MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS First Quarter 2014

REUTERS / Jim Young

2

11

15

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

11

14

Any Nordic Involvement Completed (AF44)

Table of Contents

16

16Any Australian Involvement Announced (AD24)

9

1

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal Making Community

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

20

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

Any Asia Pacific Announced Fairness Opinion

2

2

8

11

12

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

11

14

20

21

21

22

21

20

Any Spanish Involvement Announced (AD34)3

3

6

6

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

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)

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)

19

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)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

Any Italian Involvement Completed (AF43)

20

20

19

Top Ten US Announced Deals

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

20

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any European Involvement Completed (AF3)

https://www.thomsonone.com

10

12

12

Any French Involvement Announced (AD33)

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)

M&A Financial Advisory ReviewFirst Quarter 2014 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21)

Any Americas Involvement Completed (AF55)

17

17

18

18

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

Americas Deals Intelligence

6

US Target Announced (AD2) 7

First Quarter 2014 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide Deal Making Up 36% Net of Competing Bids; Number of Deals at Decade Low l Best Start for Telecom, Media Since 2000 l Morgan Stanley Top Advisor

Global Deals Intelligence

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

Worldwide Completed M&A by Region - Imputed Fees

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WORLDWIDE M&A UP 36% NET OF COMPETING BIDS; NUMBER OF DEALS FALLS TO DECADE LOW - The value of worldwide M&A totalled US$756.1 billion during the first quarter of 2014, a 52% increase fromcomparable 2013 levels. Net of the competing bids for US-based Time Warner Cable and France’s SFR,worldwide M&A has increased 36% compared to first quarter 2013, marking the best annual start for worldwidedeal making since 2011. Just over 8,200 worldwide deals were announced during the first quarter of 2014, a10% decline from a year ago and the slowest opening period for M&A, by number of deals, since 2004. CROSS BORDER UP 86%; EMERGING MARKETS ACCOUNT FOR 17% OF M&A – Cross Border M&Aactivity totalled US$245.2 billion during the first quarter of 2014, accounting for 32% of overall M&A volume andup 86% compared to first quarter 2013. Accounting for 17% of worldwide announced activity, M&A involvingcompanies located in the emerging markets totalled US$125.6 billion during first quarter 2014, a 5% decreasefrom 2013.

COMPLETED ADVISORY FEES UP 8% - According to estimates from Thomson Reuters/Freeman Consulting,M&A advisory fees from completed transactions totalled US$5.6 billion during the first quarter of 2014, an 8%increase from the comparable period in 2013.

TRIPLE-DIGIT PERCENTAGE GAINS IN MEDIA, HEALTHCARE, TECH DRIVE M&A - The media andentertainment sector was most active during the first quarter of 2014, commanding 21% of announced M&A,while the real estate and energy and power sectors each accounted for 10%. Net of competing bids, media,healthcare, technology and consumer products led all sectors by growth rate with triple-digit percentageincreases over 2013. The first quarter marks the strongest opening period for worldwide media and technologyM&A since 2000. Consumer staples deal making was the only sector to register a deficit compared to firstquarter 2013, down 30%.

BUYSIDE PRIVATE EQUITY M&A UP 21% COMPARED TO 2013 –Worldwide private equity-backed buyoutsand portfolio company acquisitions totalled US$139.1 billion during the first quarter of 2014. Private equity dealmaking in the high tech, telecommunications and energy sectors accounted for 51% of the activity during thefirst quarter, up from 29% during 2013. Accounting for 18% of worldwide M&A during the first quarter 2014,private equity-backed M&A increased 21% compared to first quarter 2013 levels.

$73.7 $154.2

$201.8

$78.3 $16.3 $31.6 $65.5 $61.1

$114.6 $139.1

$109.9

$191.9

$319.7

$82.7

$24.7 $60.3

$86.2 $68.4

$79.6

$73.6

$160.6

$161.8

$55.7

$36.6

$73.9

$69.7 $89.9

$79.1

$96.9

$281.0

$101.1

$35.7

$51.6

$86.0

$104.4 $120.2 $112.6

13.2%

21.8% 19.0%

8.8%

6.5%

10.4%

12.9% 13.3% 16.0%

18.4%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% 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

$2

$3

$4

$5

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

Impu

ted

Fees

(US

$b)

Americas EMEA

Asia Pacific Japan

$145.5 $281.0

$406.1 $258.1

$113.4 $175.1 $234.2 $171.4 $131.8 $245.2

$241.2

$273.3

$642.8

$364.0

$112.3 $202.2

$246.3 $270.7

$166.9

$262.9

$254.4

$371.7

$326.3

$149.2

$271.1 $204.0 $203.2

$210.2

$249.5

$406.2

$430.9

$154.3

$167.9

$263.0 $200.5 $259.1

$241.9

33.6%

33.6%

44.8%

38.3%

27.2%

37.5% 35.1%

35.5% 31.2%

32.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% 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

1

Western Europe

South East Asia1,155.8New Zealand

Target Macro / Mid Industry

▲

▼

▲

61.3-39.1-20.2

544

397

▼

▲

273▼

Telecommunications / Telecommunications ServicesHealthcare / Pharmaceuticals

Industrials / Automobiles & Components

Energy and Power / Oil & GasConsumer Products and Services / Other Consumer Products

Consumer Staples / Food and Beverage

High Technology / Internet Software & Services

Jan 1 - Mar 31 2014

Suntory Holdings Ltd

Pending

1/13/2014

1/20/2014

Retail / Food & Beverage Retailing

Consumer Staples / Food and Beverage

Media and Entertainment / Cable

United Kingdom / Germany

Telecommunications / Telecommunications Services

▼

Media and Entertainment / Cable70,677.1

▼

Worldwide Announced M&A Target Industry by Value

330

1/1/2013 - 3/31/2013

260,449.3 ▲

▲

▲

▼

% Change

in Rank

Value

▲

▼

▲

41.633.3

-33.4

-73.2

-4.9

▲

44.2

▲

▲

▼

5,016.520011,788.4

9.6

14.628.8

105

United States 223,922.9

1,838.9

▼

1,860

▼

-91.3▼

▲

26

36,526.4

No.

Deals

3,705.1357.0

3,648.1 2,576.9

322,868.4

80

272

539,511.8

Rank Val

US$m

% Change

in Rank

Value

South America

1,778

149

-71.528

Target Region/Nation

North America

2,891.01,330.1

-61.4 Mexico347,204.7

2757.4 2,050

▼

2,190

14362,472.5▲

33Central America▼

2,246▲

Americas

8,438.8

267,092.7

No.

Deals

709.6

496,479.4

Rank Val

US$m

2631.1

28.23819

-1.62,447

50.7

7,1865,898

Caribbean265.0

▲

62.7

53.652.3

276,458.7

▲

39

2,5192,097

▲

150.825.1

▲

▲

261422

2,368.5119

-4.7 Canada 24,336.3▼

11,205.6Brazil 5,498.4

▲

8,125.6

3,250.6284

Chile-54.8 ▼ 11,793.5-59.6

Africa/Middle East3,991.5

▼

Sub-Saharan AfricaNorth Africa

-18.6

79 2,504.0

96▼ 62160

87,141.6 -47.313,147.7

17

3,318.6

10,293.3

14

199

288.6 16

43.5

68

32,413.1

647

224.5

272306

74,990.112,797.8

73,993.9

981

▼

-81.9

▲

1,733

165,418.6

126.1

2,214▼

▲

2,791.4

-50.3

2

2,767

9,139.72,642.0

▼

59.3

-49.2

48192,687.6 2,120

1,394

357

-21.6

72,731.0

1128,008.7

243

21

United States / United States

▼47▲

▼

-52.1

21,239.6 292116.0

207

71

23,395.1

13,003.6

173

331,946.2Singapore 6,457.7

24,676.2

-8.6

160

16.7-33.236,914.5

-1.3-27.4

341▼

25.2

▲37.964.8

7,903.5ChinaSouth Korea

589

275.9 -73.1 ▼479.3Central Asia56218,008.1 21,140.7

19

10,512.9

23,286.3

Central Asia19,321.1

5

Rank Value (US$m)

Japan

Acquiror

Australia▲

Asia-Pacific

11,792.3

58,783.1200

France 401

20,390.0

Eastern Europe

19433,354.0

19,744.9246

176

5,973.314,745.6Germany▼

16,920.8

10,787.1▲ Papua New Guinea

▲

Australasia▲

▲

South East Asia

-1.8

65.0

▼

▲

United Kingdom766.0

▼-59.2

-55.9Europe

▲

▲

142

91.6

-76.8

836

22

424

102

2,406

4,357.9517.4

8,422.73,711.6

Middle East

57.92,700

334

Eastern Europe

599

3,242

7,214.625,092.8

19,033.3 10,872.9

2,09627,231.1

15,251.587

Europe

23

Africa/Middle East

2,231.9122

6,888.5 243

121,723.1

75.1

2,389.7

74,404.0 2,219

327

-5.7

121.9

36467.0

32.5

475North AsiaIndonesia

11

11,213.9

62,576.6United States / United States

128.722,553.9Japan

18

2,252.8

119.8

Time Warner Cable Inc (100%)

North AsiaChina 50,325.9

84,828.2 ▲

147 2,270.61,11551,459.2

335

871,136

▲

▲

32

Acquiror / Target Nation

379

South Asia 2,929.9

324.2

4,038.2▲

4,421.09,252.6

12,376.1▼Malaysia

17,345.3

369,640.4

8,010.9

58.1

90446

Asia-Pacific

17,773.5

239

99

604

▼

Australasia

740226

872.5

2,917.3

712262

79

36,490.3

206

Comcast CorpTarget (% Sought/Acquired)

L'Oreal SA

Forest Laboratories Inc (100%)

Scania AB (37.4%)

Ziggo NV (71.6%)

Charter Communications Inc

WhatsApp Inc (100%)

297▲

Top Fifteen Worldwide Announced Deals

▼

15,693.31/27/2014

3/6/2014

Shanghai Jinfeng Investment Co

Pending

Pending

Greenland Holding Group Co Ltd (100%)Vodafone Holdings Europe SLU

United States / United StatesGrupo Corporativo ONO SA (100%)

Bouygues Telecom SA France / France 23,980.2Actavis PLC Ireland-Rep / United States

SFR (100%)

16,287.8Beam Inc (100%)

Safeway Inc (100%)

Japan / United StatesPending

SFR Numericable Group SA

China / ChinaSpain / Spain

France / France

Real Estate / Other Real Estate10,048.0Telecommunications / Telecommunications Services

9,161.6

Liberty Global PLC

10,025.1

Media and Entertainment / Cable10,854.2

https://www.thomsonone.com

7,099.1Belgium / South KoreaAnheuser-Busch Inbev

L1 EnergyPending

L'Oreal SA

Oriental Brewery Co Ltd (100%)Pending3/16/2014

9,199.4

RWE Dea AG (100%)8,235.32/11/2014

Germany / SwedenVolkswagen AGFrance / France

AB Acquisition LLC

Intended

3/6/2014

2/21/2014

3/18/2014Pending

Pending

3/17/2014

Pending

2/18/2014

3/11/2014

898.3

2,164

189

20,338.8

24

Pending

Time Warner Cable Inc (100%)

-2.5294▲

24,631.3

Worldwide 8,237756,093.4Americas

2,589.8

1,955

2/13/2014

France

Middle East

Sub-Saharan Africa

11,108.9

Singapore

15,242.3

4,309.4South Asia

46

2,543385,287.8

19,920.8

Chile 3,450.8

Central America

410,200.1

South America

367,036.118,251.7

192,194.5

North Africa

United States

11,970.6

North America

181,085.6

United Kingdom435

Germany 312

Pending

424

Australia

South Korea

Pending

225,579.0

Brazil

Canada

94,492.062,481.2

20

1,761.2

Western Europe

2,759.0

19,142.9

Target Region/Nation

Mexico

No.

Deals

Rank Val

US$m

548,301.4

Caribbean

2,290.262

Worldwide2,802

No.

Deals

1/1/2014 -3/31/2014 1/1/2013 - 3/31/2013

462,401.8

5,936.337

Rank Val

US$m

2,8689,175

1/1/2014 -3/31/2014

United States / United StatesFacebook Inc 19,467.7

United Kingdom / Netherlands

5,800.0

244,721.9

239.0

13,222.54,773.2

379

537

Rank Date

2/19/2014

Date Effective

1/13/2014 Pending

124,256.3

Pending

278

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Scorecard: Worldwide Announced M&A Jan 1 - Mar 31 Scorecard: Worldwide Completed M&A Jan 1 - Mar 31

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions

21.1%

10.3%

10.1%

9.3% 8.5%

8.5%

7.4%

7.0%

5.2%

4.9% 4.0%

3.8%

Media and Entertainment Real Estate

Energy and Power High Technology

Industrials Telecommunications

Financials Healthcare

Materials Consumer Staples

Retail Consumer Products and Services

Government and Agencies

2

Allen & Co Inc Credit Suisse

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

* tie

▼

21

18

Jefferies LLCBNP Paribas SA

2.6Macquarie Group16,080.714,203.3

▼

4.2

2.1

5.3

1.95.7 1.0

Jan 1 - Mar 31Worldwide Completed (AF1)

Market

Imputed Fees (US$m)

▲2.210.0

Market

Share Ch.Fees

61 363.3

Change in

1.6# of Deals

Market Advisor

▲

-7 ▼

▲

1.00.8

+15-8

9+2 6

11810-1

-1

47 Guggenheim Securities LLC

▲

76,241.3

18

3 8,630.5

21

▲

3.2

-9

11.9

8.61

51

16

2.4 0.5

0.2

▼

12-18

34

▼0.6

0.2

Deutsche Bank10

35

0.653

51,259.1▼0.10.6 130,298.3

73*

0.0

9.4

9.72 11.1

0.1

0.01092,418.39

70,677.1

Deutsche BankRothschild

9.4Paul J Taubman

24

1

0.2

1.2

8

24.7

1,186

1 27.820.1

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3

25

Industry % Change from Last Quarter -24.2%

9

51.55 53.3

26.724.8

https://www.thomsonone.com

15,936.4 3

Deutsche Bank4

7

5

3JP Morgan

Financial Advisor

-1464

-2.7

▲

Sh (%)

Worldwide Rankings

42Goldman Sachs & Co

Sh (%)# of Deals

Change in

159,253.1

JP Morgan

+1325.9

Goldman Sachs & Co

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

▲

37.2

30.1

Market

18.914,402.2

7,494.1

8.4

624

90

2.9

▼

28.4

56

1

2

52

3

Morgan Stanley2

227,496.31 14.5

CitiCredit Suisse

Bank of America Merrill Lynch

6

84,937.4

10

16.91

19,467.7

70,089.87,397.9 3 9.7

▼

# of

16,023.1

▲

13.0

1

13

24

▼-3.4

65

▲ 44

11.6

▲

8.3

6 17,247.4

Citi

Industrials 1,130

High Technology30.9

64,583.2

123

Rank Val US$m

8.3

77,592.1

▼

Media and Entertainment

7.6

Industry % Change from Last Quarter

JP Morgan

21,632.6

14,058.2

▲

Industry % Change from Same Period Last Year

159,322.9

82,083.3

Morgan StanleyRothschild

Energy and Power

Real Estate

36,749.9

14Societe Generale

BNP Paribas SA

Greenhill & Co, LLC

21

37HSBC Holdings PLC 35,320.0

Market2013

Rank

# of Deals per Advisor

90,144.8

65,233.0

Market

12.2 -2.1

21.15016.0

1

18.5

Rank Value per Advisor (US$m)

# ofRank Value Market

Deals

▲

115,142.77

2013

Rank

0.8

0.4-0.2

15.2

139,870.5

Market

0.7

2014

RankUS$m DealsShare Ch.

# of Deals per Advisor

6.5

Sh (%)

Jan 1 - Mar 31

39.3316.1

11.62.1 +7

1.0▲226,603.6

Sh (%)

0.8+1

1 560.2US$m

94 ▲

▲

Sh ($) Financial Advisor Share Ch.

21.1▼

212,240.1▼

442.0

▲

0.7+4

610.7

▼1.842

298.70.5

3Bank of America Merrill Lynch 6 206,090.1 ▲

2.2▲200,543.7

34.2184,426.2Morgan Stanley 4

38.2

5▲

▼ Barclays 32

▲

▼▲

▲131,502.4▼ 0.118.3

24.4UBS

▲

115.60.50.1

▲

329

0.20.0 +124.2 -

▼30.3

0.0

-20▼ 238.5

0.2163,381.34.3▲ -7 ▲

-7

24.2+1

+8-4

9.5 37▲ Paul J Taubman

▲▼

812.292

▲▲ 1▲24.2

▼

1.0 0.0164.5 1.20.6

▼

-9 2.9232.1

99.148,919.4

7 -5.945 0.839

▼ ▲

3.3

1.7

Lazard 7.6 -9 220.6-9Citi

40,900.543,335.7

-1

▼

0.755

▼

▲

-15.0-3.7

0.03.9 ▲

+1195 8.0

0.9165.9

▼

▲2.3

▼3.0

-52.20.3 ▼

0.81.5

-140.3

▼

120.2▲

0.3

2063.5

126.70.6 ▲

1.1+133

▼

0.3120.7

0.45.026,714.1

▼ ▼

15▲

-2.9

14

0.622,748.7

-2.1

▼

▼0.0Evercore Partners 13-17 12

2.914-1-1

15Moelis & Co 4.2

21,433.2 4.033

▼

RBC Capital Markets

3.031

▼

-2 ▲

1.71717,319.2 27

▲ 2525

▲0.91.1

0.5

0.2▲

▲0.4+1

▲

▲ 2.2

1.1 ▲

0.4

+4

▼1.1

60.4-3 ▼

0.5

-32

-230.4

+3

19-1

0.2▼

0.4 ▼

▼

-1863.3-1▼ 29

Nomura

▲ KPMG▲0.1

287.510,401.9

10,134.20.1-0.02.0

1520

0.2-1721 0.3

21RCS Capital Corp

66.6

29

▼

-9.0 0.2-34 1.2

63.4▲

▼

▼

0.9

▲

0.91.671.3

1.7 ▼

4532-7.8

0.229.0+11 ▲

51

0.1+10.01

0.5

00.8▲

▼

▼

0.50.60.1 - 31.4

8.3%

5,599.20.1

▲

100.0539,511.80.8

100.0

▲▼-17.9%

5,898-8

-1,28847

▼

▼0.10.3

1.3 0.3 ▲

-4.16.0▼

9,123.5

14,086.1 2.61.9 ▲

8,680.8

▲

1.90.41.9

7,155.225

Industry Total

114517

7,142.635Ernst & Young LLP240.6 -10 Centerview Partners LLC

0.4-938

22Rothschild

▲

▼

Industry % Change from Same Period Last Year

Sumitomo Mitsui Finl Grp Inc 23▲

Share

Mkt.

▼-10.2%

Jan 1 - Mar 31

-19.6%

3

12.6%

▲

3

100.0

Rank

73,430.9

Top WW Announced M&A Advisors by Target Industry

52.3%

-7.5%

605

-1.6%

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

-19.1%▼

No.

Deals

▼

4

594

46.1

2425 17

5117,667.8▼

▼

173.37

37▲

-5.5

▲

▲

▲

▼

29Ernst & Young LLP

-111125

+5

22Credit Agricole CIB 2.423

-2.550

756,093.417,499.4

▲1.4

3.528,301.5

18,293.6

4.9

3.9

3.526,133.8

2.3

2.6

29,616.1

▼

0.113 2.4

▲

0.3▼

2.3 +617,862.2

-4.23.7

2.8

4.422

Rank Value per Advisor (US$m)

Worldwide Announced (AD1)

214,368.91 195,560.7

Rank Value

16.2

3

0.6

10133,728.4 17.7122,369.4

5

▲

▼

▲

6

-

63,571.6▲1.3

▲

3.4

12

57

64,337.7

15 ▲63,073.5

8.5-0.6

15

2014

Rank

Rothschild 13

Barclays 8Centerview Partners LLC

8,237

9

811

14

Mizuho Financial Group 19

17

Guggenheim Securities LLCLionTree Advisors LLC

5

4.7

2.3

11

Lazard

16

Bank of America Merrill Lynch

33,118.318

RBC Capital Markets

67UBS 20

45Evercore Partners

Industry Total†

Morgan Stanley

12

Haitong Securities Co Ltd

2

10,048.0

12,928.4

1202.3

DBS Group HoldingsMorgan Stanley

Jan 1 - Mar 31 2014

Morgan StanleyAllen & Co IncGoldman Sachs & Co

Goldman Sachs & Co

$39.1 $69 $64.4

$43.3 $28.3 $38.0 $27.5

$44.5

$6

$48.4

$98.1

$26.3 $81.8 $87.6 $80.0

$24.2

$70.7 $70.7

$70.7 $70.7

$70.7 $70.7 $70.7

$24

$24

$23.3

$23.3

$23.3

$23.3

$15.7

$15.7

$15.7

$19.5

$19.5

$0

$50

$100

$150

$200

$250

Morgan Stanley

Goldman Sachs & Co

JP Morgan Bank of America

Merrill Lynch

Deutsche Bank

Credit Suisse Citi Barclays Centerview Partners LLC

Allen & Co Inc Paul J Taubman

Ran

k Va

lue

(US

$bil)

WhatsApp/Facebook Inc

Ziggo NV/Liberty Global PLC

Beam Inc/Suntory Holdings Ltd

Forest Labs/Actavis PLC

SFR/Bouygues Telecom SA

Time Warner Cable/Comcast Corp

Other Top 15 Deals

All Other Transactions

3

9.9x

5.1x11.8x

19.0x

9.0x

* 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 01/01/2013 - 3/31/2014 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%.

11.2x

2013

14.2x

10.3x

Materials

10.1x

-

Real Estate

16.3x

Average Industry Total9.5x 13.9x- --14.0x

12.8x11.2x

18.9x

Media and Entertainment

Retail

13.0x

12.7x 16.6x

22.6x17.2x 21.1x10.7x

12.9x

Consumer Products and Services

10.2x8.9x

-

8.4x

23.2x

25.2x9.7x

15.4x

Consumer Staples

Energy and Power

11.0x

13.7x

11.2x 12.7x

10.2x

9.8x

15.0x

10.0x7.4x

9.4x

-

5.7x

8.8x11.6x

11.0x

21.9x16.7x

10.0x3.6x 7.4x

8.8x

10.7x

18.2x

12.1x

16.7x10.2x

5.1x

11.7x15.9x

9.8x 6.9x

14.7x

10.3x6.4x

9.7x

14.6x10.7x

3.6x

14.2x

11.5x 12.1x -

12.9x -

15.7x

5.8x10.6x

22.8x-

5.2x21.9x

5.2x

10.7x-

14.6x 12.2x-

11.7x28.9x 29.0x

-

28.9x

14.6x 13.8x

12.0x

-10.7x3.1x 11.8x8.8x22.8x

8.7x11.5x

11.2x12.7x 8.7x12.7x

8.5x

5.7x 14.5x19.0x

5.8x8.3x

13.0x 11.0x

18.6x

12.0x

11.0x

18.4x

11.7x11.7x 12.6x12.9x12.1x

8.6x

12.9x12.1x

8.6x14.2x

12.0x13.4x1.0x20.5x 12.7x

8.5x- -

-

-19.1x

22.3x

13.0x 13.0x

10.8x

13.4x

15.3x

6.2x

15.3x

12.7x

- 6.0x-10.8x-

-

-16.5x-

-

-

11.4

10.7x-

11.6x 7.3x 10.6x 11.7x

4.9x

12.8x

18.0x

18.9x

12.6x

6.6-

13.9x

12.7x13.9x

EMEA

54.9

Europe

34.826.7

Japan

-

UK

28.2 13.6

12.7x

34.717.625.4

Asia ex. Japan

-

7.4x

-19

38.855.9

41.2

22.4

30.4

34.4

24.43.2 21.4

22.7

12.3

-

32.6

23.3

30.0

24.7

9.5

25.3

24.1

27.6

37.9 13.6

34.1

26.5

29.827.4

-

-

27.4

-

34.4

27.9

33.9

25.6

36.5

- -

-

9.3x

23.3 28

17.9

-

27.5

16.2

20.0

56.1

-20.3

31.3

27.6

26.834.1

-

30.0

17.8

30.1

6.8x

- -25.6

-

-

8

24.0 43.3

11.5x

43.0

33.8

-

21.0

-

32.2

USA

31.62635.9

19.3x11.0x

12.2x6.0x

-

45.4

- 11.6

4.8x

-

19

54.9

33.3 23.4

19.3

23.4

-

-

28.6

11.7x

17.0

42.9

34.7

57.5

16.255.140.8 40.4

30.4 12.5

Energy and Power

34.7

12.2x

41.5

Americas

33.3

28.2

46.4

Industrials

11.7x

World

Healthcare

High Technology

11.7x

-

Consumer Products and Services

54.6

5.3

34.9

33.6

22.3

24.6

37.4

21.5

24.6

50.9

20.8

33.9

Consumer Staples

High Technology

Industrials

12.2x

33.4

30.9

16.2

18.1

11.4x

Telecommunications

Real Estate

26.1

23.6

30.4

Average Industry Total

24.7

24.4

Healthcare

23.3 -

27.8 30.9

Media and Entertainment29.6

Telecommunications 33.6

Materials

22.8

Retail 34.2

35.7

25.5

32.225.421.128.6

22.5

26.7 39.9

36.1

8.4x

Financials

2014 UP 2014 DOWN

12.1x

33.0

24.8

11.232.9 31.8

32.4

40.5

31.2- 26.1 10.09.6

Worldwide M&A Matrix

8.2x

35.3

23.0

30.4

26.3

44.8-

https://www.thomsonone.com

31.8

28.526.2 23.410.1 19.5x

9.3x

2827.4 -

-

31.5

8

-

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

18.2

-

21.69.326.3 - -

-

26.1

21.8

30.0

31.428.110.1 30.4 34.5 7.6 23.4

22.650.3

25.7

-

26.7

17.2

31.2

35.7

51.918.2 -

23.0

18.1

USA

22.1

37.5

12.5

36.433.3

21.1

20.3

36.4

22.127.0

11.6x

3.9

28.0 72.6

22.1

Canada

4.8x

-

15.7x11.7x

12.2x

30.925.0

41.3

World

19.8x 22.8x

Japan

26.8x

Asia ex. JapanEurope

13.0x

-

Canada

20.1x

5.9x

13.1x

Americas UKEMEA

Exit Multiple Matrix - Average Rank Value / EBITDA 2014 UP

2014 DOWN 2013

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Jan 1 - Mar 31

Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Mar 31

4

Rankings shown are as of the current quarter end in each calendar year

https://www.thomsonone.com

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Worldwide Announced Rankings* - A Decade in Review

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*League Table positions reflect consolidation within the banking sector

1

2

3

4

5

6

7

8

9

10 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1

2

3

4

5

6

7

8

9

10

Ran

k

Morgan Stanley

Goldman Sachs & Co

JP Morgan

Bank of America Merrill Lynch

Deutsche Bank

Credit Suisse

Citi

Barclays

Centerview Partners LLC

Allen & Co Inc

5

* tie

Consumer StaplesCredit Suisse 15,843.4 1

Centerview Partners LLC 15,693.4 2*

Morgan Stanley

US Announced Advisors by Target Industry Jan 1 - Mar 31 2014

US Target Announced M&A Target Industry by Value (US$ bil)

Americas Deals Intelligence

Media and Entertainment

High Technology

Healthcare

Energy and Power

JP Morgan

CitiEvercore Partners

Rank Val (US$m)

140,610.7 73,250.471,077.1Barclays

Morgan Stanley

21,313.319,467.711,492.6

46,079.3

Goldman Sachs & CoBank of America Merrill Lynch

Morgan StanleyAllen & Co IncGoldman Sachs & Co

JP Morgan

12*2*71,077.1

50,190.0

23,148.0 4,963.1 1

32,631.232,219.0

18,855.2 28,659.4

12

23

1

Rank

Mkt.

159

No.

Deals

50.62 2

1

201 22.93

2

9

83

21.43

3

13.3

178 3

Jan 1 – Mar 31 2014

Share

52.1

62.2369.9

50.6

3,078.22,505.0

Comcast Corp

3

384 42.5

Media and Entertainment / CableTarget Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation

Healthcare / Healthcare Providers & Services (HMOs)

United States / United States

United States / United States

Media and Entertainment / Cable

5,373.2

70,677.1

9,199.4

High Technology / Internet Software & Services

Top Ten US-Target Announced Deals Jan 1 – Mar 31 2014

Pending19,467.7

Retail / Food & Beverage Retailing

Healthcare / PharmaceuticalsUnited States / United States

Target (% Sought/Acquired) Acquiror

Consumer Staples / Food and Beverage

1/16/2014 Healthcare / Healthcare Equipment & Supplies

https://www.thomsonone.com

Safeway Inc (100%)

Verso Paper Corp

Actavis PLCPending

1/21/2014

AB Acquisition LLC

2/18/2014

3/6/2014

Chrysler Group LLC (41.46%)

Forest Laboratories Inc (100%)

Beam Inc (100%)

Pending

1/1/2014

Date Effective

2/19/2014 WhatsApp Inc (100%)

Time Warner Cable Inc (100%)2/13/2014Pending Time Warner Cable Inc (100%)Pending

1/13/2014

Rank Date

Suntory Holdings Ltd

Pending Ortho-Clinical Diagnostics Inc (100%)Materials / Paper & Forest Products

1/13/2014Pending

The Carlyle Group LP

Japan / United States

Emeritus Corp (100%)

Charter Communications Inc

Fiat North America LLCBrookdale Senior Living Inc

62,576.6

United States / United States

15,693.3Facebook Inc

23,286.3

4,332.9United States / United StatesIndustrials / Automobiles & Components

United States / United States

United States / United States

4,350.0

Ireland-Rep / United States

4,150.0

United States / United States

6

8

Americas M&AFirst Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Americas M&A Increase 30% From Q1 2013 | Media & Entertainment Volume Drives US Activity | Canadian Activity Rises 20%

8 38.8

Net of the competing bids for Time Warner Cable, Americas volume increased 30% over totals reached last year, accruingUS$457.7 billion in activity, from 3,358 announced deals. Estimated fees generated from completed deals in the Americastotaled US$4.13 billion, a 26.2% increase from fees earned during the first three months last year.

US Targeted M&A also posted significant gains, rising 35% (net of competing bids for TWC) over announced M&A during thefirst three months of 2013. Driven by 2,164 deals, US-targeted volume including both offers for Time Warner Cable accrued atotal of US$367 billion during the first quarter of 2014.

The Media & Entertainment sector dominated the US market for the first three months of 2014, with deal volume totalingUS$140.6 billion, a 38.3% market share. High Technology placed second, accruing US$50.2 billion for a 13.7% share.Healthcare trailed closely behind, with US$46.1billion and a 12.6% share of the market.

Accumulating US$35.7 billion in transaction value, announced Canadian Involvement activity rose by 20% over the totalsreached in the same period last year. Completed Canadian Involvement however, fell to US$34.04 billion from 393 deals, a26% decrease from completed activity during the first quarter of 2013.

Buoyed by extremely high multiples in several sectors, US targets enjoyed the highest average exit multiples worldwide duringthe first quarter of 2014. Average Healthcare multiples rose to 25.2x from 8.8x in the first quarter of 2013. Average High Techmultiples rose to 23.2x from 12.9x, and average Materials multiples rose to 18.2x from the 9.0x averaged during the sameperiod last year.

Pending

70.8

8 10.8

NewPage Holdings Inc (100%)Pending

US Buyside Financial Sponsor Activity

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1/6/2014

2/20/2014

83.2 1

84.0 2 Morgan Stanley 15,693.4 2* 83.2 1

38.3%

13.7% 12.6%

6.3%

5.1%

5.1%

4.5% 4.3%

3.6%

Media and Entertainment High Technology Healthcare Energy and Power Consumer Staples Industrials Financials Materials Retail Real Estate Consumer Products and Services Telecommunications Government and Agencies

35.2 60.6

111.3

17.6 6.4 26.8 26.5 76.8 78.8

40.8

110.4

192.2

28.6 9.5

33.7 32.9 35.0

32.8 31.5

85.9

89.6

18.3

13.7

28.0 26.8

50.2

43.7 42.9

170.8

20.5

24.4

39.0 64.4

78.5

61.2

42.5%

54.3% 52.7%

27.5% 41.8%

44.2% 46.3%

56.0% 55.6% 56.6%

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

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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

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

Deutsche Bank Deutsche Bank

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

# of Deals per Advisor

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

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

15

6.4 ▲

17

▲

Market Change in

16

2,164

Industry % Change from Same Period Last Year

17-20

-1

RBC Capital Markets

Deals

Any Americas Involvement Completed (AF55)

Market

BMO Capital Markets

-2

▼

+3-4

1

Tudor Pickering & Co LLC

21

0

▼

https://www.thomsonone.com

2,423.5 0.1-110.6+67

▼

-6.824.6

3

0.0

▲

▼-6.0

▼ 1.11.0

Market Market

Imputed Fees (US$m)

Americas Rankings

Rank Value per Advisor (US$m)

2013

Rank

9.6

2

▲1.4

168,490.2

0.1

RCS Capital Corp

-

130,468.3

▲

Sandler O'Neill Partners0.7

10,401.9

RBC Capital Markets

4 5

▼

23

15.7

8 -13.9

-2.5

-9.418

Industry % Change from Last Quarter

16 11,933.7

1.0 1.0

16

4

▲18

4

22

5,025.2+6

Blackstone Group LP

322,868.4

+13

0.6

▲

0.3

Morgan Stanley 1

Market # of

Financial Advisor US$m Sh (%) Share Ch.

JP Morgan 3

Lazard 16

13

4225

143.3

Goldman Sachs & Co 2 2 136,905.2

Bank of America Merrill Lynch

Evercore Partners

Sh (%)

AdvisorRank Value# of

Financial Advisor Sh (%) Share Ch. DealsUS$m

Rank Value Market

Jan 1 – Mar 31Any Americas Involvement Announced (AD49) Jan 1 – Mar 31

Share Ch.

62

3.2

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

3.2

447.3 10.8+14159,179.3Share Ch.

2.3

# of

Financial Advisor

Market

-419.2 ▲

2014

Rank

Market

# of Deals

2014

Rank

2013

Rank

Change in

1.3 ▲

Market

Sh (%)US$m

Goldman Sachs & Co 2 1 145,896.1 ▼

34.831.9 -2.8

Morgan Stanley 1 8 ▲48.4Goldman Sachs & Co▼431.9

1.11 199,005.2+9 ▲ 3 195,492.8

1JP Morgan

290.947.5

▲ 436JP Morgan 3 2 133,975.72

35 1.063

+2 ▲

▲316.8 3.2▲ 46 1.7 +22 ▲ 7.7Bank of America Merrill Lynch 194,232.2 47.2

2-5.9 ▼ 39Bank of America Merrill Lynch 4 3 120,282.5 4+6 ▲ ▼0.8+5

42.3 -0.330.0 ▲▲ 7.01.6

▲

-4.926.3 1.2

▼29.3

▲Credit Suisse 5 5 114,640.5

1.1

25.1 4.3

3Morgan Stanley 40Barclays 5 ▲ 29

5.91.5 +3 ▲ 244.8173,910.0-0.34 171,142.6 41.6 10.2 1.1 -4 ▼

▼

Barclays 6 10 106,345.9 23.230

8.9 ▲ 40 1.2192.1 ▼0.9 +1 4.7

+14 ▲ ▲33.2UBS 6 17 0.4▼ 80.459 131,502.4 ▲ 12.2▲

151,723.07Citi 7 7 105,147.4

▲16 0.6 -9 1.9

▼

6.9 ▲23.036.9

-4 ▼26 0.8 Guggenheim Securities LLC ▲

Centerview Partners LLC 8 4 92,418.3 20.2 0.0 0.0▲-3.8 1.032.0 31.7 0.3 0.10.1 +13

- 130,298.3 31.7 31.7 0.0 +1▼0.1

▲ 110 0.3 -1 ▼ Paul J Taubman 8

10 15 84,986.4 18.6

-Allen & Co Inc 9 167* 90,144.8 19.7

7.2 ▲ 192

10-2 ▼

Citi19.7 ▲ 90.6

0 - ▼ 139.112 33,605.35 35,857.9 0.9 -1

8.2 1.5▼ 258.7 -9.0 3.4 1.4▲ 36 ▲

Paul J Taubman 11 - 70,677.1 15.4 Deutsche Bank 114.3 1.31.3 -11 ▼ 178.0

▲ 21 2.4 1.018 30,864.8 7.5 4.0 0.8 -5 ▼ 97.9 ▲

LionTree Advisors LLC 12 9 63,571.6 13.91 0.0 +1 ▲

-1.2 ▼ 4 0.115.4 ▲

Credit Suisse 12-1 ▼ 10 27,737.9 4.1 1.7▲ 167.3▼ 31 1.1 +7 ▲

Guggenheim Securities LLC 13 34 63,073.5 13.86.7 -1.1

-1 ▼3 0.1 16 25,182.5Evercore Partners 13 -Greenhill & Co, LLC 14 19 32,974.0 7.2 3.6 ▲

12.7 ▲ 6.1 2.3 2.7 0.01.1 +4 ▲ 113.5▲ 290.7 -7 2.9 0.5▼ 120.2

Moelis & Co 15RBC Capital Markets 14

▲ 134.6 3.87 21,433.26 0.2 -1 ▼ ▼ 205.2 -4.8 ▼

Lazard 15 6 28,521.4 6.2 -10.0 ▼ ▲57.84 0.1

36 1.1Mizuho Financial Group 16 167* 23,520.3

0.5 -14.2 -0.75.1

▼

5.1 ▲

-13 ▼

+3 ▲ Jefferies LLC 161.4 0.5

14 17,055.634 18,741.1

▲

Evercore Partners 17 12 17,647.0 3.9 -9.1 ▼

▼ 24RCS Capital Corp 17

2.9 1.00.9 +1 ▲ 117.9▲ 1 0.2 0.2- 10,401.9 2.5 2.5 0.0 +1 ▲ 7.5 ▲

RBC Capital Markets 18 16 16,946.3 3.724 0.7 -6 ▼

-4.0 ▼ 27 0.8 Rothschild 18+7 ▲ 15 6,172.5 0.7 2.0▼ 26.9▼ 15 0.6 -14 ▼

Itau Unibanco 19 49 10,959.5 2.41.5 -3.0

+15 ▲22 0.7 38 5,942.8Macquarie Group 19 ▲

Wells Fargo & Co 20 14 10,439.0 2.3 -9.3 ▼

1.9 ▲ 1.4 0.8 0.7 0.30.4 +4 ▲ 28.5▲ 110.6 -5 0.1 0.0▼ 4.2

Sandler O'Neill Partners 21KPMG 20

▲ 111.2 1.027 5,178.618 0.5 +6 ▲ ▲ 171.3 0.2 -

Moelis & Co 21 11 9,815.4 2.1 -11.9 ▼ ▼13.18 0.2

14 0.4Scotiabank 22 57 9,375.4

0.4 +41.1 -8.12.1

▲

1.7 ▲

-8 ▼

+4 ▲ Centerview Partners LLC 220.3 0.1

8 4,585.273 5,025.2

▼

BMO Capital Markets 23 29 8,603.3 1.9 0.4 ▲

▼ 6PricewaterhouseCoopers 23

0.8 0.50.2 -1 ▼ 31.1▲ 23 0.1 0.052 4,583.9 1.1 0.7 0.9 -4 ▼ 5.1 -

Rothschild 24 20 8,115.9 1.813 0.4 -2 ▼

-1.0 ▼ 20 0.6 Itau Unibanco 24+7 ▲ 63 4,394.9 0.5 0.1▲ 18.9▲ 11 0.4 +3 ▲

Jefferies LLC 25 18 7,001.9 1.51.1 0.9

+3 ▲ ▼-2.4 ▼ 23 0.7 11 4,347.6BMO Capital Markets 25 81.1 -5.9Industry Total

0.5 -1.10.3 -5 ▼ 19.5100.0 -194

▼

3,358 100.0Industry Total† -300411,336.2 2,700457,673.7

▲ -17.4%

Industry % Change from Same Period Last Year 54.6% ▲ -5.5% ▼

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

▼ -22.3%

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

Industry % Change from Last Quarter 21.6%

▲

100.0

-17.9% ▼▲

Imputed Fees (US$m)

▼

4,134.9

Industry % Change from Same Period Last Year 28.7%

US Target Completed (AF2) Jan 1 – Mar 31

-10.0% ▼ 26.2% ▲

Industry % Change from Last Quarter 10.1%

Sh (%)

2013

Rank

Market

US Target Announced (AD2) Jan 1 – Mar 31

MarketRank Value Market2014

Rank Fees

# of Change in 2014

Rank

2013

Rank

Rank Value Market Change in Market

# of Deals

Market

39.8 24.1 ▲

US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

328.51.2 -3 ▼ Goldman Sachs & Co

Market

Share Ch. Deals Sh (%) # of DealsFinancial Advisor

11 146,049.2 0.311.234 1.91 227 ▲

37.3 -1.7+4 ▲179,896.0 55.7 3.3 ▲

▲

3JP Morgan+5▼

01 124,763.8 34.0 -10.41.9

6.9▼ 29-1.61▲252.9 8.6▼

3.21.8202.9

1.954.4 333 5.5 ▲175,718.5 ▲

4 3 115,762.0

+1952.2

▲

▼ 1.2▲

1.6 +4 ▲Morgan Stanley-5.7 ▼ 1.2 +827 1.3 +1 ▲31.5 Bank of America Merrill Lynch 168,268.0 52.1 31.8 24

8.751.6Credit Suisse 5 5 109,835.9 166,531.75 4 19 1.1 -3▼6.1 1.1

5.5 0.6 ▼

178.8

9.029.9 4.3 160.8▲ 1.0 Barclays+722 ▼

25 UBS 6▲

1.2Barclays 6 9 97,634.4 26.6 1.013 147,086.4 45.6 41.8 ▼ 65.5▲ 0.6 ▲

Citi 7 6 95,824.9 26.1 5.3 ▲

▲ 2.20.7 -10 Guggenheim Securities LLC 0.2

-1+5 ▲ 1133▼ 0.10.1 040.4 39.9 ▲ 6.82 ▼

Centerview Partners LLC 8 4 91,043.0 24.8-7

40.4 40.4 -0.0▲ 1 ▲ 1.00.1 +1 0.0Allen & Co Inc 9 92* 90,144.8

102

▲

130,298.39.9

▼0.624.6 Lazard0

10 21129

Paul J Taubman 8 -▼

▲

9 0.4-

▼

31,853.8 -9 ▼1.4250.77.9 ▲

4.0 ▲ ▲147.4 5.0

▲

1.72.675.1 ▲

1.9

4.3 ▲ 0.325 1.4 +6 107.4 3.7▲

25,355.215 +46.7 ▲ 1275,923.5 20.7 7.4 1211 - 70,677.1 +1 ▲ Evercore Partners▲ 7.7

3.612 619.3 19.3 1 24,887.0

0.211

63,571.6 0 ▼21,304.9 6.6 -7.4 ▼ 0.814-2.27 17.318

Paul J Taubman0.7- CitiLionTree Advisors LLC 12

14

Guggenheim Securities LLC 13 26 62,576.6 1 ▼0.0 -3▲

▼ 4

0.1+717.1 6.4Credit Suisse-1

9▲

▲

▼

-1.6 ▼

-216,385.8

105.2122.3

▲3 0.4▼ 14 2313 20,685.4

Mizuho Financial Group 15 - 23,520.3

4.21.8

1.0▼5.1Moelis & Co

▲

▲

Greenhill & Co, LLC 14 18 32,485.7 8.9 4.0 ▲

1.9

2.517 ▲6.44.2

-2.1 ▼Jefferies LLC 150.1-

-0.36,067.8

51.5101.0 +1 72.20.6

▲

114.8 17

▲0.311 13,853.4 4.3▲

▲17,647.0▼0.11.4 ▲ ▲

▲ 1.80.61.919,574.0 5.3

0.51.652.1

45 11 13.1+3▼-1

0.1 +1 ▲

▼

0.37.5 0.30.517

Moelis & Co 20 10 9,289.6

0.6 +419 8 4,585.2 1.4 ▼-11.4▲19 12 31.1-9,945.5 2.7 Centerview Partners LLCWells Fargo & Co ▼ 6 0.3-12.5 0.8▼ 0.8 +5 1.120▼ ▼0.62.5 -15.0 -7 32 4,140.0 1.3 0.8 0.2 -9 -

▲ 0.2 ▲14.517.9▼

0.50.6 0.0

▲3,906.4 1.2▼ +116 0.7 21▲Jefferies LLC 21 19 5,121.2 1.440.2

50.192* 3,825.3 1.4

0.8 0.10.7 ▲

105*22

The Raine Group LLC 23▲

Macquarie Group 23 33 2,869.5+1Blackstone Group LP 22 Stifel/KBW0.2 -5 0.8

0.1▼0.73,131.60.32,950.0 0.9

6-0.3

▲

4 0.2 +3 ▲ 0.4 ▲0.60.8

17.81.0 ▲

▼ 153,843.0 1.2▲

311.0

15Simmons & Co International

24Rothschild3▼ -3 ▼

▼ 0.22.3 ▼-2.2 ▼ 3.63 0.2 -9

25 -▲ 0.4 0.011.72,934.3

39100.0

+3▲0.9-82

44.2% ▼

0.3

Industry % Change from Same Period Last Year

▲

2,818.8 5

-4.4%

100.0

▼

▲38.9%▲

-24.0%-16.9%

1,778

19.1%

Industry Total

Industry % Change from Last Quarter

* tie

49.1% -13.8%

3.2%

100.0367,036.1

24 29

▲

2,296.5

62.7%

25 13 ▼

+2

-13.9

▲

▲

Industry TotalUBS

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

7

Deutsche Bank Citi

Maxit Capital LP CIBC World Markets Inc

8.72

3.6-

▼

+1

4

Goldman Sachs & CoPricewaterhouseCoopers0.5

21

Industry TotalStifel/KBW

3

3

1,462.1 4.1 2.5

▲

▲

1.93

1.5

-26.0%

588

▼

0.0045

+24.9

393

▼

Industry Total35,691.5

1.8

+3 ▲

▼ 2-23.3

Cormark Securities Inc▲ 0.92

0.0 +10.0-4.6

▲ 0.93.7

4.6▼ 5.5 1.0

0.7 0.7

-30.1%

1

-17.4%

▼

-83 525.8

▼ -7.7%

-21.1%

Industry % Change from Same Period Last Year

1.3 0.53

-15.6%

▼

100.0

2 -2

▼

▲0.9

-21.7%

▼

▼

▼

1.6529.224*▲ ▲

Rothschild

-1.7▲

0.01.8+1 ▲▲ 0.70.0

5

13 611.4549.5

▼

1.4

1.8-1.2

20 ▼0.5 4

3 0.5 529.2

Robert W Baird & Co Inc

24*

22 -4

+1 2.021

663.548

+31.7

-37.3▲

18.60.1 ▲

0.10.200.1

-

.82.4▲

19 ▲ 9.63 0.01.80.1▼Lazard

21 15 762.5 2.1 ▲+2▼

▲0.1 +25 4.6▲ 24.0 3.66

Centerview Partners LLC 18 - 1,375.33.9

3.93 1,341.2

19FirstEnergy Capital Corp 19 - 958.0 2.7 ▲0.92.7 +5 -6.1

▲ 18▲

Barclays2.8

17- BMO Capital Markets

946.2

0.1 1.9 ▼

0.0 0.2▼-7

00.1 0.0 -0.6

▼

6.310.0▼- 3.4

1

US$m

Advisor# of

▼

Fees

63.6▼0.1

0.0 -1

-189

▲

4,609.8

▲

# of Deals per Advisor

11.6%

Share Ch.

39.0

▼

100.0

▼

33.4% ▲

-15.9% -21.7%

371,742.6

▼

2,272

Industry % Change from Same Period Last Year 39.3% -7.7%

▲ 15 1.1 1.1 ▲

3,700.7 100.025 46 3,843.0 1.0 0.6

0.10.7 0 - 40.2

▲20 0.9 0 - 4.6 0.10.5 0.5 ▲

PricewaterhouseCoopers 24 48 4,008.6 1.1 0.7 ▲

- 17.41.1 0.1 ▲ 7BMO Capital Markets 23 26 4,087.7 0.3 0▲4 0.2 -9 ▼ 17.9 0.5

0.8 ▲

Blackstone Group LP 22 47 4,273.8 1.2 0.8 ▲ 0.5▼ 31.1-9.8 ▼ 6 0.8

KPMG 20Centerview Partners LLC 21

0.14,624.4 1.21.2

-0.1 ▼

7 4,585.2

▲ 13.111 0.5 +422

0.3 -1

0.40.1 ▲15 0.7 -5 ▼ 3.60.4 ▲

0.4 0.4 ▲

Sandler O'Neill Partners 19 61 5,025.2 1.4 1.2 ▲

-1.9 ▼

0.4 -18 ▼ 14.5-2.8 ▼ 81.6 ▲12 0.5 -4 ▼ 60.9 1.60.2 ▲1 0.0 +1 ▲

▲

RCS Capital Corp 16 - 10,401.9 2.8 2.8 ▲ 7.5 0.2

1.627 18,741.1 5.0 4.0 1.657.8▲

2.9 2.91.0 +1 ▲ 106.8

4.3 ▲9 23,252.1 1.1 +6 ▲ 159.86.3 -2.3 ▼ 253.1

▲13 0.6 -1 ▼

4.3▲28 1.2 +5 ▲ 3.1113.1

2.5 2.5 ▲

Evercore Partners 12 13 25,133.0 6.8 2.3 ▲

▲ 93.37.5 4.8 ▲ 2017 27,820.0132.3 3.632,435.8 8.7 -5.9 ▼

0.9 +13.6 ▲22 1.0 -3 ▼

171.0 4.6 4.6 ▲34 1.5 -9 ▼

0.0 0.0 -Lazard 9 10 32,695.9 8.8 0.9 ▲

0.3 0.3 ▲

35.1 ▲ 1 0.0 +1 ▲ 1.0+1

▲

▲ 12.235.4 35.0 ▲ 3148,590.6 40.0 35.9131,502.4 0.149

▲13 0.6 -8 ▼ 73.2 2.0 2.0▲

238.7 ▲

28+7

Barclays 5 4 170,667.6 45.9 5.16.5

8.9 1.2 -4▲

4 2 172,884.7 38 1.7-0.1 ▼

11.8568.4+22 ▲

38 1.7 ▲ 6.5+5

Market

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

Market

Share Ch.

Market# of

2.5Goldman Sachs & Co 1 1 196,823.4

Industry % Change from Same Period Last Year 60.0% ▲

-67+3

Blackstone Group LP

Change in Advisor

8.9 ▲ 44 1.96.2 ▲ 436.8

Industry Total 416,909.10.80.23,805.5 0.9PricewaterhouseCoopers 25

29.146.5

Guggenheim Securities LLCUBS 6

▲

6 -40.2

-15.6% ▼

22100.0

-2.4% ▼

2,742

8 0.31.0 ▲0.81.01.0

BMO Capital Markets 23 59 4,156.8UBS 22

16

219,815.46,996.9

1.4Jefferies LLCMoelis & Co 20

18 ▼

111.7

12 5,988.8

2.510,439.0

▼

-2.8-12.0

7.8

▼RBC Capital Markets-10.7 ▼19 13

17,647.0 4.2

3.8Greenhill & Co, LLC 19 32,637.7

18

Lazard 15

17

28,521.4

12,465.214

▼

▲

12 63,571.68

139*

13.8

5.66

14

25.026.4

7

▼-1.9

104,088.710

-5.5

▲

▲

Guggenheim Securities LLC 13 28 62,701.6 15.0 ▲

34 1.2 +4

LionTree Advisors LLC11 -

15.370,677.1

417.0

117,500.35

2

68.2 ▲

▲

24.5

2 28.2

6.8

21.7

10

6.4

8

5

-5-8.3

3.0

5.6

National Bank of Canada Fin'l

15

16Evercore Partners

18Wells Fargo & Co2.4

Mizuho Financial Group 23,520.3

2.2

22.2

-1.3

0.136

▲

▲

10

7.2

0.9

+3

▼

-13.5 ▼

0.8

-11.6

5.6

# of

1.7

8

637.7

20.0% ▲

3

20 30 782.2

Industry % Change from Last Quarter

* tie

▲

-8.7%

▼

-0.4Peters & Co LtdMacquarie Group

444.8 1.3604.0

▼Industry % Change from Same Period Last Year

-

Industry % Change from Last Quarter

▼

CIMB Group Sdn Bhd

-1.1%

23-6 10

0.3

100.0100.0

.739 1,342.6Houlihan Lokey

▲

14*▲ 18 3.9

1.6

Sh (%)

13.5

▲

▲

3.5 1.9

▲

▼-39.6

240.4

▼

▲

6.5309.8

▲ 6.5▲

190.0 5.1

+13 11.8▲

3.3▲6.7

▲▼-7.0 30

35▼ 15

+9-4

▲

25 0.925

Credit Suisse

34,039.5

1.8

0.1

1.6

▲

1.6

619.7

-2

+2

1.2-2

Market

Morgan Stanley

KPMG

4

-1+1

14

8

0.1

0.7 +6

-10

18

# of Deals per Advisor

-1

2

36Deals

# of Deals per Advisor

3

# of

2.1

1,201.0

Rank Value

1,342.6

1.9

▲1.3

-8▲

-13

7

Jan 1 – Mar 31Any US Involvement Announced (AD41)

Rank Value

-7.64

-1.9 ▼

Market

Financial Advisor

Morgan Stanley 133.4

2013

Rank

31.7Goldman Sachs & CoJP Morgan 3 1 131,970.3

US$m

2014

Rank

9 156,020.03 139,269.0

Rank Value per Advisor (US$m)

37.4

Bank of America Merrill Lynch

58 51.7▲

8.4JP Morgan

Rank Value Market

Imputed Fees (US$m)

Market

1.3Sh (%)

0.9

# of Deals

Change in

▼

▲

+11

5,327.711

▲

▲

Scotiabank

0.7 +60.5

+1

07.1

▲

14.9 56

▲

11 4,200.9RBC Capital MarketsBarclays

2

4Goldman Sachs & Co

-

GMP Capital Corp 67JP Morgan

CIBC World Markets Inc

5

BMO Capital Markets+4

10 4,995.2 14.014.9

7,750.33 16.2 1.0

6.65,772.4

57

Market

Financial Advisor

1 26.3Scotiabank 9,375.4Sh (%)

2014

Rank

1.4US$m

Rank Value

14Financial Advisor Deals

Market

+4

Market

# of Deals

87.92▲

-14.9▲

Bank of America Merrill Lynch-9+3 44.7

2014

Rank

▲ Industry % Change from Last Quarter

2013

Rank

Rank Value per Advisor (US$m)

Any Canadian Involvement Announced (AD42)

Rank Value per Advisor (US$m)

Market

Any Canadian Involvement Completed (AF49)

4,113.3 ▲

33.9%

2013

Rank

Jan 1 – Mar 31

Share Ch.

Industry % Change from Last Quarter

▼

3724

12 15,330.5 4.1

17

▼

RBC Capital Markets0.9

▼

-4

+1

22

Sh (%) Share Ch.

▲

Market

# of Deals

Change in Market

Imputed Fees (US$m)

▲

2.012.18.5

3.0▲

▼

3.9▲

Paul J Taubman15

20.4

1 14,576.240.0

18

120.4

Allen & Co Inc 910

2 0.1139*84,986.490,144.8 21.6

8.1

Credit Suisse

Barclays 7

110,229.4

48

5

101,926.6Citi

Centerview Partners LLC 9

17.019

▲21.6

Deutsche Bank

Paul J Taubman-0

0.3

0.7

▲

▲

Deals

Market

6,857.0 1.81.5

16

5

-2Jefferies LLC

14 5,479.5▲

▼

▲

Rothschild

▼

0.1▲29 412.80.1

-1.7

Sh (%)

Jan 1 – Mar 31

12.2

42.8

+5 12.9

RBC Capital Markets

34

▼

1

Deutsche Bank5

32

-4JP Morgan

2.83.518.6-34.9 ▼

▲

1.4+5 ▲

23

0.0 +13.1+1 14.8 2.8▲0.1

▲

+444UBS 0.1

0.17 3,132.4 9.2

▼

31

1611.8

Morgan Stanley

3,333.2 9.32,999.0 2,625.1▲ 30*Jefferies LLC

11

5.5-16.7 11

+1+2

TD Securities Inc1.9

114.44.8

10

3▲

Ernst & Young LLP

▼

1.925.3▲

39

8 3.19

16.12,407.1

BNP Paribas SA 16 -

8

8 2,539.7

9Citi 1910

24

# of Deals per Advisor

▼

▼

▲

▲

0.3-1

21

4,232.89.63,261.26Macquarie Group

- Citi▲

12.42

▼

0.2

-1

Americas Rankings

5-2 Credit Suisse

14

2.4

▲

▲

▲

7.32.6

Share Ch.

▲

9.4

▼▲

0.10.83

6

2.5+1

▼0.4

▼

▲

1.87.7

9.0

0.2

▲

▲

13.9▲

41

13,628.7

4,387.4

2013

Rank

▲-0.67.1

▲ ▲

+1▼6.4

▼

▼

Jan 1 – Mar 31

21.891,043.0

Any US Involvement Completed (AF48)

▲

US$m

2,161.0

▲

Share Ch.

20.2

Market

Financial Advisor

Market

▲

7

8

6

9

▲

12.30.2

130,298.3

11

2.8+1 ▲ 23.61,867.90.10.15 2.35.516

4.5

179,413.4

23

5

23.0-1

1,886.8 3.2 ▲

12+1

+17.0

▲

-0.1+1 ▼4.6Morgan Stanley

12

03.9 3.746

▲ 4

1,342.63.7 ▲

3

3.9

5.5

0.00.1 2.9

▲ 3 0.1 - .7 0.1-1 ▼13 1,560.39 ▼-2.2 15.10.5

2,085.0

▼

1,590.11

+10.20

1.7

4.5 ▲

4.2

0.24.5 0.5

3-13.90.2▲ 14*

110.2

6

14*

707.3 0.52.022

+1

3.9

+1

Industry Total25Jefferies LLC

-56

48

Canaccord Genuity 24-

https://www.thomsonone.com

Rothschild

23 17

35.1

Sh (%)

+1

+3

13▼

48.3

Rank Value per Advisor (US$m)

10

2

▼

▼ Moelis & Co15

▼

▲ 192,258.03

53.0

1.1 Bank of America Merrill Lynch

2014

Rank

-9

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Sh (%)

-▼

Credit SuisseEvercore Partners

22,558.7

122,206.2

-

2,326.7

2 0.1

0.0

TD Securities Inc

▲

▲

▼

7.17.2

▲

Sh (%)

0.3

+2

1.3

6.7

2,555.4

8.4

1.0+1

Change in

0.9▲

+3

2

1.4

0.5▼

▼

16.2

5.0 5.0

-1.2

▲

139*

▲

▲

▲

Desjardins Securities Inc. 17

▲

1.7

-

-21.1

7.2

15

6.5

Milliman Inc14

18135.8

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

1

▲

1,800.04

Rabobank NV 24* - 529.2 1.6 1.6 ▲▲ 1 0.0 +1 ▲ 3.5

8

16,287.8

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

Telecommunications / Telecommunications Services

5,800.0Finland / Finland

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

Pending

2/21/2014

4

23,980.2

3

Rothschild

United Kingdom / Netherlands

Germany / Sweden

Morgan Stanley

France / FranceIreland-Rep / United States

France / France

Media and Entertainment / Cable

2/6/2014

Pending L1 EnergyIntended

Anheuser-Busch Inbev

2/11/2014

1/20/2014

Volkswagen AGL'Oreal SA

Pending

PendingActavis PLCNumericable Group SA

Forest Laboratories Inc (100%)

Pohjola Pankki Oyj (62.8*)

Announced M&A activity with EMEA involvement totaled US$271.8 billion in the first quarter 2014, up 53.1% compared tothe US$177.6 billion reached for the same period last year. Net competing bids for SFR, EMEA volume rose by 33%compared to the same period last year. EMEA fees accumulated on deals completed in the first quarter of 2014 also rosemodestly, reaching only US$2.2 billion, a 2.6% increase compared to the US$2.2 billion total for the same period last year,according to estimates from Thomson Reuters/Freeman Consulting.

The Telecommunications sector led the EMEA marketplace, with 65 deals grossing a combined US$57.1 billion, includingboth bids for SFR. Industrials accrued US$36.2 billion, and Healthcare totaled US$32.3 billion worth of activity.

Additionally, financial sponsors were more active this year compared to 2012 and 2013. EMEA-targeted buyside financialsponsor activity reached US$44.8 billion in the first quarter, up from the US$25.1 billion reported last year. This markedthe highest first quarter total since the pre-crisis levels in 2007. The largest FS-backed deal was the US$3.1 billion offer forDanish electronic payments provider Nets Holdings in March.

Acquirors listed on the Euronext Paris stock exchange were EMEA's most acquisitive companies this year, with acombined total of US$26.7 billion in offers.

Healthcare

Acquiror / Target Nation

15,038.6 Morgan Stanley14,277.8

32,008.1

Top Ten EMEA Involvement Announced DealsAcquiror

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 - Mar 31 2014

Pending3/11/2014

Date Effective Target (% Sought/Acquired)Rank Date

Bouygues Telecom SA

24,091.3 3Goldman Sachs & Co 24,811.2

FinancialsGoldman Sachs & Co

34,934.0

36,193.4

5 49.3

27,397.9

21,013.3 68.9

Rank Value (US$m)

JP Morgan

UBS

1

Jan 1 – Mar 31 2014

Target Macro / Mid Industry

46.8

25,183.1

27,181.7

23,286.3

3Industrials

Goldman Sachs & Co

Deutsche Bank

Goldman Sachs & Co

Goldman Sachs & CoEnergy and Power

3

EMEA Deals Intelligence

Vodafone Holdings Europe SLULiberty Global PLCZiggo NV (71.6%)

7,099.1

Morgan Stanley

Telecommunications

Pending

JP Morgan

29,812.8

OP-Pohjola Group Central Coop

3/16/2014

SFR (100%)3/6/20142/18/2014

Grupo Corporativo ONO SA (100%)

Pending

Scania AB (37.4%)

SFR1/27/2014

Pending3/17/2014

United Kingdom / GermanyBelgium / South KoreaPending Oriental Brewery Co Ltd (100%)

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

EMEA M&AEMEA Announced M&A Increases 33% Net of Competing Bids for SFR | Telecommunications Highest Valued Sector | Financial Sponsor Activity Rises

Healthcare / Pharmaceuticals

10,025.110,854.2

Industrials / Automobiles & ComponentsSpain / Spain

* Undisclosed4,579.2 Financials / Banks

RWE Dea AG (100%)

4

3

3

376

34.011,966.1

9,161.6Telecommunications / Telecommunications Services

8,235.3

Consumer Staples / Food and BeverageEnergy and Power / Oil & Gas

France / FranceL'Oreal SA Consumer Products and Services / Other Consumer Products

Telecommunications / Telecommunications Services

Deutsche Bank

24.8

1

44.8

33.1

https://www.thomsonone.com

3

534

3 236

22.9

No. Deals

JP Morgan

61.5

12,304.5

52.2

16,205.9

Mkt.

165

ShareRank Val US$m

35,135.0

Rank

2

57,097.5

61.2

123

6

2

32,290.8 7,999.1

4

3184

75.3

7,099.1

1

77.52

22.0

78.7

2

2

6 2

1

Jan 1 - Mar 31 2014EMEA Involvement Announced Advisors by Target Industry

$33.4

$76.4 $73.9

$27.1 $15.5 $21.9 $18.5 $25.1 $44.8

$61.2

$45.5 $86.9

$44.4

$9.1 $16.3

$37.9 $20.1

$34.1

$37.1

$60.3

$54.2

$27.8

$14.6

$37.1

$23.1

$18.8

$21.9

$46.0

$90.9 $56.2

$24.9

$18.7

$25.1 $21.6

$24.0

$35.8

17.6%

19.7% 16.3%

10.2%

7.5%

13.1% 13.9%

9.6%

18.2%

22.5%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% 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 $26.7

$25.6

$16.1

$13.6

$11.7

$7.1 $4.6

$1.8

Euronext Paris

New York

Frankfurt

London

Nasdaq

Euronext Brussels

OMX Stockholm

Swiss Stock Exchange

OMX Copenhagen

Zurich

9

Societe Generale Credit Suisse

Societe Generale Credit Suisse

Morgan Stanley

Any European Involvement Announced (AD21) Jan 1 – Mar 31

▲

Rank Value per Advisor (US$m)

Any EMEA Involvement Announced (AD47)

Market

Jan 1 – Mar 31

Rank Value Market

# of Deals per Advisor

2013

Rank US$m Sh (%)FeesDealsShare Ch.Financial Advisor

Goldman Sachs & Co34.8

2JP Morgan

23

5

735,287.826,301.4

BNP Paribas SA

37

SEB

UBS 13

HSBC Holdings PLC 9

15

11

18Ernst & Young LLP

Mizuho Financial Group

Citi

12

14

Barclays

Credit Agricole CIB16Credit Suisse

10

Lazard

68,708.2

23,766.926,075.3

57,889.3Bank of America Merrill LynchDeutsche Bank

6

9

4

-5

Financial Advisor

▲

1

2014

Rank

Market

94,675.8

Change in

173,951.8

Greenhill & Co, LLC

2

8

Rothschild 6

2.6LazardBNP Paribas SA-7▲

▲

1▼

13

13

-

4

9.7

▼

▼

121

5.7

2.0

▼

2.1

▲

-17.8

▲

-0.2

0.6

▼

▼

25-2

+1

10

2.0

-11.9

-1.3-1.4▲

▲ 1.14,577.5 1.7

2221

Centerview Partners LLC

3.6

▲

▲

205,021.8

0.0

0.0

0.01

+1

Lazard

▼

▲

8.8

▲

0.1

40.2

0

4,012.73

0.1▲

-0.1

Industry % Change from Same Period Last Year

Industry Total

30

544,540.81.2

▲1.63

KPMG24 6,192.5

--

2.4

22 10,025.1

5,094.0

23

▼ 2724PricewaterhouseCoopers

1.925 2014 -3.1

-1.7▼

25-40Macquarie Group

3,171

Industry % Change from Same Period Last Year

* tie

Industry % Change from Last Quarter ▲2.1%

Market

▲ 12.6

▼

6.4-2 136.6

Fees Sh (%)# of Deals

▼ 91.6-5

-6▼

73.638.3

▲

▲

80.6

▼

3.8

-1775.8

-22

-2

+7

0.40.1

SEB

12.3▲

▼

1.0

+3

▲

▼

Ernst & Young LLP 19▲

4.2

26

225

-14.7%

0.3

3 +3Macquarie Group

5

311

Danske Bank

6

▲

-1

4.2

▼ 22

6.4

0.5▼

-

1516

128,305.0

2.118

15,708.4

2.2▼

6,203.6

6,971.12322

▲

▲

84

-12.3

16,348.94 -26.1

0.9

18 15,743.3

3.1

40

9Citi

130,298.38

19,242.5▲ 19

3.7

8.8

15,743.3

-2.9

Rothschild-

▲

3.7

4.2

3.6

PricewaterhouseCoopers-

▲

4.3

129.98.9

26.1

4.1

3.6

-

22▼-1

0.3

2019

Societe GeneraleErnst & Young LLP

▼

▲

-5.5 0.6▼

0.38.85.2

18 0

▲

11 +1▲

+1

0.5▲ 179.926,424.8

-

22.0

-313.40.8

▲

0.3▼

131,332.4

3 144,483.65▼

1678

9.4 0.73.3 -13

Barclays▲0.7

1.3Bank of America Merrill Lynch

40

4.1 24

+5

0.826

+423▲

15.0

14.5

3

13

620.8

2654,725.047,785.8 18.1

57,889.3▲

35.9

Industry Total

Deutsche Bank1

US$m

94,675.8

68,708.232

Goldman Sachs & Co

Rank Value per Advisor (US$m)

▲

Morgan Stanley1

31.1

Market

Share Ch.

▲

▲

ABN AMRO Bank51

Robertson Robey Associates LLP 2221Perella Weinberg Partners LP20

-

Lazard

24

2

53.1%

54

Rank Value

▲

2013

RankFinancial Advisor

Greenhill & Co, LLC

Zaoui & Co

26

6

117

PricewaterhouseCoopers23

8

Industry % Change from Same Period Last Year

97,927.0

4Bank of America Merrill Lynch

81,944.2

Rothschild

JP Morgan

Industry % Change from Last Quarter

2014

Rank

BNP Paribas SA

7

1112

10HSBC Holdings PLC

7

9

Mizuho Financial Group

23

UBS

ABN AMRO Bank

BarclaysErnst & Young LLP

Perella Weinberg Partners LP

SEB

CitiCredit Agricole CIBCredit Suisse

Robertson Robey Associates LLP

1911,415.3

21 49 11,068.5

8

KPMG

Danske Bank

Rothschild

Industry Total

2.15,509.4

14Evercore Partners

0.11.8

39

5,021.8

4,285.2 1.61.719

201.9

4,181.1

2.5

-0.2

2.3-18.4

0.6

▼-1.4-1.5

3.4

0.2▲

▲

0.17.1

8.5

7.1

8.6

0.3

+3PricewaterhouseCoopers

4

-2.3 ▼

▲

-5.5▲

▲

+10.1

11 0.1+322

0.1

+67.5

▲

▲8.313.0

▼

▲

-5.25.2

8.6

▲

6.79.6 12

20,464.9

8.612

523,291.2▲

20

▲

21-13.7

46.9

23,062.10.1 +5

48.7

23

0.80.0

21

-7

0.3

190.7

+6

0.1

75.8-3-14

27.5

29.6

▲

+11

97.1

+1

62.7Sh (%)

1.0▲

0.7▼

▼

9.4

▲ 18

-20▲

▲

# of Deals

▼

▼24 0.3

-3▲98,117.0 0.3 Goldman Sachs & Co▼

Sh (%)Sh (%) Deals

36.1JP Morgan

2726 -60.314.0

13.1136

4145,004.2

32 163,173.8

▲+224

6

150,463.6160,623.6

Bank of America Merrill Lynch253

Morgan Stanley89.7▼

-620.1 ▲

17.1

▲ 0.858.857.9

44.5 26 1.0 ▲6.2139.17.00.7

12.1270.8 ▲

# of Deals per Advisor

Market

Imputed Fees (US$m)Rank Value per Advisor (US$m)

2013

Rank

MarketMarket

Jan 1 – Mar 31

Market# of

▲

# of

Share Ch.

Rank Value

US$m

42

Market

33.4 ▲ +11.5

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

# of DealsSh (%)

Any EMEA Involvement Completed (AF53)

5Share Ch.

2014

Rank

EMEA Rankings

Advisor

▲

Change in

▼

▲

1.5▼

18

48.4

4.3

-8

1.2

30

12

-▲

65.2Sh (%)

0.30.01.5

34.9

Rank Value per Advisor (US$m)

0.2

50.4

Market

▲

54.1

4,007.6100.0

US$m

134,604.3

4,012.7

▲

▲

30

23.7%

35.0%

35

-586

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

▲

+1

-18.4%

SEB10▲

4,007.6

25

Moelis & Co

23

4,717.1

-17

7.28.2 ▲

0.4

6.7

22

9

4.2

4,206.1

Evercore Partners 12

1718

1814KPMG

8616

4,717.1

1.54,285.2

5,509.4-

19

1.8

59

13

277,676.3

3.0

2.42.56,971.1

8,305.023

6,682.46,203.6

23

1.7

2.2

▲

10

35

▲

1.4

1.5

Advisor

-18.2%

2,712

# of Deals per Advisor

▼

Any European Involvement Completed (AF3)

▼

2014

Rank

2,239.3

0.4-29

0.4

-20.7%

▲

-3

+73

0.8

56

1.30.1

8

-

▼

25

+20

0.20.2

▲

▲

-160.3

+3▼

-14.8-9

2.1

▼

▼

0.0

▲

Imputed Fees (US$m)

▼

0.1

▼

▲

▼

▲

3.1

1.7

55.3

3.9

3.1

104.3▼

1.6

▼

2.72.6

4.3

14.8

1.21.6

4.9

1.4

0.4

0.6

0.1

▼

▲

▲1.4

0.8

0.1

▲

▲

Market

▲

1.24.3

▲

100.00.5

1.8

0.2

▲

0.4

▲

▼

▼

▼

▲

Share Ch.

0.6

1.6

23.4% -20.6%

100.0

▼

267,002.5

▲

40.0% ▲

▼▼

-664

14.00.2

-55

https://www.thomsonone.com

▲1.56

▲

0.4 ▲ 0.50.7

▼

2,562

0.4

0.5

+3

-14.3%

▲

▲

▼

▲

8

10

0.9

+22.1

Jefferies LLC0.2

▲

▼

59

12

34

0.4▼

-1

-30▼

3130

1.2▲

103.1

3.6

145,004.2

▲

▼

2.7

27.4

-14.3

▲5.9

# of

173,951.861.0

Market

59.2

19

48.849.2

15

-26.5

Market

1.0162,983.8

54.3

Rank Value

▲

18.620

1.6

158,148.6

▲

0.1

0.70.820

1

0.9

0.0

1723

0.1

0.6

0.8

0.76.1

1.3

422 ▲

▲

2

6314

49.2 ▲

0.2

0.7

7.2

48.8

1.2

1.5

0.3

▼

Deals

30.0

18.7

Share Ch. Sh (%)

▲

6

47.2▲

▼

5.9

▼

▼

▼

+1-706

▼

Jan 1 – Mar 31

▲

-5

0.1

+8

+2

-6

-18

2.6%

+2

0 -▲

▼

▲

270.8

57.5

5.3

0.02

0.7

▼

Change in

32.551.5

14.0 0.6

82.6 ▲

2.9 ▲

4.2 ▲

0.1

0.3

0.3

0.8

1.5

-

▼

4.0

2.21.0

0.0

0.4▲

0.40.4 ▲▲ Guggenheim Securities LLC ▲

-218 ▲▼ 849.7

▼

172

3.4

48,249.1 17.8UBS 137,868.5

▲

47.30.5

47.3

14.1

3.627 +1

-16

0.3 54.252.2▲

233.730.2

54,725.021.325.3

20.1

81,944.2▲

40

Citi

▼ Paul J Taubman

11

7

▲

Deutsche Bank 910

▼

46.9-8131,332.4130,298.3

9.3 0.3

0.3

+7 Barclays

21,717.59.6

3.54 6.9

16,573.4

7.819,152.3

91

12 ▲ 32

-25.7

6.0-24.5

26,583.4 ▼

▼

22

93.2

63.81.23.7

▼ 0.8

1.6▼

▼

1.1 -32

▲

-3-1

+2▼

0.81.20.7

2.6

1.4

0.4

2.50.2

▲

▼

4.7

▲

▼

104.5

5.3

0.1

2.3

0.2

1.612.3

55.3

0.5

0.7

▲

▼

▼

0.2

0.111.7

0.20.3

8.7

▼

▲

0.8

▼

3.0

▼

35.3

10.4

4.0 0.10.6

15

Centerview Partners LLC

▲

Jefferies LLC

Industry % Change from Same Period Last Year

5

2013

Rank

2324

BNP Paribas SA

10

UBS76

Financial Advisor

JP Morgan

12

Paul J TaubmanGuggenheim Securities LLC

34

Industry Total25

20Societe Generale

Moelis & Co

Morgan Stanley

-40 ▼

Goldman Sachs & Co

Deutsche Bank

Industry % Change from Last Quarter

Change in

2

1

0.1

-18▼

2.1

0.5

0.8-4

▲

▼

▲

▲

▲

3

2

-2

0

17

3

11

22

-15.7%

0.1

5

1.2

+6

0.0

16

# of Deals per Advisor

▲

+2

+1

-18.3%

5

70

▲

2.4

3,395

26

-6

0.2

+3

-3

-631

Sh (%)

0.8

-1

0

0.7

+2

▼

0.8▲

-7

-18.4%

0.0

# of Deals

▼

▼

0.0

▼

+3

▼

+1+3

0.2

▲

▲

▼

+1

5 +5

-15.6%

-8

▲

▲

▼

▼

▼

51.5

11.7

1.10.1

0.1-9-4

-29

0.5

+1

32.5

▼ 92.0-3

+19.4

2,148.3 100.0

0.6

0.1

0.4

0.3

▼

0.2

0.4

1.5

3.4

0.1

0.7

0.3

▼

0.4

▲

3.5

1.4

10.4

▲

▲

3.0%

7.5

0.2

35.3 ▲

7.9 ▼

0.7

23

4

13

11

6,682.4

18

▼

2.6

▲

3

2221

▼

Industry % Change from Last Quarter

37

8.75

33

78

17

100.0

3.79,674.63.8

▲

39

17,862.27.714

57.1%

17,567.13.8

20,247.56.8

15,475.7

6.5

26,075.326,301.435,287.8

23,291.223,430.6

11

7.27.1

▲

10.0

▲

263,615.4

57204*

Zaoui & Co

16

4.44.3

5.5 ▼

-22,912.1

11

14,596.9 -5.0

80

14,596.9 5.4

6.517,862.217,567.111

6.6

5.7

MarketMarket

10,025.1

14

13.8

0.9

3.7

▲

19

17 33

11,415.358

214*

811,517.5

15,475.7

▼

15

20

68

▲

▲

11,517.5

16

▲

5.9

▲

-

11,068.5

100.0▼-1.5

9,674.62.3

37.2Sh (%)

13

6,229.2

1.8%

271,792.3

18

Deals

# of

3.7

11-0.6

1▲

3.23.8

▼

27 0.3KPMG 25 20 5,094.0 1.9

10

Robertson Robey Associates LLP BNP Paribas SA

* tie

Credit Agricole CIB Credit Agricole CIB

137,983.4

10

US$m

138,476.8

2,454.02,373.5

7

132,454.054,636.5

0.71,457.215

JP Morgan 1

11

Ernst & Young LLP

Bank of America Merrill LynchGoldman Sachs & Co 4

UBS 76

20*84*

58

1,093.8

1,185.114- 1,119.1

5,666.5

15

+1

+1

1161

EMEA Rankings

-5

▲

1.1

-27.4

83.5

Rank Value per Advisor (US$m)

▲

▼

Any UK Involvement Completed (AF39)

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

4Goldman Sachs & Co

▼

▼

6

1

1

0.21

▼

▲

+1

-4

-1

0.2 +1 ▲

0▲

0.2

-1+1

-46

▼0.2

https://www.thomsonone.com

388

2014

Rank

2+5

Financial Advisor

Market

Financial Advisor

141,156.416

2013

Rank

JP Morgan

Jan 1 – Mar 31

Market

Societe Generale

RBC Capital Markets

Arma Partners LLP

-2.8

Sh (%)

CIBC World Markets Inc

Financial Advisor

25

BMO Capital Markets1,008.8

2

12

+10

▲

0.3

0.1

Any French Involvement Announced (AD33)

24.5%

Rothschild

21

Deals

▲

▲

+1

-▲

+3 ▲

0

-

▲ DTZ Debenham Thorpe Ltd

+47

0.7

0.9-32 ▼

HSBC Holdings PLCNumis

+2 ▲

0.1-0.8

1 2

2014

Rank

▲+1

▲

687.8

Jan 1 – Mar 31

-179

US$m

5.0

Imputed Fees (US$m)

Market

▲

▲

▼

▲

Sh (%)

▲

Market

▼

▼

▲

▲

▼

0.4

0.9

0.8

0.9

▲

3.71.2

2.4

1.0

2.36.21.2

5.7

0.9

2.2

-▼

13.2▲

9.83.1

▼

3.1

▲

▼

00.2 ▼

0.8 0 -

-

+1▲

▼

3.93.5

8.1

▼

7.2▼

▲

10.2

3.1

1.3

▲

7.71.43.8-

0.9

262.3

-33.1%

-0.8%

221.6

109.1

▲

312.31.2

▲

Leonardo & Co 192.1

3.0

4.7

▼

0.5

▼

18

491

▲

RBC Capital Markets20*DC Advisory 192.1

170.0

-0.20.2

0.2▼-1

0+1

0.5+1

0.2 ▲

+1 -▲ DA Davidson & Co Inc 17 1.9

Lazard

14.6

+1

Citi▲

▲

+7

Societe Generale13

0.80.6

▼

611.4

-2.6▲

▲

▲

0.2

1,569.1

22

3818

-

966.2

0.60.20.2

3

1.8

81.6

17

19

1,100.090

81.2

12

4

8

1.0

▼

▲6Morgan Stanley

132,150.3

3 48.0 ▲

▲

Bank of America Merrill Lynch

Sh (%)

Market

Sh (%)

▲

81.9

Deals

0.2

Rank Value

▲

76.2

# of

0.2

1100.2 -

12

Market

# of Deals

# of Deals per Advisor

▲

44.251.1

33.648.0

7,858.8

48.3 7,090.5

▼

47.3

21Evercore Partners

0.4

Lazard

Share Ch.

Market

6

4,636.5

3

77.1 1

81.6

0.1

0.2

0.7

* tie

▲

▲

290.8%

▲

-7 ▼

0.21

560

▼

UniCredit -

0.5 ▲

0.6 230.424

13 2.30.6

100.0

415.7

▲

24* 371.9-

Industry % Change from Same Period Last Year

-6.0%

100.0100.0

▼

Industry Total

▼

-13

-

1,056.1

841.0

2272*

+1

16Robert W Baird & Co Inc -719.7

8,235.3

1.5

17,862.2

1,120.8

-41.1%▼

989.7

0.5

▲

2.0

Rank Value

12

-

▼

▲

14.36

26,075.3

35,213.4

▲

-19.4%

15.1

Industry % Change from Last Quarter

# of Deals

30.1

33.1HSBC Holdings PLC

50.533,299.3 9

37.8

▲

Share Ch.

▲

▼

0.30.9

9

Market

915.00.30.1 ▲

0

▼

1.3 1

▲

+1

0.042.0

0.15 0.1

-29.7%

0.2 ▲

0.1▲

6

-131,332.4

31.18

0.0

▲

0.0

7

-

9

137,921.5

2.8

31.6

7

1.1

4,764.5

7137,244.6

78.1

+2

-3

-3

-1

▲

-2

▼

▼

-10.10.1

+2

-7

+1

0.1

▼

0

▲

-4

+1

▲

-

▼

▲

0.6

-14.7%

Advisor

-1

-249

+1 26.5-3

+7

▼

0.6▲1.9

0.8

1.1

▲0.8

▲

▲

-1

0.2

334.6+1

1.6

2.01.6

▲

0.80.4

0.9

4

40

0.4

0.4 5*

8*15.1

1

4

23,980.28.4

▲

34.8

18,319.025.0

14.0

26.6

14.0

28.6

1.6▲

1.6

1.0

1.4

0.9

1.01.0

1.2 1.2

1.0

0.5

0.90.8

645.4 0.9660.6679.4

645.4533.5

Credit Suisse

Deloitte 23

China International Capital Co

Industry Total

PricewaterhouseCoopers

14

Guggenheim Securities LLC

20*35*20*

19Forus Group LLC

Oddo et Cie

-

66*13Barclays

914*

1516

Leonardo & Co 66*

LF Rothschild & Co

53

BMO Capital Markets

Mediobanca

24* 371.9Roth Capital Partners Inc

68,958.3

▲

9,674.6-

-

54* ▲

90.7%

Goldman Sachs & Co

24,940.635.1

5 36.26 24,200.2

127Deutsche Bank

Morgan Stanley

11

18

Zaoui & Co

17

98

10JP Morgan

Bank of America Merrill Lynch▼

▲

▲

26

7 19,748.3

10*

25.9

11.9

1

▲

-12.9

2

1.0▲

4.8

-28.0

1

0.5

1.0

-2.8

0.8

▲

0.4

-1

CBRE Holding SAS

Jefferies LLCTD Securities Inc

▲

Robert W Baird & Co Inc

▼

▲

1

Industry % Change from Last Quarter

24* - 371.9 0.5

4

511

6

1

-2.3%

2

1

▲

0.9 0 -

# of Deals per Advisor

4

+4 ▲

# of Deals

▲

Sh (%)

0.2

1

+1

0

▲ 2

746

▼

3

0.1

+5 ▲ -

-

22

1

4 0.7

1

+2

1.1

+1 711

7.1

-16.5

0.4

-49.0%

Industry % Change from Same Period Last Year

La Compagnie Financiere

-3

-7.8 ▼

-9

-1

14.6 0

18.1

0.2▲

+20.4

-2

0.71.21.2

39

▲

4

▲

34.9

▲

28.6

35.9

▲

14.8

▼

▼

Market

1.1

1.8

Share Ch.

Imputed Fees (US$m)

2.2

Deals

12

4.118.0

Share Ch. # of Deals

10.1Sh (%)

2.4

20.9

▲

0.6

▲

100.0

1.7

6.910.7

3.7

4.822.5 8.6

0.8

1.8

0.2

1.2 1.1

0.7

0.7

▲

▲

1.2

▼

-

14.4

6.6

- 5.80.6

2.8 0.45.58.9

5.98.6

▲

1.5

▲

0.70.2

▲

▼

0.6

▲

▲

1.3

1.90.9 ▲

2.6

4.10.1

1.3

2.6

0.8

4.6▲

0.1

0.3

0.5

4.06.5

4.71.3

▼

Share Ch.Fees

▲

8.7

8.6

2.8▲

0.2

▲

4.0

Jan 1 – Mar 31

Advisor

3.1

35.3

64.8

78.9

+2 ▲

▼

9.4

▼

-549.1

Change in

10.5

1.230.7

5.843.334.6

▼

6.9▼

19.4

▼

1.0

18.3

-7

14.4

19.5

▼

-9

+1 ▲

▲

▼

-4

Fees

▲

0

+14.8

013.7

Sh (%)

751.9

▼

▲

▲0.8

1.0 ▼

▼

▲

▲

5.7

0.5

1.9

▲

2.8

▼

▼0.6

3.0

5.0

▲

▲

1.0

2.8

▲

1.5

▲

0.6

3.11.2 ▲

▼

0.51.2

▲

0.90.3

3.01.1

▲

▲

-2.53.1

1.0 0.0

2.3

0.41.1 ▲

▲0.41.2

0.4▲

0.6

0.0

6.9

3.8▲

6.9

0.7

▲

11

-4.9

1.4

-0.55.2

0.7

6.7

▲

-0.3

3

8.5

28.6

▲43.7▲

228.62

25

23▲

▲

0.5

0.6

0.5▼

0.6▼

0.7

4,636.5 28.6

0.71,094.2

48.4

983.8

0.5

16

20*

10

Barclays

2

4.3

77.7

-47.577.1

▲77.7

▲

1

Change in

▲

US$m

# of2013

Rank Share Ch.

Rank Value

Any UK Involvement Announced (AD32)

1.3

0.1

-1.0

1.31.3

6

15

Sh (%)

Change in

▲

▼

2.7

+5+5

▲

-1

▼

▼

+3

Deutsche Bank

11

Barclays

2

▲

5*

Goldman Sachs & Co

14

10

UBS

12

-1

▼

▲ LF Rothschild & Co 15

-▲

Perella Weinberg Partners LP

1920* 37

72*

0.525

19 1.2198.6

▼

Industry % Change from Last Quarter

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

Nomura

75.3

4

-3

1.1

▲

BNP Paribas SA

-2.5

▲

2

+1

+2

3

22

4 18 11

▲

-13.6%

19

100.0

72.3%

▲

▼

34,792.4

-

-23*

Industry % Change from Same Period Last Year

2013

Rank

75

22DTZ Debenham Thorpe Ltd

BNP Paribas SA

Wells Fargo & Co

Lazard 3

Fairmount Partners LLC

Industry Total

Rothschild

-1,276.5

632

42

22-

1,524.9

2,381.8

4,836.112

CitiPiper Jaffray Cos

Barclays -3.4

20

2.1-0.2

1,524.9

2,711.8▼

3.7

▲

2.1▲

0.42.1

3.3▲

17

RBC Capital Markets

Centerview Partners LLC 15*15*

1314

CBRE Holding SAS

1.82.1

Jefferies LLC

19

1.81,184.959

28Credit Suisse

1,097.71918

1.3

1.61.5

1,276.0

-23* 915.0

HSBC Holdings PLC

1.1

Deals

920.6-8.91.4 ▼

11.3

Market

19.2

2

15

Market # of

Rank Value per Advisor (US$m)

72,786.9▲0.7

# of Deals per Advisor

-20

0.40.5 +3

0.4

773.3

100.0

2013

Rank

Industry % Change from Same Period Last Year

+1

2014

Rank

Easton Corporate Finance SASBanco Espirito Santo SA

▼

6

0.7

-8.6%

Market

0.5

Sh (%)

2014

Rank

Rank Value per Advisor (US$m)

18

10,854.2

10

4712,498.3

--

ABN AMRO Bank

Morgan Stanley

8*

82 11

332,154.633,225.4

44.21.5

▲

5

213,299.9

11

40.2 29.4

1.57

11

45.738.5

▲37.1

14.930.729,235.9

13

2▲

▲

1.522,338.75

-311

6UBS+1

▼

▲+2

117.2 ▲

▲

▲

▲

11 1.50.75Deutsche Bank

8* -

17.44.25 13,383.6 18.4

18.3

Perella Weinberg Partners LP10,854.2 14.9

▲

7Paul J TaubmanGuggenheim Securities LLC

1▲

57.00.10.7 -

7,273.710,025.1 13.8

▲14.9+1

14.99Deutsche Bank

▲

9,536.8

130,298.3▲ 1+1

2.0

0.1

1510 30.11 22

▼+5+4 -23.9

1.6▲

Citi▲ ▼

▲

1.2

+3SEB

14 1,701.4

1,991.0

71.7 ▲

1 1,601.8+1

0.50.9

Credit Suisse

13

0.10.1

6 0.1

-49.0

0.9

2

55▲

▼

11-1.2

2,621.1 1.6 ▼

5113*

1.0

1,793.9

+230.7

0.10.0▲ 1

0.7 ▲

5

5▲ 0.0

-7

0.1

0.011

▼-0.10.6966.2

0.634

-0.4

140.00.1-9.4

920.6 0.5

1

832.8

595.40.524

# of Deals per Advisor

Sh (%)

Standard Chartered PLC 60

Financial Advisor

Rank Value

US$m

▲

Industry Total

Industry % Change from Last Quarter

169,113.7 590

36.8%

189.1% -16.3%

Market Change in Market

▼

Jan 1 – Mar 31

Market

-20.9%

Rank Value per Advisor (US$m)

Any French Involvement Completed (AF40)

▲

2 7,179.9

43Morgan Stanley 1

Credit Suisse

JP Morgan1

9

▲

-

8*

5*

Macquarie Group

▲

Bank of America Merrill Lynch▲

7.39.7

0.5

1

5.2

▲

1.9

▲

▲

3.8

6

841.0

302.7

0.20.4

38

65.0

4

-24.9%

16,240.4

6.6▲

13.88.713.1

14.9

-

▼ 12

57

1

1

# of

0.0

▼

1

0.6

Market

0.1

.0 0.7▲1.2 +3▲0.5 ▲ 0.2 +1

11

KPMG Nomura

JP Morgan Sumitomo Mitsui Finl Grp Inc

Industry % Change from Same Period Last Year

* tie

2

▼ -

1,683.8+3

21

Boston Consulting Group

+10.2

+1▲

+1

+3

0.7 ▲

0.4

1

-6

0.7

▲

+2

13

0.41

5

2

14Rothschild 13

▲

▼

-3

+1

+1

23.9

6

65,089.6

Morgan Stanley 12

8

26.5

Credit Suisse 5

Market

21.2

0.016

8,676.916,952.0 29.2

-0.5

Sh (%)

Rank Value2013

Rank

1

▲21.7%Industry % Change from Last Quarter

Rank Value per Advisor (US$m)

230.8117.0

Share Ch.Sh (%)

8

# ofMarket

Deals

44.7

1

Industry % Change from Same Period Last Year

2514,745.8

Jones Lang LaSalle Inc100.0

-31.4%

▲

1.7

▲+1-1 ▼

1.1

0.6 +1

1.1

20.6

21 0.6

31

3.9

Jan 1 – Mar 31

MarketMarket

0.20.6

5.1

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Imputed Fees (US$m)

2013

Rank

▲

▼

# of Deals per Advisor

2.610.9

AdvisorChange in

▼

Sh (%)

▼

Market

Sh (%)

0.0

-

1.72

7.9-

5.2 1.53.5

38.1

Industry % Change from Same Period Last Year

25

68.0%

-3.6%

Share Ch.

EMEA Rankings

3.5

18.1

1.8

2.5

Change in

7.3

-3.8

Market

# of Deals Fees

0.8

▼

▼

▲

+2

▲

3.3▼

▼

3.2 ▲

▲

▼

1.62.62.0

▲

▼3.8

4.06.9

1.5

8.0 2.1

▼

▲

1.0

0.91.1

▲1.01.3

▲

▲

Share Ch.

▲

▼

▲

0.3 ▼

1.9

Market

Imputed Fees (US$m)

18.1

1.80.81.7

1.9

▲4.1

Sh (%)

▲

3.4

4.213.5

1.4 ▲

▼

▲0.10.2

▲

3.414.2

1.8

14.6

7.1

4.3 ▲

▲

0.7

0.81.21.2

▲

100.0

▲

0.7210.0

-2.7%

▼ 18.8%

59.0%▼

0.9

3.21.1

.6

-1

▲ 1.4

2.42.22.0

-1

6.7

+2+2

2,169.0

28.3

9.8 -42.8

2.8

5.1

1.7

▲

9.8

5.37.4

3-1

▼

--

Rank Value per Advisor (US$m)

13*

1

# of

1429.8

30.5

▲

28.24,386.8

-4

Deals

2

▼

Jan 1 – Mar 31

▲

▲

▼

▼7

▲

990.0

-

Societe Generale

▼

▲

6

8*8*Credit Suisse

Morgan Stanley▲

▲

7

101

12*▼ 11Mediobanca

▼

BNP Paribas SA1,371.93.0

24

2

▼

+1Bank of America Merrill Lynch

1.53499.3 3.014

▲ LazardSantander

15410.7

12*▲

-

206.1 ▲

1.91.3

▲15

▲ ▲

4

0.3 17*

30.5 17*-

-0.6

Montalban Atlas Capital

-211.016324.9 +4

Banco Espirito Santo SA 17BNP Paribas SA

Banco Espirito Santo SA 20

William Blair & Co

206.12119 402.6

18

0.50.50.5

0

1.5

+1

0.5

5.4

16

919.55.9

Centerview Partners LLC

▼

Ernst & Young LLP

-3

JP Morgan

-

512.913

Deloitte 14Rothschild

PricewaterhouseCoopers 9101112

20

6

BBVA

5*5*Bank of America Merrill Lynch

Morgan Stanley

3

14

US$m

▲

▲

▲

59.2

13.0

59.2

2,200.910,025.1

4.1

65.0

▲

Sh (%)

1.0

# of

Robertson Robey Associates LLP

10,025.110,025.1

59.2

5*4

03.4Goldman Sachs & Co

Any Spanish Involvement Announced (AD34)

Rank Value2013

Rank Financial Advisor

59.5

65.5Deals

UBS 2

5*

1*

1 10,068.710,025.1

4

26*3

3

Market

# of Deals

65.510*

2 +111,085.1

Share Ch.

Market

1.0

Deutsche Bank52.0

▲

10,129.2 ▲

Goldman Sachs & Co-

Ernst & Young LLP

59.2

15

0.5▲

▲

1

1.01

1.53▲

56.7

59.2

0.3-15.2

11.02.7

-0.8

+1

+3

1.0

1

45.1+1▲

▲

▲

3,002.4

Ernst & Young LLP

9*

-

9*

2,570.0

3,959.83,274.9

-

Centerview Partners LLC2,570.0

7▼

▼

21.3

0 15*0.7 15*

17

Macquarie Group 1,550.0

-3

▲

2038

Bank of America Merrill Lynch

00.2

▲

0.4

DNB ASA

-3 Gleacher & Co Inc

▲

Advium Corporate Finance

▼

454 -58 23,775.3

▼

22*0.2

2.2

▲

▼

▼

Jefferies LLC+2+1

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+1

▲

▲4.1%

▲37.6%

2.5

▲

▼1.10.1 ▲

▲

2.1

1.2

▼

▲

▲1.42.51.4

▲0.3

▲1.2

▲

0.00.9

-81

6

+1

10

▲

▲

0.4

0.7

-5

3

# of

24.8 4

Sh (%)

▼

Market

Share Ch.

21

Any German Involvement Completed (AF42)

# of Deals Financial Advisor

7.8

▼-5.6

-6

-3

▲

▼

▼

# of Deals per Advisor

+1

0

2 1.0 ▲

▼

Jan 1 – Mar 31

▲

-

Market

2263

1.5

1.0

BBVA▼

Industry Total

Montalban Atlas Capital

+2

4.1

▼

196

6

1

2.0▼

+1

-5

3.1

0.5

3.7

KPMG

▼

-4

+2

-4+1

11,085.1

59.8

▲1+1

Market

▲

2014

Rank

1*Financial Advisor

Deals

-22.8%

Market

8

-3.0%

612.3

1,212.93.3

1.81.8 -12.1

-26.1-0.6

3

241.8192.6

151,129.8

-

3.6

612.3

1.5

5

-5.6101.0

▲

Industry % Change from Last Quarter

Advium Corporate Finance 21

▼

33,835.8

-26.1-

Industry Total

51.7

224

0.118.6▼

▼

-41*NIBC NV 19.6 0.141*

Mitsubishi UFJ Financial GroupKempen and Co NV

PricewaterhouseCoopers

220.2

192.6Kempen and Co NV

0.623

1-0.62

-12.1

▼

5.7

-58

-1

30.2

-13.3 ▼1.53.6 1▲

19*19*

0.7

▲

Pareto SecuritiesStandard Chartered PLC 494.7-

- 494.7

FIH Partners AS 18ABN AMRO Bank 17

--

Bank of America Merrill Lynch

Leonardo & Co 14*14*UniCredit

KPMGCredit Suisse 13

14*

16.713.8 ▲

+1 ▲

▼ 1.4▲

▲

0.02.6 ▲

0.50.0 -

2.69*Development Bank of Japan Inc

0.2

▲ 7

0.2

▼

Acxit Capital Management GmbH3

▲

JP Morgan10

6

BNP Paribas SA

▲

+3▼

▲0.9

0.428.6

1.152

25.3 ▲

▲41.61.3▲

Barclays7 5,173.57

10,817.827.1

-1.715.3

8

-

-

SEB 6

UBS -6

Ernst & Young LLP

9

Mediobanca 11*

1.8

10

11*1

1,212.94.0

838*

4 1,338.9

Sh (%)

▲54.6

+3goetzpartners Corp Finance

-

Industry % Change from Last Quarter

2.2

-2

+8

1

▲

▼

2.9

Change in

-13.3

61.4

+2

Industry Total 100.016,930.7

Jan 1 – Mar 31

3

Rank Value per Advisor (US$m)

▲0.8

83.7-93.2

0.8

0.60.6 ▲

0.6

5,910.95,684.7

6,309.7

49*

1,724.9

-

349

1

-18.8%

▲

▲

12

8.9%

0.6

0.30.3

▼

0.60.3

▲

0.90.9

100.0

-

12.6

▲

7.3

▲1.8

▲

16.716.7

18.521.4

▲

16.7

Moelis & Co

▲

9*-

3,959.8-

3,959.8

3.6 3.6

3,123.25.7 5.7

3,959.8

32.0

7.89.2

1327.1

1,932.4

48.616,260.7

43 48.1

9*11

32.5

Morgan Stanley3

9*9,161.6

10,986.9Deutsche Bank

Goldman Sachs & Co2

Citi

Rothschild

5

2014

Rank

1Financial Advisor

16,438.320,026.6

Rank Value per Advisor (US$m)

Industry % Change from Same Period Last Year

▼

Any German Involvement Announced (AD35)

▲

Industry % Change from Last Quarter

17.5%

14

-

28*-

-26.1%

28*

Rank Value

0.10.133*Lazard 23

59.2

2013

Rank

21.9

US$m

Jones Lang LaSalle Inc

Banco de SabadellGCA Savvian Group Corp

118.7

2

▲

-36.6

Santander

-117.0

21*83.7

18

50.9

▲

0.7190.5

0.7

1.3

0.7

11.2

1.9

+20.5

1.5

-52.0

2.4

2,169.0

4

8

59.2

2,590.5

# of Deals per Advisor

US$m

▲

3.9

9

25.224.0

144

-3

▲

4

1,371.9

2,250.3

506.7

▲

7.1

2Deutsche Bank

Citi 11

7.2

▲

Market

Sh (%)

11.8

5

-1650.1

-59

▲0.3

0.6

1.4

17.2

15.3

9.39.3

20.2

8.1

118.7

-

1,675.0

500.0

10

20500.0

- 120.3

-

0.8

3.4

7.6

6.6

2.7

PricewaterhouseCoopers2

Rank Value

Sh (%)

JP Morgan▲

2014

Rank

0.8-

161,451.4

26*

-1.7

11.4

6.1

17.6

4,168.2

7,387.7

14.77.7

7

3,719.83,532.017

3

▲

▲

▲

-

▲

▲

▲

▲

▼

37.1 7.1

▲

7.3

10.8 ▲

▼-9.010.8

0.9 +3

339.9

+2

13.1%

2.9▼-1

▲

▲

▲

+2

▲

3.2

-1

0.4

4.1

4.9

3.2

0.4

8.5 2.5

0.41.3

0.4+2

0

4.78.6

▲

3.311.1

.3

1.4

-

+3+1

.0

1.2

1.6▲

Fees

▲

0

Advisor

▲

1.2

10.84.3▼

+3

24.2

Change in

-

61.6

1.4

13.811.5

11.6

.3

0▼

0.5

+1

-1

8.9▲+3

0.1▲+1

.30.10.10 -

▲

-1+4

0

▲

2

22

1

1.1

1.1

2 1.1

1

▼

▼

▼

# of Deals

-5

-

▼

▲

-

-3

▲

▲

7

▼

+1

# of Deals per Advisor

-14.0%

+1178

14.7

▲

▲

Share Ch.

▲

▲

-1.2

▲

Market

▲

Any Spanish Involvement Completed (AF41)

▲

▲

2

902.49.3

2.70.1

3.4 9

▲

3.4

10.8

1,950.64Perella Weinberg Partners LP 2▲

2-

8.2

14*

1

-Lazard21

N+12

-

275.3

4

▼

1.0

22*

▲

▼

0.2

Market

▼

1.1▲

-▲

0

+11

05

01.1

0

-8-6

1.1

0.6

1.1▲3.3▼

8.2

2.55.3 3.1

▲

▲4.1

2.6▲

4.7

9.9▼

11.2

8.6

0.4

3.1

3.5

5.54.7 1.6

3.87.91.9

1.1

+3▲

0.10.54

▼ 0.62.2

+2 ▲

12

597.2

▲

29*16

3.4

4.11.1

▲

0.3-0.10.5

AFI 21* 50.9

20

0.30.3N+1

Deloitte

22123GCA Savvian Group Corp

Banco de Sabadell▲

24+1

2014

Rank

2

▼

16,431.3US$m

Deutsche Bank

Goldman Sachs & Co

24.9▲

36.5

425.7

69.1

11

Citi 20.9

▲

2.33

5

19.15

112

2

3

13.4 ▲

4,397.9

13 ▲

16.7

▲

1

▲

4

11

4.9

16.7

-4+1

0.3

0.3

3

0.3151 0.3

▲

1

0.316.7

4.2

▲

6.1

16.7-0.312.6

+4▲

-612.3 2561.1 1.7

1▲0.9

-1.7

27.1 0.4▲

▲ 40.2▼

241.82522*

-275.3275.3

6.5

▲1.2

1819

4.2

▲1.2

▲

486.3

1.01.2

2.1

1.2

100.0

1.2

-11.3%

-17.3%

https://www.thomsonone.com

-13.8%▼

Industry Total

1.6526.5

1.2

1.1

0.9

3.20.3

0.6

1.41.40.6

0.6

+1

0.60.6

1.1

▼

12

▲

Citi Goldman Sachs & Co

MHS Corporate Nordea

14*-

1,605.6

4.8

7.01,335.7 5.9 +2

+1

+1

-2.1% ▼

0

0.60.6

2

▲

7.0 7.0 ▲

11.30.3

0.6

+2

▼ 0.3 -20

▲

13.6 ▲

+1

+10.9

6.9

0.312.4

10.3.3

▲

▲

▲

▲

1

0.3

7.8

-11

10.9

▼

1

12

.3

0.31.3

▼

0.253.3

DNB ASA

+1

Industry Total

Rothschild

▲

PNC Financial Services Group

▲

-

▲

Credit Suisse

▼

Arctic Securities ASA▲

▼

▲

100.0

Industry % Change from Last Quarter

320 -134

-29.5%

250.3

11 71.5

0.2

▼▼ 21▼

▲ Montalban Atlas Capital▼Ernst & Young LLP

23

1▲

68.40.3

18 -1.1

▼

0.6 ▼

-0.9-2.6

2

0

-10.6 -2

0.31.11517

10.3137.1 0.6

-1.02.9

-10.8--

0▼ 0.3 2.5▲

1.016 261.9 3.11▼

0.3 0▼-0.5

1.20

19Robert W Baird & Co IncCarnegie

0.36.5 0.6▲

1.2

Barclays2.3 ▲

1.7

3.9

5.2

▲1.26.8 2.2

Perella Weinberg Partners LP

+9

-

▲

7.2-

5.0

▲

▲

▲

0.5▲

▲ +2▲

2 +2

▼

0.5

22

1,724.9-

-3.2 1,605.628▲2

11* -

Lazard

▲+27.6 ▲

▲ 0.6227.6

2,570.02,824.9

8*2 2,002.8

2,570.021-

4

▲

1.33.4

515.9

0.90.9

▲

34.5

+1 ▲

-

2013

Rank

1

0.6

JP Morgan

▲

Change in

321Deutsche Bank▼

# of Deals

1357.3 -0.2 4

1

1,100.0

1.1-

21Leimdorfer AB

▲4.8

241.8

1.6

188.4

-

913.3

1,267.9

Financial Advisor Share Ch.

6,622.3

▼

+5

-3▼ 7

4,350.024.4

▼

51.1

34.9

1

3

20.0

-11.0 15.4-6

-5

13.8

42

Market

5

# of

-34.2

+2▼

▲4.2

Any Italian Involvement Completed (AF43)

MarketMarket

3.0

4,788.0▲

38.4

30.4

-3

Market

5 3.0 +1

5-4

4 +4

4.27

+11.22

▲

2.44

0

3 -2

0.61

+11

1▲

3.5

1.61.1

3.5

1.11.6

▼

3.0%

Market

100.018,334.3

▲

-7.6%

+1

-26.4

3.5

-1

0.80.8

-2.5

0.6▲

▼

▼

0.60.6

▼

1

1.81.83

6,373.6

3,785.4

27.0

▲

▲

▲

▲

34.9

2,023.6▼ ▼

▲

2.3

7 0

+2

5.9

1.721

▲+2

9.2

4.312.1 5.3

8.6▲

▲

+1

▼

▲

▲

8.6▲

3.9▼

15.02.7 1.5+1

-

+1

1.5

+2

21.1▲

-5▲

▲ 6.4▲

6.45.2

8.111.2

4.6▲

5.2

4.7

0.8

118

4

42

2

2

5

5

3.4

4.1 ▲

1.216

PricewaterhouseCoopers68.3

▲

-

1.7

7.011

13

0.8

▼

--11.110

16

1.7

6.5 6

1

5.1

Market

▲

2.5

-14.5%

▲

# of Deals per Advisor

-13.4%

Change in 2013

Rank

1 +1 ▲

Market

Ernst & Young LLP -0.2

Industry Total16.516.5

Daiwa Securities Group Inc

21

FeesDeals

Jan 1 – Mar 31

Change in 2014

Rank

Market

# of Deals per Advisor

Share Ch.

DC Advisory

1.2

▲

+5

-1+1

+1

▲▼

-3 ▼

▲0.6+1+21.2

▲

-15.13.9

▼

▼

-30.4

1 0.6▼

▼

2

-21.1

▲

▲▲

▲

26

8

-4

1

1.2

▼

▲

# of

-1

-▲

15▼

8

▲

Ondra Partners

Goldman Sachs & Co 835.3

-18.4

14.8

192.6

145.6 0.8

1.9

-37.815Santander

33*23*

-Translink Corporate Finance-23*

-

Nomura 22

▲

▼

▲

▲

39.0▲

▼

▲

168

▲

Rank Value per Advisor (US$m)

6*

43*

Goldman Sachs & Co

0.9

1.1▲

Rank Value

20

1,724.911* 7.6

18 1417

43*

-16

14*

5.9

11

7.6

▲

26.9

8.811.3

3

312.4

23

▲

SEB 3 13

▼

10

▲

4

6

0.9 +1▲

+5

24.922.8

0.5

+1

+1

▲0.7

# of Deals

+1

▲

5.0

0.50.2

00.2

5630.4Advium Corporate Finance

▲

0.2▲

+1

+41.10.9

-16.9% ▼

-20.1%

0.2

▲

▲

1.4

29.6%

112.0%

Industry Total

36.7%

22,841.8

68.7%

▲44.1%

* tie

Industry % Change from Last Quarter

Mazars SA

-

-

442

10.0

23.7

11.5

2

6.9

143.3

23.7

Any Nordic Involvement Announced (AD37)

-6.5

40*1.6

25100.0

Carnegie

10

23.914.7

▲

15,600.2 40.7

Market

▲

1,058.7

Industry % Change from Same Period Last Year

Industry Total

PricewaterhouseCoopers

Financial Advisor

22

Industry % Change from Last Quarter

25

0.9156.2

0.8

0.90.8

143.3140.1

0.80.8

Carnegie

1920

-21Mitsubishi UFJ Financial Group -

648.018HSBC Holdings PLC 352.0

288.0

-15*

16*Itau Unibanco

Blackstone Group LP

4.6

6.6

3.5

5 5.0

11

1,212.9

- 648.016*

7.86.9

8 39

11.811.32,066.4

199

Ernst & Young LLP

2,155.3

13BNP Paribas SA

12

Mediobanca

-

14Barclays

Leonardo & Co

10

14

-

2,718.23,420.6

108

1,825.3

217

Bank of America Merrill Lynch 4

7,044.3Lazard

1,421.4

KPMGUniCredit

5Banca IMI (Intesa Sanpaolo)

-28.4

US$m

11.7

Rank Value per Advisor (US$m)

▲

7,591.67

Rank Value

Evercore Partners

JP Morgan3

6 4

Financial Advisor

Deutsche Bank 1 1Share Ch.

▼

Sh (%)

18.7

24.44,469.34,350.0

EMEA Rankings

23

5,197.9

Market2013

Rank

241.438.4

-14.7

9.3

US$m Share Ch.

▼

▲

Sh (%)

# of

1

1.8

0.6

26.7

▲

5Deals

25.9

30.1

Sh (%)

40.7

29,325.9

4.022.7

▲

11,517.5

4

210,220.4

24.4

4

5 22

1.7

1.4

23.911

2.62.6

9,161.6

1,406.9

0.3

▼-2.61.6

594.9

508.9

1.6

526.5

-1+3

+3

+2

2.60.2

1

▲

0.21

10.9

▲

▼

Jan 1 – Mar 31

18

Industry % Change from Same Period Last Year

2

12

4

0.5

1

3.1%

0.6

Deutsche Bank

Industry % Change from Last Quarter

Financial Advisor

Any Nordic Involvement Completed (AF44)

1.6

-40.9%

Rank Value

Sh (%)

41.2

21,724.9 7.6 6.7

21.024.1

-14.3

24.15,509.44,798.4

0.20.2

+1

-2+1

0.71.6

27

11.3

596.3

Industry % Change from Same Period Last Year

-90

0.11.6

▲

.30.3

https://www.thomsonone.com

+1 1.0100.0313.1

▲

0.9

25.1▲

▼

0.6

2.1

▲

▼

▼

0.5

▲

12.334.3

▲

0.1

▼

1.0

2.2

4.7

1.0

▲

3

▲

11.3▲

8*

3,102.86*-

5

-

21.0

▲

2

▲

Centerview Partners LLC

+3

BNP Paribas SA 11*

▼

4.7

0.6CitiMorgan Stanley

6.8

16.4

7

3.9▼

JP Morgan

6,140.0-

1 6*US$m

▼

23.7%

8,897.9

▲

▲

12,469.7

1920*20*

325.8

-

Translink Corporate Finance

805.2

Rank Value per Advisor (US$m)

-

Rank Value

-

-50.0

0.6 0.6

0.1

13.8

30.4

0.1

7.7

16.2

156.6

3

0.10.1

0.4

53.1

▼

Sh (%)

▼

-19.4

2.6

1.3

▲

▲

▼-28.9

-22.4%

# of

▲

Rank Value per Advisor (US$m)

1▲

2.6

4.22.5 ▼

Imputed Fees (US$m)

Market

Jan 1 – Mar 31

# of Deals

▲

174.9

2.3

0.1

1.3

1.7+1

+1

Sh (%)

23.0

Advisor Market

7.4

▼

▼

Market

-20

37.8%

-0.8

▼

1.8▼

0.7

▲0.3

1.5

▲

11.0

0.1

0.2

0.2▼

▼

▼

0.5

1.6

▲

2.21.5

2.2

1.8

▼0.21.2

0.1

2.5

▲

0.1

3.9

0.73.53.5

5.2

1.5

5.2 ▲

1.0

▲

Share Ch.

▲

8.0

▲

▲

3.6

9.1

0.1▼

0.1

▲

2.49.9

0.1▲0.7

2.18.8Share Ch.

▲

0.3

0.3▲

0.76.3

▼.5

5.24.2

15.0

Advisor

100.0

17.2

0.1

▲

.10.1

.2

.1

1.2 ▼

0.11.2▲ 0.7

▲

▲45.3%

3.6▼

1.3

6.32.0

11.0

3.0 6.75.6 ▼

▲

26.28.5

▼

2.1 ▲

15.0

▲

100.0

0.2

Market

Sh (%) Deals

# of Deals per Advisor

Sh (%)US$m

Market

3.0

Imputed Fees (US$m)

Any Italian Involvement Announced (AD36)

# of Deals Fees

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

2014

Rank

2014

Rank

2.4

5

Rothschild4.8 65

3.64

873.2

1.3

2

28*

Bank of America Merrill Lynch

17

1418-

1.2

12

▲

99

BNP Paribas SA

▲

-6

-1

2.6Leonardo & Co

Banca IMI (Intesa Sanpaolo)▼

UniCreditCiti 506.5-2

329.3 +1 ▲

0.8

-1+2

▲

0.8

0.8 +1-

3.4

+33.4

▼

0.8▲

+1

1.7 ▲

0

▲

▲+3

+6

9,407.13

▲

+3

▲

-

22+1

0-4

5

▲ 1

1.1

1.1▲

5

▲ +2

FIH Partners AS24

Catella AB

ABN AMRO Bank

DNB ASA980.0

38,299.52524

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

Ernst & Young LLP

FIH Partners AS19*RMK Maritime LLC

15ABG Sundal Collier 16William Blair & Co

PricewaterhouseCoopers

RBC Capital Markets17

2221

23

40*18

980.019*-

-

34

9*11

UBS3,151.3

13Credit Suisse

Handelsbanken Capital Markets 12

14

2.8

3.9

1,167.8

12,488.1

-18.5

--

7

2

6.52,600.1

4.11,586.2

5 -12.02,798.6

4.1

7.3

8

8.2- 3,151.3

14.7

8.2

2014

Rank

2

420*6

2013

Rank

33

1 -Deutsche Bank

6*Rothschild

3.1 3.1

SEB

Goldman Sachs & Co

8.2

1,483.4

Infima AS

Nordea

Industry % Change from Same Period Last Year

-9*

Access Partners

JP Morgan

CitiMorgan Stanley

9,161.65,639.4-

13.9

3.9

+3

0.6

+3▲

▲

▲

-26.9%

9,901.6

▼

43.4

6.86.5

+2

Sh (%)

Danske Bank

▲

-2

▲

▲

2.6

3

1

▼

▲

2.8

1

▲

7

3.7

▼

3.6

3

1.9▲

20.1▲

▲

8.2

▲

1

1

7.7

4.5

1.3

782.2

15.2

145.6

1

Deals

-17.2▲

3

▲

3

1.4

6.3 -30.8

957.6

8

12

Jefferies LLC

▼

Lazard-2▲

▼

▼

Sh (%)

Jan 1 – Mar 31

MarketChange in

BarclaysEvercore Partners

Perella Weinberg Partners LP7

1,724.91,891.4

# of Deals per Advisor

1.8

▼

▲

13

Citi Banco BTG Pactual SA

11.0

2.7

▼

-43.8% ▼

Quarterly EMEA Cross Border Volume

1,964.4

5

2

1.9

1.4

0.511

▲

-5.2

▼

▼

5.8

-0.6

9.1

-1.7▲

7.5

-0.2

▲

11.7

▲

▲

Share Ch.

# of

43

Deals

4

▲

-3

-30

3

▲

▼ -2

3.3

2

4,970.2

724.3

12.2▲11.0

▲

1 0.5▼

Perella Weinberg Partners LP

▼

BNP Paribas SA

Jan 1 – Mar 31

Change in

Deals

KPMG

# of Deals per Advisor

4

▲

JP Morgan

▼

4

▲

+11

8

-

Goldman Sachs & Co

0.4PricewaterhouseCoopers

0.7

Deutsche Bank

3▲

23

5

-

4

+1Lazard

12.6

7.5

12.2

22.95

-33.3%

0.6

18.2

-25.7 3.0

0.4

▼

1.9

100.0

▼

436.5

.2▲

▲▼

1.8

-28.4% ▼

▼ -23.9% ▼

-238-251

-12.8%

https://www.thomsonone.com

296.3

Industry % Change from Same Period Last Year

Jan 1 – Mar 31 2014

Industry Total

▼

100.0

Industry % Change from Same Period Last Year

338.8

▼

▼

Industry % Change from Last Quarter

▲

-46.3%

-2

▲ 7

216

▼

24390.3

4.3▼2.5

17,850.81.4

▲ +1 ▲

▼0.1 0.1

0.3 ▲

0.30.63.3

2.11 0.52.7

1.93.2

2.2 -11.0

11.4

▲ 6.2 ▲

0.9

-21.4

+1 9.9

▲

▲

4

0.5

+2

+12.31.9

5 +4

0.5

102

4.60.51

1.4

0.9

+1

13.2

13.5

-9.7

▼

18.9 213.5

312.3

27.8

4,093.5

29

2,173.0

13.2-

33

2,356.5

+14,345.08.1

2.31.4

5,532.1 31.0 29.3-23.3

0.7

-32.3▲1 2212 30.8

US$m Sh (%)

Any Benelux Involvement Completed (AF47)

Rank Value per Advisor (US$m)

Sh (%)

2013

Rank

Market

▲

-8

Market

▲

5

2014

Rank

▼ 1.226.2

Change in

5,490.3

Financial Advisor

Rank Value Market Market

# of Deals per Advisor

▲

8.9▼

▲

▼

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

-16.0% -29.8%

3.260.9

-23.4%

Ernst & Young LLP0.4

* tie

Industry % Change from Last Quarter

-13.0%

▼

Share Ch.

Market # of

Bank of America Merrill Lynch▲

Rank Value2014

RankFinancial Advisor

Jan 1 – Mar 31

Rank Value per Advisor (US$m)

ABN AMRO Bank

23,753.321

352*

2 13,456.7

2013

Rank

10.9

10,854.2

11,687.0

Sh (%)US$m

Any Benelux Involvement Announced (AD40)

7,154.1

▼

34.5

▲29.33

1.4

111,415.3

4

Market

▲

35

16.3

1.8

-

Sh (%) # of Deals

1.4 -4

-3 ▼

1.8-14.1

18.427.8 ▲27.5

-4.5

30.029.3

2

-

BarclaysBMO Capital Markets

2,173.0

11 19RothschildJefferies LLC

1611.011.0

12*

832.8

1,964.4

4.71,034.1 5.81,346.71216

-14*

HSBC Holdings PLC 14Guggenheim Securities LLC

18-

RBC Capital Markets14*

22 486.3

17

31

20--

731.919

21 2.9

4.1

2.9

100.032

1.9

1.726▲

0 -

17

0.9

Industry Total

goetzpartners Corp Finance513.9

Citi

532.6

-3

0.4

0.4

▼

+10.40.7

▲

▼

+1

1

▲

0.4

1

7+1-62.5

▲0.4

▼

1▲

00.7▲

+1

▲

+2

28138,991.3

180.0 ▲

▲ 10.50.4163.6 25

240.4

1

-2.7▲

12▲

1

▲

▲

▲▲

▼

2

▲

▼

1

-34.3

15.1

6.95.4

12.1

▲

5.9

2.1

▼

▲

▼

▲

▼1.2

0.4

6.4

JP Morgan 24.2

7.6▲

21.7

0.4 0.1

Advisor

Fees

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Morgan Stanley

+3

▲

1.8

5.0

9.52.0

-4

▲

0.7▲

▲ 1.2

Sh (%)# of Deals

▼

EMEA Rankings

2.1

-

-

Imputed Fees (US$m)

19.325.8

▼

0-1

▲

1.8▼

▼

13.98.0 2.7

0.12.3

4.7

▼

2.36.1▲

1.61.0

4.7

1.44.3-

2.1

4.2

+2

+1▼

1.8▲

1.8-1

▲

▼

▲

▲

▲

3.01.0

2.3

0.9

0.50.3

6.9

4.1

0.7

▲

3.2 ▼

0.2

1.7▲

.5

5.18.7

Market

Share Ch.

6.58.2

Market

▲

Rabobank NV

0

+1

2,346.8-1

+1+13,369.0

6

18.93

-2▼

2,412.452* ▲

12*

-9.4-44.5 7

2,239.6

9

▲

10

▼

▼

3-9

1.4 Credit Suisse

0.41.1

▲

Bank of America Merrill Lynch

3,881.5

0

Morgan Stanley

▲

▼

6

Itau Unibanco

43

80.4

+3

Societe Generale

0.4

-6

1.1

▼

+2

0.4

0.7

▲+1

-

▲

0

▲

311

-11.9▲

3.0 ▲

12.2 4

Rothschild

▼

1

5

18 7

59

▼ 5

2

2

2.5

436.5

0.9337.0

526.5 ▲

6,360.0

Ernst & Young LLP

4

9

Deutsche Bank

▼

RMK Maritime LLC980.0980.0

12*HSBC Holdings PLC 11 52*

12*-

Lazard

FIH Partners AS1.4

Perella Weinberg Partners LP

-10.4

1,184.8DNB ASA

14

5,800.017

6

PricewaterhouseCoopers

11

23

-20

Barclays

Goldman Sachs & Co 7

17

22 -38*

20Banco Espirito Santo SA

10

--

15*15*

-

CIMB Group Sdn Bhd

18

52*

621

240.5

352.0-19

832.8 2.1

0.7266.1

208.0BMO Capital Markets

0.6

Banca IMI (Intesa Sanpaolo)

235.0

Rabobank NV

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

-

526.5

0.9

UniCredit 25*

-

Mediobanca0.5

Moelis & Co

1.41.4

14.9

0.9

0.60.3

3.0

2.5

0.6

2.5

16.2

1.4

7,099.1

2.5

2

5

0.20.9

1.90.9

1.4

2.3 0

247.2

6,326.5

0.91.1

Leonardo & Co 25* 8 163.6 0.4 1 0.4 -4 ▼-24.6 ▼

$57.1

$36.2

$32.3 $32.0

$27.2

$24.7

$15.0

$14.8 $11.4

$10.2 $6.0 $4.8

Telecommunications Industrials Energy and Power

Healthcare Financials Real Estate

Consumer Products and Services Media and Entertainment Consumer Staples

High Technology Materials Retail

Government and Agencies

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

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 4 1

2006 2007 2008 2009 2010 2011 2012 2013 14

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

14

12*5,800.0 15,800.0

52.547.1

1 26,464.3

RMK Maritime LLC 980.0 3* 7.8 1

Lazard 5,800.0 2* 47.1 1

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&A

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

Asian M&A Rises 52% I Imputed Fees Down 30% I Australian M&A Up 91%

3,619.2

https://www.thomsonone.com

Real Estate / Other Real EstateHong Kong / Hong KongIntended

Belgium / South Korea 5,800.0

Pending

1/9/20143/21/2014

Samsung SDI Co LtdCheil Industries Inc (100%)

Retail / Other Retailing

New World China Land Ltd (31.4%)Consumer Staples / Agriculture & LivestockBreedens Investments Pte Ltd

2,357.5Easywin Enterprises Corp Ltd

Lenovo Group Ltd Hong Kong / United States

ShareholdersSouth Korea / South Korea

2

Rank Date

Credit Suisse

1

Date Effective Target (% Sought/Acquired) Target Macro / Mid IndustryRank Value (US$m)

Goldman Sachs & Co

12,311.1

21.42,943.9

3*980.0

13,757.4 High Technology31,779.8 UBS

Bank of America Merrill Lynch 1

2

Materials3United Overseas Bank Ltd

10,048.0 1160

No. DealsRank Val US$m

29,170.4 Share

Mkt.

Rank

14,535.0 5,002.0 7,494.1 DBS Group Holdings

Haitong Securities Co LtdReal Estate

3

299

814.02

912,223.8 JP Morgan

18.8

Real Estate / Other Real Estate

47.1

Deutsche Bank

2

Sumitomo Mitsui Finl Grp Inc

Shanghai Jinfeng Investment Co 10,048.03/18/2014

Singapore / Hong KongOriental Brewery Co Ltd (100%)

5,667.01/20/2014

Greenland Holding Group Co Ltd (100%) China / China

Asia Pacific (ex-Japan) Deals Intelligence

China Cross Border Announced M&A

1/29/2014

Pending

Motorola Mobility Holdings Inc (100%)

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

Frasers Centrepoint Ltd (100%) Singapore / Singapore

Pending Anheuser-Busch Inbev

2/18/2014

3/14/2014St James Holdings Ltd

Pending1/9/2014

3/31/2014 PendingPending

Mayon Investments Pte Ltd

3/13/2014

2,781.82,910.0

Singapore / China

Iowa China Offshore Holdings (34%) Investor Group

Acquiror

Announced M&A activity with Asian involvement in the first quarter of 2014 grossed US$127.3 billion in value, a52.2% increase over the US$83.6 billion recorded in the same period last year. China was the most targeted nationin the region, with a 39.5% share from 712 deals.

Companies in the Real Estate sector were the most targeted, with US$29.2 billion reached from 160 deals. Thismarks the strongest start for the Real Estate, driven by Greenland Holdings’ plans to list on the Shanghai StockExchange through a reverse merger (valued at US$10.05 billion) with Shanghai Jinfeng Investments.

Imputed Fees earned for the region were estimated at US$505.7 million, a 30% decrease from the volume recordedduring the same period last year, according to Thomson Reuters/Freeman Consulting. The top earner wasGoldman Sachs & Co with US$51.2 million, followed by Morgan Stanley with US$40.2 million and J.P. Morgan withUS$33.7 million.

China cross-border activity accrued US$22.0 billion, a slight increase from the US$21.8 billion accumulated in thesame period last year. Outbound investment volume recorded US$8.8 billion, a 40% decrease from the US$14.6billion in the first quarter of 2013.

Australian announced M&A activity increased by 91%, reaching US$21.6 billion as compared to US$11.3 billionaccumulated in the first quarter of 2013. Australia cross border activity totalled US$12.4 billion.

25.7

2,442.1

Singapore / Singapore

Hong Kong / China

Olam International Ltd (52.9%)2,369.9

Materials / Containers & Packaging

2,620.43/14/2014

Pending

Real Estate / Other Real Estate

233

DNB ASA

2*

127

Industrials / Transportation & Infrastructure

Telecommunications / Telecommunications Equipment

1

2,033.8

2,357.5

2

3,463.94,398.8

15.3

26.3

296

Perennial RE Hldg-Asts (100%)

Citi

Asian Completed M&A by Region - Imputed Fees

Real Estate / Other Real Estate

Industrials 12,511.9

Pending

21

17.8

7.8

3

3

Consumer Staples

Jan 1 - Mar 31 2014

4

3

12.3

Morgan Stanley

1

17.2

3

Acquiror / Target Nation

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

AS Watson Holdings Ltd (25%)

Jan 1 - Mar 31 2014

Consumer Staples / Food and Beverage

34.5

9.7Citi

1,214.3

Morgan Stanley

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

% 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

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia

15

Credit Suisse DBS Group Holdings

Rothschild Gresham Partners

Industry Total

Industry % Change from Same Period Last Year

127,310.1

▼ 23*

22

0.7Smith & Williamson Group

56.0%

▼

19*

325

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-

AGM Partners LLC Bank of America Merrill Lynch25

Industry Total

20Oaktower Partnership Pty Ltd

19*-3.5

1

1.1

152.0

▲ 1.2

935 505.7

▼-1

▲

0.71.0

▲

100.0

0.5

0.4

+1.5

▼ 0.3

1.2

0.2

1.0▼ -20.4

+11.9

3

0.31.8▲

▼

1-1.9

▼ 1

▲

-2

0.4

0.3229 -117

0.7▼

0.92

1 -1 0.5

0.4

-5.5%

▼-0.3

▼

-29.8%

0.30.4

-

* tie

2.62

25

https://www.thomsonone.com

-12.5%

0.9

▲

▲

0.9

100.0

37*

2

▲

▼

0.4

▼

▲

0.11

0.4

▲

▲

▲

0.5

▲0.3

2.4▼

▼

1.3

0.40.4

▲1.51337*▲ Allier Capital Pty Ltd

▲ ▲

CIMB Group Sdn Bhd

794.8-1▼

0.3

0.3 ▼

1

1.2+4 ▲ 16*

1,356.0 2.1

Greenwoods▼-0.4

▲

+2

▲

0.6

0.6

00.3▲

▼

PricewaterhouseCoopers

AGM Partners LLC▲

23*

+2Greenstone Partners

+1

▼

▼

0.91

+3

-22.2% ▼

0.7 ▲

2.3

2.4▲2.4

▲

Standard Chartered PLC21*

15▲ 19*0.6

-21*

CIMB Group Sdn Bhd 17*▲

▲

0.90.6

2.42.4 22.4-

-

494.7 2.3

525.4 2.4-

18

525.417*

DBS Group Holdings22 +1

17*17*

1.3 22

525.4525.4

PricewaterhouseCoopers 2.93.01615

16 13646.7624.7

1.41.9

529.2

319.1Ernst & Young LLP

10* -0.4▲ 15+1

-

1.4

2.5574.9794.8 130.3

0.8

6.3 ▲

14 428.9

12

-

▼

-14

0.2

18

▲

1-4.3

-3.9

▲

BarclaysGreenhill & Co, LLC

▼

▲

▼

RBC Capital Markets

1.3-

18

1.1

149.5

152.0

0.70.7

0.70.4

1.1159.1 0.7

0.7

1,412.1

0.7

2.31.9-1

22

4

250.0

Rabobank NV-

16* 250.0

0-1

1-93

53.9

0.40.4

-1

22,754.7 100.0

0.3

32.5

1

0.6

1

11

11

-

3.4

5

1.2▲

+23

2

▼

▲0.9

▲

-2 ▼ 19.733.4

1,910

21.6 ▲

16.7

240.2

0.0

1 12,321.1 54.21

7,590.041.7

Goldman Sachs & Co 2 9,672.7

▲2 +2 Lazard 21

34

17.35

-

42.5325

4,352.0 19.1

9,492.5

0.7

11.5▲

3JP MorganDeutsche Bank

67 3,092.8

3,044.8 13.4

▲

152.0

87.687.6

0.2 ▲

-2.1

▲

+1

17.6%

+1

▲

Industry % Change from Last Quarter

Industry % Change from Same Period Last Year

▼

0.4 ▼

3.75.3

+2 ▲

10.30 -

▲

1.9

0.7

+2

▼-2

0.3

▲

2.0

0 -

279.5

-24.9%

▼

.8

.8

-33.8%

▼

+1

5.5▲

1.6

+3

6.9▲ 9.5

1.74.6

▲

0.4

▲

7.4

0.4

1.7

2.6

1.3

1.0

0.9

7.0

▼0.6

1.93.5

▼

5.4▲

4.6

1.21.9

0.2

1.2▲

+1+1

0.6-5-1

.5

▲

▲

10.7

2.5

3

▲

▲

▲ 20.7▲

7.6

+2

0.4▼

▲

1.6

1.8

+1

0.4▲

▼

3.7▲

▼

▼

0.41

34

1.3

2,028.313

29

2.0

▲

▲3.4

▲

▲

15

▼

▼

2021*

-

-

Perella Weinberg Partners LP▲

19

15

Nomura

21*Jefferies LLC

Industry Total

Barclays

Macquarie Group

-10

▲+4▲

Credit Suisse

Financial Advisor

UBS+2

-3

14.3

10.14

1,461.5

▲

▲

6.110.112.4

11.7

8.7

11.5▲ 0.6

8

12.41.5

0.3

0.9

1

1,704.4

1,866.3

▲

3,095.4

2,668.22,781.4

7.9

▲

▲

3,123.1

Macquarie Group1,727.7 8.0

12.9

2,183.47

1JP Morgan 36*8

Citi 11

Bank of America Merrill Lynch

113*

3.73.710*

15

109

Share Ch.

31.3

Market

1.3▲

Sh (%)

1.1 1.1 1

▼

7.7

▲

▲6.2

▲

7

1.6

0.95

# of Deals

# of Deals per Advisor

0.3 +3 ▲

3+4 ▲

▼

Any Australian Involvement Announced (AD24)

2014

Rank

2013

Rank

Market

Sh (%)

Jan 1 - Mar 31

-10.7%

9

Market

Deals

-

92

21 9

8

Change in

▲

14.537.3 ▲

# of

-171

-24.5%

100.0

▲

0.4

13.5 ▲

2.81.5

-8.2%

14

▲

15

▲

+1 ▲ Credit Suisse8

1,551.3

11+24 3,805.5

+2

-36.2%

58,288.3

1,116.0

85

Industry % Change from Same Period Last Year

1,824.9

▲

20

23*494.7

100.0

Barclays 12

152.0

2.3

Industry % Change from Same Period Last Year

21,578.7

23* 152.0

Flagstaff Partners Pty Ltd 12

Greenhill & Co, LLC

13*HSBC Holdings PLCDeutsche Bank

Pareto Securities

Morgan Stanley

AMMB Holdings BhdHwang DBS Securities Sdn Bhd

1,391.2

10.3

-52.5% ▼

23*

91.0%

Industry % Change from Last Quarter

Industry Total

-3.3152.0 0.7

0.7

▲

0.2

-2.6

2.5

5

2.5-6

▲ 2.44

1,443.0

+1 ▲

▲

2,029.80.7 0.7

0.2

240.90.36

-0.7

10,486.6 8.23.7 6

6.0 ▲7,756.2-2.31.4

Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 - Mar 31

# of Deals per Advisor

39

Citi 4 17

11

UBS

Somerley Ltd -14.1▲

2 1 14,999.6

Imputed Fees (US$m)

▲

9.0

Haitong Securities Co Ltd 6

11,492.7

Rank Value per Advisor (US$m)

2014

Rank

2013

Rank

Rank Value

Lazard 3 18 11,730.7

▲ +40.6

Morgan Stanley

3.5

▲

3.17

5

0.4 14Centerview Partners LLCSomerley Ltd

1,825.0

Market

11.8

Financial Advisor Sh (%)

12.9

Rank Value per Advisor (US$m)

Market

Share Ch.

Morgan Stanley

Sh (%)

Market

US$m

MarketMarket Market

# of Deals FeesSh (%)

2013

Rank Sh (%) Deals

# ofRank Value

Share Ch.

# of Deals per Advisor

Deals Sh (%)

Market

Financial Advisor

Change in

# of Deals

# of

▲

MarketChange in Advisor

▲8.0 4.940.2+3Share Ch.US$m

DBS Group Holdings 1 72 16,474.9 1121.212,350.21

2014

Rank

-1 ▼ 2Goldman Sachs & Co 16.9 -20.2 121.2▲8

3.712.8 0.59

110.3

15.49,819.1

0.6 4.668,997.1 9.4▼

23.5▲ -7 1.6▼1.41.3 -10 ▼ 51.2 10.1

0.7 +53

▲9.7 1.6▲ 13.1▲▼

5.025.4▲▲

129.2 ▲

137.27.0

▲

7.7 ▲

42.9 -4

Bank of America Merrill LynchCiti▼

▲

Goldman Sachs & Co 5 3 11,225.1 8.8+27 0.713 7,615.5

7

11 0.611.5

5 7,262.9 12.5JP Morgan 7

2

Bank of America Merrill Lynch 6 10,056.2 7.96,715.4

66+45 0.3

0

▼0.9 -56.7 3.23.5 4.6

▲+210.8

▲▼-0.5 33.717.98 ▼▼-11.9

-3.5 ▼

8 0.90.55 3.16,291.1UBS 7

180.3

80.4 -6 ▼

▲

0.3 -7 ▼ 10.0▼-4 ▼ 15.5 0.7▼5.6 ▲ 3 2.0 0.3Lazard7

▲4.87.84,522.3

▼ 5.97.1 8 11United Overseas Bank Ltd 9*0.4 -1 4,398.8 1Deutsche Bank 8HSBC Holdings PLC 9 11

+4

23 9,765.89,018.7

0.4 -30.3

4,398.8▲ 9* 7.6 0.07.6 1.2 0.80.1 -1 ▼

▲ 0.1▲

0.512.6

10Macquarie Group6.1 ▲

10 29 8,562.8 6.7 5.7 ▲1.2▼ 5.90.2United Overseas Bank Ltd 11 4.61973

▲-3 ▼ 8.2▼6.5

20.5 ▲12.9

▼ 13.1▲

4.40.2

▲ 5 0.5 -3

2,581.0▲

12 2 5,608.6 0.71.4 ▲ -2 ▼13

1.6

+534 3,758.6

▼

8 5,154.83.0 2.3

4.4JP Morgan▲ 11 0.6 4 0.4

0.8 +3 ▲ Standard Chartered PLC

Standard Chartered PLC 141.8 ▲

12 32 3,070.4 5.3 4.32.6

Rothschild 15 14 3,464.7 0.5 ▲2.7▲5

10.4+21.6 ▼

2▼

▲

▼

▲ 0.40.2

2.2 ▲ 1.810.6-40.5 2.1▲ 2.1 2.1

PricewaterhouseCoopers 16 22 3,190.1 2.5 416+10.91

5.1-10.4 -

261.3 1.53.1 ▲

▲▲

3.12.9 2.9

1.0▲ 4.50.1+2-▼ 8

17 +11,675.0▲ 18

M&A International 1712.9018Sumitomo Mitsui Finl Grp Inc

3,000.2 2.4 2.3142* 12

▼.3 0.1▲0.90.6 16

2.6▲

+11 2.71,582.0 -0.2Yuanta Financial Hldg Co Ltd 72+1 2.7

0.62.60.1-219 10

2,559.6 Deutsche Bank2.0 2.0

Ernst & Young LLP 20 30 2,059.4 1.60.3Barclays 2,131.4 ▼1.7

1.0 0.92▲ 1▲ 0.2

0.1 ▼

01.4-0.9 ▼

▼ Evercore Partners▲

Scotiabank121

▲1,432.5▲5.2

2.5 ▲▲ 1 0.1 +1-

1.46.9

23 ▲1.9+1 1,118.0 0.5▲

2.50.11.3 ▲0 - 6.9 1.41,432.5 2.5 10.3

▲1.4-1Caixa Geral de Depositos 23 - 0.1▼ 7.00.0Soochow Securities Co Ltd

1,360.424 97 1,197.1

0.9China Renaissance Partners 22 95 1,628.6

0.2▲ CIMB Group Sdn Bhd

-50.1

1.924+20.9

3-2.5

▲

50.90.9 ▲Gazprombank

+2250.11.9

1.7 .4▲1.71.4▲

0.3-1,257100.0

▲ 1 +1

▼-29.7%

▲0.1 0.13

-25.6%

▲8.8▲2.614.6

Market

13.7▲

29.85.2+6 38.25.2

▲+9

Jan 1 - Mar 31

-10.2%▼

Any Australian Involvement Completed (AF31)

▼

▼

Industry % Change from Last Quarter

▲986.1

MarketMarket2013

Rank

Guotai Junan Securities 143*

-38.5% ▼

▼

# of Deals per Advisor

-25.5%

Share Ch.

Imputed Fees (US$m)

Deals

Market

Sh (%)

2014

Rank

Change in Market

Share Ch.

▼

Fees# of Deals Sh (%)

40.8

Advisor

-2

# of

14

1

65

1.3

6.1

2.2

2

1212

Citi 89

-15.23.9

16.53,927.7

23

Rothschild6.8

▲

6.80.2

▼

8.0

6.5

-12.6▲

▲

Morgan Stanley

2.3

877.3

-1+2

▼

10 19 6.2

2.5

+1

2,673.037*13.4+2

▲

-

17.3

11.811.8

2.4+2

2▲

2.5▲

▼-0.20.6

8

UBS 2

9

24

-

14

-

536*

Gresham Partners

3

6

Lazard5

Credit Suisse4

Scotiabank

25 7 1,115.1

Rank Value

Financial Advisor

▲

Rank Value per Advisor (US$m)

US$m

Jan 1 - Mar 31Any Asia (ex-Japan) Involvement Announced (AD25)

▼

3

Rank Value

+48,047.8

+2

3

▼

4

13.6

Industry % Change from Last Quarter

Jefferies LLC

19*

Goldman Sachs & Co 1 6US$m

Rank Value per Advisor (US$m)

Asia (ex-Japan) Rankings

▼52.2%

▲

Sh (%)

7.2 1.4

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

16

▼

4.0 +11▲1.0

-24.7% 0.0%

533.7

-55.4% ▼

100.0

▼-28.6%

-

2014

Rank

HSBC Holdings PLC

4

1*Credit SuissePricewaterhouseCoopers

-9.5%

5Deloitte100.0

Rank Value per Advisor (US$m)

Industry % Change from Last Quarter

# of Deals per Advisor

20.0

▼

1.3

Industry % Change from Same Period Last Year 31.8%

2.6 ▲

4.0

-41.5%

# of Deals per Advisor

▲

▲

+1

38

+1

8.0

794.8

0.3

https://www.thomsonone.com

68.2

▲5.8

Financial Advisor

-13.3% ▼

.1

Sh (%)

▲

2.2 1.0

18.6+1

Asia (ex-Japan) Rankings

MarketAdvisor

▲

-4

+1

Change in

1* -Goldman Sachs & Co -

5

-10▲

4.2

100.0

▲1.2

▼

11.5

Market

18.6

Jan 1 - Mar 31

Imputed Fees (US$m)

3.6

2.1409.4 ▲

1

Share Ch.

▲

1*

-

1

▲

Any New Zealand Involvement Completed (AF46)

▲

1,164.8+1

1

2.6

Sh (%)

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

-

Deutsche Bank

19.6% ▲

794.8

25.2

Deals

Rank Value

Sh (%) Share Ch.Financial Advisor

Market

US$m

2013

Rank

2014

Rank

76.7

Industry Total

Sh (%)

# ofMarket

76.7 ▲

PricewaterhouseCoopers 34.0

Australian Cross Border Announced M&A

0.8

-11.2

18.6

3.2

▲ 2.1

213.772.9-

Cameron Partners Ltd 41.0

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

Industry % Change from Last Quarter

68.2

Rank Value Market

Share Ch.Sh (%)

68.268.2

6.3▲

▲

Industry % Change from Same Period Last Year

3

1* - ▲

▲

76.7

5

Industry Total

76.7

-

.518.6

98.1

-34.7%

56.8409.4

25

Fees# of Deals

▲

0.8

* tie▼

1

Change in Market

# of Deals

42.6 ▲

0

+1

10.5

2.6

MarketMarket

▲

Jan 1 - Mar 31

Rank Value per Advisor (US$m)

+1

Deals

2013

Rank US$m

72.8 1

# of

1

0

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Asia (ex-Japan) Buyside Financial Sponsor Activity Any New Zealand Inv Announced (AD39)

Macquarie Group

6.3-

0.37

▲

▼

18.4

5.2Taylor Collison Ltd1

23%

11%

11% 10%

10%

9%

8%

7%

3% 3% 3% 2%

0%

Real Estate Materials High Technology

Industrials Consumer Staples Energy and Power

Financials Retail Consumer Products and Services

Telecommunications Media and Entertainment Healthcare

Government and Agencies

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$6.5 $8.4 $3.8

$13.9

$1.5 $7.8

$14.7 $9.9

$6.0

$23.7 $3.3 $9.6

$5.5

$10.0

$10.2

$8.3

$9.0 $19.7

$3.7

$9.9 $4.5

$5.7

$9.1

$12.8 $14.7

$18.2

$5.5

$11.7 $4.4

$5.9

$18.0

$9.8

$5.4

$13.6

5.3%

2.9%

4.5% 11.2%

17.8% 17.9%

14.0%

11.5%

14.9%

17.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$10

$20

$30

$40

$50

$60

$70

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% 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

17

Mizuho Financial Group

High TechnologySumitomo Mitsui Finl Grp Inc

* tie

https://www.thomsonone.com

Daiwa Securities Group Inc 3,174.2 1* 97.3 1

Nippon Paint(Singapore)Co Pte (11%)Nippon Paint Co Ltd (18.7%)

Izumiya Co Ltd (100%)

Kokusai Kogyo Co Ltd (55%)

905.0Rakuten Inc

Retail / Food & Beverage RetailingMaterials / Chemicals

Goldman Sachs & Co1

Consumer Staples / Food and Beverage

Real Estate / Non Residential

Any Japanese Involvement by Market

36.3978.5

1,015.2

97.3

61.9

7

Viber Media Ltd (100%)

eAccess Ltd (99.7%)Nakano Ekimae Kaihatsu- (100%)Tokyo Prime Stage-Otemachi (30%)

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Mar 31 2014

3,568.7 Materials

97.3

271.7

1*3,174.2 1*

2,800.1

Hong Kong / Japan

Japan / Japan

Japan / Singapore

1,118.6

Telecommunications / Telecommunications Services

Japan / JapanConsumer Products and Services / Other Consumer Products

Materials / Chemicals

Japan / Japan

1,805.3

2/3/2014

3/11/2014

Pending

2/3/2014

1/31/2014

Japan / Japan

1,021.8H2O Retailing CorpNippon Paint Co Ltd

Real Estate / Non Residential

35.02

Real Estate / Real Estate Management & Development

Japan / Japan

3,174.2Japan / United States

1,101.5

Jan 1 - Mar 31 2014

1,737.8Japan / Japan

18.1

7.6

2

57.2

2 5

124

97.3

9 54

72

1 1

3.0

1

3

1

47 2

14.4

Mkt.

Share

1 97.997.9

No. Deals

Japan Deals Intelligence

15,693.4

11 3

Rank

15,698.0

1 Real Estate

Yahoo Japan CorpInvestor Group

Acquiror / Target Nation

Nipsea International Ltd

15,693.3Rank Value (US$m)

Nintendo Co LtdKokusai Kogyo HoldingsMizuho Bank Ltd

1,368.12/4/2014

Pending

Nintendo Co Ltd (7.43%)

2

Credit Suisse

Consumer Staples

15,693.4

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Japan M&AJapanese M&A Up 75% | Consumer Staple At Record Volume | Outbound Activity Highest First Quarter Volume

285.9

1,737.8 1

97.9

Rank Val

US$m

Sumitomo Mitsui Finl Grp Inc 1,380.6 Mizuho Financial Group

2*2*

2

Centerview Partners LLC

Any Japanese Involvement Announced M&A

Beam Inc (100%)1/13/2014AcquirorTarget (% Sought/Acquired)Rank Date Date Effective

Top Ten Japanese Involvement Announced Deals

3/27/2014

Pending3/27/2014

2/7/2014

Pending

Pending3/27/2014

2/12/2014

1,012.02/14/2014

PendingHigh Technology / Software

Any Japanese involvement announced M&A volume during the first quarter of 2014 recorded US$44.7 billion, a74.5% increase compared to the first quarter of 2013. This surge came despite a 3.9% decrease in the number ofdeals, and was the lowest first quarter deal count since 2004.

Consumer Staples topped the Japanese market, accumulating US$16 billion in value, a significant increase fromthe US$958.8 million posted last year. This total marked both the largest first quarter volume on record and thelargest quarterly volume since the fourth quarter of 2006. This value was primarily driven by Suntory Holdings’ $15.7billion acquisition of Beam, a US-based producer of liquor.

Japanese outbound activity for the first three months of 2014 recorded the highest first quarter volume on record.Worth US$20.9 billion, this marked a 178.6% increase compared to the first quarter of 2013 and a 31.5% increasecompared to 2012’s US$15.3 billion, the previous record holder for the largest first quarter outbound volume.Outbound activity accounted for about 47% of the Japanese market’s M&A activity during the first quarter of 2014.

Any Japanese involvement completed M&A volume reached US$32.3 billion from 391 deals. Total estimatedadvisory fees, according to Thomson Reuters/Freeman Consulting, reached US$395.4 million.

2,040.4

9,600.8

Nomura

3,174.2 1*Telecommunications 3,263.5

Mizuho Financial GroupMorgan Stanley

16,038.1

3,174.2

1

2,207.4

3

JP Morgan 1Sumitomo Mitsui Finl Grp Inc

Nomura

2

Mitsubishi UFJ Morgan Stanley

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Japan / Cyprus

Target Macro / Mid Industry

1/29/20142/7/2014

966.8 3 34.5 2 Daiwa Securities Group Inc

Suntory Holdings Ltd

$71.3

$26.9 $50.5

$34.0 $23.5 $35.1 $38.8 $37.0 $25.6

$44.7

$38.3

$51.8 $31.1

$37.2

$21.6 $19.2

$45.9 $40.1

$32.8

$31.5

$22.5 $28.7 $47.6

$42.4 $50.3

$50.1 $42.4

$39.3

$42.3

$48.5 $51.9 $28.6

$38.8 $30.2

$50.5 $59.2

$38.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

# 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 1Q

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Domestic Inbound Outbound Outbound Inbound Domestic

18

Imputed Fees (US$m)

Financial Advisor

Goldman Sachs & Co

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

Industry % Change from Last Quarter

▲0.3 +1 ▲ 3.1 0.8 0.8- 170.0 0.5 0.5 ▲ 1

Japan RankingsJan 1 - Mar 31

# of Deals

+2

9.1

MarketRank Value

Sh (%)

Change in

16.515,693.4

US$m

432.90.1

7,378.0

7Sh (%)

43.3 25.4

# of Deals per Advisor

Share Ch. Deals

▲

▲

35.1-8

Market2013

Rank

▲

19,365.115,766.9

3

▲

▲

▲

35.1

1

5.98.2

14.0

35.3

13

Daiwa Securities Group Inc

Sumitomo Mitsui Finl Grp Inc

Nomura 6 3

6.9

247.2

3,092.9

357.1

17

2,106.2

- 0.6

14

102

0.7

0.8

17

15

8

Financial Advisor

7

11

4,222.6

12

6,329.96,250.9

12

Ernst & Young LLP

JP Morgan

14GCA Savvian Group CorpPricewaterhouseCoopersBank of America Merrill Lynch

+8-5.7

0.4Houlihan Lokey ▼

▼

94.7

-6.9Development Bank of Japan Inc

126.4 ▼

# of

Any Japanese Involvement Announced (AD19)

2014

Rank

2014

Rank

Rank Value per Advisor (US$m)Rank Value per Advisor (US$m)

Share Ch.

Market MarketAdvisor

Sh (%) Sh (%)

MarketMarketMarket2013

Rank

Change in

# of Deals

# of

Sh (%) Share Ch.

# of Deals per Advisor

US$m

Rank Value

Deals

Market

Fees

1 9,468.4 29.313,941.4

25.3▼

▲

1 9,141.42

1.00.6

-9 ▼

+1 ▲

▲ ▼

▲ 6.18.3Mitsubishi UFJ Morgan StanleyNomura 28.343

+1

-32 0.5

1

5.9

-5

3.119.9

2429.0

1.5

.2

25.9

2.0

12

-2

▼

▲

+1

.3

5.3

16.94.4

▼

0.6

1.3

▲

2.8

0.5

▲

7.3

0.0

17.2 ▲

▼

▼

4.3

▲

▲

▲

▲

▲

▼

3.0

1.3

0.1

6.52.3

0.7

1

7.62.4

30.1

.20.3 -4

1.3

1.8

+1

1.5

+2▼

▲

3.9

1.5

▲

-1.3 2.8

▲

1,260.0 3.9 3.9

2.6

-18

1,080.8

3.4-

▼

1▲

-18.0%

23▲

0.824 0.6

1.2%

21* 1.3▲0.8- ▲ 3 +3

-21.6%

391

-2.5%

▼

-108

https://www.thomsonone.com

-

-2.3%

▲

6.9▲

▲0.1▼

▼

0.3

0.3 +1

19 14

0.7

▲

▼

17

1

11*0.9

▲

▲

-58.5 14.8

▼

-6.410.4

37.4 9.5 0.83.5

0.1

0.8

▼

1.5

▲

0.9

▲

1.1

1.8

▲9.4

▼

0.8

▲

1.9

1.8

0.0

14.3

▲

▲

▲

▲

▲

▲

6

▲

0.1

0.7

3.6

3.4

2.1 0.5

+242+4

12.3

1.53.54.9

12.312.330*

▲

11.8 ▲

▲

▲

103,959.83,969.6

330.3▼

14.2

0.6

23 306.0289.5

0.7

▲

2,871.1

9.4

CIMB Group Sdn Bhd 16

2-2.5

1.2525.8 1.2

247.5

Moelis & Co -

Credit Suisse

9

-

11

4

Mizuho Financial Group

KPMG

Kotak Mahindra Bank Ltd

9

10

117

12

45

8,680.8Bank of America Merrill Lynch

Goldman Sachs & Co12

Mitsubishi UFJ Morgan Stanley

Centerview Partners LLC-6

11.5-9 ▼

-13.1 ▼

+1147,117.3

8

45

▲

7 1713.5

56,165.2

▲

3

26.9 16.3

43.2

22.0 10.510

-0.7

▲63-20

▼

Sumitomo Mitsui Finl Grp Inc▲

5.1+26

▼

Moelis & Co221.2 -81.4

35-4

8-310

-5.2▼

▼ Credit Suisse

1.7

365,018.3

2

3.2 13 19.13 0.8

+2

16 ▲ 14

0.815.5

0.3

11.8 ▲

3.6

12.2

12.31

▲

▼

3

-37

1.2

0.57.8 +4

▼

12.54,026.3

▼

3,978.4

-13,959.8-

0.2 ▲ 8 ▼-5 5+1 11*

13 12.03,880.6▲

JP Morgan0.4

0.8▼

36.137

12.3

0.3 +29.5

▼-6.5-10

▲

▲

2,864.6▲

+113

2 ▲ 15 40 2,010.0▲ Lazard▲

0.613.40.6 0.1 +110.10.8

▲ 5.02▲

5.0

▲

Macquarie Group▼ 4.81,599.5

4.81,560.52 0.3 +1

-0.1 77*▲

▼ 3The Raine Group LLC -

24 226.1 ▲

-9.65.0

▲

▲-10.3

0.618 5* 234.0 0.5

0.0

+10.5

-12

21 247.1

Plutus Consulting Co Ltd 20 18Mitsubishi UFJ Financial Group 19 -2

▼200.80.5 0.4

-0.3 20.53

-3.81▼

▼ 0.3 -102.1

▼

0.32.8 4.2

21*20 ▼Daiwa Securities Group Inc

Woori Invest & Sec Co Ltd22 - 120.0

CitiChina Renaissance Partners

210.3 1 0.1

UBS 23 68* 100.0 0.2▲

0.2 ▲ -0

13 154.9 0.4 ▲+2-1.7 3

91.0 ▼0.2 1.3▲

100.0 69044,711.70.2

Industry Total -28Raymond James Financial Inc 25 - 0.2

* tie

17.4%74.5%

▼

-170.0▲ -

-5.1%▲ ▼▲ -3.9%

-14.4%▼

▼

Industry Total

Guggenheim Securities LLC0.1 0.50.5+1 25*Qatalyst Partners 25*

405.1

200.0

Rothschild

12405.1

KPMG

Kotak Mahindra Bank Ltd

1.3

-0.8

0.3 +1 ▲

- 1.31.3

1,252.5

Deloitte 1624272.82 0.3

▼ -29

Any Japanese Involvement Completed (AF23)

166.2

Ernst & Young LLP

1 5

100.0

Korea Investment Holdings Co0.4

Japanese Target Completed M&A Fees

0.6Houlihan Lokey

32,289.2

Japanese Involvement Announced M&A Target Industry by Value

68.0

0.5

+2 2.3

▲

1.7

100.0

▲

395.4

0.5▲

1

Acxit Capital Management GmbH

0.60.8

0.52

▼

3.41111

▲

▼

+1

+5

16.70.5

1.2 -15.1▼-0.2 0 - 8.914

Jan 1 - Mar 31

GCA Savvian Group CorpBNP Paribas SA

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8

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

Mizuho Financial Group 2

35.9%

21.5% 8.0%

7.3%

6.3%

5.2%

4.9% 4.0%

3.5% 2.6%

0.6% 0.3%

Consumer Staples Real Estate Materials Telecommunications High Technology Financials Industrials Consumer Products and Services Retail Media and Entertainment Healthcare Energy and Power

$151.3

$294.3 $208.4 $242.0

$114.6

$253.4 $222.5 $191.1 $226.2 $180.5

$172.5

$294.8

$287.8 $206.4

$161.3

$271.0

$150.9 $206.7 $126.8

$269.5

$208.5

$251.7

$189.6

$157.8

$154.6

$124.1

$235.9

$186.8

$310.2

$232.5 $286.8

$191.2

$272.5

$222.9

$169.7

$242.7

$229.1

0

500

1000

1500

2000

2500

3000

$0

$200

$400

$600

$800

$1,000

$1,200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

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

19

Industry Total

Industry Total

Industry % Change from Same Period Last Year ▼ ▼

Industry % Change from Last Quarter ▼ ▼

https://www.thomsonone.com

26,612.3

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-46.5%

-37.2% -16.2%

2*

-60.7%

-1 ▼ 38.9 0.12

- 3 3.5 +3

-

2.4

0.1

▲ 58.5 0.2

Industry % Change from Same Period Last Year

# of Deals per Advisor

Based on Number of Transactions

▼ 1,312.6 6.5Lazard 4* 20* 1

3.3

Northland Capital Partners LtdBanco Espirito Santo SA

-13.3 0

20* 1 3.34*

6*0.0

0.0

337.0 1.31 5.6 +1 ▲-

42

# of2013

Rank

# of

Based on Number of Transactions

-

Minsheng Securities Co Ltd

Rank Value (US$m)

Leonardo & CoChangjiang Corp Finance(HK)Ltd

CITIC Group Corp

1

3.30-5

MTS Health Partners LP2*

UBS

Centerview Partners LLC

Erik Penser

2014

Rank

1

Soochow Securities Co LtdGF Securities

Somerley Ltd

LazardDeloitte

12*

-

Fairness Opinion Provider

KPMGSomerley Ltd

Rothschild

12*+2 ▲ 525.4

2* 3* 5.6 0.9Societe Generale 8*

* tie

- 2 2.4 +2▲

Citi2 2.4Huaxi Securities Co Ltd

Hyde Park Capital Advisors LLC

19*

1

Southwest Securities Co Ltd

Deals

11* ▲

Change in

1,625.6Changjiang Corp Finance(HK)LtdSoochow Securities Co Ltd

Industry % Change from Last Quarter

28.0

Jan 1 – Mar 31

Rank Value (US$m)

Duff and Phelps

Fairness Opinion Provider US$m Sh (%)

Based on Number of TransactionsBased on Number of Transactions

8

Jan 1 – Mar 31

2014

Rank

# of Deals per Advisor

Deals Sh (%) # of Deals# of Deals

2013

Rank Deals

Market

# of Deals per Advisor

Jan 1 – Mar 31

Based on Number of Transactions

Change in # of Market

# of Deals per Advisor

Fairness Opinion Rankings †

Rank Value (US$m)

Worldwide Announced Fairness Opinion

Rank Value (US$m)

MarketRank ValueChange in

6.5

Stifel/KBW

Haitong Securities Co Ltd 5

4*

1

AMMB Holdings Bhd

Huatai Securities Co Ltd-1 32.7▲

Guosen Securities Co Ltd5.6

China Securities Co Ltd

17.1

Sh (%)

2.5▼

0.15.6

▼

.0-4664.3

5.6

-2

4* 4* 1 ▼ 8.11,312.6

▼

-55.8%

Jan 1 – Mar 31

▼-77.6%

-

Sterne Agee & Leach Inc4* 9* 1

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

Deutsche Bank

3.3

-82.5%

3.3

Based on Number of Transactions

4*4*Moelis & Co

Bank of America Merrill Lynch

Centerview Partners LLC

Industry % Change from Last Quarter

Goldman Sachs & Co

-25.9%

-24* 13* 1

9* 1 3.3

Commerce Street Capital LLCCiti 4*CIBC World Markets Inc 4*

4*

2

3.31

4* 3

520*

4*

▲6.71

▼

3.3+1

▼8

Any US Inv Announced Fairness Opinion

4*

2014

Rank

2013

Rank

Duff and PhelpsFairness Opinion Provider

1 1*Stifel/KBW

26.716.7

-3

+1

1*

020*-7

-6

3.3-

1

4*4*

2

1

13*1

3▲

-+1-

- +1

3.33.3

▼1 3.3

1 ▲

211.6

▲

10.866.0

▼

-3

11

▲

▼

26.6

329.2 1.63.3

3.34*

16*

-13*

- +1

+1 ▲

2,178.2 10.8377.1 1.9

+1-65

Industry % Change from Same Period Last Year

100.0

▼ -54.0%

1.04* -▲

-1

Fairness Opinion Provider

Industry Total 20,177.8

# of Deals per Advisor

Fairness Opinion Provider

Rank Value (US$m)

▼-62.7%-61.5% ▼

▼

-1

▼

2,178.23.3

1

2Changjiang Corp Finance(HK)Ltd +3

5* 24*2

7.1

Fairness Opinion Provider

▼

3

Market

Deals Sh (%)

Duff and PhelpsStifel/KBW+3 ▲2

1 7 9JP Morgan

# of

Sh (%)

2013

Rank

3.9

Rank Value 2014

Rank

# of Market Change in

-6 ▼

US$m Sh (%)

1 1* 8 19.1 -3 ▼

3* -

Rank Value

1,218.0

Morgan Stanley

4.62 1* 5 11.9

+14.8

2,769.62.6

▲

3* 6* 3 7.1 -2

JP Morgan

12.6

5*

686.0

▲

▼

-

4.8 3,155.22,246.0

5*Huatai Securities Co LtdMorgan Stanley

-4

Haitong Securities Co LtdChina Securities Co Ltd

4*Somerley Ltd

2Centerview Partners LLC

Southwest Securities Co Ltd

-

5,943.9

Citi

11*

7.4+1

▼

▼

▲

42.01.40.1

Guosen Securities Co Ltd

KPMG

11*

11*

3

-

43*2.2 +22.23

GF Securities

11*

+3

29*

+3 ▲ 357.8 0.4▲

▲ 58.5 0.1

3▲

2.2+111*

11* -

11* 29*▲

MTS Health Partners LP

BarclaysUBS

+143*3

2.23

2.2

3

42.0 0.211.9

Sheshunoff & Co Inc

Raymond James Financial Inc

24*16* 2 04.8

Barclays

Houlihan Lokey

Hyde Park Capital Advisors LLCOppenheimer Holdings IncCredit Suisse

10.4

4,267.96,655.2

5.1

5.3 0.00.48.0

5*0.4

8.4

7.2 ▲

2,687.94.7

4.810.1

1,979.3▲

6* 29* 2.9

▼ 402.0

4 -04

6*2.211*

4*

3,900.8

6* 43* 4 2.96* 2.9 +2

-3

38* 4

▲

3*45 3.7 +4

6*

-43.75

13* 2.9 +2

US$m

3,267.8Sh (%)

3* 43*3* 2

-6 ▼

5

# of DealsSh (%)

520.8 0.6

-

221.7

1.5

0.5

2.2 +3

RBC Capital Markets

5.8

5.6 +111.1

2*

Market2013

Rank

Change in

Deals

2

1

1,197.1

3 2.2

1,218.0

10,486.6▲

▼3.7

▲

▼-4

▲

▼

340.0

0.3

US$m

Rank Value

1

2.9

▲

4*+3-1

2014

Rank

-

2*2* 3*2*

19*

1-

1

1

.0 0.0▲ 1,312.6 4.9

5.611

5.6- +12*

- 5.6▲2*

-

5.6

5.6

12* +1

- 1,312.6 4.9

2,488.1-1 ▼ 229.9

▲

▲

+1

211.6 0.8+1

9.3612.3 2.3

5.09* 5.6

▲ 2,784.3 9.02 2.4

13* -

Industry Total 100.0

▲

0▲

0.6Essence Securities Co Ltd 13* - 2

▼

▼ -1.6% ▼

-13*103.1

13*▲ 1,097.7 4.1

0.32.4 +2

-45.5%

100.0-1518

10,486.6

# of Deals

Industry % Change from Last Quarter -50.0% ▼ -10.2%

Industry % Change from Same Period Last Year

Industry Total 26,704.2

179.1

Rank Value

3.31,021.8▲

+2 1.11.3

34.0▲

4 ▲

+2

US$m

JP Morgan

MarketMarket

520.8

Sh (%)Sh (%)

10 4

7 +68.2+4

6* 5

11*

402.0+34.74.7

12.7▼ 0.7

0 3,900.8

336.8

1* 445

4.7

221.7

11*▲

-

3 3.511* 3

-1

+2+3

4.7340.0

▲

- 3 3.5

1.13.91,197.1

▲

▲

Industry % Change from Same Period Last Year 37.1%

CITIC Group Corp

13*

8*

11* 3 3.5

3.5-

8*

Industry % Change from Last Quarter -23.4% ▼ 9.5%

85

2014

Rank

357.8+2

30,812.8

▲

▲

+2

42.0+3

Change in Market

▲Industry % Change from Last Quarter 175.0% ▲

Sh (%)

2*

- 7 63.6 +7Deals

2013

Rank

# of Market

Sh (%)# of Deals

-1 ▼

▲

197.1 4.0

Rank Value

2* 1 1 9.1-

US$m

1 9.1 0

1292.3%

+7

- 1 9.1 +1 ▲

357.1

1.7

▲

Morgan Stanley 2*

Industry % Change from Same Period Last Year 175.0% ▲

1.7

Barclays

8*

4*

4*

8*

▲

5.9

93.5%▲

+23

28.1%

1.20.1

11 4,870.2 100.0

▲

Industry Total

Market

Plutus Consulting Co LtdJP Morgan

Any Japan Inv Announced Fairness Opinion

4,962.5 6.0

5.91

Any Asia Pacific Inv Announced Fairness Opinion

0.0

0 - 4,579.2

2*

4*

2*

Jan 1 – Mar 31

+1

686.0 0.8

336.8

†Fairness Opinion rankings include fairness opinions provided as a standalone

mandate as well as fairness opinions provided as part of a broader advisory mandate.

Any EMEA Inv Announced Fairness Opinion

2*

▲

+1 9.6

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

1,218.0 6.0686.0 3.4

Any Americas Inv Announced Fairness Opinion

Market

06.6# of Deals

3,155.2 15.6

242.1 1.2.0 0.0

0.6318.1 1.6113.9

0.31,625.6 8.15,373.2

1,021.8 21.0

1,148.2 5.7

Jan 1 – Mar 31

3.3

2*Daiwa Securities Group Inc

- 1 7.3

3,174.2 65.23,174.2 65.2

120.09.1 ▲

2.5▲

Bank of America Merrill Lynch 2*China Renaissance Partners 2* - 1 9.1 +1

0.3JP Morgan 4* 4* 1 3.3 -5 ▼

60.0Stephens Inc

247.0 1.2Sandler O'Neill Partners 4* 6* 1 3.3 -3 ▼

100.0-60

-66.7% ▼

30

▼

Societe Generale 11* - 3 2.2 +2

4* 9* 1 3.3 -2

- 1 5.6 +1

+1

▼ 2,822.4 14.0

JP Morgan 2* - 1 5.6 +1

BMO Capital Markets

ABN AMRO Bank 2* - 1 5.6 +1 10,854.2 40.6Barclays 2* 9* 1 5.6 0 - 3,500.0

Sinolink Securities Co Ltd 13* - 2 2.4

13.1UBS 13* - 2

+2

2.4 +2 ▲ 1,779.8 5.8

▲

+2 ▲ 63.7 0.2Qilu Securities Co Ltd 13* - 2 2.4

223.2

▲ 175.9 0.6China Renaissance Partners 13* - 2 2.4 +2

0.7141.5 0.5

Changjiang Securities Co Ltd 13* - 2 2.4 +2 ▲

20

-

-

-

-

-

-

-

-

-

First Quarter 2014 | Mergers & Acquisitions | Financial Advisors

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.

AmericasRobert LevineTel: +1 646 223 5682

Announced league tables include all deals that were announced between January 1, 2013 and March 31, 2014 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on March 31, 2014.

https://www.thomsonone.com

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalentat the time of announcement of terms.

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. Eachunderwriter or 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 are allocated to syndicated members.

E-mail: catherina.guintoroldan@thomsonreuters.com

Tel: +852 3761 1852

Tel: +813 6441 1142

E-mail: robert.levine@thomsonreuters.com

E-mail: redina.doda@thomsonreuters.com

Asia-PacificKelvin Bian

Catherina Guinto-Roldan

EMEA

Tel: +44 (0) 20 7542 3558

E-mail: kelvin.bian@thomsonreuters.com

Japan

Serkan Tecimer

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 securitiesfirms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established jointventures are reflected 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

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 aportion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bidsreceive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

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 for any 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 to the 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 transaction or 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 or selling 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. © 2014 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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