1 – Sept 30

Rank ValueShare Ch. Financial Advisor

Market

▲

MarketShare Ch.

# of

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

DealsUS$m

Americas Rankings

Rank Value per Advisor (US$m)2015 Rank

31.7 0.7Sh (%) Sh (%)

Advisor

▼1.2# of Deals

Market Change in 2016 RankFinancial Advisor

MarketImputed Fees (US$m)

US$m

Any Americas Involvement Completed (AF55)


DealsMarketMarket

# of Deals per Advisor # of Deals per Advisor

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

Lazard Lazard

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

Industry TotalMizuho Financial Group 25

▲

▼

16,849.6

Sandler O'Neill Partners 23

1,001,552.6

▼-31.7%

-1146

-27.9%

24 172.8

▼

Industry Total

Industry % Change from Last Quarter ▲-24.3%

6,078

-4.3%▼-3.3%▲

4.0%▼▼

26,469.7 47

-13.8%

100.0▲2.3

-976

1.5% ▼

0.8


▲▼ 1.0 0.4118.011,311.1 100.0

0.2 ▼-1.0 ▼ 263.264 1.1 -1617Sandler O'Neill Partners

24Jefferies LLC▲4325▲

▲4 0.1 -3 ▼ 0.0 -0.2

0.427.5

0.1

2.3▼1.831,988.90.530,357.9 2.6

36-2.1

33 28,065.5+10Moelis & Co 22 PJT Partners LP0.9 +7

1.9 ▲0.9

2.8 2.00.0 ▲

3122

BNP Paribas SA 23▲

203.322 30,114.6

+7▲ 2432,616.6 2.819

0.43.7▼ -1169 1.0 21▼ 40Rothschild & Co

+4 ▲▲ 0.4 ▲75.1

114.9▲0.71.05.0 2.3 0.33.6 -5.9 -36 20 57,188.020

Qatalyst Partners ▲ 34 0.64.4 0.0▲ 0.2 -1 1.4 -1.7▼19 26 163.0▼55,205.4 5.5 Wells Fargo & Co0.1 -5

19 16 64,415.4 5.6 -468,628.6

+3 ▲▲

0.6210.3 1.90.213 7.717

66,168.0 6.6

0.15.968.0

79 8 12.2+15.8

-0.05.8 ▲ ▼▲ 0.60.1▲ 6

▲0.114 104,530.4 9.1▲▲8.8 0.9

1.5

▼28

2.989,007.8

148.0260.7 -11 172.50.4

41 ▼-9.5-3.8

5.0 ▲RBC Capital Markets 150.4117,250.3

▲Guggenheim Securities LLC 14 10 79,300.2 7.9 4.7 ▲

0.3▼ 1.21.3

0.2▼10.2UBS

13 155,799.0 ▲-7

Centerview Partners LLC 15 8 71,081.3▲17 0.4▼ 14 11

-31372.9

132.213.5Guggenheim Securities LLC+3

187 ▲

13 24 80,394.2 49 10.7▲0.7 +14▲20 8.1

8.0

Deutsche Bank0.4▲ LionTree Advisors LLCRothschild & Co 12

Wells Fargo & Co

1281,471.9 +85.4 ▲157,482.5 13.6 13.1 ▲ 0.1

17.30.612 38

9.4 -1.3 41 200,008.90.4

1111 11 93,703.0 -24 ▼ Evercore Partners▼ 0.6211,627.89 -27-6.6 ▼ 4499,816.4 10.0 -5.8 62

12.0 ▲ 1.169 1.1 +10 355.4 3.1▲

▼175.8 1.6

▲1.32.6297.3 ▼0.7▼0.635

0.718.3 ▼9.6 ▲

89 1.3▲

▲224,771.3 -30

10 499

Centerview Partners LLC 8 8110,067.1

1061

▼19.5

▼0.911.0 Deutsche Bank+6

-0.0▲ 32 ▲ 398.40.5 +9 3.5▲

Evercore Partners 8 12 129,110.7 12.9▼7

22.4 7.70.20.9 -1028.0 19.5 ▲ 354.852 3.1

8.6+21 ▲ 10110▼

JP Morgan 6323,448.0Credit Suisse

1.7 0 ▲Citi 7 4 168,792.1 16.9 -11.1 ▼

22.3 -1.00.82 353,605.1 30.6 -0.7 - 971.7▼1.3Barclays 6 7 217,520.3 21.7 3.6 ▲ 90

461.7▼ 0.9 Barclays-666 ▲76 1.3 +7▲8.9 1.3

4.1 0.6 ▲1,004.3

14.230.8Credit Suisse 5 6 223,533.3 355,801.15 725.5 Morgan Stanley 390,090.3 33.8 16.5 874 6

▼Citi-5.0 ▼ 1.8 +8126 1.4 -16 ▼

-1934.3

▲▲ 1.1

▲0.8 -353

Bank of America Merrill Lynch0.8399.1

1.135.1 663 9.3 ▲405,221.3 ▼3.5▲ 4910.25

▼517.1 4.6▼

1.5-26▼-175 259,291.2 25.9 2.3

1.39475

▼28.6 -1.4

-37 ▼532,089.8 46.1 5.0 ▲▼

Financial Advisor1 370,992.5 1.410.998 1.61 1109 1,236.81.5 -28 ▼ Goldman Sachs & Co

MarketShare Ch. Deals Sh (%) # of Deals

Market

37.0 3.0 ▲US$mDeals Sh (%) Share Ch.Sh (%)

AdvisorFees

# of Change in 2016 Rank

2015 Rank

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

2015 Rank

Market

US Target Announced (AD2) Jan 1 – Sept 30

MarketRank Value Market2016 Rank

Industry % Change from Same Period Last Year -6.7%

US Target Completed (AF2) Jan 1 – Sept 30

-14.2% ▼ -8.1% ▼Industry % Change from Last Quarter -10.3%

▼

100.0

-21.0% ▼▼

Imputed Fees (US$m)

▼

14,802.0

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

▼ -1.4%

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

Industry % Change from Last Quarter -18.4% ▼ -22.4%Industry % Change from Same Period Last Year -27.5% ▼ -8.9% ▼

Industry Total† -1,5381,431,883.0 9,3231,328,307.0 100.0 -1,11211,427 100.0Industry Total,,

28

3.0

0.9

3.2

▲

6.6

-25

0.27.1

+55.7

3.3

57,770.6 +8

Allen & Co Inc 20

▼-10.0%

-18

286,129.8

JP Morgan 4 2 255,041.9

BMO Capital Markets-

RBC Capital Markets 9 19

Ducera Partners LLC 16

18 14 57,148.0

0.4

-26.4%

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

0.530

Bank of America Merrill Lynch 3Morgan Stanley 2 3


UBS▲

1

18

1.9

▲0.3▲43,122.8Jefferies LLC 21 -0.5

106.8

-787

25▼ +8▲

▼

0.2

Greenhill & Co, LLC18 31,805.7

▼0.1▼

395,394.0

4.918

0.8

38

▲

▼

▲ 0.10.4

▼

Needham & Co LLC

101,015.8

1,154,484.2

7.6

▲

258,518.5

2

4

▼▼

6.4

▼

Market # of

0.9

25

1.4 11100.0

-1-7

Allen & Co Inc

8.1+14

11

▼Moelis & Co

-4

30

▲

▲▲

16+4 ▲

+51.7PJT Partners LP 17,638.4

61

13 35,590.6

63

-2.2


17

7,100

56

* tie

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

Deutsche Bank Lazard

6Barclays

-2.0 ▼

▲

▼

▼

0.8▼

0.2+4

▲

11.7

56

1.0

0.6

8

13▼

53

33

1.1 Morgan Stanley

2016 Rank

Goldman Sachs & Co


32.3


633.4

3

Any US Involvement Completed (AF48)

Market

604,412.2DealsSh (%)

Credit Suisse

45.71

427,319.6

▼

US$m

10

Jan 1 – Sept 30

Industry Total

Jan 1 – Sept 30

Americas Rankings

Share Ch.

8

4

268,915.6

11

▼Financial Advisor


-19

2

▼▲

15

▼

▼

▲9 344

+14

100 0

71 0.8

+4

-

▲-3 Wells Fargo & Co

0.6

▲+22

Credit Suisse

Citi 7

230,972.4

12

10▲

8

227,363.5

Evercore Partners 137,611.8

5

RBC Capital Markets 9 20 114,748.4

6

18 21 71,508.5 5.4

16

89,282.8

15 64,454.1

14

50

6.8

4.8RBC Capital Markets 8.3

17Allen & Co Inc 2.6 ▲Greenhill & Co, LLC

1.618,922.82425 1.6

1 175 743 5-

1.3▲

43 19,442.8

Market

▼

0.4


35.0

23.6

2016 Rank

2015 Rank

4.4Bank of America Merrill Lynch

Rank Value MarketImputed Fees (US$m)

2015 Rank


▲

-6.4JP Morgan

116

MarketSh (%)

▲1 411,219.03 311,922.2

1 2.2

3 5Morgan StanleyBank of America Merrill Lynch

# of

1502

US$mFinancial AdvisorGoldman Sachs & Co

4

-1.5 ▼

Market

277,384.623.2272,386.9

0.826.5

2

Any US Involvement Announced (AD41)

▼

1.0

0.9

3

JP Morgan

-36

1.2

▲

Market

1.6Sh (%)

-43

Change in

-250

-6

1.1

229,194.9

4 2-10

0.4

-6

-2.9▲

DealsRank Value

# of Deals

1.7

-50

+6

▲

0.1 00.9

0.6

88

75

▼

+10

7


-2+15

-5

2.1

▲▲

+14110 1.2

10031.1

380,275.6 13.9

8.1594.8

▼ 8.8▲1,100.6▼ 8.1▲

▼

0.0

21

23

▲▲

0.4

109,455.6

100Needham & Co LLC

BNP Paribas SA

-3.4 19

-2.3▲

0.1

4

▼

▲

▲

12

Allen & Co Inc

55,205.4Jefferies LLC

Moelis & Co 22

-0.2

32,287.2

Qatalyst Partners

Ducera Partners LLC14-

▲19BMO Capital Markets

293.9

5.5

-5.40.6

3.7

2.8

1.72.4 36

-9.119.319.6

7

▼▲

▼

▼

16.14

Lazard

Centerview Partners LLC 13 9 82,678.3 7.0Rothschild & Co

1112 17

3.1

9.6108

8.8-5.3

7.39.6113,063.7

189,316.3

103,669.3 4.4112,270.4

103

93

9.8 ▲

▼54

-7.9

5.611

14

66,168.080,169.0

5.16.96.8

5.6

Wells Fargo & Co 24 80,622.3Guggenheim Securities LLC 15

17 64,278.716

UBS

2119

58,704.518 5.0

2013 3.1

3.24.7

0.7

22

37,897.035,865.6

33

▲

▼

4

7

28

17.3 -4.5

11

Evercore Partners-6

13 206,418.9-38

▼

14▲

Centerview Partners LLC 20.3

▼

▲146,978.9 11.1UBS

▲

5.5

Citi

1

80

91160

441,379.8▼-

Barclays 6

106 1.3

18 +3

▲

▲

7

410,843.8▼

67

▼

0.2

▲

-43

China International Capital Co

Sandler O'Neill Partners 23 35

1.7

1.7

▲

MarketChange in Advisor

1 000+4

20

0.0Mizuho Financial Group

1.24.26.1

14.9

1028.7

51 0.6

▼

# of Market

-52Share Ch.

-24▲ 9110.6131 1,439.91.7

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

4.4▲ 10.6

8.89.0 0.8 -46 3.4▼

1,188.7▲5 5 406,505.6 30.7 3.4▲

3.9 3.964

-9453.7

131 1.7

439.4 3.271 3.2▲92 1.2 0 - 534.1

▼26.2 17.9 ▲346,562.2 0.9 -9 ▲6.8 ▲ 34 0.4 +6 ▲ 418.4 3.1 3.1 ▲

Deutsche Bank 9 9 256,309.0 19.4 9.3 ▲ 249.4 1.8411.4 3.0

1.8 ▲3.0 ▲

-44 ▼

15.6 11.1 ▲ 7676 1.0 -16 ▼

2.9 ▲LionTree Advisors LLC 12 44 157,482.5 11.9 11.5

1.00.1 +3 ▲ 0.572.9

2.9+13 ▲ 397.10.5

▲39 0.5 -7 ▼1.1

▲1.1

7▲20 156,168.0 0.2 -1 ▼ 144.211.8 9.5 15

1.60.6 -6 ▼ 217.01.4

1.61.4193.9▲

▲Moelis & Co 16 30 102,822.4 7.8 6.7 ▲ 245.0 1.8 1.8 ▲70 0.9 +13 ▲

0.5 ▲7 0.1 +1 ▲ 71.2 0.5

▲ 1.3▲ 160.63.1 ▲ 27 1.20.3 +10

▼ 14.2

1.2 ▲Rothschild & Co 19 28 70,607.2 5.3 3.9 1.3 ▲▲ 178.558 0.7 +5

68,628.6 5.24.9

5.1▼ 165.01.1 ▲

10 0.11.20.5 -8 1.2 ▲

▲ 0.1 0.1 ▲-7

22 18 33,259.8 2.5 -0.636

▼ 2.2 ▲80 1.0 -9 ▼ 297.9 2.229 33,012.6 0.2 -4 ▼ 53.22.5 1.3 ▲ 17 0.4 0.4 ▲

PJT Partners LP 24 19 32,616.6 2.5 0.1 ▲ ▲25 0.3 +8 ▲ 108.4 0.825 49 26,469.7 2.0 1.7

0.80.6 -11 ▼ 118.0▲ 47 0.9 0.9 ▲

13 551 2 100 01 323 205 1 7 855100 0 1 315Industry TotalSandler O'Neill Partners

28,065.5Jefferies LLC

CIBC World Markets Inc Lazard

12

8

▼-

Scotiabank

6

Banco Bradesco SA 17*

Rank Value per Advisor (US$m)Market

Wells Fargo & Co

15

8.213

4.6 3.3TD Securities IncNational Bank of Canada Fin'l

14 14

11.0

16.9

1.5▼

▼

0.3

5.19,641.029

11.2

8.4

11 17,234.6

-6

Change in

0.8▲

4.6

14

+4

-

▲

-1

Market

+1

-1


36-2

▼

0.8

0.6▲

10

1.4▲

▲

1817

# ofDeals

▲12.218.0

10.6

2425,624.7

53,479.7 25.549,062.2

11.223,570.4

37,703.4

23.4

1.4

CIBC World Markets Inc▲ Goldman Sachs & Co▼

0

-184

2449

Moelis & Co

100.0


5,190.0 2.5

3,563.523 15

2565

20 20 4,586.8

Industry Total▲

1

10

3,853.7 0.11.8

2.2

-7.4 ▼

Macquarie Group

3,031.0 1.43,550.0

Peters & Co Ltd

21 9 4,523.5

+2-1.31.4▲

+1

1.7

4.1 ▲

-0.4

0.14.1 0.2

250.9

614

+1-

-

10,629.6

▲

8,578.8

Industry Total

0.1

▼13 7,001.613 ▼-0.2 43.71

0.20.1 2.9

▼ 8 0.0 - 38.7 2.5-11

6,554.7-5.2 ▼

13

5.2

7.4

7-9.9

7.4 -

▲0.5+1 ▼6.4TD Securities Inc

12

06.0

10.6 ▲112*

+7

-8-9.1

▲

-6

0.0-1 ▼ 1.08,132.11.40.112 2.011.8 ▲

36 8

▲

30.70.0

17

17,772.2 71.7▲

11

26,760.8

20,524.0 ▲

1.414.7

11.5

0.0

▲

▲

22

0.0+1

▲1.5

▼

-

1.8

▲▲

52.74.7

▼▼

7.6

▼▲0.1

2.3130.1

-1.5Bank of America Merrill Lynch 5

+4

Financial Advisor

45

9,344

25.7

43.6▲ 618.9

100.0

7

13.1 39.1

8

Lazard 11 301010

39,652.894.4

966.6

14,571.82.62.9

1013.3

▼

12.2

15▲

Barclays

▲

14,376.429

5+7

12,904.2110.1

Bank of America Merrill Lynch0.4

8

Stifel/KBW 16 95*

Sandler O'Neill Partners

16,140.7- 2BMO Capital Markets▲17,037.9Scotiabank

00.10.1

15.516.2-4

196

423

12

+1▼

3.5-9 ▼-9

▲

+429 -8

58.4-4.1 ▼▲18.7 44.0

18,629.2 17.0

RBC Capital Markets-3

3.8▼0.0

▼4

6Morgan Stanley1

2.92.9Wells Fargo & Co0.0

0.00.1 11.0

JP Morgan

34

▲12

2016 Rank

MarketFinancial Advisor

2015 Rank# of Deals

▼▼

Deals

10

Share Ch.Sh (%)

5.6

# of Deals

24.4

MarketSh (%)

-60.0

Sh (%)Market Advisor

Imputed Fees (US$m)

0.3▲

▼ 85.91.35.3

168.2 5.7

MarketMarket

Industry % Change from Last Quarter-20.9%

2015 Rank

MarketRank ValueSh (%)


Any Canadian Involvement Announced (AD42)

1,175,743.5

▼

27,269.1

Jan 1 – Sept 30

Change in 2016 Rank

Jan 1 – Sept 30

24.91Share Ch.

4

Rank ValueUS$mUS$m

18.7RBC Capital Markets

▲36.0▲

4 44.9 26.443.1

94,118.6 ▲

Citi

5JP MorganGoldman Sachs & Co

2

37.037.1

90,419.940.985,862.0

Credit Suisse

8

132

167

3

BMO Capital Markets 3 61,015.4

77,804.1

▲77,699.9

2329.1

▲

5,130.2

1.0

▼


▼


Sh (%)

1.1

+5Moelis & Co

0.9

-9.7%

154.7

109,683.9

11

21.1

-9.11.4

4.4

2,691.0▲

0.0

3.6

-19.7%28.2%

43.63,976.7

22.8

0.0 -9-111

0▲

▲

▲

7

Deutsche Bank

17

2.1

1.0

▲

Any Canadian Involvement Completed (AF49)

5

16

▲Stifel/KBW

▼

HSBC Holdings PLC

▲

2.3

9 5,656.3Rothschild & Co

▼

16▲ 21▲

▼

14

Industry % Change from Same Period Last Year 17.3% -9.8%183.8%

▲

▲

-3.922

0

▼-24.8%

22


* tie

6.0

-1.3

Rothschild & Co

Santander19 7 -9.9

209,773.1

▼

16.5BarclaysMorgan Stanley

-20.9%

11.1

Industry % Change from Same Period Last Year -30.0% ▼

-1,000 13,551.2 100.01,323,205.1

▼

7,855

Industry % Change from Same Period Last Year -2.4% -14.3%

100.0

▼-5.2% ▼

-20.7% -0.9%

-1,315

▼

25,056.6

▼


-8.7%

Share Ch.

9.1

▼

▲-6.2

# of

▼Fees80.5▼0.010 -6

3.0 0.5 ▼1.3

▼ 46.4

1.613.1▼▼ 19.7

0.0 0.9 ▼0.0 0.4

-2.617

1416

Citi

3,930.8▼18

-7Macquarie Group

▼-2

10

7 4,812.8

0.0-5.2▼▼

▼0.1 -212 1.6▼ 24.5 0.5

2.2 ▲+6 2,882.5

17*▼

6.31.5▼

19 ▼ 34.77 0.1Credit Suisse

▲34.00.0 ▲

0.40.4+10.0▼

2,391.2▲

2.11.4

2.3

12.4

2131

-1 112*

▼23

Zaoui & Co

24

22

3,056.6-

+52.6

2.82.6

0.70.0 0 1.04BBVA

2.2▲

79 14.8

33100.0

2.12.1

▲3.0▲

0.12.5

2.10.1 2,297.1 ▲

100.0

2 0▲

Industry % Change from Same Period Last Year ▼▲

1,524.6

▼▼▲

1,2321.0 0.46

4.7%-18.4%

▼

-277▼

-24.3%

▲

-0.1

5.3- 2.4 0.2

0.10.3

1.7

+2 ▲

▼ 131.5 ▲

-0.8

1,6992,261.325

12

0.4

Industry Total

Deutsche Bank

2 1.6-1-2

20 ▲51

National Bank of Canada Fin'l

Jefferies LLC

Industry Total0.0 -20.0

0.7

5,190.0 2.5 2.5

▼

-1.2

▲▲-

14 0▼

0.84,848.5

56

2.2

45.216

2.2▲

▲-2

-34.5%

Evercore Partners


8

46.8

36.1

49.3

938 Morgan Stanley

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

13

36.5

2

12

11

21,013.3

28,384.5

3

36,269.7

Energy and Power

1

The Raine Group LLC

UBS

Morgan Stanley

Morgan Stanley

Goldman Sachs & Co

Industrials

Rothschild & Co


Financials

High TechnologyCiti

Credit Suisse

3

1,697

28.5

96,075.6

3

8

41.039,350.7

8

997 Share

19

No. Deals

1,525 45.3

EMEA Involvement Announced Advisors by Target Industry

99,461.2

5

4 9

EMEA Deals Intelligence


EMEA M&AEMEA Announced M&A Down 16% | Materials Highest Valued Sector | Financial Sponsor Activity Drops

14 23.8

Goldman Sachs & Co2,138

6

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

Announced M&A activity with EMEA involvement totaled US$808.5 billion from 13,789 deals in the first nine months of 2016,down 15.9% compared to the same period last year.

Estimated fees accumulated on EMEA deals completed in the first nine months of 2016 were down 1.2% compared to the sameperiod last year, totaling US$8.9 billion, according to estimates from Thomson Reuters/Freeman Consulting.

The Materials sector led the EMEA marketplace, with 997 deals totaling a combined US$160.2 billion, including the acquisition ofMonsanto Co by Bayer AG, which was the largest European deal of the quarter, valued at US$65.8 billion. Financials accruedUS$99.5 billion, and High Technology yielded US$96.1 billion of activity.

Financial sponsors were less active in the first nine months of 2016 compared to the first nine months of 2015. EMEA-targetedbuyside financial sponsor activity reached US$90.5 billion in the first nine months of 2016, down 9% from the US$99.4 billionreported for the same period last year.

Acquirors listed on the Frankfurt Stock Exchange were EMEA's most acquisitive companies for the first nine months of 2016,with a combined total of US$99.1 billion in offers.

Mizuho Financial Group

85,459.7 20,915.9

3 UBS 3

2

3

43,750.7

88,020.4

72,563.4

Goldman Sachs & Co

14,277.8 15,038.6

Materials

2

160,238.8

46.674,611.3 1113,716.2 Credit Suisse

23,112.7

49,123.4 1

71.0

Mkt.Rank Val US$m Rank

3

1

51.1

26.3

45.5

31,751.1 2

68.9

10

Jan 1 - Sept 30 2016

3 26.0 15 25,828.2

46,596.5 Materials / Chemicals65,843.0

Germany / France

High Technology / SemiconductorsJapan / United Kingdom

g p ( y p y)

Germany / United StatesAcquiror Target Macro / Mid Industry

Completed1/25/2016

PendingBayer AG

Netherlands / Switzerland

Pending

5/23/2016

SoftBank Group Corp

7/3/2016

Completed

National Bank of Abu Dhabi (100%)

Pending

ARM Holdings PLC (99.28%)7/18/2016

7/7/2016

Pending Deutsche Boerse AG6/27/2016

2/3/2016

2/23/2016 13,897.8Pending Sanofi SA-Animal Health Bus (100%) Boehringer Ingelheim-CHC Bus

Target (% Sought/Acquired)

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

20,060.2Tyco International PLC

* Undisclosed

Pending

London Stock Exchange Grp PLC (100%)

France / FrancePending

Credit Agricole-Regional Banks (25%)

Completed

27,700.7Ireland-Rep / United States

Healthcare / Pharmaceuticals

2/17/2016

12,581.4


Financials / Banks

Johnson Controls Inc (100%)

Germany / United Kingdom

SACAM MutualisationUtd Arab Em / Utd Arab Em

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

Rank Value (US$m)Acquiror / Target Nation

CNAC Saturn (NL) BV

StatusRank Date

Financials / Brokerage14,131.4

Jan 1 – Sept 30 2016

Financials / Banks

Top Ten EMEA Involvement Announced Deals

9,917.0Consumer Staples / Food and BeverageThe WhiteWave Foods Co (100%) Danone SA

Meda AB (100%) Mylan NV United States / Sweden2/10/201612,440.4France / United States

30,750.7

Healthcare / Pharmaceuticals

First Gulf Bank PJSC

Materials / Chemicals

$74.4

$27.1$4.1 $15.6 $21.9 $18.3 $25.7

$47.2$28.4 $18.7

$85.5

$44.2

$9.0$16.5

$38.8$24.1

$33.3

$43.4

$42.9$38.0

$54.1

$29.7

$14.4

$36.3

$23.9

$27.2$23.8

$30.5

$28.1$33.8

$69.7

$24.9

$18.7

$29.0$21.6

$26.8

$33.7

$44.2

$35.8

17.1%

10.3%

7.5%

13.7%14.2%

11.3%

18.6% 18.2%

14.0%

16.5%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A$99.1

$34.2

$26.1

$18.7

$14.7

$14.2$12.1

$8.0 $7.3 $6.0

Frankfurt

New York

London

Swiss Stock Exchange

New York

Zurich

Nasdaq

Madrid

OMX Stockholm

BMFBOVESPA


9

Barclays

▲5.9

▲

3.9▲

52,073.747,001.7

8.3

11.5

5.8▼

-4.9

-8.2

# of

EMEA Rankings


▲

Financial Advisor

▼▼

14

5.9

124,475.4

Rank Value Market

255,059.2 -2.1

▲

MarketShare Ch.

31.6Financial Advisor# of Deals

Jan 1 – Sept 30

Market

9424.0

1Goldman Sachs & Co193,862.1

▼3

20.721.1

1

2015 Rank US$m


-1.1 21876

11.6▼

▼▼

▲

-5.3

17*China International Capital Co

Citi

80,779.0

103

4

7

China Construction Bank

Robey Warshaw LLP16N+1

Ducera Partners LLC 13

15

13JP Morgan

98

Deutsche Bank

17*

17*

-

2

9

China CITIC Bank Corp Ltd

Industrial & Comm Bank China

12

14

HSBC Holdings PLC

11

-4

121

-17.5

-6.7Evercore Partners

0.3

-8.830

0.274,205.078,595.2

▼▲

9.7 63

-43539.2 -10.2

2

8

Lazard 6UBS

Credit SuisseMorgan Stanley

Bank of America Merrill LynchRothschild & Co

7

10.0

4

10

170,773.45

131,022.615.4

6

12

5

-5.775 54,489.0

175 5.35.311

Greenhill & Co, LLC7.2

BNP Paribas SA

18 38,631.2Societe Generale

63,777.4

17

15

3.834,430.3 3.9

1533,867.9

14

▲ 16

+1

3.25732,281.2 3.6

▼▲


▲

-2.216

Deloitte

4.3

21The Raine Group LLC

89

HSBC Holdings PLC 19

6.1

5.8

29

▲▲

248

1▲

▼

17*

0.0

1

2.45.8

▲

▲

0.0

+1

▲3 +39

▲▲

1+11+1

-5.8

5.45.4

6.15.8

5.85.85.8

▲▲

▲

-17*

-0.8

100 0

24

DyalcoCenterview Partners LLC 22 20

5.8Lakeside Capital Advisers LLC

BNP Paribas SA

Industry Total35

The Raine Group LLC 23 -14

Mizuho Financial Group 25

-2.2

0.0▲59,272.2

8.4 62

▼ 3

▼▼

163,667.17▼ 82 ▼


3.2

-5

▲▼

0.1

5.41

-120.20.2

-2.6-12

Deutsche Bank

▼Citi

12.6

-34 18.4

67,628.6

1565,843.0

▲7.3 ▼+18.1 8.1

2▼ Credit Suisse

▲

-2.212

109 10.5

9.3-3.4

13

147,015.8

UBS73,637.3

12

20

8

24

849

▲

57

1182,408.293,574.4

40

1757

47

-7.2▼

-14-5

52 0.5▼▼▼

0.51.61.0

58▲

115210,458.6

+149.6 ▲

205,785.3

30.7▲

35.2-11

44.0

31.4 0.6719.6313,264.32

0JP Morgan

279,619.7 9.5

0.3▼▼

0.2

1Morgan StanleyGoldman Sachs & Co

2

0.7▼

578.0

0.70.7▲-370.3

-37

▼

▼

65- 4

38566


▼-33522.577

14.3▼▲ -34

77

2015 Rank

Market

77340,136.3 38.2

DealsShare Ch.Rank Value

1

AdvisorMarketMarket

▼391,372.8 ▲ 0.72.4 -50US$mSh (%)

Change in DealsSh (%)

Any EMEA Involvement Announced (AD47)

2016 Rank

Market

Jan 1 – Sept 30

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

Sh (%) Sh (%)2016 Rank


Share Ch.Market

▼6.5

▲

Imputed Fees (US$m)

-2.7-0.3

Sh (%) # of Deals

Any EMEA Involvement Completed (AF53)

0.0▲

1.1

0.2

Change in

-30

Fees

▼

▲

5.8364.0409.8

0.25.7509.3

446.7 0.7

▲

▲▲

2.3

179.8

0.2

▲

-0.5

-0.6

▲

▼▼0.5

0.40.0

-36288.3

▼207.7

-8 165.5

+1

▼▼-6▲ 64.4

23,543.6

▲

100 0

▼▼

195

+129,173.8 0.9

0.0

27,020.7 -1.9

0.0

Industry Total4

32

18Credit Agricole CIB

▲▼

11 071

4▼

0.1

-20.335

9▼

-2-5

7

1.4 ▲3.33.5

-4.1

▼

30,750.7 3.5

32

100 0

-6

890 477 02.6

1 246

37.10.0 0.324.1

0.0

0.2

0.30.1+1 ▲

0.0-8

8 941 6

▲-36 0.1

▲

▼ 0.3

0.3

▲0.1

+2▲

+2+18

+4

78.0

▲+12

▲4.6

3.2

4.1

5.01.30.7

0.7

▲

▲

0.6

▲

-1.2

0.90.0

▼0.6

1.9

▲0.8

6 7.210

▼16.5

74.3

57.5

212.4

▲

▲

▼

148,482.4 18.4 Rothschild & Co16.2 9.6

-8.061

23.610.7

184,993.2

167,228.9

111,760.4

▼0.4

▼Robey Warshaw LLP

22.9

▼50.2

0.2

-17 Lazard

23.1+1-12

273,471.4

▲ Barclays

0.7

0.3

81

11

0.448

0.220

35

1.0

▼

169.9

0.3

0.10.9

1.3

2.2196.7

2.4

2.8

1.9

2.0

▲

249.30.7

115.9

22.6

56.9 -0.5

-0.4

0.80.4 ▲

0.30.2

-

37.5

-

▲

20Mizuho Financial Group

Sumitomo Mitsui Finl Grp Inc

Perella Weinberg Partners LP

2.3

22

▲▲

24-

3.023

8425

28

12▲13 789

041,310.7

+1

-28

0.00.0 +1

0.0

0.0+20+1

0.1

▲

527

0.0

0.3 +14

0.0

0.0

0.0

▲

▲

11

46,596.5 5.8

6.351,057.350,890.9100

5.8-

6.3

313 46,596.5

46,596.546,596.5

--

43,987.046,596.5

4.0

43,750.75.242,345.2

808 497 7

5.4

5.1

Barclays Robey Warshaw LLP

-6

-29

-5.84.3

169.9

228.9

196.7

5

8

0.7

▲

Industry Total100.00.0

* tie

2425▲

1.9%

5.3The Raine Group LLC0.1

0.0 ▲+10.1

+1+1

162,414.2

▲▼▼

911

144,304.4

46

▼12.5

▲6.4

- Sumitomo Mitsui Finl Grp Inc▲

4.2

5.8

21The Raine Group LLC

16

▼

5.0427.4

5.8

▼▼ 207.7

360.0▲▼

▼404.9

# of Deals546.3-47

Change in Fees

▼ 490.9

US$m

-2.2% ▼

Advisor


478.9

82▼

Share Ch.

15.6

19.8

88-3.3 0.7

Any European Involvement Announced (AD21)

0.4

64

78120

0.6

6.41063,777.4

16938,631.2 4.747,001.7

11111,760.4

4

7

9

329,054.3

2

12

37

26.0

22.2-3

10.5-9.3

22.8

Market

+1

-9

Evercore Partners

-2

UBS

▼Citi

-27

▼ 1.6213

▲7

▼57

0.6

8Barclays▼

Lazard▼5▼

▼ Rothschild & Co

4

Deutsche Bank148,172.0118,977.8 15.9

▼-5.5-8

-330.9

745 5

▲

166,007.3

-15.3 ▼-9.1 ▼

4 -1.86Credit Suisse

168,255.43 170,209.810

22.5

100.0

▼Industry % Change from Same Period Last Year

2016 Rank

Rank Value

▼-15.9%


Industry Total

▼

Sh (%)1

Morgan Stanley1

US$mFinancial Advisor

2

8

22

Deutsche Bank

2015 Rank

2Goldman Sachs & Co

Citi

Lakeside Capital Advisers LLC


Rothschild & Co

24Industrial & Comm Bank ChinaRobey Warshaw LLPN+1

59

1 0.0

0.5

18China International Capital Co

20

14

Deloitte

0.0

4.3 ▲23 ▼-1.9

2.6

▼Industry % Change from Same Period Last Year


Industry % Change from Last Quarter▲

20,212.433

4

11910

UBS



Industry Total

142327

14BNP Paribas SA

193,862.1

163,667.1

10.0

MarketShare Ch.

199,296.1

81,756.2

273,160.912.0

33.4

-10.1%

46.2377,374.6

Rank Value

32,281.2

Any European Involvement Completed (AF3)

-19.1%▲

73,637.3

3.53.8

33,930.0

3.3

30,750.7

52,073.77.8

4.1

9.0

Industry % Change from Last Quarter ▲

-

100.0817,114.6

4.0

9.8%

Mediobanca84 23,543.6


5.3-

▲

12,923

Mizuho Financial Group 3525 39,350.7

41,310.7

3.210.7

BNP Paribas SA

746,866.9

38.3%

5.5

15

Dyalco

China CITIC Bank Corp Ltd

▼

▼-

64,858.6

▲

▲

▲

1-11.0

▼7 52

▲

0.2

0.0

0.46028

14

0.0

0.5

1.5

-4.03.8

17

3.433,867.9

28,883.5

15

27,020.70

2.5

▼

2.9

6

▼

55

13.1%

74Sh (%)

92,505.5

100.0

9

35

Industry Total 11,071 100.0890,477.0 -1,246

0.757.5

0.2

0.90.3


▼

▼

MarketImputed Fees (US$m)

▼-2.8Sh (%)

▲

▼

1.0

209.8

64.4

37.5

1.9

78.0

179.8

162.9

▲▲

0.5

▲▼-0.6

0.8

2.52.5 -1.0

0.7

0.12.7

Market

▲5.7

1.44.2 ▲4.8

0.8

6.4Share Ch.

0.3

-0.4

▼

8,941.6

▲0.1

2.0

Jan 1 – Sept 30

▼

52.1

0.9

▲

▲

▲

▲0.12.4

2.3 ▲

▼

74.3 0.2▲

-8 0.2

▼

▼

-6.5%

8,483.7

0.3

19

0.3

0.0

32

0.8

0.0

0.4

0.1

+1

+4

+21+2

5251

173

54

▼ 7

2▼▼

46

▲Deals

# ofMarket

▲15.1

270,450.3

278,719.7

6.833.1

34.17540.3

▲

11.3

▲

70112

74

▼

▲

-3.2

11.2

-6.2▲

20.024.4

-2.2

7.1-0.8

-2.25.8

13.7

7.7

▲

17.7▲

▼

19.9

▲▼ 81

32

11

▲ 931

▲

▼-30.2

▼

▼

▲▲

-2

0.0

0.3

1.60.5

0.5

-31

-5

-4

0.5

0.7

-330.7

-15

-33

+1

1.1

-8

0.0

0.7

+14

MarketSh (%)

0.7

0.4

▲

-1.2%-0.3%

.224.4

206.3

Morgan Stanley

Guggenheim Securities LLC0.3

1.14

0.1

32 -6

▼

-4.6

▼

-18.7%

+2▲

▼

-380.9

10,528

-9.7%

▲

20

▲

-17.8%

+15

3

12

-0.1%

2

3.4%

1

+2

0.5

-13

+1

-4

▼ 2.8▼

# of Deals Financial Advisor

2-38

2016 Rank

-37Goldman Sachs & Co


3

2015 Rank

1


15Centerview Partners LLC

JP Morgan

10

12

3

13

6


Credit Suisse

▼▼▲

▼

17


Societe Generale

19

▼

HSBC Holdings PLC

16▲

▲

▲

▲

▲▲

▲

▲

-420.1

0.4+1

+200.0

-2

+1

-11

-3.7%

# ofDeals

Change in

▼▼

Sh (%)

▼

0.6

Jan 1 – Sept 30


13,789

-22.8%


-527

Market

▲

▼

44.1

-

24.1 ▲

0.0-0.00.1

▲

2.1 ▲1.1

▲0.8

-0.30.3

▲

▼

0.1

▼

▼+2

0.6▲

4

0.1-3▼-2

▼

-

16.2

1

-5.4

5.6▼

▲

▲

▲0.346,596.5

5.9

▲ 10.3▲0.39

100.0

0.3

48

0.0+1

-4970.5

2

0.4

▲-7.8

-1.5%

22.6

-1,135

▼5.743,987.0

6.2

▲

8.8

7.68.7

-2.5

▲

46,596.5 6.26.2 6.26.26.8

46,596.5 6.2

-

-

6.246,596.5

46,596.5

6.2

6.217*

14

16

17*

17*

17*

50,890.9

24

17*

88

51,057.396

19

11

-

6.6293

6.8

-0.92.6

3

28

65,843.074,205.0

856,502.2

80,165.81274,831.2

8.3116,198.113

33.1

808,497.7

-14.6%

246,882.8

Market


13

Lazard

HSBC Holdings PLC

JP Morgan 7

9

12Ducera Partners LLC

42,190.3

9.98.8

10.0

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


10

The Raine Group LLC Barclays

Nomura

23

Lazard

# of Deals2016 RankFinancial Advisor


Sh (%)2016 Rank Sh (%)

Market Change in Rank Value per Advisor (US$m)

1

150,724.45

165,149.8

2015 Rank

4


156,540.1

26,212.715,662.1

6,152.9

0.1Lazard

-12

US$m

Any UK Involvement Announced (AD32)

13

# ofMarket

25

6,819.4

6

1

Rank Value2015 Rank

▲

1.1Deals

18.4

Goldman Sachs & CoFinancial Advisor US$m Sh (%)

Market

63.6

Market

47.22Goldman Sachs & Co 1

Morgan Stanley

Rank Value

▼-10

▼

Jan 1 – Sept 30

Market

▼

▲

-0.1

▲

0.2

0.0

1.6

0.6

0.4

1.0

-0.2

0.4

▲ 0.0

100 0

▲1.6

44.8 22.643.1

111,760.4

4

38

142,080.86

67,333.3

16

▲

-1.0

24.2

▲

222,366.8Sh (%)

▲ 0.2Deals

-0.4Share Ch.Sh (%)

▲

9.228.5

EMEA Rankings

Market Market

150,309.3 25

-21

▲▲

# of Deals

3.0

32.0

21.9

0.25

0.7

0.4

1

▼

Deloitte

▲

0.1

0.0

19.3

2.2

43.040.6

26,507.5

-3.7

30,750.7

18.2

30,750.7

14,417.2

2.6

10,386.1

0.5

191*

8.8

3.9

63,653.2

35,448.6

8

-20.98.7

10.1

29,167.4

60 3.7

0.30.0

58,450.9

8.8

30,382.6

6.1

23.4

7.6

▲▼

▲

20▲2

2621

14

0.1

0.1

0.1+1

-23 ▼

0.0

-150.1

0.1 -6

0

0

+4

▲▼65

0.2 +70.1

▼41

▼29 -8

0.129

3.5

22.6

64.4

+2

-8

▲-13

+1

-6

▼

▲▼

▲

▲▼

▼

▼

5.7▼19.9

2 408100 0

-1

471

0.00.0


7UBS 8

Any UK Involvement Completed (AF39)

# of

▲33.6

21

17

6 16.7

▲▼

0.5▼

▲

▲

-2-

▲

▼

-2

0.00.2

-1+1

0.8

0.30

+40.0

▲+1

-33 ▼

-3

▼-2

-25 ▼

▼0 -

▲

-LionTree Advisors LLC

306

0

40.5

11.9

1.0+1

+1

-3

19.5

19.9

51.4

+3

-0.13 293 9

▼

1.734.7

120.8 3.71.962.3

▲

▲

1.0

▲

0.0

1.1

0.6

0.61.2

0.1

-

1.8

▼

-0.9▲▼

-0.7

0.7

▼0.0

▲

2.4

0.7 ▲

▲

▲▼-0.7

▲▲

1.7

▲3.2▲6.4

1.1

-0.12.0

▼5.7

0.0

225.2 -0.1

Jan 1 – Sept 30

Share Ch.9.5

597,275.0

Share Ch.

12.7 ▼2

144.6

Change in Advisor

313.4+2+2 1.2

6.3

92.294.2

▲

-

-

▼▼

23.1

115.8

211.56.8

2.90.6

0.7

57.90.7

187.5

205.94.4

▼

▼-

0.01.8

6

RBC Capital Markets8,269.46,865.1

349 739 4

2.4

2423

1.6

8,540.9

25

20

Industry Total

57

21 15

Credit Suisse

12*

Robey Warshaw LLP

Deutsche Bank

2.4

19Greenhill & Co, LLCHSBC Holdings PLC

Perella Weinberg Partners LP 16

10

14


1718

319

11

The Raine Group LLC

Evercore Partners

11

910

22

31

9

7

15

5

181

Imputed Fees (US$m)Market

Fees

209*

38

12513

14

30,750.7

1112

-26,480.825,391.623,595.7

51,057.3

▲

23

16

1.7

-0.1

1▲

▼

▼

0.0

Nomura

48

Industry Total

24Credit Suisse

17

HSBC Holdings PLC

19

23199

22M Klein & Co LLC

Rothschild & Co

Greenhill & Co, LLCEvercore Partners

17Societe Generale 16

18

RBC Capital Markets

204 843 2

110*

Numis16

66*

20

LionTree Advisors LLC


19,177.7

21BNP Paribas SA8,276.8

15

4,055.3

11,276.78,649.3

Citi

6,152.9

21

3.3

3.03.1

-1.7

3.02.7

2.7-0.2

▼ 18

▲

0.6

-14.0

1

▼

111

2 990

4.0

2

32

4

4.24.0

-2.247.5

15.8

28.524.9

6.2


24UBS0.1

37

19.218.9

6

12 58,463.0

Morgan Stanley 11

Bank of America Merrill LynchJP Morgan

9*

Barclays9*Mizuho Financial Group

6

828

32,432.4

2

Robey Warshaw LLP 4

Deutsche Bank38

10

▼-17.7

0.0▼

247

53

1.4▲

430.8

Rothschild & Co0.825

JP Morgan


1.0

30-6

▼-191.0

290.8 ▼

-80.1

+10.0 ▲

131

▲▲8.8

14

212* 8.8

68 Citi

12 ▼-100.40.6

0.7 ▼

-+7-262.3-15

▼▲

213▲

▲8.3

7.5

-4.6

▼

+2

▼ 0.0

-115-9

0.117

0.0

4.5 -2.7

7.6

4.1▼

0.08

12

▲ 6

▼-8

0.02.0

1

0.1▲

▲1.8

▲ 10.1

77

-Moelis & Co

Sumitomo Mitsui Finl Grp IncM Klein & Co LLC

20

▲▲

▼

▲▲

208

64,236.5

▲

▼

▲

9.7 ▲

▼

▲

30,750.7

38,629.439,373.6

18.5

31.4

-20.8

37,834.6

▼

15.013.7

15.0

-33.8

5.015.0

▲

0.7

4.6

14,773.06.8

18,078.07.2

-12.32.0100 0

4,170.0

12.912.4

69 5,632.4

5.5

8.8

6,408.8

9.411.5

13,897.8 4.4

▲

2.0

7.2

-1 1.7 0.11.3 ▲ 2

* tie

Societe Generale JP Morgan

RBC Capital Markets

▼Industry % Change from Last Quarter

-9▼-22.8

12

-7.1%

-17.2%

▲

▼Industry Total

-

-42.0%

--

2,819.7

0.1

▼ ▼

▲

0.10.01

-1

2

3,716.4

+2

75

2,140.0

▲2

9▲

-16.1

33.8

21.7

29.032.6 -21.9

-21.1%

1.8

0.1

3

0.10.0

Market

▼

0.30.5

16.4

31

40

▼

Rank Value

Any French Involvement Completed (AF40)

0.1

-4+2

▲

▲+1

0.1-0

+1

-1.5%

-1+2

-1

115.6%

1 11

2016 Rank # of Deals

▼

Share Ch.Sh (%)

100.0

Jan 1 – Sept 30

MarketFees

▼12.0%

AdvisorImputed Fees (US$m)

Market

3.6

▲-2.2

5.16.9

▼

▼

79.2

3.79.7▲

▼

▼-

53.9151.9

58.5

0.0

32.1

37.3

32.1

▲

▲

-

▼22.2

▲+1

0

+2

+1

01.644.6▼

▲2.1

1.633.5

▲

13.7

.61.3

0.5

0.1

-

▲

2.1

0.0

▼3.5

1.2

0.0

-0.0 0.0.0▲1,564.4

▲100.0-167

+30.20.1

7

0.4

▲▲

2.63.2

0.4

3.4

-

2.4

90.9

▼

0.0 -

55.537.4

107.7

▼

28.0▼

10

23.922.2

▲▼

+100.5

+15-8

1250

-5

-60.5

1.20.5

2.3

1.7

27

-16.5

1.2

0.4

Rank Value per Advisor (US$m)# of

35,354.7

▲0.2 +3+3

16

Change in

+2

▲

0.0

1.6▲

-18.5%-6.3%

1.82,384.1 5

6.9%

100.025

▲

Industry Total

1.92,364.3 -6.416

▲ 1,718.7

▼

2,476 100.0

2

1

▲ ▲

1.5

27Ondra Partners

- 2.6▲

▲

4.0

2.2

▼

2.1

▲

+10.0

4-0.93.0

13.03.0

3.0

4.13,716.4

2,715.4

3,616.43,420.2

2.2

3,716.4 3.02.9

19.017.3

4.3

-4.0

-19.9

21,496.5

8,942.47,996.7

-19.7

Morgan Stanley27.2

9BNP Paribas SA

4.9


67

32,079.533,819.9

28.7

24,612.1

Sh (%)

0.4

2016 Rank

2,408


100.0

Financial Advisor


-7

-41.5%▼

Change in

10

20.8▼ 0.4

-471

37.4Citi

4

-15.8%

-0.6

▲

▼

▼ 3.5 +5

0.541,713.7

5

2 31,448.7Goldman Sachs & Co

37

3 1040,574.2

-6-3

6

Rothschild & Co-12 36,632.6

▼

21,555.6

24,062.2▼

-4

150.2 ▼

67

Credit Agricole CIB 13

14-924

1640

101.0

+1

Societe Generale

-20.9

61

0.4+2

Barclays

-11.1 ▼

2.5

5.4

9.0

6,687.5-3.55.2

5.4

7.26.4

146,722.1

15 6,135.25,078.27516

13

1554


Accuracy SAS 2122

Barclays

Malayan Banking Bhd 17*

20JayDee Partners Ltd

20

17*Evercore Partners

-

31

2,698.7 2.2

45


2.8 2.8

* tie

▼▲

143*

Wells Fargo & Co 230.2

0.1

0.4

0.2

101.9

2

Credit Suisse

Citi

11

17*

Natixis

124,138.6

HSBC Holdings PLC

Deutsche Bank


Nomura

24


Santander

-

12

23,581.1

5

4

22

8

3109

11,119.1Bank of America Merrill Lynch

8JP Morgan

30,202.710

▼▼

9▼

- 3,716.4

▲5361

▲

▲▲

3▲

▼

1.9

14.1%

▼▼▼

+51.21.9

MarketSh (%)

3.6

▼▼

0.4-6

# of Deals

▲

8

1

-306

▼

-1 ▼▲

26+1

25


3.4

23

1,650.01.6

-25.5%

12

6.0-

13,954.18.99,679.1

1163

19

0

-5▲2710

▼

9-10

-0.8-9.1

▼11.3 ▲

780.4

-2▼

2.665.7 4.256.6

3,293.9

▼

▲

▲

▼0.6

-3.21.0

2.1 ▲1.3

▼-1.32.4

0.6

1.4

▲0.4

▲0.5

1.8 -0.3 ▼

3.5

▲2.9

▲

0.6

1.0

▼

5.83.6

▲

▲

▲0.0

0.1

▲0.10.6

-0.20.1

▼-

▲

-0.00.1▲

0.20.9

0.2

0.122

Wells Fargo & Co

Mediobanca24

21

6▼

Malayan Banking Bhd17

3.3

1▼

2.3

JayDee Partners Ltd 20

12.99

8.1

12

14

MarketSh (%)

48.9 31.4 ▲

-1.5%

Share Ch.

38.4

US$m


53,017.8

349,739.4

▼-17.9%

Industry Total


7

54,126.1

30

-9.3%


US$m

-47.6%

▼

10

20▲

+22▼

Duff & Phelps

34,200.74 13

# of

619.8

27.6

24.325.8

▲

+4

-9.6

▲

▲

35,582.2

Benedetto, Gartland & Co, Inc.

+2-2 ▼

-6.7▲1.5

46

1.5

1

▲

Rothschild & Co

3

Market

Jan 1 – Sept 30

-12.4%

2.011.0

▲Goldman Sachs & Co

43.62 2

Rank Value

Industry Total

Financial Advisor


2015 Rank


204,843.2

Deals

1.6

Share Ch.22.9 90▲-3.7

-8

▲

▼

Deutsche Bank


6

+2

BNP Paribas SA

▲▲

109

Zaoui & Co

11

13

1516

▼

2.0

3,568.5

6,536.0

▼

108,542.6

0.20.30.6

Natixis

▲


HSBC Holdings PLC

▲

Credit Suisse

1918

1

-15.2

1.7

-0.7

Morgan Stanley

5

6

Lazard

2015 Rank Sh (%)

Market

2,990

4 42.045,601.9


12-2.4

-23.8

38

▼

▼

7.8

8,808.7

25,949.6

21,011.016.519.4

17,911.2-10.715.4

▲1 0.0

▲

23,502.119.9

15,278.516,662.0

14.1

4.3

▲

▲

8.1

2

2,200

3

+1

▼

-261

-10.6%

▼

▼

100.0

Any French Involvement Announced (AD33)

Lazard

Market

▼

Deals8


t e

11

PricewaterhouseCoopers Macquarie Group

▼-9

-22

▲▼

-0.11.8 1.8-4.3

3.3264

25

▼▼-19

+40.53.2

0.4

-5-2-3

▲+4-1

▼▲

-370.4

0.10.50.10.1 0

+1

91

0.30.40.61.10.1

▲

4.334141

▼ 3

▲▼▲▼

13

▼▲

1.5▼▲

1.1-16.9

▼▼▲▼▲

0.9

469.70.9

-20.6-5.32.5

-15.10.2

3.0

1.5

-6.1-1.31.81.8

1.61.5

2.3

1.6-1.8

676.3648.2

3.73.5

388.4

1.5

1.1

--

1949*

1.2548.930

800.9716.2676.3

15

2,149.41,827.41,638.01,634.11,571.41,348.51,023.017

6232425

211245

1812

-UniCreditErnst & Young LLP

1112131415161718

-1Credit Agricole CIBMediobancaLeonardo & CoPJT Partners LPDeloitte

1920*20*22

HSBC Holdings PLCCredit SuisseBanca IMI (Intesa Sanpaolo)Rothschild & CoSociete GeneraleBank of America Merrill LynchKPMG

10.7▼▲-▼

12.7

▼▼

Erneholm & Haskel AB

1.5

▼▲

-0.20.20.0

-3.7-0.30.3

6.9▼▼

2.51.40.40.4

▼-0.1

-38-2-3-10

223

2450* ▲

11

▼715.0676.3

1.91.91.8

1,226.8 0.35.21.3

-10.1

-1.4-1.3

-23.4222324*

-▼

▲▼▼▼

24*

Societe GeneraleKPMG

Leonardo & Co

7,000.0

676.3

871.7

31.1Financial Advisor

Mediobanca

BBVANomura

1019

5

27

9

11

1,592.0

3,405.3


724.3

2021

17.8

6

9.1

# of Deals▼

MarketSh (%)

-0.4Share Ch.

Change in

▲Fees

0.98.1

Advisor

▼ 1.6 -1.5

Imputed Fees (US$m)

13.8-0.1

▲▼

7.520.8

7.14.8

2.8

▲4.1

1.4

0.4▲

0

+3

▼-43.819.0

2.8

1.90.6

-8.0

1.0

-1-

1.70.2

▼

▼

-

+31.4

-0.6 ▼

-4.0

▲

-0.20.9

-3.2

▼

2.12.53.0 ▲

EMEA Rankings

Market

7.2

1.4

-3

-3

▼+1


Any Spanish Involvement Completed (AF41)

▲▼

0.1

Jan 1 – Sept 30

37.8

MarketSh (%)

0.6

▲

0.5▼1.9

▲

▲0.3

3.2

▲

0.8

▲4.024.4 4.9

2.02.0

0.32.1

5.9

▼▼

5

-9.7

-15.9

-8-1.5-6.0

2,349.8 6.3

4▲

2,879.0

106,645.24,407.9

▲3,879.6

6,661.58

4,301.3

18.6

7

12

7,526.0

1

16

Share Ch.

▼

3.410.8

▲

▲▲

▲

▲

-37.4

2015 Rank

▼

Jan 1 – Sept 30

Rank ValueChange in Market Market

2,642.6-32

0.61.7

10.6

▼7.83,473.7

5

▲

Goldman Sachs & Co

# of Deals per AdvisorMarket

92110

Lazard

Deutsche Bank▲

Rank ValueSh (%)

0.8

# of

▼AZ Capital

0.5

▼▼

-2-1

▲

▼

Goldman Sachs & Co

12

-8

0

+4

▲

Citi-8

7

RBC Capital MarketsMorgan Stanley

910

8BBVA 20

143

14.514

21.7 ▲4.7Deutsche Bank 4

5 14.4Santander

# of Deals32.5

22 -0-6

Share Ch.

0.917.6

DealsMarket

81

2016 Rank

2015 Rank

Citi32AZ Capital

Financial AdvisorMarket

6Sh (%)

29.3

US$m

787

31.2

5,336.47

5.95.04.84.13.7

6.1235

6,458.3

Morgan Stanley 7 9,732.7

-2.811.96

3BNP Paribas SA


Any Spanish Involvement Announced (AD34)

7

4▲

14,538.813,965.5

2,233.2

28

▼

6,485.5

▲

3.4▲

-18.4

118

14PricewaterhouseCoopersUBS

13

100 044 759 1Industry Total

10.3▲ +3

48-1.1▼

5.0

▼

+113

56 0.8

+7

▲

1.8

4,742.1

2

6

45

1

20.125.1

7,549.812

11,652.9

9

2016 Rank

-61.0-

Credit Suisse

▼

12.0

Lazard

Rothschild & Co

Santander

11Bank of America Merrill Lynch

3Deloitte

1716

8

10

15JP Morgan

33

14

40

+7122

369

0.30.1

▲21

3.50.41,535.4

BNP Paribas SA18

17.4


11.8

18.7

▲4 7.7

5

1.7

20.1

11.8

7.10.6

3

3

Sh (%)

-9

04

7.7

10.4

▲7.3

11.5

17.7

US$m

9,394.1

2,215.6713

0.6

4.7

3

14.4

6.7

Deals

▲

▼-20.60.4 7.0

19.917.9

16.9▲

▼

3.4

3.6

8

0.7

33

# of

4

▼

4.01.4

16.3▼

▼

49

15.2

2.1▼

10.5

▲

0 -

▼1.6

+3

▼

4.5▼

10.48.0

▲▼

1

0.64

▼

4

▲2

0.7

4.71,753.24.3

-36.0

2,227.3

▲

▼▼

-5.53.32.3

Banca IMI (Intesa Sanpaolo)

19 1,300.2

260.8HSBC Holdings PLC

100 0

23

Industry Total 37 481 2

0.1

4-1

881

-28

0

0.69.7

1.2-

4.1▲

3.0

0.8

7.2

502 8 100 0695


Barclays Credit Suisse

Houlihan Lokey


0.3-1

16

-39.2%

79

-44.4%

21

11

13

Ernst & Young LLP

12

8

36,031.5Morgan Stanley 45.3

95* 5.28,525.4

6

8

ING5

-46.9%

21


Industry % Change from Same Period Last Year ▼ ▼

Imputed Fees (US$m)

9.6

MarketShare Ch.Sh (%)

-3.2

▲

▼

2.5

4.6

▲

2.3

▼

▼4.4

3.6

0.2 ▲

▲▼-3.3

1.2

-

▲-1.5

▼0

Fees

-0.4

99.0

▼

-5

0.7 ▲

Advisor Market

3.9

2.7

48.0

▼

45.7-4.8

0.916

49.8

787

▼

1

Sh (%)0.80.7

▲

▼39

-4▲

3

+1

-30.50.2

0.2

1.0

+30.23 ▲

3 ▲+1

40.24 0

+3+5

▲+2▲+6

▲▲

1923

18

Credit Agricole CIB 25

22

24Mizuho Financial GroupBNP Paribas SA

Moelis & Co

▲ ▲

-941,014.4

15▼29 -26

+1

-16.5%-27.1% ▼

Industry Total

56.3%Industry % Change from Last Quarter▼

1.7 78 1.379,574.1 100.0

1,112.1

1,034.6

▼

0.00.2

-14.8%

2.524.7

-0.2

1.5

▼▼

-0.4

▲

0.5

0.7

▲0.5

0.0 -

-0.4

-0.4

▲

0.7▲

0.80.8

▲

-

100.0+3

0.2

2.4

0.1

7.3

1.5

▼

1.10.2

1.3

Industry % Change from Same Period Last Year ▲

5

▼-5.2%

7

▲1,720

9

2.3

16

▲

0.4

30.0 ▲

0.1

8

0.2

1411.0

10

1.0

▲

▲

0.8

18

▲

Change in

Jan 1 – Sept 30

Market

▼▼

0.3

1 0.1

# of Market

35.8

-42.2% ▼

▲▲

Share Ch.14

33,653.7

18,647.4

7.8

-7.829,048.3

10.1

15.8 -6.2

9.1

10.6

20.9

-

15,775.714,766.4

64

2.8

17,084.7

4,657.0

9.3


16,731.5

-

5,094.9

25

7.6

Credit Agricole CIB 4,043.72322

2.1

94.8%

Industrial & Comm Bank China 21

3,433.1Industry Total

CITIC

▼

Credit Agricole CIB4,461.0

92524

7.8 ▲

Ernst & Young LLP--Valence Group

184,439.9

-70.1%

2.4

1.9101.0

94* 2.2

▲

2.4

▼

10.1

-6.27.3 ▲

-13

504,502.4

8- 13,897.8

35

Citi 18 7,449.0

Commerzbank AGBerenberg Bank 2419

20

Robey Warshaw LLP 17

▲

11.07.5▼

3,800.0

9.3

27

14,017.9RBC Capital Markets 16

▲HSBC Holdings PLC

15BNP Paribas SA6.6

4.0 -7.8

0.5

▲

▲

17+112

+2

UBS- 5.04,065.0

▲Deloitte 32

▲▼108.6

ABN AMRO Bank

4.74,014.2

5.17.0 14

8

▲0.2

▲0 -

+1▲

3.0

▲0.9

38,691.3

0.90.5

▲

0.1

▲5.1 0.1

1.0

6.6

73,342.3▲

10.1-19,619.6

21.0

219.7

▲

65,843.0

0.4

5

Perella Weinberg Partners LP 11

67 36,349.2

8LazardGoldman Sachs & Co

7

12

JP Morgan 18.3Deutsche Bank 39

9.3

19

Societe Generale

7.3

7.1

10

8.0

18▼0.7

UBS14

▲

0.1

▼

PricewaterhouseCoopers

1

▲

# of Deals


-118

-46.5%

12

Deutsche Bank▲

0.6 ▲

Deals

Citi

+2 Barclays

4.2

4,461.0

2.5

15

HSBC Holdings PLC

0.5

3,724.9

Mediobanca+46

6

4,095.1

Rothschild & Co▼

+4+3

9▲

Lazard

▲

+10 ▲

▲


+4

+4

10

31,960.7+7

▲+1+3

9,454.0

5

Goldman Sachs & CoJP Morgan

26.4

▼40.2

▲

14.6

5.2▼▼11.9

0.07

-3.7

11,127.21

23,705.9

14.0

928,235.8 35.5

21.0

30

66

7.1

2

7.0

▼

-94 1,363

17 -12

Morgan Stanley

5

52.13

Ducera Partners LLC6

286,641.9

4- 35.735.7

39.8

100.044,759.1

Rank Value

▼


101,251.5

2015 Rank

96,104.9

-62.6%

13

1

1Financial AdvisorBank of America Merrill Lynch


4

Industry Total

-8.5%

2016 Rank Sh (%)US$m


Financial AdvisorMarket

▼8.7▲+5

0.7

1.8

▲

-213

24.8%

1.2-6 ▼

▲▲ 0.7

-80

▼ 3.9

15.011.6

0.27.52.2

1.1

4.7

5.2

9.210.9

-2

37.2

64.739.8

+2

-26

+5▲

-1 31.3

+2

+2▲

▼▲

▼

▼

-2

30.66.33.0

+5

2.6

26.3

+1

▲

26.4

39.8

▲

-7▲

+1

▼

12-7

Jan 1 – Sept 30

▼

Any German Involvement Completed (AF42)

▼

Rank Value Market2016 Rank Sh (%)

-3.3%

29.8

US$m

▼

100.0

3

Market

223,735.4

3

▲▲

-▲

Share Ch.2015 Rank

20,045.7


14.0

75216

29.84

25.2▲

2019

1.0▲3,306.6

10.7

-10.1

▼

29.6

▲

2513

-2,066.3-

3.217

3Centerview Partners LLC

40 1,904.1

▼

2.82,240.5▲

1,754.1 ▲1,510.4 1.9

▲2

-1.71.1

1,157.2▲

2.2

1.81.91,500.0

2.4

1.3

-

▲▼

4

0.11

61.9

9-3.5-2.1

▲

▼1 0.1

0.30.7

14 1.0

+4

▼-9.3%-13.5%

Credit Suisse47.0Rothschild & Co

▼

▲

▲

Any German Involvement Announced (AD35)

2.82.6

0.9

1.0

-4.4

52.6

▲

-8.0

1.5▼1.4

Industry Total 37,481.2

▲

5.3

0.9

0.5

▼

29.4

4

-12.9 12

▲

12

0.3

27

3

7

Deals54.9

23,546.7

11,586.0

0.63

2

6

Market# of

0.9

0.4

2.0

8

70.7

▼

1.8

0.9

9

Change in

-35.6


# of Deals12

-1

0.5

0.1

Sh (%)

0.2

0.4

0.4

▼

-881 502.8 100.0

-2.0%-42.1% ▼

695

* tie


12

KPMG Banco BTG Pactual SA

HSBC Holdings PLC

2015 Rank



Jan 1 – Sept 30


15

0.9

1.7

▲

# of Deals

+2128

13

-13

1.5▼

Change in Market

Morgan Stanley1.4

10

▲

Sh (%)

2

14,681.2

17.220.3

Share Ch.

2

38*▼

Share Ch.

1 21,865.839.6

205.5

▲2.6

2.00

+3

23.4

1218.6 ▲

2.3▲▲

17

Market

Any Italian Involvement Completed (AF43)

34.9 ▲4.7

Jan 1 – Sept 30

Sh (%)Market

Share Ch.Sh (%)34.0+8


Fees

▲

-

▲▲

▼

▲

30.1

12,701.0

6.7

▲

3.026

1.7 ▲

Imputed Fees (US$m)

13,184.7

20,086.2

1.6 20.0

▼

▲1.121.0

13

▲

5.1

-1

+1

4

0.2

5

-8

0.12.6

+1

0.8

+30.76

+6-2

11-14.5

▼

▲▼

▲

8

2.1-3.6

0.98

-17.625 12

1.4 +66

-14.2

100 0

50*

5.9

▼-3

-47

1.2

▼

280.2

33.9

0.7

11.1

+17

7

-8

-5.25.8 0.74.1▲

1.021.0-

2.2

-

-0.3 0

36.9

3.0

1.4

21.692

0.1

-1

1

3

0.70.5

15.4

6.8

7.5

6,715.4

4,857.2

14.4

9.3

7.5

-0.5

6,985.3

5,199.05,815.6

7.6

9,001.4

▲

▲10.710.7

-13.5-

▲

7.3

0.8

▲7.0

5

6.96.919 51

24,339.5

8Equita SIM SpA 4,406.018 51

Vitale & Co SpACredit Agricole CIB

5.2BNP Paribas SALeonardo & Co

25 1524

1,355.5

2,044.523

+64

▲

6.7

▲▼

63*

Goldman Sachs & Co

163.6

2.2

-26.0

1,869.2

20 3,421.8

37 2,246.422

1921 3,264.6

Banco BTG Pactual SA

▲ 1

▼

▲

▲

▼12

▼▼

▼

# of

-4.2-16.7

▲▼

443

23

-6.4

-23.1▲

14,458.2

194.8

24

20

22

5

4,945.2

Leonardo & Co

53*

1,726.2

1,355.51,718.8

38

1,952.9Vitale & Co SpAJP Morgan

Houlihan LokeyErnst & Young LLP 1,040.8

▼Credit Suisse55 016 7Industry Total

2976.3880

8.1

6.45.7

3.6

0.61.5

+122

13

Credit Agricole CIB

1.9

4,629.523

-

13

1,188.3

3,499.4

2223

21 14

BNP Paribas SA 3,242.218UBS 2,611.117

1941

3,769.215 86 4,412.2

Colombo & Associati 16

2

14Equita SIM SpA

UniCredit

9 24101112

Citi

7

Goldman Sachs & Co

6,442.6

169

8 60

4,844.8

Rothschild & Co

Nomura

Morgan Stanley

2

Rank Value

6

2016 Rank

Market2015 Rank Sh (%)

36.0 ▲4 19,824.4

-27.1


16,820.2

Financial Advisor

7Mediobanca

Any Italian Involvement Announced (AD36)


Lazard

1Itau Unibanco

9,946.0

4

US$m

3

5,387.1

5

EMEA Rankings

Deutsche Bank

-4.6

11.7

9.0

18.116.5

9.8 5.711.7

8.0

8.8

3.1

2.2

6.9

2.5

3.1

1.8

23.0

▲

Market

4,433.7

14

13

3.0

▼

19,407.91

▼

▼

3.3

62

6.4

-12.1

1.5

0.80.7

1.3

▼

▲

-5

4.00.6

▲

Financial Advisor

+11-

Deals

+4

▲

▲ +34

▼ Mediobanca30.6


▲# of Deals

-0.9

# of

32.0▲

5

9,071.31

103

12,736.5 23.2 ▲

7

▲

Deals

0.7

-1.08.8

4.6

▲0.6

▼

4.3

+2+11

0.4

+3

0

2.71.1

▲

3.8

731 2 100 0

▲

4.6

2.2

▲▼

1.9

1.54.0

▼1.9

▼16.1

---3.4

+33

-5 ▼-

-1.0

-0.6

1.3

2.2

0.83.8

0.3-1

+11

2.9

3.8

▼

9.615.8

42.6

▲

▼

▼14.0

▲▲

50.8

16.0

+5

28.1

29.5

▼0.4

▼-2.0▲

0.60.51.3

▲

1.813.4

0.9▲9.4

▼

4.5

5.9

33.6

▲

▼-1.6

▲

-

▲

7.0 2.6

10.6-0.6

0.6 ▲1.3

Advisor

0.0

-

US$m Sh (%)Market

1Bank of America Merrill Lynch

639

Market

▲

Rank Value

9

2016 Rank

8

Market

▲

5▲

1.6

1.2

1.2

11

▼ Itau Unibanco

+37

▲0

Citi

-3

UBS

▲

4,787.2 -21.4-2 ▼

▲7.7

320.7▼

8.3

0.7

▲4,580.5 -14.9

-1

▲▼

▲4,722.7-2

+5+3

738▲

▼8 -1

-6.7

0.43

13

▲1.1

100 0

-5.13.0

5.5

+7

▲

17

0.75.0

3.3

0.36.9

1.5

1.80.7

UniCredit

BarclaysNomura

3.3

62 730 9

24

55

14

8

12

7

13

-4

16

24

3

8.4 -35.9

▼▼

-19.3 15

1714

Rothschild & Co11BDT & Co LLC

0.70.1

+7

+4

65

10+3

5

0.5

8

▼

6

26.3

35.3

▼-12.8▼9,638.6

10,795.0

24,862.4

-14.1

Change in

LazardDeutsche Bank

20

-1

JP Morgan

Industry Total

▲

▼

▲

▲


KPMG

+30.9

+3

+2

35

6.71.7

3.0

▲3.3

▼

7.09

Credit Suisse

5▲▼

1.0▲

+81.1▼ 7.2

11

Industry % Change from Same Period Last Year ▲

Nordea Societe Generale


241,079.7

-

2.9

2.4

4.0

1,651.6

2.3

3.0

14

▲ -26.4% ▼

2,339.4

-3.0

0.917.620.7

100.0

0.60.919.8

▲

14.1

▲

1

8.6

18

▲▼

18.7

▲

5.5

▲

▲20.6

24.0

CIMB Group Sdn Bhd

Danske Bank


22

2,959.2

KPMG 21Nordea

21▲

-2.8

88.7%15.8%

-3.115 ▼58,879.5

▲

Houlihan LokeyMoelis & Co

Arctic Securities ASA 20

1,437.5

1,342.6

0.2 0.3

▲Industry Total

16

251,156

▲-0.5

▲12.8% ▲

+6

-2+2

▲

▼+17

1.5%

0.1 ▼0.2

▼2.8

1▲

1.40.22.4 21,417.6

292.8

▲8.3

-3▲ 2.5 4.1

3 9.8+14

10▲

0.9 +5▼25 +21.4

3.9▲

19.2 0.93.7

14.1UBS 0.4

9,917.1-

19 4 1,741.6 -11.0

16.8

4.4

1.6

31.4

1.6

2.5

+31.0▲

▲▲+1

3.35

+2

16.812

0.5

+1▲

5.06

2.2

0.6

▲

0.3

0.2

0.1▲

0.1

▲

▲

▲7

1.3▲

▲▲

+5

2

▲

10

2.413

1.8

▼0.21,732.0

▼


16.1%▼

100.0

90.5%

2015 Rank

▼

Financial Advisor

-65.9%


Any Nordic Involvement Completed (AF44)


FeesDeals

+64

Jan 1 – Sept 30

▲

Sh (%)MarketMarketMarketMarketMarket

-30.2%▲

55,016.7Industry Total 880

▲

▼-11.2%


+5

Change in

39

+1

Handelsbanken Capital Markets+2

▲

Credit Agricole CIB

Bank of America Merrill LynchDeutsche Bank

Credit Suisse

12Zaoui & Co

▲

▲7

SEB

-

10,384.7Rothschild & Co

Jefferies LLC▲

-

Centerview Partners LLC16

-10*

2,564.2

13,779.613,779.614,118.6

3

9

13 2513,609.212,200.4

--10*

8-

75* 14,143.6

6

4

15,140.7

9 16,869.5

21

2317

18

3618▲

1514

▲

Ernst & Young LLP

0.6

0.1

0.1

188

0.6

101.4

12

0

0.11.1

+10

1

0.8+4

230.8

+1

0 -+4

+1

+5

1.1▲

▲

▼

▼-6-1

+2+1

▼

322

40.3

9

23

1

▼

0.1

0

+5


70

15,011.9

Market

Jan 1 – Sept 30

20.9

+122

2016 Rank

Any Nordic Involvement Announced (AD37)

US$mRank Value2015

RankFinancial Advisor Sh (%)

-74.6%

10.4

19.4

12.5-12.213.6

-2.2

10,601.6

13.8

14.7

▼▲

15

4.2

10,469.7

13,580.319.4 -11.618.9

20.3

4.4

▼

3.9

▼6.0 ▲6.5

6.8

5.9

-24.3

175,167.8

4,675.3

8,600.026*

5,608.7258,600.0

6.1

3

3.5

▲

8

▲

+7

▼

1

+4

+63.7

14.6

77.2

2.9

12.0

1

12.0

13,913.9Rothschild & Co ▲

▼Deals Sh (%)

▲0.9

# of DealsShare Ch.

3.5

0.4

2.7

0.57

-22.7

▼

0.4

0.23.4

3.0

-1.6

-33.4

100.0-9.9

▲2.6

1.22.3 2

▲

.211.9

14.4%

100.0859.7

+1

▲

0.6▼

1.4-2-1.5

▼

▲

▲

▲+1+31.6

0.05.0

23.4

8▲ 7.2

29.712.7

+1+2

0.2

1

5.5

3.00.3

3.0

▲-0.7

▲

▼▲

3.8

3.1+10+8

65.226.8

▲

▲▲

1.5 ▼3.5

-0.51.7

▲2.0

-1.37.3

24.0+1

00.7

26.6▲

23.4

24.0

27.9

7

15,643.8

123.423.4

24.025.7

+2

4

30.0

6

20.2

Rank Value

16,426.3

Sh (%)Change in

US$m

▲

Sh (%)

3

17 0.9

10

▲15

2016 Rank

Market

Lazard 1

2.10.5

731.2

2

# of Deals

10

17.9

3.3

▼

100.0

1.1

-0.4

▲

0.9

1.50.1

2.2

-0.5▲

▲

-

0.6

▼-0.2

-0.2

▼

1.0

▲

2.48.0

▲

0.0▼

▼

0.1

0.30.4

0.80.4

▲▲

▲

Share Ch.▲

0.1

▼

▲0.76.0 ▲

1.428.6

Advisor Market

1.4 ▼

4

1,947.1

1,802.5 ▲1,888.9

0.4

2.50.6

▲

1,600

19.3%

0.3

▼

+125

-28.9%

1,681.671,910.3

25 13

-25.0%Industry % Change from Last Quarter

Danske Bank

2320

22

-

28*

21

2324

1Deutsche Bank20

Ernst & Young LLP

Itau UnibancoArctic Securities ASA

Barclays

11

2,712.32,663.7

48

24,881.4

13225

4,237.0

1 8

12.0


7Goldman Sachs & Co

Morgan StanleySEB

14,586.02

8*

336

10

12

6

-

Lazard

44


12Citi

Centerview Partners LLC 28*6

3

58

Carnegie

15Pangea Property Partners ABJP Morgan

Jefferies LLCCredit Suisse

16 441718

749

2,961.0


19

Moelis & Co

3.5

8.5%

Handelsbanken Capital Markets 32

9,917.18*

5

14

The Raine Group LLC

3,265.1

2,143.52,500.0

3,133.0

3.9

7.6

+1

4.1 -20.1

4.5

33.8▲

9

-1

▲

▲12.5

▲

-30.8%

6

▲

# of

738


9.5%

+3

-

▲

3.7▲

47.632.8

▲25.8

2.5

14.6

23.1

0.1

43.6%

Imputed Fees (US$m)

▲Share Ch.

▲

-26.4%

717,646.4

28.7

2

100.0

23.5

21.817,860.7

5

18,538.8 31.5

▼▲

11

62,730.9

30.3

▲

7

▼

Industry Total

Goldman Sachs & Co

Industry Total

UBS

▲▲

+3

▲▼

# of

0


-

▲

0.4

Citi

0.4

0.6

JP Morgan

0

0.5

Morgan Stanley

7.8

3.8

12

-27.7

▼

▲

+4

▲

▲

10

▲

https://www.thomsonone.com * tie

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

13

China CITIC Bank Corp Ltd Deutsche Bank

1,961.7

2.61,719.0

-5.0

-3.1

-0.4 3.6

-3

0.78

▲

▲

-1.1

32.1

42

▲

13

1.8

31

1.9

3.1 0.7

▲

# ofMarket

29.2

-4

Share Ch. Sh (%)1.145.1

▲ 1.3

-30.6 ▼ 9

▲

▲

15.2

-1.5 ▼

20▼

US$mFinancial Advisor2015 Rank


JP Morgan2

66.4

42.2

12* -

5

50.7

70.5

10.2

51.8

Rank Value

9.4

10.010.0

+1

Goldman Sachs & Co


2

1519,490.6

+110

19,248.3

919,253.01

9+1 10

11

Bank of America Merrill Lynch 4 135,190.7

▲

▼ 8 0.6

▲

0.1

▼

37

PJT Partners LP+2 ▲

ABN AMRO Bank

Credit Suisse11Centerview Partners LLC▼

1

10.0

▲

-6

▲0.0 ▼

▲

▼

2.2

+1

100 01 439 5+27100 0Industry Total 191 900 648+1▲

1 16610.9

▲221.0

0.2

0.4 ▲0.4

0.70.4 ▲

▲

▼-7 -0.51.21.132.6 ▲▲+16

▲

▼

0.1

-12.3

+2 5.00.20.2

0.2

-0.4

17.23

-

-30

5

▼2.2

1 0

7

▼

0.8

▼

▲6

▲

-8

0.1

1

22

8

19

0.4

1.67

0.6

1

0.3

42.2

1339.8 15

+1

7.3

0.10.1

62,747.1

Market Market

Any Benelux Involvement Completed (AF47)

Imputed Fees (US$m)

73.4

Change in

105.0▲

# of Deals per Advisor2016 Rank


25

MarketSh (%)

▲▲

23.4

-10.0


Share Ch.1

Share Ch.# of Deals▲

# of Deals

Jan 1 – Sept 30

140,881.5Deals

Market

46.8 44.1

Sh (%)

-25.0 ▼

Market

▲

0.541.337.4

31.636.9

38.0

34.6

▲

38.0

43.5

0.1▲▲▲

Barclays

0.4

▲ 1 0.10.1

AZ Capital2.7

0.1

-12

+1 BNP Paribas SA

43+1

▼

7,337.1

2.2

14

UBS

8.516,372.7

4,273.1

19

81415

▲12* 18,108.5 9.4

18,108.5

7.4

1.0

17

-0.62.12119* - 4,273.1

1.0

2.2

1,910.00.9

5,099.5118*

4,068.11.5

24

-

2,880.9

-

▼Santander▲

34

19*

22 28Jefferies LLCRabobank NV▲Nomura

2423 42

+30

-

Vitale & Co SpASycomore Corporate Finance SAS

-

▲0

22

+1+1

+11.3

23

0.10.1

1.6 -6

126 231 8

4,273.11

1 4272.7 2.7

100 0

4,401.9 18

3.44,273.1

0.1

0.7

3.4▼

13.4 ▲

▲

-10.9 1.5

▼

3,420.0

3.7▼

10▼

1

▼

▲

▲

2.6 +11000.1

0.118

3.8-

ING 16

-

▲17 6,026.9 3.1

▼0.2

0.11 0

20.5

3.1

0.1

▲

▲

44.0

- 10.010.0▲

0.7

▼

3.8

▼

▲▲

▲

2.7-1.3

▼ 45.7

47.77

-4

8.41

+3

81,009.7

1.7

10.7

9.4

14,239.2

+1

▼0

12.3

-9.1 -1 39.0▼-

109.70.1 ▲

-3 6.086.7▼

28.1▼

▲ ▼

▼

▲

Market

+19.2

AdvisorFees

Market

102.2

131.7

25.9

2.3

6.0

1.1▲

0.9

▲2.9

▲▼

0.4

▲

23.1

14.2

1.5▲

-▲

0.7

▼

▲

-

0.40.7

1.5

3.20.0

5.0 ▲

▼0.5 ▲

2.9

3.1 ▲

0.6

-1.4

0.9 ▲

▼

▼

▼

-2.2

▲▲

Jan 1 – Sept 30

Sh (%)

1.1 7.1

-1.11.6

0.41.0

23.0

-5.8

1.0

7.633.1

41.7

14.6

1.6

1.0

21.51.8

Citi▲-

Morgan Stanley

8

6Robey Warshaw LLP

4

91,478.4

20,604.07

5

36

127,369.999,380.197,243.8

3Lazard

Rothschild & Co+1-16

▲+1▼-3

▲▼

-2

-9+1

2015 Rank

▼59,126.6

52,077.9

1.1Deals

49.7

36.936.97* - 46,596.5

47,316.5 37.5

Financial Advisor US$m

6

13JP Morgan

3

5

17

2016 Rank

120*1

Credit Suisse2

Any Benelux Involvement Announced (AD40)

47,916.7

2Goldman Sachs & Co

Rank Value

4

1UBS

EMEA Rankings


N+1

-3

2.7 +6+1Industrial & Comm Bank China 207*

-15

China International Capital Co46,596.5

10

-

7* -

Citi 9.0

7*7* -

-

13 57.3

46,596.5Dyalco

14

36.9

12,857.836.9

36.9

10.236.9

42

Greenhill & Co, LLCSantander

Lakeside Capital Advisers LLC

22

17*

Lazard

15

7*

23*

Deutsche Bank

LionTree Advisors LLC

Industry Total

23*

20

AZ Capital

21

25

3

Morgan Stanley

Evercore Partners

Rothschild & Co

6,408.8

8,239.8

Robey Warshaw LLP

16

BNP Paribas SA

7

10

22

17*19

8

6

120*

4


4.25,291.9

120*

-47.9

-54.7

-25

4,733.7

11,408.8

6,408.8

46,596.5

8,915.3

46,596.5

54,900.6

36.9

0.8

-33.9

6.5 -36.5-4.7

3.5

7.1

3.8 3.33.5

-40.4

▼

▲

0.6

36.9 36.9

2

▲ 1

5

▲0.6

0.11

0.1

▲

90.8

▼1

0.7

Change in Sh (%)


▲

4,424.7

46,596.5

5.15.1

14 ▲

# of

1115

HSBC Holdings PLC

36.9 1

7▲

2

Jan 1 – Sept 30 2016EMEA Inv. Announced M&A Target Sector by Value ($bil) Quarterly EMEA Cross Border Volume

-14.8%

100.0

-1.4%▼

1,439.5

7.4% ▲▼

+27100.0

-8.1%▼

Industry Total

64.6%

191,900.6-48 1,166

▼▲▼-1.6%Industry % Change from Last Quarter

-39.2%▼ Industry % Change from Last Quarter-14.0%

Industry % Change from Same Period Last Year-27.5%

* tie

Industry % Change from Same Period Last Year ▼-17.0% ▼

126,231.8 1,427100.0Industry Total

$160.2

$99.5

$96.1

$88.0$85.5

$66.2

$54.2

$41.0$34.3

$29.7 $26.2 $24.3

Materials Financials High Technology

Energy and Power Industrials Real Estate

Healthcare Consumer Staples Media and Entertainment

Consumer Products and Services Telecommunications Retail


`

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

$0

$100

$200

$300

$400

$500

$600

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

2009 2010 2011 2012 2013 2014 2015 2016

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


14

1,212

China Securities Co Ltd21,612.6 17,931.4

China International Capital Co 21.2

79,484.1 133

51417.6

672 68,478.1

25,372.8

JP Morgan

116,120.9 IndustrialsCITIC

Jan 1 - Sept 30 2016

6

10.9

7

38.94

6

No. Deals

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

3

1,484

3

711.43

16.4

33.721.9

1

2

3

220.3

8

7

Morgan StanleyReal Estate

10

2

Announced M&A volume with Asian involvement in the first nine months of 2016 decreased by 6.3%, compared to thesame period in 2015, accruing US$780.2 billion with 9,560 deals. Materials, High Technology and Industrials were themost active industries in the period.

China National Chemical’s US$46.6 billion acquisition of Syngenta was the largest Asian-involvement deal in the firstnine months, followed by the US$16.8 billion acquisition of SF Holdings by Maanshan Dingtai Rare Earth & NewMaterials. Jinan Diesel Engine’s US$14.5 billion acquisition of CNPC Capital was third largest Asian-involvement dealto date and the largest deal announced during the third quarter of 2016.

According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions inthe region totaled US$2.4 billion during the first three quarters of 2016, an 8.2% decrease from the US$2.6 billionrecorded during the same period in 2015. Goldman Sachs led the fee rankings with US$206.3 million, followed byMorgan Stanley and JP Morgan, with US$148.2 million and US$124 million, respectively.

China domestic activity for the first nine months of this year posted US$385.2 billion from 3,711 deals, a decline of 2%in volume and 1% in transactions from last year's 3,756 deals. Meanwhile, Australia's domestic activity for the first ninemonths of this year posted US$31.3 billion from 535 deals, a decrease of 15.6% in volume and 5% in number of dealsfrom the same period in 2015.

23,621.6

1,505

13,093.0

Rank Val US$m131,208.8

Asia Pacific (ex-Japan) Deals Intelligence

Financials

58,200.4

102,003.7

5.5

967 1

120,610.0 51,060.0 52,345.7 Goldman Sachs & Co

China International Capital CoMaterials

High TechnologyIndustrial & Comm Bank China

Mkt.Rank

44.42

Share

39.9

Morgan Stanley13,736.3

3

1Goldman Sachs & Co

The Raine Group LLC

Morgan Stanley

19,802.3

China International Capital CoCITIC

3* 1

10.7

4,399.4 6,865.4

HSBC Holdings PLC

29.09,183.3

18.6

Asian M&A Falls 6% I Imputed Fees Down 8% I Materials Most Active Industry

39,140.8


Asia Pacific (ex-Japan) M&A

Halcyon Capital Ltd 4,399.4 3* 5.5 1

Industrials / Transportation & InfrastructureWuhan Iron&Steel Co Ltd (100%)

3/14/2016 Shenzhen Metro Qianhai Intl (100%)Pending

Date Effective Target (% Sought/Acquired)

Industrials / Transportation & InfrastructureMaanshan Dingtai Rare Earth & 16,829.8Jinan Diesel Engine Co Ltd

10,372.6

Syngenta AG (100%)

8,780.7China / FinlandChina / China

Consumer Staples / Household & Personal ProductsHigh Technology / Computers & Peripherals

CPFL Energia SA (46.1%) State Grid Brazil PowerIntended6/21/2016 Pending Supercell Oy (84.3%) Tencent Holdings Ltd 8,600.0

Jan 1 - Sept 30 2016

Financials / Other Financials

9/23/2016

3/23/2016Materials / Metals & Mining

Pending

Asian Completed M&A by Region - Imputed Fees

10,805.6China / China

China / China 14,482.9Industrials / Building/Construction & Engineering

CNPC Capital Co Ltd (100%)

Pending

Energy and Power / PowerBrazil / Brazil 7,716.4

9/23/20169/14/2016 YTO Express Co Ltd (100%)

9/6/2016 Pending

Baoshan Iron & Steel Co LtdDalian Dayang Trands Co Ltd

China Vanke Co Ltd

5/23/20162/3/2016

China Cross Border Announced M&A

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

Rank Date Acquiror / Target Nation Target Macro / Mid IndustryAcquirorTop Ten Any Asia (ex-Japan) Involvement Announced Deals

46,596.5Rank Value (US$m)

Netherlands / Switzerland Materials / Chemicals

China / China

High Technology / Software

2/17/2016 Ingram Micro Inc (100%)China / United States 5,600.0

Pending China / United States 6,257.76/6/2016 General Electric Co-Appl Bus (100%) Qingdao Haier Co Ltd

Tianjin Tianhai Invest Co Ltd1/15/2016

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.1

$0.2

$0.2

$0.3

$0.3

$0.4

$0.4

$0.5

$0.5

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

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia


15

China CITIC Bank Corp Ltd HSBC Holdings PLC

31,692.1

Deals

13

+1337


9UBS

+32 63,009.8

62,138.4

Industry Total

17,124.3

HSBC Holdings PLC 8Industrial & Comm Bank China 9

Bank of America Merrill Lynch 15 4

China Renaissance Partners

15

13,471.4

0.40.0

Sh (%)Market

-1.0

Asia (ex-Japan) Rankings

Huatai Securities Co Ltd

Jan 1 - Sept 30

16

▲

-1.52.4

2016 Rank

0.9

1.0


▲

43.2

0.4

25Mizuho Financial Group 1.7

Southwest Securities Co Ltd 22 24 14,702.0

270.2

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

1.81.80.1

+422100 0▼8,347.8 ▼1.4 -3.633.6

5 253100 0

27 0.1-2411

0.39Deutsche Bank

24▼-9.1

▲0.2

+110.5▲ 14 +7 ▲1.81.8 Barclays▼

9,181.4 2.0-0.1

+321Ernst & Young LLP 23 29

-0.6Lazard 24 20 13,682.114,233.8 0.0▲ 2.41.8 8,646.40.6 ▼ 0.547 Southwest Securities Co Ltd

▲ 0.725

1.9-16

▼ 0.10.230

16 ▲+15 ▲ 3.5 0.236 0.1

▼16.71.8 ▼▲ 6 0.1 -6 0.2

0.76▼10,645.7+5 ▲ 2.3

35+2 -11.811,253.1▼ 22▼ 0.7

0.4 ▼▲+5

0.4China Merchants Securities Co 22,838.0 ▲2.9 2.219 390.20.9

2.2-325,894.3 PricewaterhouseCoopers3.3 2.6 2.411,480.3 -2.9

Rothschild & Co 16+28 2.419 ▼51.8 0.9▼0.80.3 15

-2.3▲+4

Citi 1720.2-3418China Securities Co Ltd

30,589.3 3.9 -3.941

0.10▼▼ 41

17 -611,560.4▲ 18

-▲2.72.5 1.7

2.2▼ 11.4 0.00.55

52.8+80.3 72

190.4 -1.0▲

0.336,123.7 4.6 1516 ▼▼41 -150.5 Lazard

▼ 9.8+10.4 0.4 -23 ▲8.8+14

1.4 ▲22

▲▲0.4▼4.9

Dyalco 13* - 46,596.5

12 2 18,576.4 4.0 -14.61.841.63.8

0.3▼

China Construction Bank▲ 1 0.0 31 0.6

0.1 +3 ▲ Bank of America Merrill Lynch- 46,596.5

6.0 6.0

6.26.0

12 124 48,090.22.7 ▲341313* ▲

▼146.117,934.9

14 ▼-9 ▼ 62.2▲-3

2.60.4 ▼88.6

0.7 ▲

▼2.4▲ 56.33.7

0.4-N+1 11 -4.711257 4.111+5 19,160.6Credit Suisse 0

10 74 51,087.7 6.6 6.40.17

17306.2 ▲ ▼ 0.6

0.2 ▼ 0.4▼

19 +13 23,279.0▲ 10 5.0 -11.624,833.5

6.630,924.6▼33 7-56 Citi0.3

165.3

-4.8 ▼ 26 3.0 0.932 96.3-7.7 4.00.6 ▼

0.5 0 - 71.50.5

▼-4 ▼

--21 ▼ 4.4 0.00.2Huatai Securities Co Ltd 78

0.580.2 -7 ▼

20▲

31 ▲▲1.6

3.4 ▲34 0.7

0.525

5.2 2.5▲+12

6.7▲▼-0.6 74.9

124.0▲75,386.4

▲8.6

▲0.6 +73.2 1.5

5 40,910.0 8.7China International Capital Co 10

1240,335.56

Morgan Stanley 5 3 75,865.3 9.7-5438 0.714 41,932.3 ▼▲

1310.5 ▲39

4.14.2 4

3▼2.9 0.6- 8.9▲▲

2.251.1+7 0.5

▲0.60.8 +2 ▲ 148.2 6.29.8

52,804.90.5 1.92745,891.8 3.5

▼45.0▲

14.2 0.5524

-15.0▼ 2Morgan Stanley 11.2 -4.9

11.755,157.31

# ofRank ValueShare Ch.

2015 Rank Sh (%)

41▼

MarketChange in Advisor

▲8.7 3.7206.3

Market MarketMarket Market# of Deals FeesDeals Sh (%)

-9Share Ch.Sh (%)Financial Advisor

0.6▼1US$m

Goldman Sachs & Co 32

MarketFinancial Advisor

1 19 130,300.6US$m

14.9 ▼


Share Ch.

Goldman Sachs & Co16.7China International Capital Co

1

# of Deals# of

12,884.9

33

1

12,779.4Malayan Banking Bhd-

41

2.8

44

9.72.5 46

6.2 ▲

13,286.3

3.6 ▲

14Guosen Securities Co LtdHaitong Securities Co Ltd

0.440

▲+1

Imputed Fees (US$m)

Sh (%)▲

Credit Suisse 3 9 82,041.6

▲116,213.6 -4

80,920.8

48,540.5


2015 Rank

Rank Value

▲

+290.5

Change in

10.4

-3.5

0.6

67,982.2 8.7

▼-2.4▲

55

0.4

Lakeside Capital Advisers LLC +16.0▲

UBS7CITIC 106 0.4

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


12

JP Morgan 4 11

2

▲

▼

Somerley2 2021

-27 Guotai Junan SecuritiesBNP Paribas SA

2.4

26

▲25

0.5

15

▲

0.0The Raine Group LLC 0.1China Dvlp Bank Sec Co Ltd 20 - 2.2

-5Industrial & Comm Bank ChinaJP Morgan▼

+90

CITIC0.4

0.2▲

2.2

-0.5

8.1 ▼-7.9

▲

780 232 7

▼

▲

▲

38,145.7 -6.1

▲

5

8

21 - 16,593.0 2.1 2.1

2.88.0

▲

▲

+526

39

0.0

+15

+3

15

2223

▲

12.5

▲1.8

17

470 194 0

8,440.1

11,263.8

2.7

39

51 0.5

9 560 5 171 2 380 1 100 0Industry Total

Grant Samuel Deutsche Bank

- 5.9 0.7 0.4 ▲0.8 0.5 ▲ 1 0.1 0

Industry Total

▼

14.9


Industry % Change from Last Quarter▼

▼37.121.3

13.5

▲17

45.6321,890.7

9,775.6

0.30.3

8.6

7.94,666.7

16.213.20 110.72.3

16 2.1

-4.2

Share Ch.

UBSCredit Suisse

▲

Grant Samuel

-8.6▲

0.80.9

US$m

5.2

8.6 1.1

▲

0.321 780.6

650.0

1.41919

36*22 1.1

2


0.3

-

0.3

25.3

▲-6.3%

+29

▲▼

0.3

-4

Any Australian Involvement Announced (AD24)

▼▼

+422

-8.3%

Financial Advisor

-1.9%

Sh (%) Share Ch.Market


100.0

20,278.9

Market


6

Gresham Partners5

US$m

Credit Suisse 2

2015 Rank

0.1


Macquarie Group 1 2

Rank Value

32.1

Change in 2016 Rank

94

12

1

38

3

12▲

Goldman Sachs & Co

3-8.4

4.4▼

5▲1.9▲

72.0

+14.2

0.4 Tudor Pickering & Co LLC-+305

0.4

6

▼

+2 ▲+1 ▲▲

▲▼17.3

Sh (%)135.8

Sh (%)

0.40.6

6

18

0.8

8.7▼


-11.7%

5

▲Fees# of Deals

+216.148

19

2015 Rank

# ofMarketRank Value Market

▲49.32Share Ch.Financial Advisor Deals

Market2016 Rank

Change in AdvisorSh (%)

Market

▼Industry % Change from Last Quarter

- ▲2.3▲4.0

▼

Imputed Fees (US$m)

Jan 1 - Sept 30

-16.6%

-5,253100.0

Market

▼-8.2%▼

Any Australian Involvement Completed (AF31)

▼-1.6%Industry % Change from Same Period Last Year

Sh (%)

Jan 1 - Sept 30

-19.8%

349.60.7

0.4

-0.6

0.425


▲424.3

0.111,165

-27.4%Industry % Change from Last Quarter


16.7%

1,947.2

30.3

3.1 2

0.6

14Deutsche BankCiti


Greenhill & Co, LLC

LazardNomura 17

Evercore Partners

13

24Guggenheim Securities LLC

▲

26

280.0

0.823

480.0

100.0

RBC Capital Markets

25.7 ▲4.81.0

4.6%

780,232.7

Market

▼

Deals

UBS

8.9

27.0

9,930.8

157

Flagstaff Partners Pty Ltd

4

JP Morgan 35

2,803.854

Morgan Stanley

2,986.5

9,410.5

10

7,262.0

7

11

Industrial & Comm Bank China 11

59

28*China Renaissance Partners


▲

17,275.3

16,088.917,075.1

4.7

▲▲

31.8

-6.1

▼

11.5

-8.9

▲

15.7

▲▲

0.3

27.320,109.2

14.9

19.5

8.414.8

25.5

121.5

56

-3

+1

4.7

1.5

17

0.53

0.317

4 ▲▼

+1

6

Macquarie Group

JP Morgan

Goldman Sachs & Co

-3

0.5 -2

# of Deals▲

# of

-23.4%

470,194.0

5.4▲

2.2

3.0

▲80.1

3.0

01.0

-

+22.48

1.0

▲

▼

8.6

0.7

1.6

13.9

13.645.2

0.20.8

▲

0.2

▼

1.6▲

▲▲

1.3

▲

0.1

▲

0.61.0

▼

1.0

0.6

0.8

3.0

▲

+1▼▲

1.5▼

22.8 2.7

+125.5

1.6

18.5

0.61.0▲

▲ 6.01.7

12.2

4

▼

7

7

+2

085

61.0

▲ 1▲▼

-2

3 -3

0.9

6.8▲

0.8

-2

0.3+30.4

9.0

1.5

-1

-

0.9

-5

0.5

0.8 0

▼

-

-2

▼

1.00.9

11.8%

0.3

21

910

870.11.2

25* 2.7

7

11

-Morgan Stanley 8

4Gresham PartnersBank of America Merrill Lynch 7 5,065.0

5,056.1

8.85

8

1

10,197.012,540.0

3▲

16.6

4

6

26,909.5-0.614.6

1 29,082.32

0 - 25.2

9,560

17.6

▼▼

4.6

▼-3.0

-3.1

1,706.13.1

▲ 107.9

2.9

4.83,079.6

1,809.913

2,803.8

2.9

▲ 1,239.0

6 -5.9

▲ 16* 1,593.61,593.616* 83

▲

52848.4 1.4

0.2 11-▼

2.12.7

18

▲1.3▲

1.5

1.1

2.7

-0.4

3

▼

0.9

+4

1214

▲

Fort Street Advisers

-3

33

4 -12.6▼ 15-4

14▼1,024.9 ▼▼

Moelis & Co 1.31.41915

16 6 10-0.4 0.3

China Renaissance PartnersIndustrial & Comm Bank China

1.2

870.1832.7

-

-

688.2650.0495.4

10

98*

0.7

▲

▼18

0.813

0.8

0.8

-5.91.11.0

480.0 0.8Blum Capital Partners LPDuff & Phelps

▼-1.7

0.3▲

21*

1219 0.2

-21*20

0.8 0.10.1

1Luminis Partners Pty Ltd1

0.1▼▲

▼

+1

-▲▲

+1

Greenhill & Co, LLC

Evercore Partners23

▲▲

0 20Cameron Partners Ltd

+1

Barclays

Rothschild & Co1 12Lazard 13

+3+4

8

0

1.5

0.1

0.3-0.2

+10.3▲

0.82,709.3

1,689.8

7.4▲ 0.3 ▼-11▲ 0.1 - 2.9

0.7

0.40.51.2

▲

0.9

1.1

0.4▲

▲

▼

▲

▼

0.4

0.51.0

▼

+2

0.7

▲

▲-

0.1

2.6

0.4

-27.0%

▲

0.0

2

3

23

2 0.3▲

+1

12.5

17.2% ▲

4 ▼0.3

▼

▲

-4.9% ▼▼

-

100.0 100.0

-2.8%

-107

+1517.6

0.8 ▲


Centerview Partners LLC 25* 47 480.0

66

838.6792

▼

4.4

0.8

22.2%

0.3

▼

▲+1 9.9

2.70.1

▲

▲

3.6

5,171 2,380.1

480.0

6

-11.9%-15.2%

-1▲

8.6601.55+2

Blum Capital Partners LP 25*0

Moelis & Co

-

▲24ING

Industry Total

▲

58,962.4

-

100.0

0.40

Industry Total

1,301.4 ▼

▲0.4-6 Citi

1,593.6 2.5-7.0

▲2.5

1.62.1

49

752.8 1.2▼

Investec 0.598*

-60

▼

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


16

Deals

4

14

Any New Zealand Inv Announced (AD39)

Financial Advisor2

Craigs Investment Partners Ltd

1 ▲32.1

# of

2*698.7

23.729.5

▼

0

2.5

1

-23.432.0

▲

4-10.6

Goldman Sachs & Co5

10.33.9

14

-Rothschild & Co 940.0

▼


317.7

-26 5% ▼

5,189.8


-Deutsche Bank596.4848.4

US$m

86.1

▲2


4

PricewaterhouseCoopers

Asia (ex-Japan) Buyside Financial Sponsor Activity

2016 Rank

Deutsche Bank

Industry Total

Cameron Partners Ltd

Goldman Sachs & CoFinancial Advisor

3

5*

160

Change in Market# of Deals

-8

Any New Zealand Involvement Completed (AF46)

Market2015 Rank

-79.2%

1

0.6

-19.7%-4.8%

1

4

23.9

2.5

Jan 1 - Sept 30

100.0

4

Deals


▼

▲

2.46.6

▲

# of

2015 Rank

Share Ch.▼2.7

# of Deals

▲

Sh (%)Market


32.0

KPMG

Industry Total

18.1 3.5

Sh (%)Sh (%) Share Ch.

▼

Jan 1 - Sept 30


MarketAdvisor

10.4

Market

12.3 13.1Fees

3 -1

6.1

16.4 ▲▲

▲16.411.5

▲

4.8

▲

3 +2 4.33.6

+18 7.11

1.10.9

4.0

2.40.2

▲

2*

-10

100.0

+4

+1

100.0

21*

-46.5

2,168.0

-3

113


MarketShare Ch.

5 32.0

▲6.7

Sh (%)

-10 3%

84.4

Imputed Fees (US$m)

Asia (ex-Japan) Rankings

▼

32.0

Change in

▲

▲


1.3

▼

+1-

▼

-13

8 6%

2.0

2.7

▼

5.80.9 6.8

▼

Rank Value

▲

MarketRank Value

6,780.6

6.1

1,239.5

▲

18.11

Citi

267.1

2,168.0

US$m

▼

Macquarie Group 5* 6 317.7

2,174.0

-

76.4%

5.5

▼▼ 3 2.7 0

Market

5.7

-

Sh (%)

5.7+4▲▲

$3.1$9.6 $3.5 $6.0 $8.9 $6.1

$12.8 $13.8 $19.1$4.0$4.0

$6.6$13.3

$8.2

$17.1

$40.7 $34.6

$6.8$5.1 $3.3

$8.1

$9.8

$6.5

$31.8

$42.3

$14.5

$6.7 $17.3$5.7

$6.2

$10.3

$14.0

$31.8

3.0%

7.8%9.9% 10.5%

8.0%

11.2%

8.0%

14.6%

18.4%

20.1%

0%

5%

10%

15%

20%

25%

$0

$20

$40

$60

$80

$100

$120

$140

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of WW FS Volume YTD

▼-26.5% ▼Industry % Change from Same Period Last Year-51.3%

▲▼-24.4% ▼ -70.3%

-10.3%

* tie

▼ 8.6%Industry % Change from Last Quarter

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

17%

15%

15%13%

10%

8%

5%

4%4%

4%3%

Materials High Technology Industrials

Financials Real Estate Energy and Power

Media and Entertainment Healthcare Retail

Consumer Staples Consumer Products and Services Telecommunications


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


17

Mitsubishi UFJ Morgan Stanley

* tie

NomuraSumitomo Mitsui Finl Grp IncMizuho Financial Group 66.5 3

26,599.1 3

3115

1

1

6,829.4 68.8

72.4JP Morgan 1,073.2 3

9,930.4

2

4 69.0

13,826.2 Real Estate

3,800.3 3,845.8

2

6,849.7

23.7

345

4

19

27.8

2

444 23

2

6

4 169

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

The Raine Group LLC

31 25.0

Japan Deals Intelligence

31,729.7 39,350.7

54,794.0 1

Lazard

High TechnologyMizuho Financial Group

Japanese M&A volume during the third quarter of 2016 more than doubled compared to the prior quarter, recordingUS$67.6 billion in value, and representing the second-highest third quarter volume since 1999’s US$97.8 billion.Japanese M&A Activity during the first nine months of 2016 was US$139.1 billion. 21 Japanese involvement dealsvalued at US$1 billion or more, worth an aggregate US$89.4 billion, were announced during the first three quarters of2016 - a 12.6% increase compared to the same period last year.

High Technology was the most active sector with, 444 deals worth US$54.8 billion, accounting for a 39.4% marketshare. Half of the top 10 announced deals were High Technology deals. Industrials followed, accruing US$18.6 billionfor a 13.3% share of the market.

Over half of Japanese involvement deals were generated from outbound activity, with value reaching US$63 billion; thesecond highest first nine months volume since 2015. Japanese outbound deals were primarily driven by Softbank’sacquisition of UK-based ARM Holdings – the largest Asian involvement high technology deal on record.

Japanese Domestic market activity was up 37.9% year-over-year, totaling US$56 billion from 1,746 deals - the highestfirst nine months volume since 2011’s US$71.8 billion. The two largest domestic deals announced during the thirdquarter were the US$6.3 billion energy business integration by JX Holdings and Tonen General Sekiyu, and the mergerof Coca-Cola East and West in Japan, worth US$3.1 billion.

Any Japanese involvement Completed M&A activity totaled US$142 billion from 1,624 deals. Total estimated advisoryfees according to Thomson Reuters/Freeman Consulting reached US$1 3 billion

57.971.8

No. DealsRank

44,814.7 23

Share

Mitsubishi UFJ Morgan StanleyIndustrials

Daiwa Securities Group Inc

Nomura

39.3

16.927.5

HealthcareMitsubishi UFJ Morgan Stanley

4,645.2 3

Nomura

Energy and Power


Japan M&AJapanese Third Quarter M&A Up 127% | High Technology Volume Drives Japanese M&A Activity | Outbound Second Highest On Record

4,398.2

7,296.3 1

81.8

Rank Val US$m

Sumitomo Mitsui Finl Grp Inc 2

1

2,338.3

18,556.5

Nomura

8,838.2

6,394.8 212.1 2

135 6,620.6 1 74.9 3

4

TonenGeneral Sekiyu KK (100%) Energy and Power / Petrochemicals


Any Japanese Involvement by Market

Toshiba Medical Systems Corp (100%)Joy Global Inc (100%)

ARM Holdings PLC (99.28%) 30,750.7SoftBank Group Corp

JX Holdings Inc

3,623.6Healthcare / Healthcare Equipment & Supplies

Jan 1 - Sept 30 2016

Sharp Corp (72.32%)Komatsu America CorpInvestor Group

6,276.4Japan / Japan

Rank Value (US$m)

Renesas Electronics Corp

Coca-Cola East Japan Co Ltd (100%) 3,082.5

Japan / Japan

3,003.8Japan / United StatesJapan / United States

3,450.3United States / United States

Japan / Japan

Canon Inc

Japan / United KingdomChina / Finland

NTT Data Corp

High Technology / ElectronicsIndustrials / Automobiles & Components

Taiwan / Japan

Coca-Cola West Co Ltd Japan / JapanHigh Technology / IT Consulting & Services

3,131.6

3,055.0High Technology / Semiconductors

Dell Systems Corp (100%)Consumer Staples / Food and Beverage


Acquiror / Target Nation

High Technology / Software

Pending

Completed

3/28/2016

1/29/20162/25/2016 Completed

PendingPending

9/13/2016

9/30/2016

Date EffectiveTop Ten Japanese Involvement Announced Deals

Supercell Oy (84.3%) Tencent Holdings LtdCompleted

6/21/2016

fees, according to Thomson Reuters/Freeman Consulting, reached US$1.3 billion.

Daihatsu Motor Co Ltd (48.73%) Toyota Motor Corp

Any Japanese Involvement Announced M&A

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

5,901.77/21/2016

Pending

PendingPending

3/17/2016

7/18/2016

Pending

8/31/2016

Intersil Corp (100%)

8,600.0

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

$42.4 $51.0 $41.7

$31.0$37.1

$21.6$19.2

$45.9 $41.2$32.8

$32.1$33.0

$29.8

$28.7 $47.5

$42.4$50.3

$50.5$42.4

$32.6$24.0

$45.7 $67.6

$51.9 $28.7

$38.9$30.2

$50.4$59.3

$35.2 $26.6

$65.2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

# 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



2016 Rank

Jan 1 - Sept 30

# of Deals# of 2016

Rank

Any Japanese Involvement Announced (AD19)


28.3 2

41.9-6

Deals2015 RankSh (%)

Change in Rank Value per Advisor (US$m)

Sh (%)


26.339,350.7

354.9154

▲▲31.2

144

Market2015 Rank

▲

58,267.043,367.6

US$m

36,568.3

Rank ValueSh (%)

▲▲

▲

28.3

1

12.82.0

23.1

12.8

-

10

13

Nomura

Goldman Sachs & Co

UBS 6 11

JP Morgan

7

14

2.9

-

108

4.4

10.0

17

15

831,400.9

3

35,261.132,076.0

12

3,961.316

3


14Plutus Consulting Co LtdCitiDaiwa Securities Group Inc

Rothschild & Co

13,965.0

0.2Barclays ▲Deutsche Bank

13.01.5

Citi1213.9 ▲ 094

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 (%)

4 52,038.9 36.656,989.4

100.0▲

0.718.8 ▲40.1+23 ▲

+2 ▲▼

0.1

12

6.1

144▲▲ 8.9

38▼-1▲

+42.3

-43

-

▼

+2

-4

11.0

91.2

-14

-

▲

2.9

40.8

1.7

▼

1.7

1.6

1.7

67.5

40.9

8438.2

▲

▼

-

109.9

22.6

▼ ▲

1.4

8.4

3.1

5.2

0.2

3.1

▲

▼

▲

0.7

3.8

0

+1▲

▲

▲

1.3

▲

0.2

5.2

1.3

0.6

0

49.3

22.7

▼

0.3

3.7-3

1.4 0.2

▲

4

▼25

▲▼

0.21.5

18

1,786.9

0.223▲

2

2.3

0.023

▲1.2

24- ▲ 2

▼

18.6▲

+2

6 4 8

6.0

.40.1 ▲

+11.21.2

0.11

▼2.6▲▲

0 9

0.1 +1

113.7

-

19 48

0 4

▲

17

14

▲1.4

157.0 12.0

▲▲7.7

1.1

107.4 8.2 1.90.5

2.2

1.4

▲

1.7

▲0.6

▲▲

▲

22.6

34.1

▲0.0

15.7 1.2

▲

0.8

1.4

▼▲

-▲

0.70.4

▲

0.5

▼

▼

0.6

0 2

7.0

0.9

1.4

1.0

18.0 11.2 ▲▲

5 8

13.9-4.922.1

20.121.42

▼

+1The Raine Group LLC

0.5

▼10

25,511.428,489.9

150.6 Rothschild & Co-412-47

9,911.96,076.7

7.1

22.130,750.7

27

18,071.719,330.5

20

6

4,380.3

56-0.8 ▼ 6

25.4

3.2

▼22.6

-0.1

Robey Warshaw LLP

145.5

11.315,729.5 -4.211

▲

▼

1

45

36,754.17

Goldman Sachs & CoMizuho Financial Group

1.413

35,240.4 24.8

Credit Suisse

9

2

10

5

Lazard

5

▲

15

Mitsubishi UFJ Morgan Stanley11


The Raine Group LLC

7*

▲7*

4

3

15.5 0.3+24

Mitsubishi UFJ Morgan Stanley45,930.4

2

5

16.7

-332.3

-2

1

4911.5

532,861.3

▲25.9

18.416▲0.6

8-3 ▼

Lazard▼Sumitomo Mitsui Finl Grp Inc▼UBS

-30.3

▲▼

43.6 -792

630,750.7

71

0.2

0.01

-3.4- ▲

9

0.421.7 021.5 0.1▲

67 23.1

▼0.1

10.4

-1.18

▼

7 0.44.4

21.7 +121.730,750.7

▼

1

0.5

30,426.0

22,631.50.5

0.2 ▼59

15.912.9

3.6-5

+8 12

+91.0

▲2.00.2

1314

+45.8

6

374

2.15,442.2

▼

-0.38,164.6

16

1.5 ▲

11.9-6.5 0.4 +2

17.06-3.8

-6

3,055.01,734.5

2.818 40 3,215.0 2.3

2.2Deloitte 20 18Wells Fargo & Co 19 129* 0.1

1.33

-5.6+2▲ Barclays

▼ 1.32.2

▼▼ 1.2 -21

0.1 ▼1,785.614 ▼

Evercore PartnersHoulihan Lokey

211.0

▼DeloitteGCA Corp -5.9

-3.93

Yamada Consulting Group Co Ltd 23 57 1,356.5 1.0▲1.0

0.922 88

▲0 0Moelis & Co 25 30 0 9-

1 617 8▲ 19Ernst & Young LLP0 3 3 61 1+1 25 ▼

9 1,590.5 1.1 ▼ING▲1,411.5 +5

-10.3 -3

2,852.7

1.6

4 0.2 +1 2.0

KPMG15 18

▲

Any Japanese Involvement Completed (AF23)

▼

302.0

16 3,870.90.0

▲

-3.9 -0.6

131.2

2626

-1▲

241,693.211 0.4

▲ 0 1,631.1+4

52▲

2.218,277.8

▲

Plutus Consulting Co Ltd▲

0.2Daiwa Securities Group Inc+9 22JP Morgan

▲1.21,768.3

31

0.1▲

22

1,200.0 -0.9

▼▼

37

▲

7 0.3Perella Weinberg Partners LP

1.7

GF Securities

16

119*

2,390.0

3.8

1.2

Credit Suisse3.34,658.7

▲ 3

1 187 920.7Centerview Partners LLC8

17.21.6

+1 ▲

1.6

1.3-14 1.2

+101.314.3

2120

20.31.11.6▲

Evercore Partners

▼

40-2

+19

Jan 1 - Sept 30

6,181.0

Robey Warshaw LLPNomura

4.4


3.4 ▲

Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▲▼-15.0%

▼-6 4.8

18.1%

Industry Total

Japanese Target Completed M&A Fees

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

0.2%

0.9

10.5%

0.4141,624

▲

▲

100.0

▲

+4

htt // th

1,306.60.2▲

100.0 2,533139,082.00.0

Industry Total +118Moelis & Co 25 30 0.9

* tie

127.0%7.2%

▼

1,617.8▲ 19

50.6%▲

▲▲ 4.9%-0.7%

▲▲40.7%

Ernst & Young LLP0.3 -3.61.1+1 25100.0

▼142,048.8

Japanese Involvement Announced M&A Target Industry by Value

1,187.9 8

39.4%

13.3% 9.9%

7.1%

6.4%

5.6%

High Technology Industrials Real Estate Energy and Power

Healthcare Consumer Staples Materials Financials

Retail Media and Entertainment Telecommunications Consumer Products and Services

$190.4 $216.2

$99.6

$241.6 $214.0 $170.8$218.7 $225.1

$142.1 $137.1

$271.8 $180.2

$147.0

$237.9

$130.5 $203.3 $118.9 $82.9$141.3

$256.2

$208.3

$160.2

$144.4

$149.9

$106.3

$223.9

$186.5$148.2

$89.2

$172.7

253.5

175.8

242.8

178.9

156.6

237.5

209.2

154.9215.1

0.0

0

100

200

300

400

500

600

700

800

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

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


19

141.41.4

-27+10

▼▲

BarclaysPrairie Capital Advisors Inc

22*22*

66*31*

14

▼▲▲ 7,605.1

0.60.2

12*66*

5

16*16*19*

1.71.71.4 1.7

National Bank of Canada Fin'lTD Securities Inc

Fairness Opinion Rankings†

48*

66

1.6 -11

10.8.0 0.0

2,709.072,301.3

0.032,020.9 7.7

69.9

44,719.3


77,737.8 18.82,747.4 0.7

11,534.0 2.83,514.0 0.43822,694.4

▲3,388.0

▼

2.9▲

62,222.1

+10

Guotai Junan Securities

77,943.3

1.5

7,501.8▼

+5

19

22* +1

20*10

22*

+21.0

21 2.11.4

1.4

2.3

▲

1.8 ▲17

3.9

▲

34,791.5

2.2

61,519.1

+103.7

11,080.5

3.6 +27

7

▼

-3

▲

▲37

3.8

3.4 -13

2.1 +92.0

17

181.7

4 28*3 39*

+315

27 33*

36

+1028*

Morgan Stanley4.4

+25 8,101.0

12 239 8* 288 6

10.3Stout Risius Ross Inc

7.3

1.0 ▲9,306.3

0.4

83,977.3Barclays

Stout Risius Ross Inc

4.04.0


Evercore Partners

Prairie Capital Advisors IncHoulihan Lokey

45,069.432,020.9

2.60.0

7*1011

Morgan Stanley

19.22.1

14Stifel/KBWBarclays0.0

3.2

3.3

-59,912.024,435.0

7.7

14▲3.10

-8

+1

▲

▼+5

7,185.8

69.9▲

1.68*1.7

16

Citi

16*

18

China Securities Co Ltd

Haitong Securities Co Ltd

16*

12*Guosen Securities Co LtdKPMG

10

15Sandler O'Neill Partners

12*

Morgan Stanley

14* ▲

7*

Citi201421

10.0

GF Securities

China Merchants Securities CoHuatai Securities Co Ltd

12*Duff & Phelps

11+1

22

2.8

Houlihan LokeyEvercore Partners 6

7.9 7*32 3.2

34

69.9▲

▼▲

China International Capital Co 333 ▼-146

▼

4.6

14 -134.04.3 +715

-216

2 2 30 8.6

17

2,747.4-4 ▼

▼11,534.0

0.68.9 -4 ▼

3 8 18 5.2 +5

17.7


# of Market Change in

1 1# of Deals

-7.9

Market

JP Morgan

Rank Value

77,737.831US$mSh (%) Deals Sh (%)US$m

86,041.9 11.0

Rank Value

JP Morgan21 3 40

Fairness Opinion Provider2015 Rank

4.0Duff & Phelps

Deals0

-85 5

4.94 4

2015 Rank

-2+5

2,491.1690.3

+3

5*▼

▲▼

19.19,142.6 2.2

▲+812 -5

3.57Raymond James Financial Inc

119*

5.3

▲

4.20.7▼

-5 17.5

▼78,960.1

▲6.3-8

18

15

17

-2▲

4.2

▼

▼+510

24*1312

4

5*+7

-5

3

155.3

14-14

4.94.6

# of Deals2016 Rank

2015 Rank

1 210.2

-212

7

▼

6.0+5

▼Sh (%)

Goldman Sachs & Co

3

89*10*

BMO Capital Markets22*

Prairie Capital Advisors IncStifel/KBWRaymond James Financial Inc

Houlihan Lokey 18*18* 520*20*

16

5*5*

▲

1210

Rank Value (US$m)


Rank Value (US$m)MarketRank Value

# of Deals per Advisor# of Deals per AdvisorBased on Number of Transactions

Change in # of Market2016 Rank

Market2016 Rank

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

Change in Sh (%) Sh (%)

Jan 1 – Sept 30Any US Involvement Announced Fairness Opinion

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


39

DealsMarket

29JP MorganFairness Opinion Provider

Duff & Phelps

# of Deals# of

CITIC

Fairness Opinion Provider US$m Sh (%)

Gram Capital

11

8

10.931

4

Shenwan Hongyuan Securities CoStout Risius Ross Inc

1

15*

12

0.6Bank of America Merrill Lynch

1080.9

7Goldman Sachs & Co13

615*

0.60.3

16.515.2

2.92.3

3.411

+5-5

+5-5

+3▼

.02,709.01,208.2

72,301.366,609.9

▲▼▲

▲ 10,902.3

14*14*16*0.0

0.32,039.1

4,373.011,534.0

Jefferies LLC14

776

2.02.01.7Credit Suisse

9▼

55,792.423,930.251,980.5

+1-5

Evercore PartnersSouthwest Securities Co Ltd

28*4

1515

1.51.5

-19+5

▼▲ 14,697.4

4.11.9

83,977.3.0

10.70.00.5

Bank of America Merrill LynchJefferies LLCPiper Jaffray CosCredit SuisseQatalyst Partners

32,020.9

-1

12.75.5

11.9

PJT Partners LP

1213141516*16*16*16*

Citi16*16*91216*16*24*24*

98765555

3.22.82.52.11.81.81.81.8

+4+3-4-100

+1+1

▲▲▼▼--▲▲

1,184.666,609.923,930.2

2,491.1973.1

50,979.326,485.3

9,576.6

0.316.1

5.80.60.2

12.36.42.3

Great Wall Securities Co Ltd 24* 39* 13 1.3 +5 ▲ 3,615.2

UBSPiper Jaffray CosRBC Capital MarketsGuggenheim Securities LLCQatalyst Partners

19*19*19*19*19*

555

35*22*35*35*28*

1.41.41.41.41.4

55

+20

+2+2+1

48,341.520,541.726,485.3

▲-▲▲▲

2.20.2

11.04.76.0

9,566.5973.1

Guggenheim Securities LLCWells Fargo & CoUBSCenterview Partners LLCBMO Capital Markets

16*21*21*21*21*

29*35*29*16*35*

54444

1.81.41.41.41.4

+2+2+1-1

+2

▲▲▲▼▲

5,882.69,566.5

30,701.553,039.0

5.01.42.37.4

12.8

20,541.7

Industry TotalIndustry Total

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

Somerley 20*

13*

19

Great Wall Securities Co Ltd

▲▼

10,427.25,688.9

5.12.8

33

2.92.9

+2-7

SEBBank of America Merrill Lynch

7*7*

26*3*

1.2

- 4,523.7

▼

8 1.2 0

▲

-19

1.5

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

9,141.0 2.9+5

1.0

Nuada Ltd 20* - 8

13* 12

9 ▲

▼

284

0.0

+2 ▲ 36,484.8

▲

-

▲▼

68.8%

.0

+5

▼

6

+104.328

▲

+18

2.37,185.8▲

17*

310,116.5

+254

1.81.8 ▲

▲

33

401.1

39 +106.0+3138

+8

# ofDeals

▲

Change in Market

+2

11,080.5

5.7

1.4

2.40.7

4

7

11

4.7%▲

+48

7,855.3 2.5

5.5 ▼

0.11.2+3

2.67.93.6

7,501.8▲ 2,039.1

24,435.0▲8,101.0

Industry % Change from Last Quarter 19.5% ▲ 14.3%

Industry Total 100.0

▲

652

Industry % Change from Same Period Last Year 7.9%

Guotai Junan Securities

13*13*

3 16

1227*

19.8

1.1

2.5

3.211* 3.48 219 17

▲ 61,519.136

20.162,222.1▲

-13 11.27.3

Industry % Change from Last Quarter -16.2% ▼ 192.2%Industry % Change from Same Period Last Year

Industry Total

▼

204,341.8

-25.0%

100.0-35105

-34.8% ▼

Citi 17* 21*JP Morgan

New Times Securities Co Ltd 17* 2,969.23,637.03,611.6

+148*

▲

13

1.2

13 2.0+62.0

▲ 1.2+10

3* 13*

513*

56

4Huatai Securities Co Ltd

2016 Rank

13*

Jan 1 – Sept 30Any EMEA Inv Announced Fairness Opinion

Market

25.7 +4

15.22

Market2015 Rank

Change in Deals

16Sh (%) # of Deals

▲6


# of Deals

100.0


349

▼

-34

-26.1%-13.7%


Rank Value (US$m)

3,615.22,230.6

438,236.9100.0-41

-12.6%

Market

Jan 1 – Sept 30

▲▲ 0.7

Industry % Change from Last Quarter ▼-46.1%-3.4%

17.9

Sh (%)

6.3

5.115*

2015 Rank

117*

21*

4.8

53,904.52

-2

CITIC21*

1.9

-123

Based on Number of Transactions

2016 Rank

-8.9%-36.4%

2.8% 53.9%

Shenwan Hongyuan Securities Co

6

2.6

22

32GF Securities

910

* tie

13* 13 2.0 +2▲

Sinolink Securities Co Ltd13 2.0Changjiang Securities Co Ltd

Fairness Opinion ProviderKPMGMorgan Stanley

JP Morgan

1

China International Capital Co

China Merchants Securities Co10,459.1▼

▲4.8

+112,880.6

5

Gram Capital

-361,010

# of

Based on Number of Transactions

Fairness Opinion ProviderUS$m

13*


2


Duff & Phelps

1

Guosen Securities Co LtdHaitong Securities Co Ltd

Rank Value

Any Asia Pacific Inv Announced Fairness Opinion

Barclays 5*5*

Dongxing Securities

Rank Value (US$m)

3.84.95.1

+11

-27

55*

3.82.9

▼-46.2%

3,514.0

Rank ValueUS$m

5.8

34,791.5▲37 +27


▼ 14,697.4Southwest Securities Co Ltd 12

China Securities Co Ltd

4.715 2.3

▲

0

22,694.4

Sh (%)Sh (%)

▼ 47.7%

1,010.0 100.0

7*7*7*

CITICHoulihan LokeyRothschild & CoN+1

-13*5

26*

4333

1,424.949,834.5

2.92.9

+4+1-5

+2

2.31.00.7

24.4

▲▲▼▲

4,733.42,046.0

Dongxing SecuritiesSinolink Securities Co LtdChangjiang Securities Co Ltd

24*24*24*

101*25*80*

131313

1.31.31.3

+6+11+2

▲▲▲

,2,230.63,611.63,637.0

0.30.50.5

yCanaccord GenuityPJT Partners LP

66*28*

19* 519* 5

1.41.4

▲▲

+4,681.8

+1 9,576.60.22.2

pLazardHovde Group LLCChartwell Financial Advisory

21*21*21*

13*16*

-

444

1.41.41.4

-2-1

+4 .0

▼,

51,626.4106.5

555.2

12.5▼▲

0.2

0.00.0

Kaiyuan Securities Co Ltd 20* - 8 1.2 +8 ▲


20

-

-

-

-

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

EMEA

Tel: +44 (0) 20 7542 2246

E-mail: [email protected]

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


Ranking Criteria Summary

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

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

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

AmericasRobert LevineTel: +1 646 223 5682

Announced league tables include all deals that were announced between January 1, 2015 and September 30, 2016 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on September 30, 2016.

Tel: +813 6441 1338

E-mail: [email protected]

Asia-Pacific & JapanKaori Motohashi

-

-

-

-

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

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

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

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.

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

© 2016 Thomson Reuters. All rights reserved.

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


21

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