FINANCIAL ADVISORS - · PDF fileFull Year 2017 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Totals US$3.6 trillion as Number of Deals Hits Record l

REUTERS / Gary Hershorn

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

Full Year 2017Full Year 2017

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFull Year 2017 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Announced (AD34)3

6

6

Any South Korea Involvement Announced (AD51)

11

12

11 18

Any Japanese Involvement Announced (AD19)

2

2

3

Table of Contents

1

Worldwide Announced (AD1)

10

2

11

11

20

20

South Korea M&A

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

15

Any Asia Pacific Announced Fairness Opinion

Any German Involvement Completed (AF42)

16

Any Italian Involvement Completed (AF43)

Top Ten US Announced Deals 12

Any Italian Involvement Announced (AD36)

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any Benelux Involvement Completed (AF47)Any US Involvement Completed (AF48)

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

Any Nordic Involvement Announced (AD37)

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) 10

15

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

22

21

22

21

22

Regional Contacts

13

Asia Pacific (ex-Japan) Deals Intelligence

Criteria Summary

Any South Korea Involvement Completed (AF58)

13

13

Any Japanese Announced Fairness Opinion

14

13 Worldwide Announced Fairness Opinion

Top 10 Any South Korea Involvement Announced Deals

8

21Asia Pacific (ex-Japan) M&A

21

Fairness Opinion Rankings

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

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

Thomson Reuters Soultions for the Deal Making Community 23

Mergers & Acquisitions Criteria Summary

Any EMEA Announced Fairness Opinion

15

14

Any Nordic Involvement Completed (AF44)

21

Any USAnnounced Fairness Opinion 21

Any Americas Announced Fairness Opinion 21

20

20

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Full Year 2017 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide M&A Totals US$3.6 trillion as Number of Deals Hits Record l Fourth Quarter Deal Making Up 33% l European Deal Making Up 17%, US M&A Falls 16%

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees WORLDWIDE DEAL MAKING HITS US$3.6 TRILLION; RECORD NUMBER OF DEALS - Worldwide M&A activitytotaled US$3.6 trillion during full year 2017, on par with full year 2016 levels and the fourth consecutive year tosurpass $3 trillion. Deals with a value less than US$1 billion totaled US$1.3 trillion, up 7% compared to full year2016. By number, deals less than US$1 billion also increased 7% compared to a year ago. Overall, 49,448worldwide deals were announced during 2017, an increase of 3% compared to a year ago and the strongest yearfor M&A, by number of deals, since records began in 1980.

DEAL MAKING UP 33% FROM Q3'17 - The value of worldwide M&A announced during the fourth quarter of 2017totaled US$1.1 billion, an increase of 33% compared to the third quarter of the year and the third consecutive fourthquarter to surpass US$1 trillion in announced deals.

CROSS-BORDER M&A FALLS TO THREE-YEAR LOW – Despite increased levels of outbound M&A fromacquirors based in the United States and intra-Europe M&A activity, cross-border M&A activity totaled US$1.3 trilionduring full year 2017, a 10% decline compared to full year 2016 and the slowest year for cross-border M&A since2014. China Outbound M&A totaled US$141.5 billion, a 35% decline compared to last year's record.

EUROPEAN M&A UP 17%; UNITED STATES DEALS DOWN 16% - M&A activity for European targets totaledUS$867.5 billion during full year 2017, an increase of 17% compared to the level of activity seen during 2016. WithUS$1.4 trillion in announced deals during 2017, United States M&A fell 16% compared to a year ago, while thenumber of United States deals increased by 14% the largest annual period by number of deals since records

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

number of United States deals increased by 14%, the largest annual period, by number of deals, since recordsbegan in 1980.

REAL ESTATE, ENERGY & POWER, TECH LEAD SECTOR MIX - Deal making in the Real Estate sector totaledUS$529.8 billion during full year 2017, an increase of 47% compared to 2016 levels and an all-time annual record.Energy & Power and Technology M&A each accounted for 13% of overall M&A during the year, while Industrialsdeal making accounted for 12% of activity. Materials and Media M&A registered the steepest year-over-yeardeclines, down 46% and 21%, respectively.

COMPLETED M&A ADVISORY FEES INCREASE 22% - Estimated M&A advisory fees from completedtransactions totaled US$38.7 billion during full year 2017, a 22% increase from 2016 levels.

$78.7$16.7 $37.3 $67.5 $57.8

$112.5$149.0 $161.5

$89.2$133.1

$81.2

$24.4$60.6

$87.6 $86.3

$82.0

$117.0$137.2

$147.8

$159.7$57.9

$36.2

$72.2

$69.9 $98.4$79.1

$138.7$159.3

$134.1

$211.6

$36.1

$55.3

$92.1

$105.5 $96.7$114.2

$113.3

$240.5

$138.5

$157.7

8.8%

6.7%

10.8%

13.2% 13.3%16.6%

15.7% 16.4%

14.1%

18.4%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$100

$200

$300

$400

$500

$600

$700

$800

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

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

$0

$1

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

$258.2$113.6 $176.0 $233.4 $173.7 $130.9

$239.9 $284.6 $298.3 $317.3

$365.0

$112.2

$204.4$249.1

$275.5

$175.2

$383.3 $340.6 $281.7 $299.1

$326.0

$148.8

$273.8$206.5

$202.8

$180.5

$315.5$421.5

$333.7 $319.1

$156.1

$165.9

$258.7 $194.6 $249.5

$222.3

$306.4

$462.3

$476.0$312.0

38.5%

27.1%

37.8%

35.2% 35.4%

30.3%

37.7%

35.5%

38.5%

34.6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

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

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

% of YTD Global M&A

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2008 2009 2010 2011 2012 2013 2014 2015 2016 20172008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2

Western Europe

40.3-63.0-20.3 ▼

▲▼

2,459▼

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

1,200

1/1/2016 - 12/31/2016

1,602,879.4 ▼▼

▼▼

% Change in Rank Value

▼▼

▲

-31.1-7.5

52.3

-3.5

15.5

▼

-9.7

▼

▲▲

29,285.283863,002.6

106.4

62.6-79.3

507

United States 1,546,766.0

21,814.1

▲9,981

▲

23.4▲▲

112

56,113.4

No. Deals

8,194.312,348.3

7,780.3 11,286.7

1,396,877.6

447

1,962

2,969,439.0

Rank Val US$m

% Change in Rank Value

South America

11,204

773

32.0136

Target Region/Nation

North America36.2 Mexico

1,482,335.5139

-13.2 13,166▲

11,181

1,575,657.7▼

176Central America▲

14,174▼

Americas

12,158.712,802.512,954.5

3,610,307.6

Rank Val US$m

10814,47548,250

No. Deals

59-6.8

-32.616681

-10.912,266

14.5

36,91436,977

Caribbean-47.3

▼

-15.6

-12.0-0.2

1,690,843.3

▼

125

13,11011,470

▲30.2

-38.2▲

▼

1,0481,640

4,513.1614

36.0 Canada 85,457.8▲72,779.7

Brazil 60,432.0▼

22,634.5

50,618.01,278

Chile-20.4 ▼ 76,628.7-22.6

Africa/Middle East23,971.6

▼Sub-Saharan AfricaNorth Africa

111.2

369 20,057.9

281▼ 317845

668,239.2 -15.670,736.9

90

2,634.5

47,119.1

111

832

3,250.0 126367

378,076.2

3,047

12.8

79,596.9

▼68.9

▲

10,012

791,855.3

450.0

12,310▲

2,257

13,841

14,985.2 301715 664 9

10,794

8 259

749,967.22,534

17 0

41,888.1

2707 818

2,298

593 693 1

Eastern Europe

140,049.61,835

Asia Pacific82,417.9

111,661.8France▲

597,502.3

▲Switzerland▲

200.0

▼

▲United Kingdom10.9

▼-35.1Europe

▲

▲

419

23.5

-66.0

3,695

159

2,683

1,699

Eastern Europe

918

16,529

166,579.141,156.9

114,354.6

12,83411,97083,841.1

742,100.6

North AfricaMiddle East

16.914,804628

52,380.72,000.8

23,444.1 -13.8

14 1

82,315.0437

Europe

126

Africa/Middle East

5,883.1601

1,227

8.2836 343 5 13 472105,711.3

93

1,530,458.1

94,663.8

13,024

Americas6,823.2

13 762

212

15,721

Central America

South America110,011.0

2,834

1,420,447.1

968542

123,469.61,419

2,845

61,465.1

2,697

Middle East

20,218.9Sub-Saharan Africa

Canada

Western Europe54,398.5

867,516.8

65,489.0

Germany

North America

813,118.3

Spain

Chile 12,492.9

Asia Pacific

United Kingdom

Worldwide 49,4483,601,421.2

962

Rank Val US$m

80,869.2United States

Caribbean

9,886.6

Brazil

Target Region/Nation

Mexico

658,259.5184,690.6

114

40,549.1

20,225.9

1,682,391.7

82,652.9

1,763,260.9

1/1/2017 - 12/31/2017 1/1/2016 - 12/31/2016

17310,507.4

7,261.0167209

1,642,452.5

7,959.5

1,866,827.8Worldwide

16,994

No. Deals

No. Deals

Rank Val US$m

3,333,349.2

47,196.3

954 100 1

1/1/2017 - 12/31/2017

Mergers & Acquisitions

Jan 1 - Dec 31 Scorecard: Worldwide Completed M&A Jan 1 - Dec 31

Full Year 2017 | Mergers & Acquisitions | Financial Advisors

14.7%

13.4%

12.8%

12.2%9.4%

9.3%

6.2%

5.7%

5.1%

5.0%3.4%2.8%

South East Asia

Real Estate / REITsMaterials / Metals & Mining

Consumer Staples / Household & Personal Products

High Technology / SemiconductorsHealthcare / Healthcare Providers & Services (HMOs)

Media and Entertainment / Cable

18,800.017,930.0 High Technology / Semiconductors9/20/2017

PendingPending

Energy Future Holdings Corp (100%) United States / United StatesJapan / Japan

3,208.5New Zealand

Toshiba Memory Corp (100%)8/21/2017

Target Macro / Mid Industry

▼▼▼

▲▼

-58.3

▼▼

Energy and Power / Power

Healthcare / Healthcare Equipment & Supplies

Real Estate / Non Residential

Industrials / Aerospace & Defense

Real Estate / REITs

Industrials / Transportation & Infrastructure

Healthcare / Pharmaceuticals


Jan 1 - Dec 31 2017

Atlantia SpA

6/16/2017

5/15/2017

6/15/2017Brazil / Brazil

Broadcom LtdAcquiror / Target Nation

Rockwell Collins Inc (100%)Italy / Spain

▼

▼

-28.49271,066 -30.5

5,693.8

715,664.978,231.6

8,259 -17.0

2867,824.0

72,426.6

7,818

126

3,382

-17.7-21.8

-13.159,298.3 1,316

4,235

Singapore6,442.1

314

299,677.9▲

-35.3463,288.0

23,948.6

485

58

553,848.8

86.9-13.1

1,830

336 10.1

488

-72.3

5,070

Australia

1,316

▼

-13.1

▲0.314.2 ▲

-37.287,866.7

593,693.11,306▲90,434.9

67,807.8

Central Asia55,220.2

48

Rank Value (US$m)Acquiror

54,409.2

1,2081522,371.6

1,149

Asia-Pacific

51,824.5

▲Australasia

▲

South East Asia

3.51,49814.1

7,749.8

836,343.5 13,472

1,287

33.5

33.4

84,061.3

71,683.0

126.271,862.9Japan

72

▲

Top Fifteen Worldwide Announced Deals

455.0Japan

4888,529

63

42,205.8878

▼

North AsiaChina 507,199.7

704,905.3

113,631.2

2,496

56,834.3

617,391.3

2,720.1

8,600

7.2

4632,117

28,866.1

-46.2212

59,298.3

▲

37,177.82,655

279

193

450 Malaysia

▼

▲

South Asia 51,518.2

89.0

▲

North Asia

69,490.8ChinaHong Kong

26,365.9

433,371.6

51,518.2

▲

Australasia

5,917823

505,668.2

1,436

5,964.3 New Zealand▲

Abertis Infraestructuras SA (100%)Pending

60,016.9South AsiaCentral Asia 348.0

Pending

12/14/2017

9/4/2017

▼

GGP Inc (66%)

Sempra Energy Inc

128,550.8CVS Health Corp

1,716

Germany / Spain

Actelion Pharmaceuticals Ltd (100%)

United States / United States


▼1,208

CR Bard Inc (100%)

82,720.6

12/12/2017

Aetna Inc (100%)67,669.838,687.3


Hochtief AGAbertis Infraestructuras SA (100%)

24,226.8

Janssen Holding GmbH

34,675.3

Brookfield Ppty Partners LP

United States / United StatesQualcomm Inc (100%)

Bermuda / United StatesWestfield Corp (100%)

Wharf RE Invest Co Ltd (100%)

29,038.5Switzerland / Switzerland

21st Century Fox Inc (100%)

27,947.2

30,230.3United Technologies Corp

Unibail-Rodamco SE

Vale SAHong Kong / Hong Kong

20,956.7

KK Pangea

Shareholders6/15/2017

Shareholders

Essity AB (100%)8/14/20172/20/2017

24,372.7

Valepar SA (100%)23,296.311/23/2017

United States / United StatesBecton Dickinson & Co4/23/2017Pending France / Australia

1/26/2017Intended

Pending

11/13/2017

Intended

12/3/2017

10/18/2017Pending

5.61,257169.2

Malaysia

5,854

13,76293,585.7

54,569.91,985

498

1,588

11/6/2017

Asia-Pacific

10,342.4

Intended

Australia

Hong Kong

2,661

90,144.6

95,592.3

Rank Date Date Effective

Singapore

1,812

Walt Disney Co

Target (% Sought/Acquired)

954,100.1

12/29/2017

607.1

Sweden / Sweden 20,047.6

11/23/2017

Real Estate Energy and Power

High Technology Industrials

Financials Healthcare

Media and Entertainment Materials

Consumer Staples Consumer Products and Services

Retail Telecommunications

Government and Agencies

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Barclays

Market

2,445.2

Change in

0.9Share Ch.Sh (%)

6.3

276158

8.0

2.5

3.5

2.24.7 1.3

1.5

# of

Worldwide Completed (AF1)

Market

▼ 4.5 ▼

# of DealsMarket Advisor

▲ ▼1.7

0.40.80.50.4

-21-31

8

11+16

+5

▲

-2▼▲

7Lazard

327,551.389+11 Evercore Partners

▲12

247,671.210

▼

▼

128

12

UBS

-8 Rothschild & Co

▼Deutsche Bank

-32

191

13

53 0.1▼0.3

+6

110.1

246398

139 0.3-23-4 1.1

-5.7

27

JP Morgan

0.6

Jan 1 - Dec 31

Worldwide Rankings

2016 RankFinancial Advisor Deals

Imputed Fees (US$m)

1 ▼Sh ($)

805,913.0 -2.9 0.7

2017 Rank

Rank Value per Advisor (US$m)

Goldman Sachs & Co# of Deals+50

Jan 1 - Dec 31

0.8Financial Advisor

294-4.1

1

Change in

10.0

20.8

7 12

3

3.4

5 602,760.1

Rank Value # of

18.3

346▼

▲

▲340 0.7

1

-25

279,337.3

Market

Lazard 8

3

Bank of America Merrill Lynch45

Citi

BNP Paribas SA

Credit Suisse

UBS

335,467.411333,600.4286,335.5

Rothschild & Co

33

9.3

10.6

18

5.9

361,497.0

274,766.0

9

129,607.51619

Guggenheim Securities LLC

21

▼

27Jefferies LLC

▼

0 1

1.7

-15

188

-5.5 0.4

0.6

0.1

-0.4

212

409

1.2

162

-4.0

▲

54

▲240

345

▼▼

0.5 Bank of America Merrill LynchJP Morgan

64

US$m DealsShare Ch.26.4

Sh (%)

# of Deals per Advisor

▲

MarketMarket Rank Value Market2017 Rank


Share Ch.

2 228.4

727,286.0▲ ▼

-7.024.5

Fees340

US$m

+10.8-6.2

▼842,343.2Sh (%)Sh (%)



+20

Market2016 Rank

1,354.61,825.9

187 -6

▼

▼0.8

-34287 1,741.7

0.5-4.8

12.0

3 624,506.7 ▼

-2.9▼

21.0

15.4544,273.2

-0.60.5 ▲-6.5

1,193.30.4

12.9765 355,625.0Barclays

953.90.70.6

▼176255

2.30.6 +10

▼▼

2.3

+6 0.4381,545.33.1▼ +11458,539.9 225

▲0.0▲

9.8 127▼ Credit Suisse ▲▼ 206

292,086.8▲ 0.3

▼-7.311.0

▼

▲-5.0

-8

▼▼ 0.4▼

886.5896.9 0.5729.4

0.31.7

▼-17 1.9

582.9137 -26

▼779.4+29-24 570.8

9.4-6.90.2

▼0.4

125▲ ▼

181,300.49 8.3

0.9▲

1.52.0-3.06.1

▼

0.3363

▼▼

441.0

0.2 ▼

0.30.9

-30.3

▼

168.41.0

-5-7 ▼

0.8 ▼

0.4 -107▼

-7.5

21▼

0.00.4

87

5.2155,116.0404.1358.10.1 ▼

4.6111,520.6 3.8

19

25China International Capital Co

10137,785.0 -0.114

13

▼ 15

Centerview Partners LLC

CITICRBC Capital Markets

▲-2.817

99,224.40.3

Industrial & Comm Bank China

▲16 3.3

15▼ 3.3 1904718▼ Wells Fargo & Co 3.193,361.3 ▲

+2▲

▼▼

▲ 0.3

210.1

51▼ 0.5

123.4+39 0.0

-0.00.6

0.1

▼0.3

226.0 -0.5 0.4

131.7-10.1

▼0.266

98,128.3

3.024

HSBC Holdings PLC

21

19 89,345.1BMO Capital Markets

▲▲

17▲20

-11▲0.9

2 646 ▲0.6220.682,394.0 2.02.8 ▲

▲ BNP Paribas SA ▼2 6+20+15

76 519 6 ▼281 2 0 7 0 1119 ▼60 3

0.2+180.266 0.1

▲0.4

0.3

▼

1 6▼▲

18-7

0.0 +100.1

58

▲157

2.1

3.1

-1.0

▲

-1.366

1.526

▲

949,102.8

31 211,417.913

749,236.8

410,615.3 11.410

4

Citi536,574.60.3

14.916.7

Morgan StanleyGoldman Sachs & Co

▲

0.9

▲▲

▲22.4

0.8

7.6 ▲

Worldwide Announced (AD1)

▼-3.3

▼

0.09.3

2Morgan Stanley1

+11

3.2

2

380,122.4Evercore PartnersDeutsche Bank 6

-90.3

+4

46

12

15

76

10

23

20Societe Generale

17

Centerview Partners LLC8

1311

19

17

Wells Fargo & CoMoelis & Co

5.94.3

914

213,141.7

1.1 ▲168,824.4 4.7

2 591 336 3

3.43.6

2.797,920.293,584.1

110,476.5123,154.9

2.6Allen & Co IncChina International Capital Co 20

* tie

▼

2.51

36,977

0.2

28 26.8

▼

21

14.8

-4.6%2.5%

40 17.72

22.9

1

JP MorganGoldman Sachs & Co

14

7,311

3

37

35 36

46

12.4

6,679

42 28.023.7

5,230 14.412.8

55

Industry % Change from Last Quarter -8.9%

122,913.4

3,263

21

High Technology

Goldman Sachs & Co

Industry % Change from Last Quarter

24100.0

23 5116

JP Morgan

142,160.7

224,606.2

85,230.6

24

78,326.8

Rank Val US$mReal Estate

121,223.7Morgan Stanley

Morgan Stanley

22.6

1

183,229.3

2104,215.4

Financials

130,892.6

Industry % Change from Same Period Last Year

481,516.6Energy and Power

Industrials

▼

64 41,761.6 3

56 48,448.343,141.9

Morgan Stanley2

46

29.8

337,260.0

1

0.1

Jan 1 - Dec 31

CitiJP Morgan

3

21 17 2.6▲ BNP Paribas SA ▼-2.6+2075,039.276,519.6 ▼281.2 0.7

416.80.1

▲0.42.5 1.1+9 ▲

119

0.2-36

▼-6▼

0.3

68.5860.3122 0.6

100.0

0.20.1

0.0▲▲

0.10.1

-▼

38,723.4-

+630.1

▲

0 0.7-1

250.7

▲

▼ 32.5

21.9%▼

2.2 -2.9 ▼2.02.3 ▲

2.3 ▲ 0.0

-9.7%▼

0.1 -18 Guggenheim Securities LLC 64,551.218

▼

24

0.2%-17.6%

Jefferies LLC

▼▲


Alantra Partners SA

Industry Total

M Klein & Co LLC102

22232425

529,815.2

▲

▼49,448

Share

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

No. Deals

+1,1983,601,421.2

32.6% ▲

Rank

▼

▼

100.02,969,439.0

+1▼0.1

-10.9%

68,452.174,397.7

78

26

-1.9

1.6

1.4▼▲

30

4,000

105

Top WW Announced M&A Advisors by Target Industry

-0.2%

64

Mkt.

-0.5

▲0.3

58130

-1-2.4

2.2-11

39

461422

Societe Generale 2.591,336.3

2.1

78,059.384,533.3RBC Capital Markets 2.4

77,105.7HSBC Holdings PLC 74,213.5

2.1MediobancaCITIC

108,910.9

197,188.1

Barclays

Industry Total†25

Goldman Sachs & Co

439,008.2

JP Morgan

42.6Morgan Stanley48.6

UBS

3462,485.3

1

47 39.632

Morgan Stanley

Jan 1 - Dec 31 2017

93,468.9 19.4

57

555.92 498.44 484.10

324.08 324.08

181.41 164.96 182.79 71.44

246.99 204.69

94.5 140.2

30.2

111.4 73.5

24.4 72.2 18.8

47.0

34.7

34.7

38.7

38.7

38.7

67.7

67.7

67.7

67.7

67.8

67.8

67.8

67.8

67.8

128.6

128.6 128.6

128.6 128.6

128.6 128.6

128.6

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Goldman Sachs & Co

Morgan Stanley

JP Morgan Citi Bank of America

Merrill Lynch

Deutsche Bank

Evercore Partners

Lazard Centerview Partners LLC

Barclays Credit Suisse

Ran

k Va

lue

(US

$bil)

Qualcomm Inc/Broadcom LtdAetna Inc/CVS Health Corp21st Century Fox/Walt Disney CoAbertis Infraestruturas SA/Hochtief AGAbertis Infraestruturas SA/Atlantia SpAOther Top 15 DealsAll Other Transactions


12.5x

Consumer Staples

Consumer Products and Services

15.6x

Healthcare

14.3x

High Technology

13.3x

14.3x

12.3x

10.2x

14.1x

15.3x

Energy and Power

15.4x

Materials

12.2x

14.0x

9.6x

14.1x 12.2x

19.3x8.7x

21.2x19.2x

10.8x

23.8x

15.2x

-

13.2x

23.2x12.1x11.9x 13.1x 13.2x

16.9x

14.9x

9.1x

11.2x

12.3x

7.9x 13.0x

15.9x

16.5x 14.9x

7.6x9.8x

18.4x

14.1x

12.8x

22.1x 16.5x

9.4x12.4x

11.7x

11.4x

14.1x

15.5x 16.7x

7.6x9.8x17.4x

14.9x 16.9x19.1x

16.1x 20.9x

14.9x

10.7x

10.0x

25.7x8.7x

9.9x16.9x

10.0x

19.5x

12.5x

12.0x11.9x

9.0x 15.6x

11.7x 9.3x

14.8x

10.5x

21.6x11.4x

-20.7x

18.5x7.9x

12.1x

12.3x 16.8x12.5x

11.7x 9.7x

11.6x

13.4x

16.9x10.2x

16.6x12.7x 16.9x

11.2x

13.1x

18.8x15.6x

12.8x

9.8x12.1x

7.8x 7.8x

6.7x

12.3x

11.5x

21.3x 18.8x

16.6x16.6x15.7x

8.4x

16.4x16.4x 7.6x

7.3x

14.6x26.1x 13.9x

22.7x22.7x

13.9x17.2x 12.7x

-11.7x

23.6x

9.5x

23.6x 25.0x7.1x

18.9x

-

14.1x

15.5x

-

18.0x

16.9x10.5x

11.3x23.6x

11.8x 10.5x

UK

12.6x

10.3x

23.6x

11.8x 15.0x

15.0x 11.4x

13.9x

10.3x

22.2x

11.6x

12.9x

20.4x

World

Industrials 13.6x14.6x

12.5x

18.9x 16.0x

15.5x

10.9x

12.5x

24.0x

6.7x

22.7x

15.5x

7.0x

23.0x 22.3x

11.4x 19.3x

-

13.4x

Telecommunications

Real Estate

Media and Entertainment

Retail

14.4x

13.2x

13.4x

14.4x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada


13.1x

13.5x

USA

11.8x

11.7x 16.6x

17.1x

16.7x

12.6x

17.7x 25.7x

Japan

11.9x

Asia ex. JapanEurope

10.8x

18.0x

10.1x

15.5x

EMEAAmericas

Worldwide M&A Matrix

2017 UP 2017 DOWN 2016

Jan 1 - Dec 31

15.1x14.8x

23.3

31.0

16.2x

100.0

UK

41.6

Real Estate 19.0

36.0 35.6

58.6 58.6

14.3x

21.922.2

12.9x

EMEA2016

22.6

17.3x17.6x 17.3x11.5x11.9x

33.1

44.8

-

24.8

23.9

29.9 32.2

27.5

37.5

29.7

-

21.1

26.4

28.1

27.2

47.0

36.2

24.4

18.2-

62.2

-

45.6

32.5

41.1

32.3

35.7

15.8

31.9

24.824.8

19.7

23.938.9

46.3

52.7

29.4

22.3

-

45.6

20.3

22.7

67.5

46.362.2

31.6

Europe

12.4x

22.5

20.3

38.5

27.2

37.6

24.025.1

28.8

22.0

62.2

24.029.1

23.7

37.2

36.0 23.3

24.617.224.428.0

27.7

27.521.8

21.8 18.235.5

25.2

17.6

17.4

31.5

24.9

25.0

19.6

Japan

20.3

Asia ex. Japan

12.7x12.3x

3.8

25.2

3.8

17.1

21.2

20.7

45.916.5

21.2

10.5x

27.0

56.631.7

24.734.2

26.6

34.2

53.5

39.6

20.7

42.9

USA

11.5x14.6x 15.2x

41.637.6

48.0

34.5

22.9

39.2

39.3

32.136.4

Americas Canada

21.0

Healthcare

Consumer Products and Services

40.8

26.2

48.623.5

27.3Energy and Power

24.8

Average Industry Total

27.9

24.6

High Technology

Industrials

26.7

22.9

28.1 30.4


29.7

Telecommunications 32.4

Materials

24.3

30.5

25.4

Retail

29.6

40.7

18.2

24.9

15.3

23.6

28.9

26.7

30.023.6

35.5 36.625.5

39.7

39.1

34.5

13.135.9

24.9

13.2x

15.1

32.7

2017 UP 2017 DOWN

33.726.3

30.8

Financials

31.4

-10.821.4

-

23.6

Average Industry Total

22.0

31.415.4

20.5

23.917.8

23.4

30.526.2 21.8

22.9

19.6 35.5

92.426.6

37.8

24.9

39.4 31.6

15.9

27.1

21.515.4

13.8

24.69.7

9.423.5

32.3 22.3

31.5

29.6

33.6

31.5

26.5

32.226.7

34.1

29.4

23.9

26.4

21.4

25.6

27.628.4

28.0

20.9

27.0-

21.9

27.0

-

23.738.1 18.1

34.030.0

30.8

- -

27.731.2

31.8

World

37.622.8Consumer Staples

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2016 - 12/31/2017 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

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



Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan

Citi

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

5

6

7

8

9

102008 2009 2010 2011 2012 2013 2014 2015 2016 2017

5

6

7

8

9

10

Ran

k

Bank of America Merrill Lynch

Deutsche Bank

Evercore Partners

Lazard


Barclays


139,097.4

US Announced Advisors by Target Industry Jan 1 - Dec 31 2017

Guggenheim Securities LLC

Rank Val (US$m)240,209.8 165,304.4161,595.9Goldman Sachs & Co

Americas Deals Intelligence

High Technology

Energy and Power

Healthcare


Real Estate

JP Morgan

Goldman Sachs & Co

Morgan Stanley

BarclaysLazard

Morgan StanleyBarclaysEvercore Partners

Goldman Sachs & Co

1

152,216.1228,581.5

71,775.367,315.350,414.1

211,444.1 33 3

2

126,424.794,514.685,351.6

12

2

3

Rank

1

Mkt.

2,287

No. Deals

67.332 37

22

1,33722.129.5

19

7

68.5

989 12

13

69.216 2

31,277

97,995.2

Morgan Stanley 50,345.1

Share

68.8

40.4344.7

63.4

97,017.289,234.3

1JP Morgan141,674.3

33

743 31.4

Americas M&AFull Year 2017 | Mergers & Acquisitions | Financial Advisors

Americas M&A Down 8% | Technology Volume Drives US Activity | Canadian Activity Decreases 6%

12

28.3

5 63.0

14 8 39,384.7 3

41,476.7

59.8

2 29.8Citi

1

Americas M&A volume during full year 2017 was down 8.3% compared to 2016, accruing US$2 trillion in activity from20,301 announced deals. According to estimates, fees generated from completed deals in the Americas totaled US$24.9billion, a 14.2% increase from fees earned duirng full year 2016.

US Targeted M&A saw a decrease in 2017 from a volume perspective, down 15.6% compared to announced M&A duringfull year 2016, accruing a total of US$1.4 trillion. Conversely, the number of US targeted transactions announced duringfull year 2017 reached 13,069 deals, a 13.6% increase from a year ago.

The Technology sector led the US market, with deal volume totaling US$240.2 billion, accounting for a 16.9% marketshare. Energy and Power followed closely, accruing US$228.6 billion for a 16.1% share of the market. Healthcarerounded out the top 3 sectors, with US$211.4 billion and a 14.9% share.

Accumulating US$239.7 billion in transaction value, announced Canadian Involvement activity decreased 6.1% from thetotals reached during 2016. Completed Canadian Involvement activity was up 47% compared to full year 2016, driven bythe completion of Enbridge Inc's and Spectra Energy Corp's US$43.1 billion merger in Q1.

In the Americas, 7 out of the 11 sectors saw an increase in exit multiples during full year 2017. Overall average EBITDAmultiples across industries in the Americas posted an increase during full year 2017, rising to 15.1x compared to 13.2xaveraged during full year 2016.

36.2 11 Goldman Sachs & Co

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

Acquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – Dec 31 2017

Jan 1 – Dec 31 2017

67,669.8

Target (% Sought/Acquired) Acquiror Target Macro / Mid Industry

Walt Disney CoUnited States / United StatesUnited States / United States

Aetna Inc (100%) CVS Health CorpPending

2/1/2017

Pending

Pending

11/6/2017Rank Date Date Effective

21st Century Fox Inc (100%)

Intended Qualcomm Inc (100%)

Rockwell Collins Inc (100%)

12/3/201712/14/2017

Pending

6/30/2017 ONEOK Partners LP (60%) ONEOK Inc

United States / United StatesSempra Energy Inc

17,118.1

Brookfield Ppty Partners LP

United States / United States17,828.5

Healthcare / Healthcare Equipment & Supplies24,226.8

Calpine Corp SPV Energy and Power / Power

Bermuda / United States

United Kingdom / United States18,800.0

United States / United States8/18/2017

11/13/2017

Energy Future Holdings Corp (100%)8/21/2017

GGP Inc (66%)

Reckitt Benckiser Group PLCUnited States / United States


Pending Calpine Corp (100%) 15,972.8

6/15/2017

30,230.3United Technologies Corp

Energy and Power / Power


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

27,947.2

High Technology / SemiconductorsHealthcare / Healthcare Providers & Services (HMOs)67,807.8

128,550.8Rank Value (US$m)

4/23/2017

Broadcom Ltd

Becton Dickinson & CoCR Bard Inc (100%)

9/4/2017Intended

2/1/2017 Mead Johnson Nutrition Co (100%)

12/29/2017

United States / United StatesMedia and Entertainment / Cable

Industrials / Aerospace & Defense

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

16.9%

16.1%

14.9%10.0%

9.8%

7.5%

7.0%

5.8%4.1%

High Technology Energy and Power HealthcareMedia and Entertainment Real Estate IndustrialsFinancials Consumer Products and Services RetailConsumer Staples Materials TelecommunicationsGovernment and Agencies

17.5 25.8 26.4 73.2 78.8

113.7

30.6 59.4 28.2 33.5

33.6 36.1

33.3 46.2

51.8

65.5

86.9

18.3

14.1

27.7 26.6

51.8

42.6 52.4

91.4

63.2

86.3

25.1

39.3 64.5

56.1

59.9 43.8

133.3

62.2

50.2

27.2%

40.9%

42.7%

45.5%

50.2%

53.9%

42.7%

55.9%

43.5%

42.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Rnk

Val

US$

bil

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

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

Lazard Deutsche Bank

Imputed Fees (US$m)Market2017

RankFinancial AdvisorMarket


Any Americas Involvement Completed (AF55)


Change in

Jan 1 – Dec 31

# of Deals per AdvisorMarket

584,982.8

+1▼

2

3

Market# of Deals Share Ch.

# of

▼DealsUS$m

0.3

AdvisorSh (%)

36.1 2.0Sh (%)

MarketRank Value

Americas Rankings

Rank Value per Advisor (US$m)2016 Rank

Rank Value MarketShare Ch.

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

2016 RankShare Ch. Financial Advisor

MarketChange in MarketDealsUS$m

28.6


-1.51 690,763.5 1.5255

# of2017 Rank

-0.3 1,524.1

▲1 ▼36.9 2,135.2+3

490,893.94

▲5.8▲

1.2

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

▼

Goldman Sachs & Co▲284 1.4+13217+38Goldman Sachs & Co 1

604,148.32 2723,935.2

▼1,434.2 1.7▲ 1941 +39

▼ 31.2 1.4

23.228.0 3

1.1 ▲JP MorganMorgan Stanley

1.9

30.1 -1.5 1.21.1

0.8▲

Bank of America Merrill Lynch26.2 208-3236 1.2

Citi 4 5 465,323.1JP MorganMorgan Stanley

3 4 560,986.8▲1.0

-223.2 -4.1

▼▼ 6.1▼ 4.6

5 3 388,981.3

1.1

19.4 -10.0 ▼▲ 159 ▲

▼ Citi 54 0.9 +5

+30▲ 1,134.8435,405.4 145

0.66 416,079.0 22.2 -2.8 0.9 ▲157▼Evercore Partners 6 10 350,762.2 17.5

1525.9 ▲ 143

Bank of America Merrill Lynch0.7

1,010.2 ▲0.7 -24 4.1-8 ▼ ▼-8.8Barclays 6 5 0.6▼ 765.0

10 306,573.4 ▲ 649.4▲319,031.7

7Centerview Partners LLC 7 8 334,143.6▼135 0.8 -7 3.1

▲4.2 ▲16.7

17.0+10 ▲53 0.3 Lazard ▼

Deutsche Bank 8 11 289,464.3 14.4 2.8 0.1▼3.1 699.316.4 1.4 2.6 0.10.9 +16146

11 286,064.4 15.3 2.4 0.7 -4▼0.7

▲ 12088 0.4 -1 ▼ Evercore Partners 8

10 9 220,414.1 11.0

▼Barclays 9 6 288,374.2 14.4

-0.7 ▼ 155149

10+2 ▲Credit Suisse-6.2 ▼ 9

0.8-19 ▼ ▲ 691.0

9 192,141.57 234,904.7 0.8 +12

10.3 -5.2▼ 13612.5 -8.7 2.8 0.4▼ 74 -

Moelis & Co 11 24 206,530.6 10.3 UBS 111.6 0.00.4 -2 ▼ 401.9

▲ 72 1.5 0.112 170,644.5 9.1 0.0 0.4 +5 ▲ 367.7 ▲Credit Suisse 12 7 192,244.8 9.6

104 0.5 -21 ▼-6.8 ▼ 155 0.88.0 ▲

Centerview Partners LLC 12+2 ▲ 8 153,792.2 1.4 1.1▼ 347.1▼ 42 0.3 -6 ▼Wells Fargo & Co 13 17 167,419.9 8.4

8.2 -8.1-22 ▼49 0.2 15 123,202.5RBC Capital Markets 13 ▼

Guggenheim Securities LLC 14 19 110,476.5 5.5 1.1 ▲2.5 ▲ 6.6 -1.5 1.5 0.50.6 -13 ▼ 362.1▼ 94

0.3 -13 0.8 0.4▼ 203.3Rothschild & Co 15Wells Fargo & Co 14

▼ 1314.5 -0.520 91,956.825 0.1 -8 ▼ ▲ 434.9 0.6 ▼

Allen & Co Inc 15 15 97,920.2 4.9 -1.6 ▼ ▼356.2136 0.718 0.1

Jefferies LLC 16 21 86,688.60.8 +14

4.1 2.74.3▲

1.3 ▲+10 ▲-20 ▼ BMO Capital Markets 16

1.4 0.230 77,121.118 84,627.9

▲UBS 17 14 84,214.4 4.2 -2.9 ▼

▲ 62Jefferies LLC 17

0.8 0.10.4 +15 ▲ 204.9▲ 109 1.6 0.722 74,260.7 4.0 1.3 0.7 -27 ▼ 399.7 ▼

Rothschild & Co 18 16 80,789.8 4.095 0.5 +12 ▲

-2.0 ▼ 127 0.6 M Klein & Co LLC 18-30 ▼ 52 68,452.1 0.1 0.0▼ 32.5▲ 1 0.0 -1 -RBC Capital Markets 19 12 63,386.8 3.2

3.7 3.1-19 ▼110 0.5 13 64,551.2Guggenheim Securities LLC 19 ▲

Perella Weinberg Partners LP 20 13 55,550.2 2.8 -4.6 ▼-4.3 ▼ 3.5 -5.3 1.0 0.10.1 -1 ▼ 249.7▼ 23

0.1 -2 0.4 0.2▼ 108.6Moelis & Co 21Perella Weinberg Partners LP 20

▼ 932.3 -4.932 47,183.718 0.1 -1 ▼ ▲ 172.5 1.4 ▼

TD Securities Inc 21 40 44,997.1 2.2 1.4 ▲ ▼278.140 0.250 0.2

PJT Partners Inc 22 25 41,739.90.6 -30

2.1 1.52.1▼

-0.1 ▼+12 ▲-16 ▼ TD Securities Inc 22

1.1 0.951 38,824.516 43,325.1

▲HSBC Holdings PLC 23 34 39,790.3 2.0 1.0 ▲

▲ 50PJT Partners Inc 23

0.6 0.30.3 +30 ▲ 137.9▼ 37 0.5 0.023 36,755.8 2.0 -0.3 0.2 -11 ▼ 125.7 -

CIBC World Markets Inc 24 26 29,439.4 1.530 0.1 +14 ▲

-0.5 ▼ 38 0.2 Banco Bradesco SA 24+5 ▲ 57 36,015.9 0.3 0.2▲ 68.7▲ 25 0.1 +6 ▲Alantra Partners SA 25 224 29,220.6 1.5

1.9 1.5+4 ▲ ▲1.5 ▲ 28 0.1 36 34,200.2HSBC Holdings PLC 25 231.8 0.8 0.3 0.10.1 +8 ▲ 73.6▲

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

Moelis & Co Deutsche Bank

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

91

13,069


15 36,535.9

32

-3.2

1.3 0.7

-4.7

22,028.5

-3 1.9

▼

16

2▲

+513.1

▲93

+11 ▲

▼Guggenheim Securities LLCJefferies LLC0.9

Market # of

49

▲

▼

BMO Capital Markets

0.9

41

▼

0.7 -270.4

+3▲

67,933.6

424,700.9

▲Moelis & Co

▲

PJT Partners Inc24Robey Warshaw LLP▲

28,582.9

1169

-8.7 ▼163,879.5

10.9

182,670.9

152,045.111.7

0.1

Lazard 860 0.5

10▼

1290

+10

▲▼

▼

101

40

▲

+80.42.4

-3.8114

62 32,744.4

81,423.8 5.74.0

+1,561

2▲ +2▲

15

▼

▼

-1072HSBC Holdings PLC 21 2.12.3

0.230

0.6


Robey Warshaw LLP

69

-1.1

▼2.62.1

1

0.0

-17.1%

18Perella Weinberg Partners LP13

Citi 4

Jefferies LLC 16

16

5

Centerview Partners LLC 6

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

Morgan Stanley 3JP Morgan 2 3

25 23,493.8

367,622.8

UBS22

Barclays 9 6

17

247,090.210 23

RBC Capital Markets 20

▼13.6%

+6

Rothschild & Co -2.02.6

PJT Partners Inc0.1

6.5

-23.9

8.5

1.9

0.717.4 -4

▲

56

, ,gIndustry Total100.0 +2,35620,301 100.0Industry Total† +1,7681,873,403.5 16,6842,005,407.4

▲ -12.2%Industry % Change from Same Period Last Year -8.3% ▼ 13.1% ▲

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

▼ -12.4%


Industry % Change from Last Quarter 40.4%▼

100.0

-15.0% ▼▼

Imputed Fees (US$m)

▼

24,925.3

Industry % Change from Same Period Last Year -2.4%

US Target Completed (AF2) Jan 1 – Dec 31

11.9% ▲ 14.2% ▲Industry % Change from Last Quarter -31.0%

Sh (%)2016 Rank

Market

US Target Announced (AD2) Jan 1 – Dec 31

MarketRank Value Market2017 Rank Fees

# of Change in 2017 Rank

2016 Rank

Rank Value Market Change in Market# of Deals

Market

40.0 3.4 ▲US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

1,672.41.5 +31 ▲ Goldman Sachs & Co

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

1 568,711.9 0.69.1171 1.51 1196 ▼33.7 2.5

+24 ▲563,777.7 40.4 -1.0 ▼▲

+72 458,987.2 32.3 0.41.3175

146477,928.9

7.2▲ 1612.46▼1,044.2 5.7▼

2.90.51,319.4

1.233.5 1312 1.4 ▲467,444.3 ▼-530.4

▲▲ 1.1

▼1.4 +93

Morgan Stanley▲JP Morgan

0.7 ▲ 0.8 +8108 0.9 +8 ▲25.9 Bank of America Merrill Lynch 354,781.4 25.4 -4.0 984 4 921.5-6.621.9Evercore Partners 5 9 338,445.4 306,091.25 5

▲5.0 1.44.0 0.4 ▲728.0▲ 0.9 Citi-12113 ▲98 0.9 +16

8 320,638.6 22.6 8.423.8 9.7

0.53 280,198.9 20.1 -9.4 - 643.6▼ 0.9 0 ▼Bank of America Merrill Lynch 7 4 286,542.2 20.2 -10.6 ▼

3.5+10 ▲ 10611▼

Barclays 6269,609.2Evercore Partners 0.10.8 -1519.3 4.0 ▲ 611.993 3.3 ▼

Deutsche Bank 8 11 265,562.4 18.7▼7

17.5 0.8 ▼0.1▲ 90 ▲ 464.60.8 +13 2.5-5.0

▲▼

▼0.99779

245,055.1Credit Suisse

▲-9.9 ▼ ▲535.5 2.9+26 ▲

+1-4.1▼

0.21.6288.0 ▲0.1

1.339 0.3 -7 330.9 1.8▼48199,016.4 14.0 11.4 85 10 ▼-4 0.4

11 10 157,927.1 -3 ▼ Centerview Partners LLC▼ 0.711.1 -2.70.3

11 8149,349.3 -213.0 ▲ 14 -136,652.4 9.8 0.8 ▲ 0.4 1.414 10.5

7.8

Lazard0.0▼ UBSWells Fargo & Co 12

Guggenheim Securities LLC 13 18 110,476.5 25 -1.5▼0.2 -5▲2.1 -464257.3284.27.0RBC Capital Markets

+1016

47 ▲

Credit Suisse 15 7 91,688.1▼17 0.6▲ 14 18

1.60.9

0.6▼5.2Wells Fargo & Co

13 97,951.5 ▼-15

▼Allen & Co Inc 14 12 97,293.5 6.9 0.0 ▲

0.1▼

1 --10.6-1.6

4.6 ▲M Klein & Co LLC 150.872,813.0

▲22

-6.264,551.2

170.4360.0 0 32.50.3

▲0.150 68,452.1 4.9▼▲4.9 0.8

0.2

▲0.23.1 ▲ ▼▲ 1.40.2▼ 23

0.74.3249.7

30 28 118.5+3

0.2 -159,455.8

▼▲

0.7346.8 1.90.312 4.617

▼

18▲ 14 0.1

-12

19 190.154,810.5

57,093.0

▼42,408.0 3.0 Perella Weinberg Partners LP 19 29 46,444.0▼-6.015

▼1.9▼ 3.3 -40.635,916.9 -23

0.30.6

99.91.2 1.0▼

0.20.3 -9 0.6▼

▼ 0.1 ▼128.0219.3

0.726 26,854.6

20▼▲ 27+68 21Sandler O'Neill Partners 0.5 -7▼ 627,861.5 2.073 1.9 ▲

5322 HSBC Holdings PLC0.2 -11

-1.32122

Rothschild & Co 23▲

▼1.6

25,963.30.422,028.5 1.6

541.6

1.7 -0.2 0.1 ▼0.70.1

123.20.20.2▲+4 27.4

0.2 ▲1.6 ▲ 27.0

▲42 0.4 +11 ▲

0.02425▲100.0Industry Total 1,396,877.6

0.2+1,223

▲

18,315.5

9.7%

+2▼ 0.6

0.2▲108.2 -28

12.3%

100.0▼

-9.7% ▲-14.4%▼▼ -19.3%

11,204

▲Industry % Change from Last Quarter

▼Industry % Change from Same Period Last Year▼-36.1%

-1118,600.2

Sandler O'Neill Partners 23 1.9-

35

▼

▲61.5%▼-15.6%

24

1,420,497.1Industry TotalTudor Pickering & Co LLC 22,000.0

- 2 0.0

100.0+17 1.625

https://www.thomsonone.com

* tie

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables8

Lazard Deutsche Bank

29,182.12.2

17

32

Sandler O'Neill PartnersIndustry Total

0.6+1 14813 781

▼22 728 2 100 0

▲ 54 0.60.4 -6 ▲129.1

0.1 +11 ▲ 71.9 0.3-1 ▼ 16.5 0.1 0.1

0.5▲

Alantra Partners SA 24 253 29,081.8 1.7 1.7 ▲0.31.3 ▲ 20

▲35 0.3 -8 ▼ 119.9 0.536,188.0 2.1 -0.390

▼2.4 -5.2 ▼ 1.20.7 -21 1.2

0.5 0.5 ▲-11.1

▼ 270.017 0.1

▲▼ 108.6

-118

1.1 ▲▼ 249.723 0.20.10.0 -1 0.1 ▲

Guggenheim Securities LLC 19 13 64,551.2 3.8

0.7 ▲37 0.3 +3 ▲ 152.3 0.71.7 ▲106 0.8 -24 ▼

▲Jefferies LLC 16 22 73,689.7 4.3 1.5 ▲ 395.0 1.7

1.40.8 +19 ▲ 309.90.8

1.40.8191.1

▲15 116,927.3 0.6 0 - 328.06.9 -0.9 791.5

▲42 0.3 -14 ▼1.4

▲1.4

42 -6 ▼ 1.5347.11.5+2 ▲ 330.4 1.5 ▲

Centerview Partners LLC 12 8 153,792.2 9.0 -8.60.40.3

+17 ▲

9.6 0.0 ▲ 5968 0.5 +2 ▲ 385.8 1.7

2.9 ▲1.7 ▲

▲Credit Suisse 9 7 229,205.1 13.5 -8.2 ▼ 658.9 2.9

▲2.9 ▲ 115 0.8 -3 ▼ 682.1 3.0 3.0

17.2 1.6 ▲293,321.7 0.9 +11▲132 1.0 +3 ▲ 753.4

126 0.9 4.7- 4.7

606.3 2.7128 2.7▲

+353.3 3.3

142 957.5 4.2▲ ▲

▲1,479.1▼ 6.5

5 6 398,263.4 23.4 4.21,076.0

Fees Sh (%)1.7

5.96.5

0

Sh (%)

1.3▲

+6

+1 463+7

-5.7

40,518.8

▼-2.4 1.0

34,133.0 2.0

1 703 224 1

23 HSBC Holdings PLC

16 236▲55

▼

▼

Sandler O'Neill Partners

Alantra Partners SA 23 2730.1

1.6Nomura

89,294.9

122 0.9

▲-23

133

0.8

14 0.6Wells Fargo & Co

▼

-4.5

284,247.211

162,611.81210

0.3

▼

5.2

47,183.7 2.8

▼

1.6

11.0

315,095.3 -8.7+9

6

▼

5

420,495.8 24.7 -3.5

▼9

18.5

11

86,117.697,920.2

19

UBS+7

▲4.8 1.6

184,286.5

79,755.10.8

Evercore Partners 16.7

29

1.9 -2017BMO Capital Markets

-1.7

4.5

0.0 ▲

-3.3 ▼▼Perella Weinberg Partners LP

37

903.2107

57,592.2

2112

Jefferies LLC 2214

14

16

RBC Capital MarketsRothschild & Co

1518

5.5

11.4203,489.5

1.4

11.3

Guggenheim Securities LLC 19 110,476.5Allen & Co Inc 15

▼

6.2

5280

100

15.8 ▼

-7.1

4.8

138Credit Suisse11 202,720.8

▼

10.3

18

472.9▲▲

▲

15.9 ▲

8.9Moelis & Co

Wells Fargo & Co 13 16 165,831.2 9.3

▼

18.58

-8.7

-5.2

349,464.7 ▲10372,761.5 20.8

1.3

134.3

2.3

UBS

PJT Partners Inc 25 41,172.1

76,986.0

38,683.2

1.0

HSBC Holdings PLC 22

-5.03.155,550.2

1.51.6

20

42 25,920.0

18

25

▲

PJT Partners Inc

100 027

24

▲0.7

0

▲

-Moelis & CoPerella Weinberg Partners LP

0.20.2

M Klein & Co LLC

▲

6.9

▼▲

-3138

0.91.4 -3222 197-4

-0.9▲Morgan Stanley 1.3

675,662.7

130

▼

-3.1

147▼

0.6 -50.1

0.5

0.3


0.92.9

2.2

Any US Involvement Announced (AD41)

Rank Value

25.5456,389.1536,114.8

39.11Goldman Sachs & Co31.9

US$m700,987.4

Market

2

186,464.3

4 3-25

▲0.8

7Barclays

0.5

# of Deals

+16

Market

1.6 +29

Change in


Financial Advisor

1.2JP Morgan

▲

▼


4

Deals

Morgan Stanley

# ofFinancial Advisor

2016 Rank

-0.4

5JP Morgan 3

Sh (%)

Citi

200

MarketSh (%)

▲

4

1

▲

265

Imputed Fees (US$m)2016 Rank


▲

2017 Rank

MarketMarketMarketDeals

▼# of Deals

Change in AdvisorShare Ch.

5.9

Share Ch.▲9.2

179 ▲+38 9.2240 2,083.6

▲469,727.6 27.6542,168.62

431.8

-0.3

0.8+5

Rank Value

1,345.8572,460.3 23

1

# of Market

29.9

19

924

17

12 7

8

0.11727

▲25 1.7 0.1

21

23

1.3 28,582.9

16▼

25

2444

22

47▼

20

▼4.5

2.9

76,194.1 -0.1

68,452.1 4.0

0.3

▲

-0.323,493.8Industry Total 100 0

20

68,787.631

110

4.0 ▲

▲

▼ 32.53.4 ▲ 1

0.8

▲+47

11

10-8

332,248.6

128

4.7Deutsche Bank 284,955.3

5

Barclays 9 6 282,487.1

6Bank of America Merrill Lynch


0.9

+4

▲

▼

0.6

+10-8

-5-12

1 792 873 8

142

19.5▲

▲

▼

8

Share Ch.

Jan 1 – Dec 31

1.4

10

Jan 1 – Dec 31

39.71


Any US Involvement Completed (AF48)

Sh (%)US$m


▲

Citi▼

Americas Rankings

Market

2

▼15

▼

▼


Lazard

Rothschild & Co▼

▲

▼

▼

0.2

+14-14

▼79

▲+50.113 -9

▼

2017 Rank

Goldman Sachs & Co

0.1

▼

Evercore Partners

-1.2

3

25

-18

Barclays Wells Fargo & Co

47.0%

Credit Agricole CIB5.01

0.9▼

▲-15,151.8

28

2.2


7,013.5 2.9 0.1

▲

2.2

▲▲17

0.0

0.5

▲0.1

Santander Global Corporate Bnk

Evercore Partners2 +2

-

▲12+2

3,7865,151.824*

18

0.1

Industry Total

AlixPartners LLC

▲

▲ 51.2 ▲

▲0.1

▲7

1.90.1

2.0▲ 2.0 0.1

0.10.10.311

-9.8%42.2%

▲

+821▲

▼

3,039.4

▲▲▼

2,765

27.1%6.8%

Industry % Change from Same Period Last Year ▲

▲Industry Total

0.0 +2▲

0.2+1▲

100.0

2 +2▲

▲5,190.0

▲0.2-

0.02.2▼▲2.2

-7.4

-100.0

2.22.2

5,151.82.2

2.2

5,190.02.3

AlixPartners LLC

-10

0.00.0 -2 0.2158 5.0

27.9▼ 8

0 -

▼22*

Moelis & Co-1

24*

22*

▲0.0

▲-

0.2▼

26.80.0 ▲1.2

2.4202.5

▲

▲5,899.5

0.4

2.7Sandler O'Neill Partners

23▲

18Banco Bradesco SA▲97

5,481.5215,610.0

6,401.58,421.2

▲0.2

▼-6+3

1.81 0.06.3

▼ 0.1

▼-0.62.7 ▲0.03 0.2

0.91.8

22.2

0.627.9+6

Deals

0.7 1.10.0 -4

2.5▼

26 +11

34

-28.9%

Share Ch.

13.8

Imputed Fees (US$m)

1.4

# of

▲

▼

0.1

MarketUS$m

Jan 1 – Dec 31

Rank Value

-10.2%

+1,148

▼

13,781

▼▲

22,728.2 100.0

14.1% ▲▼

+1,463 1,703,224.116,236

Sh (%)

49,290.61

US$m


JP MorganGoldman Sachs & Co

0.3

17

Deals

11

▼

3439

Evercore Partners19* - 2.2

239,691.3

2.2

Ernst & Young LLP

1.925


* tie


Ankura Consulting Group LLC

23 137*

25

▲6.2%

+4

2.1

0.21.6 +7

4,567.7

Any Canadian Involvement Completed (AF49)


100.0

8.0

22

3

2017 Rank

16▲ 81▼

-

▲

17-

Rothschild & Co 18

CIBC World Markets Inc

▲

Ankura Consulting Group LLC

6▼Centerview Partners LLC

5

1.245

+7

▼0.2

▲

1.0

14

0.4

28▲

16

40

+1

▲

70,357.7 29.8 16.3

-4

+1

15

3.7

9.6

-11.2 ▼

16

7

0.0

▼1.9

▼

▲0.0

1.3-4

▲▲ 56.5

0▲

▲3.6 ▼ 13

0.1▲

0.00.0

▲

2.5

-12.8%

2.2

19

0.90.0+3

2.0

5

15

+8

3.88,976.7

236,413.8

12

2


11

6



5Citi

8CIBC World Markets Inc

1067

TD Securities Inc

2

18.218.8420.549,145.4Morgan Stanley

14

544.71

RBC Capital Markets 31.80.5

105,672.3

3

JP Morgan70,851.9

-18.3

Share Ch. Sh (%) Financial Advisor0.7-4.2

# of Deals2017 Rank

▼-18.8%

9.1%Industry % Change from Same Period Last Year44.5%

Market

-4.1%

Financial Advisor

Any Canadian Involvement Announced (AD42)

-15.4% Industry % Change from Last Quarter


MarketRank Value

▲

Industry Total 100.0

Share Ch.Advisor

▲

Market

+12

Market

175.4▲

▼▲ 183.0

1.05.8

4.5

Market# of Deals

Change in FeesSh (%)

6.034.9 0.1

Sh (%)▲

▲24.0

Sh (%)

26

▲

3▲

4

▲12

8

2

▲ 0.94.6144.4

113.8138.91

3.7-675,065.7 ▼20 +329.9

▲▲

18

Morgan Stanley12.0

0.10.1

Citi 27.7166

2.7

National Bank of Canada Fin'l

29.4

TD Securities Inc

65,516.4

21.4

78

7

10

26.6

8,401.7

▼ 11BMO Capital Markets9

4.8▲0.0

0.00.0

62,833.4 4.5137.815

-4

Macquarie Group

Lazard


Robert W Baird & Co Inc

Industry Total

Rothschild & Co

Lazard

▼

0.3 -11+70.5

UBS

68

16

2.8

Credit Suisse0.4

13

11

14,819.310,840.7

▲50,482.4

14

21-8

38,824.5

3.5 0.2

54,310.41.32.6

1023.0

▲

39.3

▲0.177.7

Scotiabank 11 13310

23,220.09 ▼

▲

14.0

Change in

12

+1

-7▲

Goldman Sachs & Co▼

12.2

1,792,873.8

20.6

44,997.1

26

1.3

2016 Rank

1.3

101.4

▼0.7▼

15.7

▼▲

▼

▲

-

1.7

▲▼

76.4▲

1.3

▲0.7

▲ +8

82,555.1

70,587.0 ▼

2.2▲ 66.021.9

▼ 84.224,732.81.50.150 4.516.4 ▲ 137.9

9+30

+1614.3

▼ ▼

▼1.4+1 ▼8.4Scotiabank

12

+16.34.6

10.5

64.0

-2.9

0.50.0 1.7

▲ 23 0.1 ▲ 55.1 1.80

27▼13 19,906.15 --9.1 51.5

58

31,267.0

11,742.2

22,450.1

43,725.9

20

15 13,384.1

18

1.2

29.6

-4

▼

-27.9

10

190.7

17

4,706.7 0.4

-19.1

▼▼

▲+4

9.4

15

14

1.9

3.2 ▲

1.5 ▲

4,340.4

5,151.8

+12

18

2.0

1.1 0.45,769.1 2.4

5,087.521 41

64

-120.3

+219* -

4,495.2

+1,161

PricewaterhouseCoopers

100.0

▼-6.1%

241.8

44.2%82.4%

38

▲

69,540.4

4▲

Barclays▲ Bank of America Merrill Lynch▼

-4.7-21.713.0

-13.6

-5

▼ -1▲

19

0.9▼

+11

▲

24 0.6


Jan 1 – Dec 31

9.9%

-17.2

-25.6 ▼

# of

28,054.4 11.723,964.0

9.121,858.1

10.09.79.5

4.9

-0.3▼22,786.9

Credit Suisse

▼

Moelis & Co14 9

2.6

-5.1

National Bank of Canada Fin'l

9,379.2

12

17

Rank Value per Advisor (US$m)Market

BMO Capital Markets

15

5.613

3.9 1.5

▲8

2

0.5

0.5

▼

+1

49

+3

Market


Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - Dec 31 EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

19.7

UBS

149.315,038.6 46.8

12

11

21,013.3

59,266.7

32

1,924

2

1

2,952 Share

26

16 1,297

35.543.4

30.4

Mkt.

21

Lazard

Financials

147,959.8 Energy and PowerUBS

Morgan Stanley

Rothschild & CoMorgan Stanley

1,257

Goldman Sachs & Co

Citi68,920.9

23 25 24

Real Estate

9

Goldman Sachs & Co

EMEA Involvement Announced Advisors by Target Industry

167,161.3

5

No. Deals

Goldman Sachs & Co

EMEA Deals Intelligence

23 14.6

72,492.4

Industrials

32.654,519.8

14,277.8

JP Morgan


EMEA M&AEMEA Announced M&A down 2% | Industrials Highest Valued Sector | Financial Sponsor Volume Increases

Healthcare

Morgan Stanley

Announced M&A activity with EMEA involvement totaled US$1.2 trillion from 18,497 deals in 2017, down 2.4% compared to theUS$1.3 trillion reached the last year.

Estimated fees accumulated on EMEA deals completed in 2017 were up 10.4%, compared to last year, totaling US$14.7 billion.

The Industrials sector led the EMEA marketplace, with 2,952 deals totaling a combined US$208.2 billion, including the acquisitionof Abertis Infraestructuras SA by Hochtief AG, which was the largest European deal of 2017, valued at US$38.7 billion. RealEstate accrued US$167.2 billion, and Energy & Power yielded US$148 billion of activity.

Financial sponsors were more active this year compared to 2016. EMEA-targeted buyside financial sponsor activity reachedUS$169.5 billion in 2017, up 8.9% from the US$155.7 billion reported in the last year.

Acquirors listed on the Euronext Paris Stock Exchange were EMEA's most acquisitive companies for 2017, with a combined totalof US$120.4 billion in offers.

Goldman Sachs & Co

63,314.3 JP Morgan

3

2

2

208,205.3

Goldman Sachs & Co

109,197.5 16,609.4 17,062.4

31,097

6

174,524.5 35.833.1

3

27,510.8

Rank Val US$m Rank

3

29,783.2 3 18.6

3

1 22.2

15.0

20.1

22,371.9

32,819.4

2

113,794.2

68.9

28

Jan 1 - Dec 31

10

34,675.3 Industrials / Transportation & InfrastructureHochtief AG 38,687.3

Target Macro / Mid Industry

1/26/201712/12/2017

Completed

Status

Pending

Unibail-Rodamco SE

10/18/2017

Janssen Holding GmbH

2/1/2017

Pending

Mead Johnson Nutrition Co (100%)

Intended

Actelion Pharmaceuticals Ltd (100%)

3/13/2017

5/15/2017

1/16/2017

Italy / Spain

Completed

PendingCompleted Mobileye NV (100%) Cyclops Holdings Inc

Abertis Infraestructuras SA (100%)

Rank Value (US$m)Acquiror / Target Nation

Atlantia SpA

Essilor International SA 16,092.4

9/20/2017

Rank Date

United States / Israel

Acquiror

Consumer Products and Services / Other Consumer Products14,964.3

* UndisclosedPending

6/2/2017

Luxottica Group SpA (61.9%) France / Italy

13,742.4High Technology / Software

ShareholdersUnited Kingdom / United States

Essity AB (100%)

Germany / Germany

Sweden / Sweden

Fortum Deutschland Se

20,047.6

Germany / Spain

17,828.5

France / AustraliaSwitzerland / Switzerland Healthcare / Pharmaceuticals

Consumer Staples / Food and Beverage

24,372.7Westfield Corp (100%)

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

29,038.5

6/15/2017Completed

Top Ten EMEA Involvement Announced Deals

Real Estate / Non ResidentialLogicor Ltd (100%) China Investment CorpCompleted China / United Kingdom

Jan 1 – Dec 31 2017

Real Estate / REITsConsumer Staples / Household & Personal Products

Reckitt Benckiser Group PLC

Energy and Power / Power11,742.2Uniper SE (100%)


$27.1$4.0

$15.5 $24.3 $18.3 $25.4$46.4

$28.0 $20.5$38.6

$43.3

$9.0

$16.6$38.7

$27.4$35.2

$43.0

$38.3 $47.8

$45.8

$30.0

$14.4

$35.5

$23.6$27.3

$22.8

$30.7

$27.5$39.8

$43.6$25.0

$21.5

$28.8$21.5

$26.6$34.3

$44.4

$35.8

$47.6

$41.5

10.3%8.0%

13.5%14.5%

11.7%

18.8%18.0%

13.8%

18.9%18.2%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A$120.4

$92.0$69.2

$44.3

$19.1$10.9

$9.9 $9.5 $8.3$8.0Euronext Paris London

Frankfurt Swiss Stock Exchange

New York Zurich

Nasdaq Madrid

OMX Stockholm BMFBOVESPA


BNP Paribas SA

▲▲

▼

# of

EMEA Rankings


6.4Alantra Partners SA

115

+2190

▲74,369.7

56,453.749,074.3 3.24.5

74,057.1

▲

-6.36.8

Financial Advisor Financial Advisor

18.6

8.8 -8.1 0.2 Centerview Partners LLC

24.5

▲▲

▲

12.5▼

▼

14

3418

6.8

48,285.444,254.9

Jan 1 – Dec 31

Share Ch.Rank Value

996.0Goldman Sachs & Co

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

Sh (%)

303,674.1

2016 Rank

Jan 1 – Dec 31

Market

27.8

2017 Rank

# ofMarketShare Ch.US$m

344,043.6 -7.7

18

18

248,626.35

203,063.0

1-7.0

Societe Generale

154,294.8

43

12

8

6Credit Suisse

KPMG

HSBC Holdings PLC16Credit Agricole CIB

Mediobanca 13

15


19

17

33

5

30

Jefferies LLC

Barclays

12

14

9

-12

109

-5.4

4.9

0.2

6.287

0.1

▼ 9213.0▼▲10.2

-1.3

Bank of America Merrill Lynch3

9

7

8

10Deutsche Bank

4

109,497.9125,706.0

Citi 6Lazard

11UBS

160,973.5

Industrial & Comm Bank ChinaBarclays 5.2

-3.6-22.6

62

0.2

-3.439

Morgan Stanley

Rothschild & CoJP Morgan

7

2

17

1511

0.1

HSBC Holdings PLC

63

12

CITIC

BNP Paribas SA 14

16

China International Capital Co

666,590.6

4.1▲

15 084

▼▲ 1

4.1

49

4.1

▲

4.1

▲

-66

Societe Generale

19*

▲

61

50 523*▲

3.1 ▼▼0.7

▲

2.5221327

▼▲

+3

Lakeside Capital Advisers LLC+1

▼

Dyal Co

China Construction Bank 19*

6.1

3.7

0.9

73,092.7

7.4

-1.4

2.8

▲▲

6▲

-0.4

2.52.2

0.536

▲▲

2.9 62.5

23

34

95Credit Agricole CIB

Industry TotalIndustry Total

Alantra Partners SA24

2134 28,425.7

1 238 104 9

31,248.8

25Nomura


RBC Capital Markets

7221AZ CapitalRobey Warshaw LLP

20

22

36

3.4

▼ 50-1.1

1158

+4

69

-8

-5

18 497

14.3140,446.5136,772.3

▼155,929.38Rothschild & Co

Credit Suisse▲

12.6

78,059.3▼5.9 ▼

-16.3 4.1 0.10.1 -32

87,608.6102,569.7

10 -3.5

91,336.3

-14▼▲

0.2

12 4.1209.48.1

▼0.50.5

74▼+382.1▼

68-14-13.8 ▼

▲8.7 -120.6

17.4214,768.0

-11.9 ▼25.2

+6

36.8

19.9 1.1172-11.0 136

▲

0.3▲▲

0.2

1Morgan StanleyGoldman Sachs & Co

2

216,395.33JP Morgan 274,785.3

400,483.526.6289,627.6

5▲ 4

2146103

Lazard3

+170.3 -14.9▲▼ +11

1160.90.8▼ ▼-60.9 +10

MarketUS$m Deals

+9 1

2016 Rank

▼

Any EMEA Involvement Announced (AD47)

2017 Rank

MarketSh (%)

1 ▼2

155Deals

▼-7.2 134

Market Market# of Deals

# of Deals per AdvisorRank Value

Sh (%) Sh (%)


Share Ch.MarketChange in

Any EMEA Involvement Completed (AF53)

Advisor

▼▲

Imputed Fees (US$m)

0.6Sh (%)

▲6.8

Market

▼

▼

Change in

-4

Fees

265.8

# of Deals

0.31.80.30.1

▼0.11.0

4.0

▼0.2

587.8500.1

0.55.3785.4 0.14.5

3.4

658.6 ▼▼

-

-▼

4.7

▼

▼1.9

0.5 ▼

0.0

119.5

0.5

0.10.7

▼-4

0.0

▼

280.3

▼684.7

413.5

▲-3

▲+3

▼

-10▲+5

-2-21

▼

▲

4.4

4.1

▲

▲

-0.5

0.0-

▲

27,698.0 1.6

▼

30.01

10

-290.3

94.40.10.3

-

0.4

0.0▼-1

▲

-0.224.4

-8

13

1 088 871 82.5

01.1

-

▲3.762

0.0

173

44,254.9+119* 4.144,254.9

43,018.622

4.01923

- -

100 0

-

116.50.2

▼1 464

0.1

+1 ▲

0.0+7

0.2

39.0

+7

▲

▲ 0.2

0.614 735 6

0.2

0.4

-

0.30.5

0.7

1.1

0.10.10.0

0.4▼0.1

0.01.5

▲

0.3

▼ 11

0.7

▼

56.9

0.1

-2▲74

▼

4.0

16

-5.9

15

100▲12.9

-6.0

▼13

▼

-8.114.9UBS

7

48

89

6

13

212,637.2 17.2Deutsche Bank

8.5▼ +1 ▲

229,893.5 ▲

0.8261,180.4

16.4 -2.0▼

189 0.4

▼ 1540.7 +63530.7

20.1 -0.321.1

45 86-1

315

0.2

0.3▼

+4Bank of America Merrill Lynch

0.2

▼

188,891.1

Citi 1011

7 162,410.1

19.7

10.4

▼66

105

72

103.6

▼

▼212.3

5

1.9

1.4

1.8

▼

273.72.8

45.6261.4

0.80.4

- -

▲

-- -

0.8

--

--

-2.544VTB Capital1.0

100 0

0.122

▼▲

24▼

40,459.5

Ernst & Young LLP 3125 26,863.71 699

-8

0.1

0.4+10.1

-2

0.0

0.1

0.0

-78

▲

0.1 -2

▼

0.20.0

▼-4-16

+24

13

49,841.5 4.0

4.761,718.958,589.622

4.14939

5.0

50,521.1

39,897.441,839.1

25,882.7

3.2

3853

36,025.9

46,299.6

2.1

2823

100 0

0.32.3

▲

BNP Paribas SA Citi

100.00.5 32

0.5

Robey Warshaw LLP

-47.5%

▲

Lakeside Capital Advisers LLC▲

23 ▼

▲Dyal Co

6▲

74,057.1

4.3China Construction Bank

7.3BNP Paribas SA1516

18*

66,590.612

18*

▼▼


3.9-6.7

0.10.4

▼

60

6144,254.9

3.9

16

▲▼

▼146

49,074.3

Change in

+12

▼

121

15,084

644.7▲▲

585.8

36.8 ▼

-48.9%

Deals

-7.6%

▼-9.6Share Ch.

Market

94

97173,497.3

0.8

▼ Deutsche Bank

1144

# of

425.4

17.9

Any European Involvement Announced (AD21)

242,903.622.0

3

11116,849.0

13

11 99,497.7

123,405.810

4

7

98

2

5

15

2

7

3

Credit Suisse

0.5 -17+17 284,138.2

271,610.6▼ JP MorganMorgan Stanley

139,352.9

5.2

-1.8 0.5

0.7▼

0.8

142

0.588

0.8-8.3

145

▼

▲

338

-8.4%

▼

Industry Total

+6

▼▼

Financial AdvisorMarket


192,842.4 16.4

▼-1.0+2-8

1880.61.1

258,799.2

12

0210,979.1

7.7 ▲-2.3 ▼

1.9203,063.0

Industry Total

-0.54 20.7

1Morgan Stanley 2

1,238,104.9

2017 Rank

1

JP Morgan

8

Rank Value

▲-2.4%


Financial Advisor

11

9

Rothschild & Co

2Goldman Sachs & Co

Bank of America Merrill Lynch 33

55

-3.5▲

39

46

Barclays 14

9

12Societe Generale

58,589.6-1.7

0.2

0.4610.962 0.4

▲

0.3 ▼▼

Mediobanca

46

▼

13 4.6

6.14.2


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

17,351 Industry Total

-6.9%

-1▲ 23


40,459.5

-15.4% ▼

Societe Generale

9VTB Capital 24 27,698.00.4 ▲

95 21

2525,646.4

▼▼-8.7%

0.2RBC Capital Markets

AZ Capital

Credit Agricole CIB

111810

HSBC Holdings PLC

KPMG

UBS


Robey Warshaw LLP

Industry Total

2018

14Industrial & Comm Bank China+2


-33

-4

-65-170.3

18,497

# of Deals+1

▼ -8.8%

Jan 1 – Dec 31

▼▼

4.853,639.0

4.34.3

44,254.9Jefferies LLC

* tie

▼2.2

▼27.2%

▼

23

Nomura

39

36,025.969

Alantra Partners SA22


36

31,248.8

▼

▼▼

3.0

-1.5

▲

▲

-0.4

▲

▲

-71.2

45321

0.0 18*

17216Barclays

▼

-4 26,574.2

-

35

6-

42

+1+30.0

1,020,709.0

4.2

2.7

44,254.944,254.9

100.02.6

43,018.64.0

4.3

82,540.819

8

18*

8.1

46

13.7

6.5

74,369.7

492*


1,088,871.8

-9

Deals# ofMarket

▼

100.0

Imputed Fees (US$m)

▲6.5 0.3

-1,464

Any European Involvement Completed (AF3)

-13.5%

Sh (%)

3.4

247.0

Fees

0.5275.2

4.6

1.7238.8

908.9

652.8

376.8

▲▼

-

728.2

▼

▲▼

▼

476.9

259.4

111.0

▼

1.4

0.1

5.2

▼

1.945.6

56.9

4.72.0

Share Ch.

▼

0.8

0.5

▼

4.2

0.3

1.8

▼0.2

0.2

1.1

0.5

▼

▼

▼

▼

Advisor MarketMarket

14,735.6

▲

31.7

-

0.3 0.0

0.7

0.4

10.4

▼

0.00.0

-

0.0

▼

-

-1.20.6

2.7

▼

-27.3%

13,951.10.2

39.0

▲

-

-

-

-

0.0

--23

+70.0

99.8

--

▼

▲

194.00.1

0.1 0.0

--

-

-

-1-

0 -

1.1 ▲

▲

▲0.2

0.5

0.056

0.5

5

0.0

0.7104

2

130171

79▼

-8.6

1

-15.4

▼-15.9

MarketSh (%)

11127.8

210,575.4216,395.3

Rank Value

26.6

▼7.7

-8.815.917.0

21.220.6

161,782.8

-13.0

62▲

▼

3026892

▼▼

6.87.3

11.5

70

449

-7.012.1

5.3

▼

-21.0

74

-3.7-6.8

▲9.8

-5.3-1.5

0.0

▼

4.34.3

0.11.7

▲

▲

▲

▲

-16.4

-0.6▲

-9.3%

▼▼

0

-7-10+5

1.2

0.40.5

0.5

-6

+8

0.3▲

▼

0.4

14,302

+1

3

1

0.0

611

-6

-17

0.9

+31

-20

0-6

MarketSh (%)

0.8

0.1

0.6

2.1

0.6

0.8

-27.2%

83.9

▼0.3

115.5

10.4%

10.0%

▲+24

0.2 ▼

-9.2

2016 Rank

Industry % Change from Last Quarter ▼

375,917.7

100.0

-16.1%

US$m2017 Rank



Share Ch.

13

6UBS


Alantra Partners SA

▲

▼12

10

▲

+3

▲

0.3

1▲

LazardBank of America Merrill Lynch 5

Rothschild & Co

Goldman Sachs & Co

-▲

-1,699

114

5882

80

# of Deals

+21

-14

Change in

0.50.7

Sh (%)

-75

0.1

-9

▲▼

-11▲

▼▼

+3

▼

▼

▼

-12.8%

+1▲

▼

0

-

1.00.1

▼

▼

▲+6

-1,465 100.0

1.9CITIC

13

0.0

0.0

49 0.3

▼12.5

▲ HSBC Holdings PLC

4.2 2.6

-1,657

2.72.4

2.2

▼

-- -

▼0.1

-1

0.7

1848

20 41,839.153

-2

▲

4.0

4.3

-1

27

19

54,486.050,439.1

35 28,375.7

1,175,971.0

▲-1.0%

298,524.7

15

17

Lazard

Deutsche Bank

Citi 7

16

Credit Suisse

6

US$m

10.79.2

71,866.9

3.139,897.4

4.3

3.4


3.6

49,801.344,847.6

2.6

3.2

7

28.0%

▼

-7.5▲▼

153,128.6 13.0125,706.0 6.4

-4.9156,561.2

324,942.6 27.6

2016 Rank

Jan 1 – Dec 31

100.0


21

Market

13.3

▼

17.3

7.8308

91,336.3108,647.6

Sh (%)

78,059.333

25

6.6

5.0

3.8

13

21

38

24

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

https://www.thomsonone.com 11

Barclays Credit Suisse

RBC Capital Markets

112,017.9

Deals1

10

33

Centerview Partners LLC2

2016 Rank

2017 Rank

Market # of2017 Rank Sh (%)Financial Advisor


Sh (%)


Change in 2016 Rank

Rank Value per Advisor (US$m)Rank Value

111,385.5

US$m

29.8

Sh (%)-13.2

▼

▼

▲

-4.1

-16.5

▲

▼-22.8 0.1

▼

0.7

▲

0.4

1.20.4

1.9

▲

0.3

Goldman Sachs & Co

16


366

▼

Morgan Stanley

Jan 1 – Dec 31

EMEA Rankings

1314

48,475.3

17

10 36,025.941,022.0

12

8

Market Market

▲▼

0.4

+318▲

19333.9

▼0.128-30.5

0.1

-29.2

▼

0.0

100 0

0.3

2.4

6▼

2.6

1.8

15,430.1

19,840.1

2.0

6,733.7

0

3.6

4.6

405.9

▲

4.1

5.1

-27.4

6.7

# of Deals47 ▲-8

Share Ch.

0.120

44▼

Market

BNP Paribas SA

14,446.7

193,713.8Sh (%)

▼6

▼ 0.1

▲

0.00.1

31,435.4

7.5

25,166.7

18

68,821.6

8.440,163.5 10.8

-8

+4

0.1

0.10.1

-12

+10

28

-20

-16

▼

0.0

▼

-6

▼

1.10.3 ▲

▼

Sh (%)

0.6

2.0

196.6

Jan 1 – Dec 31

+8

134.3-15

4.3207.60.5

-1

Fees

▲

▼2.8

▼

▲31.3

▲

▲▼

▼-2.3

+7

+213-4

▲

+18

▲

▲

218

▲

+60.0

0.4

57.3

1.8

2.6

35.1▼-10▲

▼

0.0

4 850 5

▲-2

0.00.6

3 977

Lazard

Citi

-4 ▼

+9

JP Morgan

622.6

UBS

5

13 23.1

25.795,828.7

84,301.286,415.8

4

57

35

Any UK Involvement Completed (AF39)

85


25.093,409.3Deutsche Bank▼▲

Morgan Stanley 30.0

-90.8 ▼

1.2

0.6

0.8

-4

-1

0.4

+213

▼

▼180

0.6

0.4

0.1

2.5

▲

-1

0.1

0.2

0.4

0.9

0.1

26

0.5

0.1

0.6

6

+3-6

-

+7

0

▲

+8▼

Share Ch.

-10

▲

▼

0.1

▲

+1

0.2100 0

▲

42.5

▲

0.1

0.6

1.0

0.20.8

0.8

▲46.8

45.9

26.7

37.3

0.7

0.3

0.9

14.6

17.5

1.0

▼

1.9

▼

2.2▼▼

0.3

0.7

▲0.5

▲

▼

▼▼1.9

1.4 ▼

▼1.3▲

4.1

Market

36

Market

1.60.1 274.0

Market

5.70.4

▼0.1-7Goldman Sachs & Co

2+23

Imputed Fees (US$m)

1

# ofDeals Share Ch.

9-19.0

Financial Advisor51.9

Market

88.9

Change in Advisor

418.9+9

▲-8.5

-

▼

▼

▲

▼▼

24

+1

49.9

94.0

31.7

0.2

1.0

93.61.0

97.6

50.51.81.0

133.4135.5 2.8

2.80.0

0.5+12 ▲6,741.1

Industry Total 373 630 725

2322

50

7,681.1

20Macquarie GroupNumis

24

21 3060

14,755.8

17,174.8

PJT Partners Inc

2.121

Nomura24

3.5

4

11

17

13,586.9

16

18 9419

2527Moelis & Co

7

1413

7

6

-22.6

Robey Warshaw LLP

7.8

8.6▲# of Deals

▲

29▲

▼ +11

1.3

▲

0.71.2

1

Any UK Involvement Announced (AD32)

27

Robey Warshaw LLP

1

14.3

17.015.3

4

53,711.7

135,844.3US$m

18

1.1▲+3

5

0.227

▼

0.4

▲

▼

0

+1-1

10

▲ 21

▼-104 654

▲ 19

234

376 950 013,071.0 3.5

19

24Perella Weinberg Partners LPJefferies LLC 25

32

14


BNP Paribas SA 23

20


Wells Fargo & Co

2221

HSBC Holdings PLC

21

23 13,422.0

1815,500.8

- 13,591.3

Evercore Partners

31

Industry Total

Macquarie Group

InvestecGreenhill & Co, LLC

29

13,484.63

2Kotak Mahindra Bank Ltd

-

1618,222.8

25,766.9RBC Capital Markets

18

Nomura 15

PJT Partners Inc17

19,386.0

▲

▲

▼

-

+4

51,534.8

3.3

13,246.5 3.5

-28.1

-1.49.6-18.7

Rank Value

63,956.3

36.0

5

Bank of America Merrill Lynch 84,435.9

3

Lazard 11

JP MorganDeutsche Bank

10

Credit Suisse9

6

81526

7

3

57,570.654,729.6

Rothschild & Co

UBS 4

Citi5

65,500.76

11

57

36

-13.7

-11.5

▼

▼-14.5

133,202.1

17.4

▲9

▼18.440

115

31

61

29,040.4Barclays

Bank of America Merrill Lynch 816

10 14

12 4.3

9-35.1

▲▼7.1

28,042.926,574.2

0.021

▲

15

22

2.6

▼

4.0 3.9

4.6

27

-16.7

▲-22.1

1211

Rothschild & Co


3.9

Wells Fargo & Co ▲5.3104

3

970+2

▲ 0.0

+610+40.1▼

0.0

0.1

▲ 170.1

920

0.0▲13,201.9

9,828.0-0.1

-10

52

9

+8-

HSBC Holdings PLC

▲▲

▲ 20

0.5▲

▲

0.2

14.5

35.3

▲▼

▼▲10.5

12.9

12.613.7

10.7

9.5

▼10.9

▲

▲

22.4

-1.83.7

6.8

▲

▼

3.6

3.5

-1.9

3.6

100 0

3.6 1.6

3.6

5.4

1.34.13.6

20,130.4

36,023.6

4.84.316,187.7

13,686.4

5.3

9.6

4.0

2.2

4.15.14.0

▲1.5 0.1 24.9

* tie

JP Morgan Natixis

Ledouble SA

▲Industry % Change from Last Quarter

▼

3

5

2.92.9

3.5

10.7

6,609.1

2835

14.0% ▲

0.39-0.2

0.3

0.12.2

▲▲

28

7

4.1

6-22.4

9

8

Sycomore Corporate Finance SAS▼

4.0

9.8

-9.8

0.2

+3

▼

0.2

4.4

▼

+1

0.5

-5+3-8

Market

▲

0.3

0.2

Share Ch.Sh (%)

0.0

Sh (%)

0.3

3.3

▼

3.0% -19.5%

-2

Morgan Stanley

1.8

-1

▲

▼

# of Deals

▼

Imputed Fees (US$m)

Jan 1 – Dec 31

+318

Fees

3.72.7

▼

▲

115.0

6.85.6

▲

▲

111.8

▲

175.5212.1

22.6

34.1

51.4

83.2

75.5

48.9

▲

-2

16.015.5

▲

▼33.0

24.6

▲

▼

29.4

+3

▲+2

-2▼▼

▲

0.3

-

▲

0.60.1

+1 ▲

▼

0.2-

1.4

0.0

-2

0.40.1

0.444.410.5-2

▲0.50.5

0.10.0 0.5

▲▼.0

3,114.4 100.0

32.2%▼

24 1.20.3

6

▲

▲

7

15

0.6

-9

2.0

▼

4,028.24,605.35,417.3

-820

1.6

2.42.2

0.3 ▼

67.397.5

+3▲

0.7

-

53+3

▲1321

00.8

+6

▲

100.0

4 26.0 2.9


12

-17.9%

Market

1

Rank Value

58,796.6

5

35.7

2017 Rank Sh (%)

Market

Deutsche Bank

Citi

0

2.0

▼

▲+140.9

-30.30.3

▲▲

▲

0.30.3

-

▼

-1.5%-18.4%

-2.0Clearwater International+3 ▲

-664 Industry Total0.14,696.1 1.9 31.9

2,948

0

0.2 +2

▲▼

0.1+1

+7

25

2.5

5,470.4

7,350.27,546.8

22

27

100RBC Capital Markets10

Ledouble SA

+1

0.3

48

23

19+2

▲

-

5

9

1.84.5

7.5

▲

1.4▼▲

10

45,247.5

3.0

10,989.1

7.88

-13.45.084.5 ▲

38,197.2

35,605.21130,458.8

7.8

8.5120.3

9

Morgan Stanley28.8

13Citi

5Lazard


Deutsche Bank

12.0%

4,850.5

▼ Credit Agricole CIB

3,977

Financial Advisor▼

Any French Involvement Completed (AF40)

▼

# of

▲Goldman Sachs & Co

+10

Rothschild & Co▼

BNP Paribas SA-7

71

66,389.7 20.734.5

▼

66

3

164,014.3

1.031.6 ▲120-8.0

▼

-26

▼9.5

+13

5

1.57

48,313.3+14

40

59

+50

▲

▲ 2.7 -1

4.52 ▼2.4

263.0 8.5

2.5

▲

12+14+70.4

0

+10.4

-2

13▲▲

-170.20.6

5

1.4

Evercore Partners▲▲

4223 0.8

12

2613

36 27,991.130,171.5

12 37,145.215.6 ▼-1.1

▲6 -10

▲15.1

18.4 11.70.2

7,237.0

7,865.97,390.5

12.411.7

3.82.8

7

19,078.518,315.81416

4,745.0

9,285.9

4,942.5

11

12,241.6Macquarie Group

20

17


Messier & Associes 19

Credit Suisse

Lambert Energy Advisory Ltd 2122 2

▲

2.63.0

3.2

▼

100.0

▲

2.0

1

* tie


0.0

0.2Zaoui & Co

1.9

3.0

25.8%49.7% ▼

▲

Societe Generale

UBSJefferies LLC

HSBC Holdings PLC

14Natixis 15

13

25203*

-

-

53

48*

18

17


41Mediobanca

53,750.05

18

8

10

8

10

16-1.9


23Nomura

7▲

▲245,465.1Industry Total

▲

Barclays

2524

-4.3


2.6

▼

0

+213

▼

1.8

13

0.72.2

-5.9

19

-7.3

5.0

19,873.7

41,470.8▼

247.0 2.8

▲

Market

7.9

Advisor

100.0

-15.8%

▲

▲

▼

▲1.10.20.3

0.8

0.4 ▼

3.6

1.7 ▲1.1

▼2.0

▼

▼▲0.1

1.1

0.1

1.1 ▼

0.7

3.1

1.3

▲

1.30.0

0.90.7

▼0.8-

0.6

0.10.9 ▼

▲0.20.3

▼▼

22

1.3

3.641

16

2.58,999.0

▼

+4

40.542

5.19,356.7

4.8

9,486.6

-26.4

4064

8,840.4

-1.5%

Share Ch.


▼

Change in

-7.1%

10,748.2

▲

9.1

11.5

Lazard

41,623.1-22.5

18,118.510.4

20.4

-41.5%▼

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

Industry Total

2016 Rank US$m

373,630.7

▼

4.3

-15.3%4.8%

77

# of

4,654

25

128

0.8

MarketSh (%)

75▲

▲▲

▼

Messier & Associes

18

14

UniCredit

1615

17MediobancaNomura

HSBC Holdings PLC

70,623.4

50,763.0

-9.1-4.0

▲1.0

▼56,641.821.923.1

54▼

12.3

14.5

-1.5


10.611.4 ▲ 0

-1.50.6

▲

JP Morgan

UBS

Credit Suisse

Barclays

58 ▲

2.2

-55.7%

3,353.7100.0 2,646

49.4

-19.3%

115,673.8121,338.8

Societe Generale

109

32.7

20.7

32.03BNP Paribas SA 2 9

4Goldman Sachs & Co47.1

Financial Advisor

6

4 3

1

2016 Rank

Market

1

78,465.6

2

376,950.0

▼▼


Rank Value2017 Rank

Rothschild & Co

-0.2%

US$m Sh (%)

Jan 1 – Dec 31

DealsMarket

18



-0.3%

Industry Total

▼

185,820.1


10

17

8

8

22.4

7 37,870.9

1119,318.1

22.3

4.14.8

-6.5

▲

▼

21,310.1

16,906.4

▼

▼

-29.93

6

2

▼

9

5.8

11▲

-5.31.2

▼

▲

▼

-6.0

2.1

2.5 ▲

▲

6

16▲

-634-6

2021

▼

-

-3

# of DealsChange in

+9

9.9

▼

100.0

Share Ch.Market

Any French Involvement Announced (AD33)

18 -2

2.5

▲

Deals

https://www.thomsonone.com

t e

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables12

AZ Capital Natixis

+2 ▲ 10.8 1.1 0.1 ▼▲

1.0▲ 3.5Oakley Advisory Ltd 24 - 761.5 1.4 0.1 +11

Montalban 25 1.3 ▲ 110 55 690.7▼+20.2

0.2

0.2

▲--2.9

0.7922

▲+5

0.20.2

▲-

-3

00.2 +1

▲▲▲

+2

▲+8

+11

+2

+61.01.7

▼

▲▲

▼

▲

▲

▲▲

6,373.6

3,673.0-3

1221

1.924

2

8,353.7

11.2

0.5

2.2

1.0

-4.0-2.4-0.8

-15.4-23.9

1,354.4

1.9

1.3

2,764.81.8

2,806.2

1,907.6

1.9

42

1543

2,609.330

5,477.1

24

66*

3,781.8

2425

1825*58

1213

-16

ScotiabankHSBC Holdings PLC

1112131415161718

UBS

1920212223

Deutsche BankBBVARothschild & Co

Itau UnibancoNatixis

DeloitteBNP Paribas SA

▲▲

1.2

0.10.40.9

1.110.2+1Credit Agricole CIB

+1+3

▼Credit SuisseDome Group

22Barclays

2.0

-4-5.9▲▼

0.5▼850.7 14

1.41.2

3.82.6

0.6

▼

6.21.1

1.7

2,399.6

6

23

2▼

1.2 36.3

15

-20.6

314

2,108.0

8,702.76,439.6

2,858.6

-15.0

2.8

2.8

2016 Rank

Jan 1 – Dec 31

▲▲

0.1

Change in

▼Financial Advisor

Market Market

4.1Goldman Sachs & Co 30.9Share Ch.

Deloitte

▲▲

4,770.3

11,585.115,533.3

11

13

64*26

19.4

1

NomuraRothschild & Co

13

-4 59

Citi

▲

▲

+6

▲

0▲

▼-

▲

12

38.3

Advisor

▲ 4.0 2.10.4

Fees Sh (%)

▲ 3.639.0


Imputed Fees (US$m)

58.03.8

# of Deals▼

6.1

▲

0.0▲-

34.1 3.626.7

1.44.240.3

0.9

1.2

0.31.837.0+8

▲+3

11.2 1.2

▲▲

▲

-

0.0 -

1.4

▲

▼

Jan 1 – Dec 31

MarketSh (%)

Market

2.2 1.0

0.8

-2

-3▲+2

0.7

3.9

1.6

▲2.0 ▼

▼

0.4

0.4▲3.5

4.1 ▼

▼▲

0.7

▲▼

1.8

3.9

957 8 100 0

0.4

0.50.60.8

11.11.42.119.80.4

▲6.4 0.7

▲

+2

2,806.2 25.3

▲

+20.7

0.4

-33.9

1.1-2.1

2.5

-6.0

▼

▼

5.33.9

▲

-1.4

4.2

▲

-6.2▲

1815


211014

91

33.2

# ofShare Ch.

1.1▲

Change in Market

9

Morgan Stanley

JP Morgan1.3

1.4Sh (%)

+9

8Santander Global Corporate Bnk 6

1120KPMG 9

10

7

# of Deals40.8

Citi7 ▲

Morgan Stanley

43,570.6

14

▲Lazard 45 30.1PricewaterhouseCoopers

2017 Rank

31.846,009.7

Sh (%)Market

1817.9Deals

3

2016 Rank

22.3 ▲

▲

7814

2

22.3

3

▼▼

2.5

0.9

▲▼

5.4▼

4.4

-1.5

23.8

5.8

1

27.5

0.60.7

30.0

39,897.4

42,498.6

▲

43,509.029.3

6

9 48,168.7

27.2

18.6

▲

18

59,114.748,527.6

Financial Advisor1

▲

16


Any Spanish Involvement Announced (AD34)

3JP Morgan

US$m

2 33.5▲

41,291.8

Societe GeneraleGoldman Sachs & Co -0.5

3

Rank Value

▲

1 252

0.2

1.3

▼

+4

7

PricewaterhouseCoopersLazard

▲

10

-24

+10

Deutsche Bank

PJT Partners IncBBVA

+3

Industry Total 144 893 3

Credit SuisseMediobancaBank of America Merrill Lynch

100 0

28.527.5

36,194.616,168.4

39,903.9

15,394.5

25.637,034.425.0

10.6

7,811.9

15

+39

24.7

8

1.9

+1

0.6

586

+6+1

0.577

0.6

13.4

1

1.4

1716

8

▲+8

1.24.6

+9

6

27.1▲

▲Bank of America Merrill Lynch

4

75▼7.3

2

MarketRank Value

▲

BNP Paribas SA

8

329.9

20.9

HSBC Holdings PLCMediobanca

4

BarclaysUBS

▲

Sh (%)

9,264.3

-2.112.2

4.6


5

9

Stifel/KBW

1,354.4

1,049.02.4

23

12

-15.1

2,038.4

16,279.3

2,218.0

EMEA Rankings

3.919

0.3

Share Ch.

4.0

5.4

▲

68

US$m

29.4

18.0

22.0

9.0▼

17.616.5

10.0

Any Spanish Involvement Completed (AF41)

5

0.2

18.1

Deals

22.0

▼

1.7

0.9

▼

-4.2

3117 2,067.2

22

15,770.8

6.3

10▲

0.8

# of

1.4

▼

▲

9 +1

-7

▲

8.018.8

▼+4

▲+20

▲▼-31

1.415.7

▲

-1

▼+4 7.3-2

▼1.5

17.1

14.12

▼

7

4

21.4▲

1.112

1,291.21,270.0

2.6

2021

-18

917.2

1.614

2.0950.0

48

100 0

7-

27*

1.81.7

876.2

52 765 1

2017 Rank

19


26.0

Industry Total

5

0.2

0.5

1

1.0

1.3

0.25

0.10.5

2

0.5 -1


0.77

11

8.0

▼▲

▼86▼

35 0.5

▼

1.71.5

▲-6▼

▼▲

952

-12.4

▲

1073

13.2

33.3

13


AZ Capital Barclays

Credit Suisse


4

Citi

2

9

3

2017 Rank

6

1

2016 Rank

44,859.9


Financial Advisor▲35.4

▼

JP MorganBank of America Merrill Lynch

8

21

Ernst & Young LLPDeloitte

10

2019


CITIC

8.1%

11 12

Moelis & Co

24Societe Generale

18

25

-34.3%Industry % Change from Last Quarter

Banco BTG Pactual SA

1.0

-

16

2,562.42,988.0

17 4,381.2

23

9

16

2,029.9

93*

4,430.062

131512

Jefferies LLC

24

3.5

-21.0

8,115.7

Market

▲

Market

957.8 100.0

5.8 1.6

-13.6%

▼

▲

4.4

5.0

2.1 ▼

0.7

2.5

6.03.3

▼1.91.70.3 ▲

0.7

115.997.3

Advisor

3.6

Jan 1 – Dec 31

▲

▼

Share Ch.Sh (%)

▲

▲+3

Fees

0.5

112.8▲

+10▲

▲▲

Imputed Fees (US$m)

27.4%

126.6

▼

2.5

Change in

6.6+7

▲+1

0▼1.3

+1

-3

9-1

+3

0.6

16

0.5

1.91.1

1 +1

-▼

4 ▼

+40.5

+1

0.1

▼-2▲+1

22PricewaterhouseCoopers-4

▲

-1761,205.0

93*▲0.0 3425

1,719.6

100.0Industry Total-176

▼▼

126,844.0

14.6%

0.2

0.2

▼

0.2 0.2 ▲

2.1

0.2

▲

0.0

▼

▼0.7

0.4▲

0.1-▲

▲

▲

▲▼

1.1

▼

12.6

▼

0.40.7

0.40.71,933.4

0.8

-36.4%

100.0

0.33.8

-5+4

0.5

1.223.5

10.2

▲

+1+3

0.6

-17.7%▼

11.6

0.2

3

200.0

▼

0.50.4

0.3

0.7

19,495.5

18.7

8

6

12

44

1

▲▼

-15.7

26

52

11

▲

▲26

49▲

▲

14

3.2%

# ofMarket MarketShare Ch.

3026.2

1,252

-40.0

9.2

18.7

5.0-37.9

▲

22.1 ▲

9.818.7

19,143.7

4.7

8.08

8,794.7

7.716,591.715,866.112

27

1919

17

7,227.7

8,338.77,561.4

6,746.42322

Jefferies LLCPerella Weinberg Partners LP

Platinum Securities Co Ltd


Anglo Chinese Corp Finance24*

-15.6%

VICTORIAPARTNERS GmbHVICTORIAPARTNERS GmbH

207,158.6

28.5% ▲

110*


Industry Total

13

60

3Macquarie Group

15BNP Paribas SA

RBC Capital MarketsUBS

NomuraErnst & Young LLP

6,776.7

207,096.7

3.36,724.5

▼

3.3

3.5

721

24*

11.6

32163616

4.34.0

9,819.89.8

13Commerzbank AG▲ 3.8

15▼+1

3.6-0.6

▲1.1

▲0.7

-9.6 14▼

-12.4

0.2

-30.3

0.4

-3

0.9 ▲1.2

▼-7 ▼-1

43,536.943,483.440,625.6

-

0.51.0

▲

2.2

▲2.8

21.0

3519.6

39,548.8

36,085.6 17.4

11

39,032.1 18.819.1

610

14

8Deutsche BankLazard

7

12

KPMGBank of America Merrill Lynch 19

Barclays

10Goldman Sachs & Co 11

3.7

5.0 1▼

0.0

-40.018.7 ▲ 2

▼

▼-37.9

-1.2

18.7

▼

0.1

▲

0.1

-16

Evercore Partners

▲

6+2

▼

-9.62

3.3-

101.0

3.3

▼

Valence Group

538,687.3

▼


▼-1.2-1

9.4

-12.4

1

Credit Suisse14

6,724.5

3.4

Evercore Partners 18

0

▼

-12 -4

Rothschild & Co

▼

0.3

▼

▲▼

▲

▲

2.1▲

-9

+4

UBS

-2

-12

-87BNP Paribas SA

Lazard

Morgan Stanley

▼

▼

42 4,768.0

3

6.4

16.2

6.9

4,833.6

8,728.2-11.5

▲19,241.8 15.2

17.2

▲

▲ ▲▲

4,503.0▲

▲

21,814.9

3.83.5

2.7

7.29,123.5

3.6

15,571.6

Berenberg Bank

1.028

▼

▲

▼1,866

▼29.6%

-159

-7.0%

-

13.0

+7 ▲

413

447,255.6

-2

▼-3 Deutsche Bank

▼

▼

Societe Generale

JP Morgan

2017 Rank


1Sh (%)US$m

259,837.9

Rothschild & Co28

2

Rank Value

88,974.69

Citi

5

3Morgan Stanley

▲14.4%▲

Industry Total

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

144,893.3

158.6%320.1%

Sh (%)2016 Rank

Any German Involvement Announced (AD35)

66,996.1

Financial Advisor

100.0

Jan 1 – Dec 31

Market

+39

# of Deals


Any German Involvement Completed (AF42)

Change in Deals

▲

-

14.4

▲

11.4

24,484.3

5

7.0

▲+1

12.3

0.9

0.33.1

18.7

21.6

5.5

0.4

16.5

18.5

3.8

+3

-4

-17

+3▼

▼

▼

5.02.3

0

2.7▲

96.7▼ 69.8

+2 52.1

-7▼

0

63.6

44.6

▼84.6-31

27-

▼

11

▲

-

▼

▲

▲

19.3

100.0

8

6.8%

52,765.1

2

-8.8%

US$m

33

8

6.0

5

2.99

18

▲

13

5

3.53.4

▲2.0

1-1.2

▲3.5

1.9

▼

2,429.1 ▼2,240.6 1.8 0.4

-13.3

2.42.0

▲0.21.6

1.41.4

▼8 0.4

▲

0.3

19 -5

2

1.0

-3

-7.9%

▲

▲

0.1

0.111.4▲ 51.4

1,805.1

0.4

-29.9%▲ ▼

0.0

2,351

▲

MarketSh (%)

-

MarketRank Value

4-

25.510

0.721.6 -2.2

5

29,943.4▲

0.3▼

16

-1.5

-25.2

▼

44,414.432,379.328.9

32.343.0

19Goldman Sachs & Co

1.6

Industry Total

1411.0

21.0 6▲

26,913.823.621.2

4122.8

0.9

▼35.0

5-18.7

▲5

23

12

▼

0.7

12

Market

▲▼

38

-2.0%

2.0

0.1

0.3

0.6

2.2

0.5

1.0

0.8

0.3

0.3

1.0

290.814

Share Ch. Deals# of

Sh (%)

-952

-5

0.2


# of Deals

0.2

0.6

0.4

1073

* tie

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JP Morgan Credit Agricole CIB

Equita SIM SpA

-2.7 ▼5 0.4 +2 ▲

29 2.1 +10 ▲0.6 -1.9 ▼

IMAP 25 25 720.0 0.6

14.0

▲1.08.4

25Leonardo & Co

Financial Advisor

Jan 1 – Dec 31

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

Sh (%)Mediobanca

Market# ofDeals

Change in # of Deals

1314 1.0

2.2 0.6259.0 ▲ 5.0

1.2

▲

▲

▼

27.7

▲

33.5

18.3 41

-2 48.7

KPMG

▲ -10.4

18.4

7

1828.9 ▼

7,669.7

Sh (%)Market

Any Italian Involvement Completed (AF43)

Change in MarketAdvisor

▲▲

▲1.0

1.7

5.0

Fees Share Ch.Sh (%)

0.7▼

▲

▼

50.9

1.851.1

5.2

5.248.6

8.4

-2.7

4,176.0 0.6

-4▲1.7

3.8▼

+3

▼17.2

10.4

-

17

0.09.6

5▲

▲

▼3

0.7 15-6.0

-6.2 ▼1.0

111

+10.3

19-1.7

0.8 -8

▼▼

-3▼▲

3.0▼

2.6

320

424 ▲ UBS

7.37.0

0.3 -3

1

▼ -4

▲

0.1

-1

-11

0.6 -1

+10.3▲

25

6.2 ▲

▼

28

▲

83

-5

57

7

1.2

▼0.7

6

15.2

8.9-16.5

15.1

10.0

5.0▼

3,499.4

2,922.2

20

619.727

21

22* -- 636.9

-24

507.3 1.21.5

41 591 4

0.1BNDESInternational Finance Corp

0.74.2 0.4

2.0▲

1.5

0.5▼

EnVent SpA

▲Nomura

1 +1

9

62

0.4 -7

▼

0.1

▲

3

815.3 ▲

1613.4

0.92

Rank Value

34,783.7

Barclays

6,367.47,782.2

13,729.9

2

Leonardo & Co

UniCredit

14LionTree Advisors LLCMorgan Stanley

12

Banca IMI (Intesa Sanpaolo)

BNP Paribas SA

2017 Rank

Nomura 2120BBVA

13

Deutsche Bank

1011

1,145.1

2,351.324192,372.2

19

64

18

1 388

Societe Generale

938.317

- 825.6The Raine Group LLC

120 470 9Industry Total

Equita SIM SpA

24 27 752.2

2117

2322

4,180.0

26,320.0

129

8

9,398.8

-

20

10

16

11KPMG

15 28

Lazard

83

334

31


Citi

5PricewaterhouseCoopersRothschild & Co 25.8

30.9

31,052.36

9 3 18,243.6

7

37,251.5

16

48,265.5

35,151.4

Any Italian Involvement Announced (AD36)

2016 Rank

+6 ▲

+1

24.9▲

2UniCredit

+5 Morgan Stanley+10 ▲

16.0

6.5 -4.9

21.9

11.4

1.228.9 27.8

▲

5.3▲5.3 5.3

0.7 ▲

7.8 -7.0

▼1.11.0

1.5-25.8

0.8

3.44,145.2

1,350.0

2.02.0

-2.9

2.3-23.5

2,780.274 2,491.7 2.1

3.5

-14.4

100 0

# of Deals

40.1


US$m▲

4▲0.2

22.7

29.2

61.6


141 74,250.4

Sh (%)Market

11.49,260.9 22.3

▲

Share Ch.

▲28.9

0.6


24.7Mediobanca 1

15.1 -12.6 -6

29.2

Market

50Credit Suisse

+1

0

-7

-12

90.7

1.4

+16

0.1

2.7

0.4

2,562.8▼BNP Paribas SA 26

▼

10▲▼ 38

0.6

-28

▼

74

▲

27,341.4

Goldman Sachs & Co

Financial Advisor▼

Deals

EMEA Rankings

979 1 100 0

▲

0.4

0.40.3

▼

1.8

▲0.20.5

0.3▼

▲

▼2.4

-2

▼+3

-4

▼

-7

19.6

19.6

▼

59.0

-82.3

▼

4.0

▼5.3+1-34

28.0

2.8

7.9

9.517.4

0.5

2.1

12.1

4.7

20.92.0

7.6

0.8

0.9▲0.1

1.9▼

▼

▲

0.6

1.0

0.3

1.0

▲

1.2

▼2.7

0.8

0.50.8

2.9

▲

▲

0.5

▼

▲

4.8

0.8

2.6

▼▲▼

0.32.67.6

0.8

▼▲

▼

9.0

4.4

1.8

42.921.3 2.2

▼

16.1

Imputed Fees (US$m)

4.7

1.60.2

2.00.9

▼

▲6.0

13

Market

+4

# of2016 Rank

323.8

▲9,912.2

+1

2017 Rank Sh (%)

JP Morgan-5.2

11,998.4

0.725.0

-7 ▼

Market

2.313,916.5

Rank Value

Jan 1 – Dec 31


98

10

7

18

631

12

11

2

1

3

1465

13

15

-13

4,314.7

3,972.4

1114

12

3,044.0

6,286.2

Market

7,143.8

US$m

10,380.8

▼▲

1.0

▼

-20

10+3

100 0

1.5-4.0 ▼-3.5

636.9-4

1.2 ▲0.31 070

0.10.2

23

▲-0.9

2.0 ▼809.0

▲

▲+6

+1

0.2

1

0.6 ▲-5

1.51.5

▼

4.26

4.8

21

863.11,735.418

843.119 29 2.1

Barclays

3▲

2

7

5

-12.4

1.4-6.0

17

0.6

10

616

0.90.2

2,007.6

16

▲

0.62.737

30Share Ch.

1.2

Colombo & Associati

Lazard

▲▼

Deutsche Bank

▼Citi▼

▲

-4

-4-2

0.2 -3

+1


+105

-5

Industry Total

0.1 ▲

Credit SuisseSociete Generale

▼▼

▼▼

Goldman Sachs & Co

▼

▼

Rothschild & Co

▼

-

Banca IMI (Intesa Sanpaolo) 22

▲11

▲6,299.9-0.8

152.4

22*

7

Industry % Change from Same Period Last Year ▼

SEB Rothschild & Co


0.2 ▲1 0.1 +1 ▲ 2.8 0.225 - 1,278.4 1.4 1.4 ▲

NC Advisory A/S

2.0

29

2.0

1.7▲

-4.7

2.0

1,727.7Messier & Associes2019

-7.3%

▼

21*21*

2.7

1.72.0

2.7

1,809.5

2,358.9

0.3

2.9

8.5

0.60.6

2.5

▼

-15.6

116*-

1,817.0

9

FIH Partners AS 571,836.4

▼

100.0

▼4.5%

▲▲

1,378.6


28Perella Weinberg Partners LP▲Industry Total

1

1,592

▲

91,933.2

1,727.7Moelis & Co

1.51,525.0

▲81.9%

▲

-163

-9.3%

+1

-40▼

0.1

1.9-0.5

▼

▲+1

0.5

1.9

2-

+10.1

▲ 6.5

0.4 +2▲ 6

12 0.1▲

0.1

11.4

0.6

0.6

4.2

0.5

0.60.2

▲9.4

▲▼2.1

1.1

-15.0 ▼

0 -8▲

0.1

0.31.2

52.6

▲▲

2.62▲

+2

14.4 0.10.9

7.5-6 ▼▲

-2+2

2

0.1

81.9

7

0.9

▼

0.8

0.1▼

▲

0

18

▼

4

8.5

0.4

0.7

-6+4

-55.4%

41,591.4

2016 Rank Sh (%)

AdvisorMarketImputed Fees (US$m)



Any Nordic Involvement Completed (AF44)

Financial Advisor2017 Rank

Jan 1 – Dec 31

▼-6.6%

1,388

8.2%

2017 Rank

▼Industry % Change from Same Period Last Year 58.8%

US$mRank Value2016

RankFinancial Advisor

18.6

+7

7

Bank of America Merrill LynchMorgan Stanley

14.9

14

+3

SEB

▲

9-

24,863.35

-1

6UBSNordea

Lazard

▼-6

13Quayle Munro Ltd

12Deutsche Bank

2622

10

8

Citi11

3,508.9

5,452.6

2,658.4

134,911.3

HSBC Holdings PLC

15

1,950.0

14Arma Partners LLP

-

Arctic Securities ASA

8

▲

▲

DNB ASA16▼

46

53

3617

-

38*18

10,297.8

6

2,455.4

6,280.8

2,414.8

ABG Sundal Collier

Credit Suisse

0.1

+2

+6Bain & Co

▲0

+1 ▲+9

10

0.82

170.1

0.0

23 4-1.2

▲

-4

+1+1

▲-

▼

1.9▼ 1.9

24

▼

▲

4 0.2 ▼

1

-13

+1

▼

-2

Jan 1 – Dec 31

26.6

Any Nordic Involvement Announced (AD37)

11.4

26

18,933.9 ▼

▲

▲

22

36,843.4

Market

120,470.9Industry Total


2

11.1%

5.621 1

10,118.35.08.111,270.9

-11.1

15,722.7

20,592.1

33,303.44.8

17

2.7

Market

0.625,812.7

-1.5%

▲20

▲


▲

2.1 ▲▲

Share Ch.▲

▲

-1.2

▲

▲▲

▼

5.51.71.6

▼4.6

▼

4.0

5.3

-5.24.6 ▲

▲5.95.3

Sh (%)

24.1

13.7

7.3

100.0

9.1

18.0

10

▲3

10

0.4

0.4

▲

7

0.71.6

1.9 -3.3

▲

-0.1

▲

1.61.5

1.71.8 1.8

0.3

▼

▲

2.4▼

1.3 0.1

100.01.1

0.5 0.8

▲18.7%

-3

▲

0.8▼

▲

1,346.5

1.9

▲

▼

▼0.7

▲1.60.1

2.7

9.922.5

+1-30.4

▲▼

0.3

0.30.2

1.70.2

1.2 1.2

-

215

11

0-10

0.71.1

-

▼

0.228.4▲0.0

+1

+1

-756.828.822.3

▲6

▼1.233.6

82.1

▲

▼▲

0.815

8.5 4.9

6.8 -10.7-9.0

11.2▲

13

11

-13.4

8.2

1

105


7,568.0

422.4

-2.12 16,561.5 18.0

1417,874.8

2.5

1.7

0.60.5

979.1

# of Deals

100.0

2.1

6.159.5

55.3

4.4

1.1

4.2

1.72.1

▲0.3

8.610.4

6.2

8.4%

100.0

▲0.5

▲

▲

0.7

▲

16.2

▼

0.5 ▲

▼0.1

0.6

▼▼

0.3

Market

-

▲0.10.0 -

0.2

▲0.2▲

▲

Share Ch.

0.74.1

Sh (%)▼

MarketChange in

▼

3.8

0.9

27,224.0 29.6

14

5.9

-12.9

0.9▼12.1

7,802.8

5.3

▲+1

1.31.3

▲1.31.3

0.1

0.0▲

▲1.3

1

-6.0%

1,809.5

1,727.7 ▲1,727.7

1.3 2

121,499.3

138,459.11.1

-25.5%Industry % Change from Last Quarter40.8%

▼▲

25 139*

Bain & Co

Arma Partners LLPFIH Partners AS

Citi

23*23*

36

Messier & Associes

42139*

139*-

22

PJT Partners Inc

202,230.8

-

157,390.5

1310

8,164.3

5,568.01415

4

6

45

6

2,380.0

1627

5

Nordea 918

JP Morgan

Goldman Sachs & CoRothschild & Co

7Handelsbanken Capital Markets

3

Deutsche BankBarclays

7

10

Lambert Energy Advisory Ltd11

8

Itau Unibanco

DNB ASAQuayle Munro Ltd

16


19

-

1718

-31

2,455.4

21ABG Sundal Collier

6,372.0

12,531.8

Lazard

12UBS

MHS Corporate

223

-

9

3,279.0

1,842.52,022.6

2,596.1

3

+1

Morgan Stanley

9

0.1

▲

Goldman Sachs & Co

+1

-8

-1421.136.0

▼

▼

-11.2

▲2

▼4

19.4-14.8

3

▼

11,118.4

▲8.5

▲

1 10FeesDeals

20,616.2

-3.2%

US$m

-10

Market

▼Sh (%)

22.4▼-610

-0.9%-7.3%

100.0

# of

-3Share Ch.

Rank Value

▲

Market

15.5%


▼

1,070

▼

1.2

0.9

Industry Total

NC Advisory A/S

▲▲

▼

Change in Market

+105

0.3

Handelsbanken Capital Markets

+8

▼

0.8 JP Morgan

Sh (%)# of

Deals

0

0.512

6

0.7

+1

Industry Total

# of Deals

+4

0.0


▲0.6

1

-142

9.1%

2,223

2

1.0

-20.715

15

0.4

0.3

0.4

0.1

0.0

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com * tie 14

UBS China International Capital Co

-8

7,103.1

+1

-30.0

▲

0.916

▲ 14.34,361.9

26.4

-28.2

5.0

+13

1

25.0

25.5 ▲ 1

-55.9

▲

-13.4-27.4

25.5

-25.7▼

▼

13

▲▲

-4.0 2

190.9

# ofMarket2016 Rank



2Financial Advisor

41.2

26.6

28.9

26.4

29.6

74,187.0

46,215.5

74,121.8

4644,254.9

+411

UBS

8

6CITIC

9*

--9 9*

9*

-8 ▼ Industrial & Comm Bank China

China Construction Bank

▼

+1▼

-5

0.10.0

▼▼▲

▲

0.50.4 -13

▼

▲

0.1

▲4.2 ▲

▲

▲

-0.5

▲1

▲5.3

2 240 349 100 0100 0Industry Total 167 363 8280+5▲

1 70662.6

▲1

280.70.6

0.5▼

0.4

+1 ▲0.2

0.51.6 ▲

▲

▲+1 0.40.40.613.3 ▲▲+1

9.40.6

-3 36.31.60.1

0.6

0.111.7

+3+8

18

▲

▼▼

▲

2518 +5

▼

0.1

▼

▲37

▼

▲

1.1

1

▼

10

0.1

3.6

0.1

0.127

0.4

1.1

0.1

23.9

16-20.9 16

-155.0

+1

▼-2

0.8

Rank Value

▼Share Ch. Sh (%)

1.1US$m

44.3

Change in

▼


Any Benelux Involvement Completed (AF47)

1JP Morgan44.34

0.1

1

Advisor

2 7.3

1.51.1

▼ 25

Fees

▼

16.1 ▲ 7 0.3

12

▼

0.9

0.1

▲32

0BMO Capital Markets

-7.1


Share Ch.Market

Sh (%)Market

▲20.9

-23.6

# of Deals

Goldman Sachs & CoMorgan Stanley

1.1

Jan 1 – Dec 31

Market

-18.0

3.6

▲14

17.20.7▲

18

2316.316.3

3

Dyal CoLazardBank of America Merrill Lynch▲3

+12 0.1

-1

Citi▲+1

20,005.3

Alantra Partners SA▲

15

Deutsche Bank

3044,254.9

Rothschild & Co

0.6

16

-+2

▲-Lakeside Capital Advisers LLC

3+119.131,956.5

11,163.3

12

514

12.0

7.216,171.6 9.7

5.9

9* 44,254.9 26.444,254.9

14.023,390.4

26.49*

6.7

5.021*20 35 9,808.6

4,563.62423

234.2

2.6

12,049.915

8,310.65.0

-

115*

8,310.6

2.7-

+3

7

19

21* -ScotiabankTD Securities Inc

8+1 Barclays

American Stock Transfer &Tr Co0.00.5

▲

+1+5

▼ING

▲

-

167 379 9

4,087.010 -7

2 0852.4 -15

100 0

4,490.8 5

2.44,449.7

2.7-3.4

▲

12.7 ▼

▲ 7

▲

2.3

2.2

0.30.2

1.52.4

▲

4,068.6

4.2▲

2▲

1▲

▲4.0 0.11

18▲▲

17

0.0Ernst & Young LLP▲

0.0

1

182.2

62

26.4-38.9

7.17.1

0.3▲

▼0.3

4.1▲

▲▲

▲

5.52.1

144.7

0.3

1.2

▲7.0

26.426.4

26.4

44,254.9

+1

+444,301.0

+4 122.7▲

-1

10.1

+1

0

▲

- 7.0

26.5

27.6

▲▼

23.4

26.1

▲

9.56

1.635.0▼ 1.4

0.3

14.9

0.4 +1-3 ▼

▲ ▲

▲

▼

Market

-4

Deals

+1

# of Deals

Imputed Fees (US$m)

▼

Market

163.9

Share Ch.5.7

75.6

128.2

Jan 1 – Dec 31

0.4

▲

0.3

3.2

Market

▲▲

1.1

▲

44.5

91.6

2.5▼

▼

70.6

▼

▲

▲

0.30.0

0.1

▼

▼

-

▲

0.0

▼-

1.6 ▼

0.6

0.4

31.1

7.3

0.3

0.2

0.3

0.3

0.10.2

0.8

20

▼1.0

1.1

Sh (%)

0.9 3.4

1.4▲

4.9

15.4

2.0

0.7

56.06.5

▼

0.3

4.77

2144,571.3

18Credit Suisse

HSBC Holdings PLC

43

513

68,993.049,504.348,441.6

1

▲+6

▼▼

-9 ▼

-6-18

+7

1.0 -1

Market

▲

19.62.9

8 72 27,301.8

28,563.5 17.1

2016 Rank

18

6

35,335.3

32,864.8

1.1

28,722.5


+4

61

Deals23.3

0.9

6.815.7

US$m

8.521.1 13.2

Sh (%)39,074.6

Any Benelux Involvement Announced (AD40)

JP Morgan

Rank Value

Goldman Sachs & Co

1

EMEA Rankings

162

Rothschild & Co45

3

2017 RankFinancial Advisor

152Citi

5


Lazard

Morgan Stanley 7

-3

Mediobanca

10 314

13 154*

5.6

Scotiabank

14

5.5

5.05.0

4.6

Deutsche Bank

7,712.8TD Securities IncCredit Suisse

Cooperatieve Rabobank UANordea

35

Anglo Chinese Corp Finance

BMO Capital Markets

69

Messier & Associes4.0

2.7

154*

4.04.0

Industry Total

23

20

Barclays

21

9

20

-

129*

15

1112

-

71

37

7,441.4

9,197.3

6,724.5

4

17

-

1

46

27,319.8

3.9

25

6,667.5

- 6,724.5

24

22

18*18*

154*

Credit Agricole CIB 16

Societe Generale

RBC Capital Markets

American Stock Transfer &Tr Co 17Platinum Securities Co Ltd

7,103.1

8,376.2

7,463.5

9,365.2

35,033.4

8,310.6

4.0

▲

▲

-26.3

40

▲

-7.05.0

21

23

4.5 4.33.74.5

0.6

9

-25.8

13.6

▼

5.0

▲11

▼

19▼

6,584.4

22,709.1

4.04.2

▼2

1.9BNP Paribas SA

Sh (%)Change in # of

Industry % Change from Last Quarter ▲ ▼

Quarterly EMEA Cross Border Volume

-9.9%

2,240.3

-33.3% ▼▼

-49 100.0

-5.0%▼

100.0

-4.7%▼

Industry Total

-54.5%

167,363.8

-46.5%Industry % Change from Last Quarter

-280 1,706

▼▼-4.2% ▼ Industry % Change from Same Period Last Year

* tie


Jan 1 – Dec 31EMEA Inv. Announced M&A Target Sector by Value ($bil)

-10.0% ▼

167,379.9 2,085100.0Industry Total

0.9% -1.6%

$208.2

$167.2

$148.0

$113.8$109.2

$104.0

$102.5

$76.8

$65.8$54.0

$49.9 $36.9

Industrials Real Estate Energy and Power

Financials Healthcare High Technology

Consumer Staples Consumer Products and Services Materials

Media and Entertainment Telecommunications Retail

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

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

2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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



Asia Pacific (ex-Japan) M&AAsia M&A Activity Hits 1 Trillion I Real Estate Top Industry I China Outbound Down 35%

7,035.6

19.4

3 8

10.3

5,662.3 7,650.7


CITIC14,201.6 2China International Capital Co

122,293.2

Materials

Financials

9

1Gram Capital

UBS

JP Morgan

14,458.9

Mkt.Rank

18.92

Share

15.5

133,944.0 33,820.4 35,899.2

3Morgan StanleyIndustrial & Comm Bank China

Real Estate

IndustrialsGoldman Sachs & Co

Rank Val US$m232,235.4

Asia Pacific (ex-Japan) Deals Intelligence

High Technology

43,996.2

117,909.2

6.9

1,136 1

12,015.4

82,071

Announced M&A volume with Asian involvement for full year 2017 decreased by 1.6% to US$1.02 trillion compared tothe same period in 2016. 13,516 deals were announced in 2017, a slight increase in deal count from the same periodlast year.

With a combined market share of 47.5%, Real Estate, Industrials and Financials were the most active industries thisyear. Real Estate took 21.7% market share, while Industrials and Financials had 13.5% and 12.3%, respectively.

The top announced Asia-involvement deal for 2017 was the spin-off of Hong Kong-based Wharf Real EstateInvestment valued at US$23.3 billion.

According to estimates, M&A advisory fees from completed transactions in Asia totaled US$7.3 billion in 2017, a 69.7%increase from the levels recorded during the full year in 2016. Industrial and Commercial Bank of China took the topwallet share with US$221.3m, followed by Goldman Sachs and Morgan Stanley, each with US$204m and US$198.5m,respectively.

China outbound activity in 2017 posted US$141.5 billion from 862 deals, a 6% decrease in number of transactions anda 35% decrease in value compared to the same period last year. Australia's outbound activity was at US$21.3 billionfrom 346 deals, an increase of 11% in value and 10% in number of deals from the same period in 2016.

6,920.3

258,388.1

6

25.7

11

2

1,672

3

1510.63

10.8

5.85.7

1

8

Jan 1 - Dec 31 2017

12

9.0

54

14.68

17

No. Deals

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

Morgan Stanley7,010.7

Goldman Sachs & CoMorgan Stanley

81,993.8

13169.22

2,059

China International Capital Co11,827.4 10,792.4

Goldman Sachs & Co 10.0

Huatai Securities Co Ltd 9,531.9 3 8.1 7922

ista Luxemburg GmbH (100%) Lamarillo Sarl6/29/2017 China / China6/29/2017 Guangdong Intl Tr Invest-Asts (100%) 8,104.86/29/2017 Luxembourg / Germany 6,724.57/27/2017

Guangzhou Wanxi RE Co Ltd

High Technology / SoftwareHong Kong / Hong Kong

Rank Value (US$m)Hong Kong / Hong Kong Real Estate / REITs

Top Ten Any Asia (ex-Japan) Involvement Announced DealsTarget Macro / Mid Industry

ShareholdersGlobal Logistic Properties Ltd (100%) China / SingaporePending

Rank Date Acquiror / Target NationAcquiror

7/14/2017 Nesta Investment Holdings Ltd

Date Effective

Rosneft Oil Co (14.2%)

6/2/2017 12/8/2017

China Unicom (BVI) LtdChina CEFC Energy Co Ltd

Vodafone Grp PLC-Vodafone Asts

9/8/2017 Pending

Idea Cellular Ltd-Mobile Bus (100%)Pending

11/23/2017

Asian Completed M&A by Region - Imputed Fees

11,627.3China / United Kingdom 13,742.4

Telecommunications / WirelessLogicor Ltd (100%)

Intended360 Technology Inc (100%)

Telecommunications / Telecommunications ServicesChina / Hong Kong11/28/20178/22/2017 China Unicom Hong Kong Ltd (21.74%)3/20/2017

11/23/2017

China Cross Border Announced M&A


Jan 1 - Dec 31 2017

23,296.3

Orient Overseas(Intl)Ltd(OOIL) (100%) Investor Group11/3/2017 Pending7/9/2017

16,421.1China Investment Corp

11,255.8India / India

9,272.3China / Russian Fed Energy and Power / Oil & GasSJEC Corp 8,498.3China / China

High Technology / ElectronicsReal Estate / Transportation & InfrastructureIndustrials / Transportation & Infrastructure8,384.8

Target (% Sought/Acquired)

Real Estate / Non ResidentialWharf RE Invest Co Ltd (100%)

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

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

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com 16

Credit Suisse China Construction Bank

Industry Total 7 567 7 299 513 516

4.3

16

2.4

3122

10

Rank Value

753 937 3

13,673.8

▼

8 224 100 0

30

1.6118.0

32,721.9

19216,428.4

▼

17,882.4

15

PJT Partners Inc

▼ Citi

25

▲

+2 ▲24

-3-5 ▼

57

1.8

80

21 72 14,349.4 1.41.5

17,493.816,854.9 ▲1.7

1.015,064.6

▲

▲

-1.1

1.4

0.0▲

27

1.2

0.343

▼ 180.0

0.06

▲

138

-0.3

▼

4

+33China International Capital CoIndustrial & Comm Bank China▲

▲0.0

52

0.1Kotak Mahindra Bank Ltd 0.1Anglo Chinese Corp Finance 20 127

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


CITIC 4

2

2017 Rank

UBS

2Morgan Stanley 3

6

▼

7Citi 155.0

▼-5.54.8 ▼

10

6.9

-1.3

2016 Rank

Rank Value

1 90,223.9

1.37

# ofDeals

0.5

79# of Deals

0.6

Imputed Fees (US$m)

Sh (%)▲


0.3-4.5

▼

+130.5

Change in

Bank of America Merrill Lynch▲+10

▲

224

54,867.7 5.4

▼71,455.369,796.0

65-3.3

Rothschild & Co▼

73

1.7

0.3

▼

41

+2

JP Morgan▲▼

7▼31

-25

▲

Goldman Sachs & Co3 ▲

-1.7

0.2

93,584.1 +149.2

7.0

95,190.0US$m

16

Rank Value per Advisor (US$m)Market

Share Ch.


▲

9.3 -3.2Sh (%)

Market


Market # ofShare Ch.


1 4 Morgan Stanley 56 ▼-9118,319.21Sh (%)

▲2US$m

2016 Rank

3.9198.5

MarketShare Ch.Sh (%)

Market Market# of Deals FeesDeals

CITIC 14.8 0.015.7

1 111,520.6

MarketChange in Advisor

▼2.7

13.6 0.8 2.857▼▲

204.3▲ 5.50.61.1 -3 ▼

3+1

168.4 2.30

87

3.9 50 0.7102,397.6

13.2▼-

1.7122.4▲▲ ▼0.80.08.9 ▼

105-5.9-6.4 4

3▲+1

Goldman Sachs & Co5 99,224.477,105.7 7.6 0.8▼

13.0UBS 8

490,981.86 12.1

▼2.5 +451.6 0.9

5 98,128.3 3.0 1.0▼-14

11.7▼▲6.5 115.4

221.3▲▲3.0

5.3 ▲25 0.3

0.324▼

+2 ▲2.0

▼-23 ▼ 155.9 2.62.1

31 29.51.5 0.40.4 ▼1.4▲▲ 48-8 ▼ 1.60.6 -3 ▼ 144.88

35 10-15 HSBC Holdings PLC0.34.7

0.00.4 ▲ 0.110101 45,011.4▼

16.0

0.11452

21,345.3 0.3 ▲5.8-11

2.1Evercore Partners 11 5.9-24 5.911*+4 44,254.9Lakeside Capital Advisers LLC▼0.2▼ 13.9

0.10.1

▲ ▲7.1

-0.1 ▼

+1▲+1 ▲5.911*12

64

-70.1

8 25,482.4 2.5 -5.9

14 11 41,184.9 5.50.013 ▲▲ 11 0.1

20,214.4Gram CapitalDBS Group Holdings 2.020,161.7

▲Alantra Partners SA 5.6 ▲81 0.0

0.4 -8 ▼ Dyal Co+2 11*

- 44,254.9 5.92.95.9

0.0▼44,254.9

1-2

▲ 7.13

0.1

▼1.7Huatai Securities Co Ltd 14 16 18,556.2

19Rothschild & Co 15 111.1-110.3 ▼

39▲

▼1.55

81.5-50.3 1.1 ▼21 ▼

▲▲33 +150.8 VTB Capital 23,691.229

22.4+10.2 9

400.2 2.4▼

0.1▼▲

3.12.5 0.0

0.3▼ 50.1 1.60.70.4-2▲▲ 8

17 -818,591.5▼ 18

Wells Fargo & Co 1720.6+318HSBC Holdings PLC

16,735.6 1.6 1.39

▲74.4 0.5▲0.10.1 71

1.9▲-25 2.1

Evercore Partners 56+3 2.4190.10.3

1.0+216,406.9 JM Financial Group1.6 -5.1 2.418,166.4

PJT Partners Inc 15,453.4 ▲1.5 0.519 39 ▲ 9▲ 0.0

0.1 ▲-0

2.23+5 2.417,808.8

Lazard 14Wells Fargo & Co 20

21-20.6

-0.4 ▼▼ 23 0.3 -3 0.30.3

▲+2 ▲ 8.5 0.14 0.10.129

1.4+2

▲ 0.70.124

81.3 ▲ 0.02 GF Securities▲ 23 1.913,000.4

▼0.61.2 Barclays▼0.1▼1.3 14,130.4

15,285.4 2.0▼0.1

+12 ▼0.4 -0.96.4

▲

1.80.0

-80.4▲ 12 -7▲

▲0.2

253Arpwood Capital +121.71.7 ▲- 0.1▲12,907.3 -100 0100 0

51 018 814 7

111 13,912.9

263

Robey Warshaw LLP 23 -China Renaissance Partners 24 28 12,502.8

0.1


▼

44.5

0.5

0.4

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

0.0

Asia (ex-Japan) Rankings

Axis Bank Ltd

0.7-0.7

2017 Rank

45

6

2.01.51.144

Sh (%)Market

2.21.3

Industry Total25ING 1.2 1.2

+9

-16

12,169.6

Deutsche Bank 16

▲

22

10

-2.8

2

▼7

-841


47,657.78.750,943.8

49,244.212

6.39Credit Suisse 65,413.3

▼Bank of America Merrill Lynch 8JP Morgan 9

Industrial & Comm Bank China 5 5 187

Jan 1 - Dec 31

88,172.2

Macquarie Group Citi

2715

▲-18.2% ▼

1.1

6

▲24Nomura▲

17.9% ▲3.5%

Industry Total25+4

+1

+1118

Moelis & Co

+315

Nomura

9,675.7 -10.51.1

▲

4.4

+4

6.9

-7

▼0.7+3

7.40.3

3.3 Industrial & Comm Bank China4▲ ▲

15 1213

▼7.8▲

-1

1.6+3

Industry Total

8,635.1 ▲

▲1.7

0.1%

+1▲

7.4

1,182.6

▲

7,567 7,299.5

7.9▲

▲ 8.30.9

11.5%▲

14

0.1 ▲▲

+10.34

100.0

3.2%

+3

0.5 8.9

+225

▲

1.3 ▼100.0

20.8%

1,478


▲

13.0 ▼

▲+3

0.4

8

3

1919

1 0.0▲

11.1

+3

25.91.3

79,923.4

.3

1.5▲

-1.8

▲2.7 ▲

▲1.60.5

▲

1.6

0.5

+1

11.51.3

0.70.00.8

0.71.1

0.60.60.1

2.5

0.7-

▼

▲0.8 ▲

▲

0.70.9▲+5

5▲ 0.3 ▲12

▲▲

▼3.7

2 Ernst & Young LLP

Robey Warshaw LLP14

▲

12

0.1

-1

-1

0.40.7

8

Allier Capital23

▲▼

-3 20

-

Highbury Partnership Pty Ltd2120

-11.7 0.60.4

Punongbayan & Araullo0.0▲

-10.9

0.3▲

22

8519

29

▼▲

17*

2.29

2.4

2.6

2.62.62.6

3,133.3 2.5

-

36

0.1

▲

▲3,278.63,247.13,204.8

3,043.3

▼

1

0.2

0.2

+2-

8

2.73.3-15

16 -4,147.73,322.6

5,440.8 ▲▲

2.6Credit Suisse4

2

▲3,278.6 2.6

22 3.4▲ 15+2

▲▲

0.0 Evercore Partners2.7

1.01.7

▼▼

2,180.5

0.7 11▼▼

2.818

4,761.6

3,100.0

▲

16 2,982.82,814.817 28

▼ 1811.4

3.9

6.4

910

5,124.0

Deloitte

JP Morgan

-9 ▼ 48.8

13,516

7.018,607.1-15.2-12.6

1 35,242.12

9,815.0

2

13,250.314,801.0

3

49.1%

753,937.3

55

RBC Capital Markets 8-

Gresham PartnersPlatinum Securities 7

67

9,279.1

-6.6

9

6.0

5,621.0 7.023 5.1

11-7.8

9,121.7

1.32.8

▼▲

3,200.04,545.7

▼

▼

-18.4

23

100.0

▲ 8

2-10.9

2,263.1

5.7

▲

10

70.9

▲▲

▼ Jefferies LLC▲

18.0%

Rothschild & Co+4

▼

▲

▼

▼

-2

0.3 -5

0.8

+9

0.1

0.3 +2

1.3

-4

-

0.6

0

0.1+30.2

29.9

2.2

0.10.5

12

18.6

+1

9 +2

0.5

34.7

16.3

-3 2.3

0.4

7

-3

+171

50.8

0.5

19.0

26.930.8

11.71.6

4.7

▼

0.2

▼

8.12.8

0.5

7.5 0.62.6

▼

▲

0.2

0.6

2.9

▲

▲

▼

0.20.4

▼

0.7

0.6

▲

▲

1.5▲

▼

-8,224 100.0

3.1

▼

5.5

1.0

1.2

▼0.4

4 3-3

1.5▼

+2

0

▲

13

Macquarie Group

Deutsche Bank

Morgan Stanley

+12

0.6+3

34

▲▲

-2

13.5

0.7

10

1.08

0.114

3

▲

0.4

28.742,264.2

21.7

2.8

21.422.2

25.2

0.5

▲▲

14

38

24,372.7

27,112.726,321.1

Credit Suisse

Jefferies LLC

12

21.1

16.9

▲

22.2BNP Paribas SA 69*

1

Rothschild & Co

10JP Morgan 11

219

10


20.3

25.6

27,651.3

257

Lazard 8

4

1.6

0.1%▲

▲

Market

19.5

▲▲

33.9

Sh (%)

Jan 1 - Dec 31

19

2,001.826*

90.5%

2,280.6Moelis & Co

RBC Capital Markets

24Highbury Partnership Pty Ltd

▲

SEB

Societe Generale

Credit Agricole CIBItau Unibanco



CitiDeloitte

14

17*

2.4

Evercore Partners

10.1%Industry % Change from Last Quarter

Industry Total 124,820.2

▲2,458.7

0.252,076

1.82.0

1.6

-0.5

0.925

-3.9%

Imputed Fees (US$m)

-8.0%Industry % Change from Same Period Last Year-0.1%

Market

▲69.7%▼

Any Australian Involvement Completed (AF31)

▲

Market

▲

Jan 1 - Dec 31

9.3%▼


100.0

DealsMarket2017

RankChange in

Sh (%)MarketRank Value2016

Rank Share Ch.Advisor Market

▼ ▼2.7▼8.5 6.1▼

Fees# of Deals-232.639

65.517 -10 ▼-3

1

11

0.1

64.7▲0.6

7

0.7 36.8

+1

-


1.222

16.6


Share Ch.

▲

12.3

# ofSh (%)

100.0Sh (%)

0.5

▼

0

▲

+4 ▲

12.3

2.2 ▼

Deutsche Bank

1.4

4.15.5

13.2


3

▲

▲45

▼

21

13

14

18.4

610,809.9

1

8.7▼

+10-27.5 -24

2

12

74

-0.1

3.135,771.7

31,481.831,924.5

22,955.4

5 13.844,055.1

18.4

35.3

Change in 2017 Rank Deals

▲ 35 1.7

# of


6

Morgan Stanley5

US$m

UBS 2

2016 Rank

Goldman Sachs & Co 1Sh (%) Share Ch.

MarketRank Value per Advisor (US$m)

Any Australian Involvement Announced (AD24)

MarketRank ValueFinancial Advisor

7.9%

100.01,018,814.7

1.7% ▲

▲

0.0

0.8

5.8

- 1,339.5 1.71,281.0


22 1.6▲


1,052.7

2019

1,053.91,230.01,273.455

-

4 3.7

5.7388

3.5

4.0-

22

Barclays

18.5

1.521

▲

0.6

-

3.7

▲

9.5

▼

23.3

▲▲

11.6

▼

22.4

-4.8

-1.6%

+8

17,887.6

10,564.7

▲

UBSGoldman Sachs & Co-


# of Deals

+11 6

US$m▼44.1

▲1 -2.3

Financial Advisor

▼

Industry Total

▼

+9


* tie


4 -1 5.2

4

Market

+1

11.4 ▲▲

Fees

461.3

▲

-1

▲

12.3

8.6%6.7%

6

# of Deals

5 2

5.4

5.1

1.2

▼-1▲8.7

US$m

-53.9%

1

Sh (%)

▲5.8

0 -

Market

Rank Value

Rank Value

3,755.5

5

2.1

▲

1.6

▲

+18

-24 0%

▲

+4-

6

0.4

Imputed Fees (US$m)

Asia (ex-Japan) Rankings

Change in

▲12

▲

12.3

▲12.9

10 6%

87.7

+2

12.9

Share Ch.

100.0

6

14.1Sh (%)

▼▼ 4.7

6.2

188

24.4

1.1 1.83.2

6.0

100.0

0.3 ▼

3.25.8

▼▲

20.9+6

2.1

461.3

+19.8366.4 2.2

Jan 1 - Dec 31



3

MarketAdvisor

5.5

Market

12.1 1.6

Sh (%)Sh (%) Share Ch.

Forsyth Barr

Industry Total

# of Deals

▼

Sh (%)Market

Share Ch.▲

▲

3.1

Jan 1 - Dec 31

1.5

270

Change in Market

+17

Any New Zealand Involvement Completed (AF46)

Market

4

▼

3

1

Deutsche Bank

First NZ Capital

31*

First NZ Capital5


2017 Rank

Nomura

Industry Total

10

2Cameron Partners Ltd

4

2017 Rank

4

Cameron Partners Ltd

Asia (ex-Japan) Buyside Financial Sponsor Activity

Macquarie Group

729.8707.4

25.2 ▲▲

372.3605.3

US$m

-

▼

7

Rothschild & Co

4.5251.3

-62 1% ▼

2,894.0

▲1.1




100.0

55.8%

# ofDeals


Financial Advisor2016 Rank

8.86.9

4260.1330.4

12.30

2.2

1

-0.6-4.4

▲

6

19.5

10.9

▼4

2016 Rank

19Deals

▲

# ofMarket

Any New Zealand Inv Announced (AD39)

Financial Advisor

UBS

1*

$9.9 $1.0 $6.1 $8.9 $6.2 $12.9 $14.0 $19.9 $25.9$3.9 $6.6

$13.3$8.2

$17.3

$40.3 $29.6 $15.2

$4.1$3.3

$8.1

$9.2

$6.6

$31.9

$35.8

$14.2

$55.5

$2.4$5.7

$6.9$10.5

$14.2

$45.5

$16.0

$47.1

8.0%

9.7%

7.0% 8.0%

11.3%

8.1%

14.7%

19.4%

15.6%

21.7%

0%

5%

10%

15%

20%

25%

$0

$20

$40

$60

$80

$100

$120

$140

$160

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of WW FS Volume YTD

Australian Cross Border Announced M&A


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

▲ 24.0%10.6%4.2% ▲ 28.8% ▲

▼40.5% ▲62.1% ▼Industry % Change from Same Period Last Year

22%

13%

12%12%

8%

8%

5%

5%

4%4%

4%

Real Estate Industrials Financials

High Technology Materials Energy and Power

Consumer Staples Telecommunications Consumer Products and Services

Healthcare Media and Entertainment Retail

Government and Agencies

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound


* tie

PricewaterhouseCoopers 550.0 3* 2.7 2

38.8 2

174 7,401.7 1 52.3 5

4 5,484.3 3

JP Morgan

14,145.2

7,352.0 2

1

2,467.3

20,343.8


Japan M&AJapanese M&A Down 26% | Financial Sponsor Volume Triples | Japanese Outbound Down 38%

550.0

860.3 1

65.1

Rank Val US$m

Daiwa Securities Group Inc 2747.4 3*

Sumitomo Mitsui Finl Grp Inc

Financials

Citi

4.2

15.317.5

HealthcareGoldman Sachs & Co

Real Estate

Deutsche Bank


57.858.4

No. DealsRank

20,499.9 23

Share

Japan Deals Intelligence

18,220.1 18,406.6

31,499.8 1

Credit Suisse

High TechnologyNomura

Japanese M&A activity for full year 2017 totaled US$142.2 billion , a 26.2% decrease from full year 2016 levels and theslowest annual volume since 2014. 25 Japanese involvement deals over US$1 billion were announced during full year2017, totaling US$63 billion in aggregate and down 45.9% compared to 2016. Overall, 3,610 deals were announced in2017, a 4% increase in deal count compared to last year and the highest deal count on record.

Deal making in the High Technology sector led the Japanese market, with deal volume totaling US$31.5 billion,accounting for a 22.2% market share. Real Estate followed, accruing US$20.3 billion for a 14.3% share of the market.

Japan-targeted buyside financial sponsor activity reached US$29.5 billion from 621 deals in 2017, up 193.3%compared to 2016. Both volume and deal count posted the highest annual totals for deal making since records beganin 1980. Bain Capital’s US$1.2 billion acquisition of Asatsu-DK was the largest financial sponsor involvement dealduring the fourth quarter of the year.

Outbound activity totaled US$59.7 billion in 2017, a 38.4% decrease compared to 2016, marking the slowest full yearvolume since 2014. The Softbank led US$5.5 billion acquisition of Didi Chuxing Technology was the largest outbounddeal in 2017.

Any Japanese involvement Completed M&A Activity totaled US$139 billion from 2,508 deals. Estimated M&A advisoryfees from any Japanese involvement completed transactions totaled US$2.5 billion in 2017, a 34.2% increase from2016.

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Dec 31 2017Mkt.

Goldman Sachs & Co

2 3.7

2

706 17

4

10

38 559

2.7

225

22

1

21.616,099.9 Industrials

2,818.3 3,479.3

2

4,663.5 8 29.7

3198

1

13 2

33,681.2

Evercore Partners

15,687.0

Mizuho Financial Group 23.5 18

52.0

Mitsubishi UFJ Morgan StanleyNomura 24,295.7 27.4

Nomura

5,500.0

One97 Communications Ltd (20%)

2/14/2017

Completed

PendingCompleted

4/6/2017

9/20/2017

Completed

1/9/20173,305.6

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

Any Japanese Involvement Announced M&A

USJ Co Ltd (49%) NBCUniversal Media LLC

Date EffectiveTop Ten Japanese Involvement Announced Deals

Didi Chuxing Technology Co Ltd (%) Investor GroupPending

4/28/2017

2/28/20178/24/2017 Pending

CompletedPending

5/18/2017

8/23/2017 Financials / Insurance

Financials / Asset Management

Acquiror / Target Nation

High Technology / Software

1,573.3Telecommunications / Telecommunications Services

Takata Corp-Business (100%)Completed

Completed

6/26/2017 Key Safety Systems Inc

Real Estate / Non ResidentialMedia and Entertainment / Recreation & Leisure

Japan / United States

Mitsui Sumitomo Insurance Japan / SingaporeIndustrials / Automobiles & Components

2,262.1United States / Japan

SoftBank Group Capital Ltd

First Capital Insurance Ltd (97.7%) 1,600.0


1,400.0United States / JapanUnited Kingdom / India

3,000.0Japan / United States

Japan / China

Energy and Power / Oil & Gas

Jan 1 - Dec 31 2017

Wework Cos Inc (%)SoftBank Group CorpSoftBank Group Corp

5,310.3United States / United States

Rank Value (US$m)

Sunoco LP-Convenience Stores (100%)Fortress Investment Group LLC (100%)

Toshiba Memory Corp (100%) 17,930.0KK Pangea

Kiku Merger Co Inc

3,019.47-Eleven Inc

Japan / Japan

ARIAD Pharmaceuticals Inc (100%) Healthcare / Biotechnology

High Technology / Semiconductors

Any Japanese Involvement by Market

$34.0 $23.5 $35.2 $38.4 $37.0 $25.6$42.4 $51.0 $41.9 $30.9

$37.1

$21.6$19.2

$45.9 $41.2$32.8

$32.2$32.9

$30.5$34.3

$47.5

$42.4$50.3

$50.5$42.4

$32.6$24.0

$46.8 $69.5$52.9

$28.7

$38.8$30.3

$50.5$59.3

$36.6 $26.6

$65.2 $50.8

$24.1

0

500

1,000

1,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

100

200

300

400

500

600

700

800

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

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

19

Imputed Fees (US$m)

Financial Advisor

Daiwa Securities Group Inc

Jan 1 - Dec 31

8,718.2

Daiwa Securities Group IncCiti

6.3

Evercore Partners

-14.3 ▼Ernst & Young LLP

▲

8-12

-1418

0.6-91.4

19.62120

8.30.80.3▼

22.20.3

+3 ▲

0.2

0.9-4

▲ 3

1 877 443-2.7Plutus Consulting Co Ltd46

1.6

Houlihan Lokey

16

19

2,172.0

3.4

1.1

GCA Corp1.62,284.8

2,051.6 ▼1.4

▼▼

25

▲

23 0.6KPMG

▼-1.61,911.8

4

1.2▼

22

0.59,567.2

▲

Credit Suisse▼

0.1Rothschild & Co+4 12Barclays

241,907.49 0.2

▼ -14 1,461.9-12

19▼

391.4

85

+1▼

Any Japanese Involvement Completed (AF23)

▼

181.3

24 2,984.90.8

▲

-5.4 5.4

2,205.7

0.2

7 0.2 +3 1.6

Plutus Consulting Co Ltd15 29

▲

23 2,211.8 1.6 ▼PricewaterhouseCoopers▼2,139.9 -7

0.0 -6

Macquarie Group1 3 0 60 95 25 ▲24

1 271 1▲ 40Deloitte 25 27 1 3 ▼0 2

Rothschild & Co 23 15 2,118.5 1.5▲1.5

-4.922 29

Moelis & CoGCA Corp

210.7

▼Moelis & CoYAMADA & Partners 1.1

1.37▲

▲ 0.1 +20.2 ▲1,998.1

27 ▲0.1

1.62

0.5+2▲ Centerview Partners LLC

▲ 1.51.7

Macquarie Group 20 45BMO Capital Markets 19 - 2,429.0

2,223.5

2.118 31 2,792.6 2.0

1.70.5 ▲

24.4-2.0 0.5 +4

12.8550.7

+23712

-1.54,660.6

▲

5.68,884.2

13+3

0.5▼-8.7

0.5

1314

+106.4

23

0.5

1.2 ▼18

6.96.9

0.7-11+8 12

0.57.1 -1111.616,060.3

▲

59

0.2

15,884.3

9,623.7

3 13.0

▼2.4

-11.4

3.113

▲

16 0.6

0.912.5 -9-0.7 0.6▼

23617,317.7

12

0.4

0.414

-5.515 ▲

9

5.3

▼-

155.4 0194

0.4191

-6 ▼

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

+50

1

13-14.9

518,041.8

▼15.6

-8.94▼ 0.6

-10Mitsubishi UFJ Morgan Stanley

26,327.52

16

0.2

+619.0

0

Mitsubishi UFJ Morgan Stanley162

Nomura

Goldman Sachs & Co

8

▼7

4

1

-1.915.0

Deutsche Bank

9

1

8

3


5

▼

14

45

21,695.410

Sumitomo Mitsui Finl Grp IncMizuho Financial Group

1.223

20,821.8


5-4.4

5.07,062.5 -18.511

▼

▼

14

3,319.3

171.9 ▲ 43

11.1

2.3

▼7.7

-4.4

4,472.83,322.8

3.2

7.110,142.7

7

7,416.58,503.7

13

11▼

1012,682.314,946.3

210.1 Deutsche Bank-175-15

0.7-29.0

-7.7

10.811.410

▼

-9JP Morgan

0.1

9.1 6.8 ▲▼

17 5

0.6

▼

▼

0.8

0 0

1.8

1.0

1.3

0.9

-▼

▼-

0.00.4

▼

0.7

▲

1.0

0.0

▲

63.0

46.8

0.3

16.8

0.50.6

0.5

1.6

▲

0.2

▼3.8

▼▼

▲0.5

149.6 6.0

▼▼7.3

2.8

171.6 6.9

▲

17

3

111.6

▼

19 -

0 3

▲1.9▲▼

0 1

1.2 -13▼

-20.0-2.8

0.2631.6

▼-30

0 7 3

16.0

22.81.423

▲1.4

2416 ▼ 35

18

2,077.6

0.220▼

30

1.5

0.9

1.6 0.1

▲

17

▲8

▼▲

0.70.3

3.1

1.6

1.8

+7

41.0

124.9

-

0.9

0.90

0.9

1.7

+4

-2▲

▼

▲

0.5

▼

0.4

▼

1.3

1.9

2.2

4.6

0.4

1.6

▼

▼

▼

87.4

▼

-

▲

46.8

124.4

▼3.5

54.2

5.0

▲

5.0

-11.1

2.5

113.5

39.9

79 -24

▼

▲

-18

+3

23.9

43.8

+2

▲

▲

178▲▼ 7.1

35▲+44▼

-211.4-31 ▼

+1 ▲▼

0.7

12

2.57 27,250.6 19.6

38,737.0181.7

▼6.5

-15.9 ▼27.9US$m

Rank ValueDeals

Market Change in Sh (%)

MarketMarketMarketFees# of Deals

# ofShare Ch.Financial Advisor Share Ch.


Japan Rankings

Share Ch.Market MarketAdvisor

Sh (%)

5.24.6

Lazard36.0 ▲ -2

58

1.5Jefferies LLC ▲KPMG

Evercore Partners

14UBSPricewaterhouseCoopersCiti

Ernst & Young LLP

6,449.5

10,933.2

2

15,771.214,464.4

12

3,015.216

3

2.1

9

1025

2.3

4.5

17

15

8

18

13

Mizuho Financial Group

Credit Suisse

JP Morgan 6 12

Lazard

7

26

▲▼

▲

23.5

6

-2.314.4

10.2

6.4

420

Market2016 Rank

▲

36,909.935,866.6

US$m

23,843.8

Rank ValueSh (%)

16.833,445.7

42-5.192

▲▼25.2

15

Sh (%)Change in


Sh (%)


2.9 25

26.0-11

Deals2016 Rank

Jan 1 - Dec 31

# of Deals# of 2017

Rank

Any Japanese Involvement Announced (AD19)



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

138,916.3

Japanese Involvement Announced M&A Target Industry by Value

1,877.4 46 Macquarie Group1.3 0.60.9-5 25100.0

▲

▼

▼▼ 4.0%

3.5%▲ ▼-2.3%

* tie-54.5%-26.2%

▲

1,271.1▲ 40

-26.4%

Industry Total +139Deloitte 25 27 1.3 ▼

100.0 3,610142,204.90.2 0.0

htt // th

2,480.4

▲

100.0

▲

+126-3

2,5080.30.1

2.4%34.2%

Industry Total

Japanese Target Completed M&A Fees

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

5.3%

-0 7.3

-0.5% ▼ ▲

22.2%

14.3%

11.3% 11.0%

9.9%

6.2%

High Technology Real Estate Industrials

Financials Healthcare Consumer Staples

Materials Energy and Power Consumer Products and Services

Media and Entertainment Telecommunications Retail $217.7$100.5

$241.4 $218.7 $170.7 $220.2 $227.9$149.0 $141.7

$251.1

$179.7

$147.8

$255.3

$131.5 $208.9 $120.9 $84.7$150.6

$262.5

$322.7$159.8

$144.3

$149.6

$112.3

$225.5$191.7

$154.2$97.0

$167.3

$207.8177.8

250.3

185.4

167.3

253.7

210.4

159.1219.9

186.9

257.1

0

100

200

300

400

500

600

700

800

$0

$200

$400

$600

$800

$1,000

$1,200

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

4Q 3Q 2Q 1Q # of Deals Q4


Any South Korea Involvement Completed (AF58)

South Korea M&AFull Year 2017 I Mergers & Acquisitions I Financial Advisors

75,480.7 100.0

0.1

Any South Korea Involvement Announced (AD51)

100.0-

1,087-

Industry Total▲

Industry Total▲51.0 15* 0.10.1 1 10.1

76,925.719* 0.1 Macquarie Group 25

1,648Globalscope 25 38* 156.2 ▲ 00.2 0.2 1

▲ 1 19* 0.1 0 -Cowen & Co 24 34* 55.0 15* 0.10.1- 186.5 ▲ 11 ▲GF Securities 23 - 201.6

0.2 0.20.3 0.3

Guosen Securities Co Ltd 240.1 0.119* 0.1▲ 1 1 ▲Danske Bank 23 - 60.7 15* 0.1▲ 1

- 89.2 0.1 0.1 2 ▲▲ 2 13* 0.2Oaklins (FKA M&A Intl Inc) 221 ▲0 -19* 0.1Mizuho Financial Group 22 22 315.0 0.4 -0.1 ▼ 15 ▲4 0.6KPMG 21 23 317.2

15* 0.115* 0.10.4 -0.1 Standard Chartered PLC 21▼ 9 0.2 -2.6

- 186.59 127.4

0.3 0.3-2 ▼

11* 0.1▼ 1▲ 1 1 ▲0.4 0.4Brava Negocios Ltda 20 - 318.6

0.3 -1.1▲ 2 2 ▲ Guosen Securities Co Ltd 20

Daiwa Securities Group Inc 19 10 360.6 -5 ▼0.5 -2.3 ▼ 1 0 -Citi 19 12 220.3 15* 0.1▼ 111* 0.1▼ 219* 0.1

KPMG 18 24 296.4 5 0.60.4 0.1-1 ▼

Citi 18 17 554.7 0.7 -0.2 0 -0 -15* 0.1

▲ 6▼ 1

3 ▲Mizuho Financial Group 17 17 315.0 0.4 -0.4Standard Chartered PLC 17 13 713.7 11* 0.1▼ 20.9 -0.9

1.1 -0.1 9* 0.2▼ 3 1 ▲15* 0.1Bank of America Merrill Lynch 16 16 817.1 1 ▲ 0.4 0.4 ▲ 1Brava Negocios Ltda 16 - 318.6▲Bank of America Merrill Lynch 15 11 400.6 0.5 0.3▼-1.4 9*19* 0.1▲ 1 21 ▲ 3The Raine Group LLC 14* - 825.6 1.1 1.1

0 1,021.9Deutsche Bank 14* 38* 825.6 1.1 1.1 19* 0.1▲ 1 -4-3

▼9* 0.31.4 -6.2 ▼▼

3923.3 1.2 -3.9 ▼ 3 1.5-6 ▼ 1,142.0 6* 0.5-12.6 ▼ 5Mirae Asset Daewoo Co Ltd 13

15 945.0 11* 0.1UBS 129* 0.2

0.7▼ 81.7 -1.71,268.7 4 4 ▲▼ 7 15* 0.1

0 12 8Plutus Consulting Co Ltd

▼ 14▲

▲ 21.7 1.71 ▲

11*1 ▲- 1,280.3 1.7 1.7 1

-6.6Ernst & Young LLP 10 6Korea Development Bank 11 11 1,226.1BNP Paribas SA 8* ▼

1.7 1.7 2.4 1.013 1,787.9 -9* 0.3-1- 1,298.7 2 1.3

1 0▲ 19* 0.1Wells Fargo & Co 8* - 1,298.7 3.2

- 1,298.7 1 ▲▲ 1 -Nomura 8 21 2,703.7 0

▲ 3▲ 1

CBRE Holding SAS 8*1 ▲1.7 1.7

7* 0.2 -2▼ 2815* 0.119* 0.1

▼PricewaterhouseCoopers 7 5 2,920.2 1-5.7 2.6Morgan Stanley 7 4 1,337.8 1.7 -7.7-2 ▼Morgan Stanley 6 3 3,081.8 6*-7.1 0.5▼Credit Suisse 6 5 1,687.6

3.6Nomura 5 2,752.1272.2

3.4 91.21.2

▲ 2▼-2.6

11* 0 ▼Samsung Securities 5 1 3,587.5 4.8 0.8-9.9 3▼-3 ▼Goldman Sachs & Co 4 4 5,470.6 7.3 6* 0.53.8 ▲

-1.5 34.8 10

4

▼JP Morgan 1* 14 8,787.6 ▲ 2 -1▼PricewaterhouseCoopers 2 6 4,143.2 1* 16 0.3▲

10.1 ▲# of DealsDeals Rank

-6

0.10.3

3-6

2.311.6 11.6 ▲

0.6

0.41.6 -1.12

9-1.2 -0.4 ▼

▼

Deals# of

5,909.8 7.7

5

20 2

5

2,941.1

-6.7

0.26

54.1

3813*

6

▼1

-75

8,787.67* Evercore Partners 1* -▼0.2-2

Market MarketRank ValueSh (%) Share Ch.

-1.61.7

▼▲Goldman Sachs & Co 1

4

4 12Samsung Securities 3 7 3,662.1

▼

8Rank

2016 Rank

MarketUS$m

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

-4

Financial Advisor

Ernst & Young LLP

Change in

5.4 ▼

▲

-3 ▼

0.1 2

-

Daiwa Securities Group Inc 91,303.5▲

Mirae Asset Daewoo Co Ltd 14

3.9▼3.6

1.7

7Credit Suisse 13 2

Market Change inMarketSh (%)

1 15*

Market

10.68,787.6

Sh (%) Share Ch.

Lazard ▲211.6 10.7 9*

Rank 2016 Rank

2017 RankFinancial Advisor

11.6

# of Deals

Korea Development Bank11

-

Jan 1 - Dec 31 Jan 1 - Dec 31

# of 2017 Rank

# of Deals per Advisor # of Deals per Advisor

Sh (%) Value US$m

▼ ▼▲ ▼

Drugs

Miscellaneous Retail Trade

Top Ten South Korea Buyside Financial Sponsor Involvement Deals Jan 1 - Dec 31

12/11/20174/17/2017 7/14/2017 Hugel Inc Leguh Issuer Designated United States/South Korea 312.5

Pending Halla Cement Corp Asia Cement Co Ltd South Korea/South Korea 334.4 Stone, Clay, Glass, and Concrete Products3/24/2017 8/1/2017 Tasaki & Co Ltd Stardust Japan/Japan 360.64/17/2017 Pending Dongyang HC Co Ltd Leguh Issuer Designated United States/South Korea 416.5 Wholesale Trade-Durable Goods

Textile and Apparel Products5/18/2017 5/18/2017 Kyungnam Energy Co Ltd Prostar Capital Ltd United States/South Korea 445.5 Electric, Gas, and Water Distribution5/1/2017 6/19/2017 E Land Ltd Investor Group South Korea/South Korea 528.0

Transportation EquipmentCredit Institutions2/1/2017 Pending Hyundai Card Co Ltd Investor Group South Korea/South Korea 586.3

7/27/2017 Pending LS-Automotive Components Bus LS Automotive Tech Co Ltd South Korea/South Korea 675.0

Chemicals and Allied Products4/17/2017 Pending Double Down Interactive LLC DoubleUGames Co Ltd South Korea/United States 825.6 Prepackaged Software2/24/2017 3/24/2017 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry

Transportation Equipment4/17/2017 5/19/2017 KB Insurance Co Ltd KB Financial Group Inc South Korea/South Korea 1,059.5 Insurance6/28/2017 6/28/2017 DSME KEXIM South Korea/South Korea 1,126.7

Real Estate; Mortgage Bankers and BrokersTransportation Equipment6/13/2017 8/2/2017 Hyundai Heavy Inds Co Ltd Hyundai Robotics Co Ltd South Korea/South Korea 1,268.0

10/2/2017 Pending NPS-Sony Center Berlin Investor Group Canada/Germany 1,298.7

Investment & Commodity Firms,Dealers,Exchanges2/24/2017 3/24/2017 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3 Chemicals and Allied Products4/26/2017 10/1/2017 Lotte Shopping Co-Invest bus Lotte Confectionery Co Ltd South Korea/South Korea 2,586.3

Food and Kindred Products9/25/2017 11/1/2017 Carver Korea Co Ltd Unilever PLC United Kingdom/South Korea 2,703.7 Soaps, Cosmetics, and Personal-Care Products6/1/2017 6/1/2017 Orion Corp-Food & Beverage Bus Shareholders South Korea/South Korea 2,908.7

Machinery11/1/2017 11/1/2017 BGF Ret Co Ltd-Chain Shareholders South Korea/South Korea 3,001.0 Retail Trade-Food Stores4/1/2017 4/1/2017 Hyundai-Robot & Invest Bus Shareholders South Korea/South Korea 4,207.4

Top Ten Any South Korea Involvement Announced Deals Jan 1 - Dec 31Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry

-5.4%-6.8%Industry % Change from Last Quarter0.2%

53.9%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter -7.2% ▼Industry % Change from Same Period Last Year 0.7% ▲ ▲

53.6% ▲-7.0%

* tie

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 21

5.60.7

Piper Jaffray Cos

819.6 0.223 35* 6 1.3 +3 ▲

4.85.85.9

▲▼

25,564.9

▼

+2-4-4

31,119.531,777.7

31,777.7KPMG

14*16

4.61.50.2

887

1.81.81.5

5.7

Centerview Partners LLCCitiLazard

4,618.225,564.9

8,336.2870.4

-▲▼▲▼

1.61.61.61.41.4

0+2-2

+4-4

19*19*

88877

19*27*1745*16

19*23*23*


Lazard▲

▼▼

117.01.2 +540* 16Pendo Advisors LLC 23*

1.70.9

15,083.32,073.89,334.64,618.2

13.59.90.60.32.80.4

+3+2+30

▼▼▲▲▲-8

2.92.22.02.02.02.01.81.8

21*27*18*

1310

99998

Barclays119*7*14*25*

121314*14*14*14*

Houlihan LokeyRaymond James Financial IncCredit SuisseStephens Inc

9.40.32.9▲

52,730.61,825.4

16,027.2

.032,863.5

0.03.40.0

1.3+11

-5▲▼ 6,368.1

1.3 54,622.5Evercore PartnersStifel/KBW

18*16*

1717

UBS

18*18*22

25*

Citi19* +2

BMO Capital MarketsKPMG

101010

2.02.02.0Credit Suisse

14

▲ 10,346.2

14*14*14*9.8

0.9

1.1Raymond James Financial Inc

-72.11.0

117.072,357.2

8,181.1

▲16

▼-12▼

+7

8,553.9-13-4

6*

12 11Goldman Sachs & Co13

186.80.0

12.91.5

2.5

3.13.1

CSC Financial Co LtdBank of America Merrill Lynch

2

Huatai Securities Co Ltd

4

12

11.653

42*

5

16.6

# of Deals# of

Gram Capital

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

2016 Rank

1

Based on Number of Transactions# of Deals per Advisor

38

DealsMarket

30Duff & PhelpsFairness Opinion Provider

Stout Risius Ross Inc

Jan 1 – Dec 31Any Americas Involvement Announced Fairness Opinion

Change in Sh (%) Sh (%)

Jan 1 – Dec 31Any US Involvement Announced Fairness Opinion

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

# of Deals per AdvisorBased on Number of Transactions

Change in # of Market2017 Rank

Market2017 Rank

Rank Value (US$m)

Worldwide Announced Fairness Opinion

Rank Value (US$m)MarketRank Value


Jan 1 – Dec 31

17*19 40*20*20*

2021

Barclays6*

Bank of America Merrill LynchEvercore PartnersPendo Advisors LLC

8,901.810*

1.6

10*1311

7*

▼

4.8+11

▲Sh (%)

+103

▲31.3

2*

5*-7

-4

6

30

-5

6.6-19

4.05*

131717

2

9*

21

1718

22

-7-11

▼

▼-6-4

-13-3

3.5

1.2

▼▼

3.73.7

4.6 ▼

▼70,189.9

11.26,368.1

10*16

3.5

.0 0.0▼

3.77.1

+7 0.0-6

17Goldman Sachs & Co

13.1-010* ▼7*7*

7*▲

▼▼

Pendo Advisors LLC 16

+2

32,924.52,073.8

Piper Jaffray Cos18*18*

-3+2

2016 Rank

5.0Stout Risius Ross Inc

Deals0

-195 4

4.34 2

11,189.2 1.1

Rank Value

Duff & Phelps21 1 65

Fairness Opinion Provider2016 Rank

Market

Duff & Phelps

Rank Value

4,705.454US$mSh (%) Deals Sh (%)US$m

0.8

Chartwell Financial Advisory

# of Market Change in

1 1# of Deals

-1.9

10.5 +10 ▲

2* 12 30 5.8 +113,326.2-4 ▼

▼.0

0.6

-721

17 -6

2* 3 30 5.8

22

Stout Risius Ross Inc 6*30 ▲+26* 6

▲

▼▼▼

4.1

3.33.5 -718

Morgan StanleyJP Morgan

5China International Capital Co

11*-10

24

2.2

Stifel/KBWMorgan Stanley

KPMG

31* ▲

7*

Houlihan Lokey2213*22

0.7

Chartwell Financial AdvisoryCITIC

China Merchants Securities Co

13*

13*Haitong Securities Co LtdSomerley

10

13*China Securities Co Ltd

11*Guotai Junan Securities

17*

24


1.7

10,335.1

▼

1.7 ▲22

0.2

17▼2.1

97*10*

13 17Prairie Capital Advisors Inc

160-6

70,189.9 12.538,201.4

-▼

3.3

Morgan Stanley

0.01.1

.0

Evercore PartnersBank of America Merrill Lynch

Chartwell Financial Advisory


Stifel/KBWPrairie Capital Advisors Inc

10,346.259,920.2

0.029.9

1.8167,490.4 JP Morgan

10.7

0.0 ▼6,368.1

0.6

JP Morgan

3.3 -4107*3,326.2

5* 296* 25 30 2.3

2.3

-142.7

Sandler O'Neill Partners20.7

-4 .00.3

+95

10*6* 8

3330

4 9

18* 259

3 10*

▼

1.6

2.3 -21

1.7 -21.7

0

▲1.9

3

▼

+6

▼

▼35

2.9

+212.2

7,864.1

2.6 +3

+11 ▲1,922.0

20,616.91.9

0.8

1.121 -

10,121.0

96,017.422

-17 ▼

+2

-

4 +3

5*18*

14* -1824 1.9

+10

Deutsche Bank

6,484.5

0.9

1.6 21,292.2▼

-6

2.9

112,162.6▲

5,753.0

▲

11.5▲

18,939.2

202,326.3


4,705.4 0.93,326.2 0.6

.0 0.017,866.6 1.837

10,346.2 1.9167,490.4

59,920.2

38,201.4117.0

72,357.252,730.6

2,966.71,428.1

-7

Fairness Opinion Rankings†

27*

99Stephens Inc

UBS 1.70.8

17*17*19*

1.81.81.6

1523*

8

▼▲▲ 9,334.6

5.90.4

-4Prairie Capital Advisors IncUBS

20*23*

22*34*

1716

1.31.2

Industry Total

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

7,972.8 1.4+6 ▲ 432.7 0.1

25* 30* 6 1.2 +1 ▲Ernst & Young LLPNational Bank of Canada Fin'l

25* - 6 1.2

24.3

Zhongtai Securities Co Ltd

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

Huaxi Securities Co Ltd

1,040.5

Mediobanca 15 32* 3 1.9 +2 ▲ 2,052.3 0.8

40.6 0.0Goldman Sachs & Co 11* 9* 4 2.6 -1 ▼ 64,435.2

▲ 2,607.9 1.0▲BDO 11* 21* 4 2.6 +2

▲ 621.6 0.2Deloitte 11* 32* 4 2.6 +3Ernst & Young LLP 11* 13* 4 2.6 +1

22 96* 9 1.2 +8 545.4 0.2

,7,066.1 1.3▲6 +11.230*25*12.2 TD Securities Inc▲ 118,964.01.2 +722* 16

▲

16,088.11,390.0

6,611.3

Goldman Sachs & Co 23*

3.2

-1-7

+2+2

0.56.02.5

▼▼

Rothschild & CoDuff & PhelpsUBSCredit Suisse

42*13*13*

6*8*8*

6655

3.2

1,293.0 100.0

7.01.5

845.4186.5

Bank of America Merrill LynchPlutus Consulting Co Ltd -1

+1

2017 RankFairness Opinion Provider

5*

5*

1*

5*

Nomura

Based on Number of Transactions

5*

5*5*Guosen Securities Co Ltd

Sh (%)

▼ -23.7%

17,866.6

Rank ValueUS$m

5.1 6.4

Market

Jan 1 – Dec 31


▼ 7,606.2Guosen Securities Co Ltd 12

Haitong Securities Co Ltd

14 1.9

-23.3Bank of America Merrill Lynch 4*

6*

+12

-8

96*

3.93.9

15,900.1

5*

Any Asia Pacific Inv Announced Fairness Opinion

1022

Rank Value (US$m)

6.1

70,158.9 Huatai Securities Co Ltd

China Merchants Securities Co21.5

Somerley

Rank Value

5.8

+3

4.5 57,090.4

▲

US$m

13*


9

CSC Financial Co Ltd

1

China Securities Co Ltd

+5

-5.8%

4.5


2

Market


Fairness Opinion ProviderKPMGMorgan Stanley


1

China International Capital Co34,750.4▲

▲JP Morgan

Duff & Phelps13 1.8Zhongtian Guofu Sec Co Ltd

13*13*

1.8

Guotai Junan Securities

7*10

3.015* 3.03* 22- 2.9

-8.9%

-33.4%-14.4% -2.2%

▼Industry % Change from Same Period Last Year

3


2017 Rank

585.62

-4

Gram Capital6*

0.2

▼ 29,252.9

Sh (%)

26.4

13.16*

2016 Rank

3*CITIC

1Fairness Opinion Provider

-79

-46.6% ▼Industry % Change from Last Quarter


-47.8%

Rank Value

Jan 1 – Dec 31

560,140.1

100.0-36

-7.3%

Change in

Industry Total 534,451.5

Rank Value (US$m)

▼

Rank Value (US$m)

# of Deals

100.0 Industry % Change from Same Period Last Year514

▼

-50

-40.8%

MarketDeals

21Sh (%) # of Deals

▲

1,293

# of

9.0 +813.5

Change in

Jan 1 – Dec 31Any EMEA Inv Announced Fairness Opinion

Market

75*

92*

7

2017 Rank

5* 141

2016 Rank

2.3+11 3,113.3

6,483.8

2,198.7348.2

▲▲ 0.1

+3

-15

2.1

+772*

▲

1313 1.813

+6

▼

Lego Corporate Finance Ltd

Red Sun Capital Ltd

Industry % Change from Last Quarter 26.9% ▲ 189.2%Industry % Change from Same Period Last Year

Minsheng Securities Co Ltd

Octal Capital Ltd

* tie

Industry Total

▼

265,509.3

-8.8%

156

-43.9%

18,939.2▼

-10 7.32.0

2.8

5,753.0+220,616.9

▲

96*

27*

40*

▼ 7,864.129

1.8

▲

2

▲

▲

19*

▼

733 281,209.0

▼

▲

Industry % Change from Last Quarter 7.8%

1.419*

10

▼

0.6

4,198.5 34.8

7.7

MarketMarket

7.7

-2Deals

2

2016 Rank

# of

15.4 02*15.4

▲

# of DealsSh (%)

▼

6*6*2*

1

▲

1 2 15.4 -1Evercore Partners

655.9

1

PricewaterhouseCoopers 15.41* 661.1

75.06*▲7.7

▼▲

+1

0

315.1▲2.33.63.7

40*

2*-

-▲3.0

Industry Total 100.0

13*

▼

0.61.4+9

8,901.8

10,121.0

-75.0% ▼-77.5%▼

-48

695.4 0.2

▼

-9

# ofDeals

▲

Change in

-75.0%

1.03.2

13 12,056.3

30

-17

▼

Industry Total


+2

100.0


23* 10

47* 11

19*

+21215 15

11

37

1.51.5 ▲

▲

24

4.14.0

-1824

8,553.9▲ Chartwell Financial Advisory

-145.2+9

3.3

▲6,484.5

▼

5*

Ernst & Young LLP

+103.022 +2

10,335.1

4

7*-

25.0

123.6 1.0

-22.4% ▼

Sh (%)US$m

▼-48.4%

▲

▼8

1,811.7

Goldman Sachs & Co

7*

0.4

▲ 1,177.9

▲

3,019.47.7 0

+1

11.0

+1 ▲

+1

1,843.0 0.7+6

.05,310.31

7.7

▼

456

1

1*

2.60.0▲

▲ 44.0

5.425.5

+2

- 1 7.7

7.7

7.7

6*

1

7.7 0

-

1*

Any Japan Inv Announced Fairness Opinion

-


Morgan Stanley6.7Sh (%)

1+1

-15*

5*

7.7 +1

1

+1

1

1

38

▲ 5,310.3▼

10 1.4 +5 0.4

7.7-22

YAMADA & Partners

5*-

144.0

--

5*5*

-

JP Morgan

Lazard

MTS Health Partners LP

2,842.9

0.8


1.1

2.7

-24.0%-24.0%

▼

5,310.31,179.1

148.4

44.09.81.2

Ledouble SA 8* 21*

4* 21*3

▲ 7,865.9 3.05 3.2 +3

100.0

11GF Securities

Dongxing Securities19*

Deutsche Bank

17*17*

opinions provided as part of a broader advisory mandate.


-

-

-

-

-

-

Announced league tables include all deals that were announced between January 1, 2016 and December 29, 2017 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on December 29, 2017.

Tel: +813 6441 1338

E-mail: [email protected]

Asia-Pacific & JapanKaori Motohashi


Ranking Criteria Summary

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

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

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

AmericasRobert LevineTel: +1 646 223 5682

EMEA

Tel: +44 (0) 20 7542 2246

E-mail: [email protected]

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

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

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

-

-

-

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

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

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

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

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

© 2018 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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FINANCIAL ADVISORS - · PDF fileFull Year 2017 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Totals US$3.6 trillion as Number of Deals Hits Record l