FINANCIAL RANKINGS

GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1H 2016

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables5. Americas M&A Regional Review6. Americas M&A League Tables8. EMEA M&A Regional Review9. EMEA M&A League Tables12. APAC M&A Regional Review13. APAC M&A League Tables16. Disclaimer

DATA SUBMISSIONS AND QUERIES

Contact Phone Email Global

North America

Rachel Campanelli

Meaghan Burke

+1-646-324-4657

+1-646-324-1537

[email protected]

[email protected]

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

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

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

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

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

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

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

1H 2016

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

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

mailto:[email protected]




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

Scale in USD Bln.0 - 18

19 - 4647 - 92

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

829 -

Global M&A Heat Map

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2016.

Eastern Europe USD 23.8B 1. Goldman Sachs & Co 18.1% 2. China Renaissance Partners 13.9%3. Deutsche Bank AG 7.9%

Asia Pacific USD 612.2B 1. Goldman Sachs & Co 17.8% 2. China International Capital Corp 16.3%3. JPMorgan Chase & Co 15.2%

Western Europe USD 509.9B 1. Goldman Sachs & Co 32.2% 2. Morgan Stanley 31.8% 3. Credit Suisse Group AG 28.5%

Latin America & Caribbean USD 65.6B 1. Banco Itau BBA 20.2% 2. Banco BTG Pactual SA 14.8%3. Morgan Stanley 11.8%

Middle East & Africa USD 45.5B 1. Goldman Sachs & Co 11.8%2. Rothschild Ltd 6.6% 3. Gresham Partners Ltd 6.3%

North America USD 920.3B 1. Goldman Sachs & Co 33.4% 2. Morgan Stanley 27.0% 3. Bank of America Merrill Lynch 23.7%

Glo

bal M

&A

Revi

ew |

1H

2016

2

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 18,868 Financial $323.7 20.3% -10.3%

Volume (Bln.) $1,568.9 Consumer Non-cyclical $287.2 18.0% -18.8%

Avg Deal Size (Mln.) $83.2 Consumer Cyclical $192.8 12.1% 38.2%

Basic Materials $173.8 10.9% 189.0%

Communications $154.9 9.7% -34.7%

Goldman Sachs & Co Industrial $147.5 9.3% -16.8%

Number of deals 144 Technology $123.5 7.8% -15.0%

Volume (Bln.) $417.0 Energy $93.1 5.8% -56.2%

Avg Deal Size (Bln.) $2.9 Utilities $76.7 4.8% 105.8%

Diversified $19.6 1.2% -68.8%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,004.9 1.8% -12.6%

Cross Border $691.5 2.2% -2.2%

Private Equity $335.9 2.5% -8.5%

Asset Sale $239.7 0.7% -10.0%

Tender Offer $199.8 -6.2% 48.5%

Venture Capital $70.3 -1.0% 28.6%

Spin-off $26.5 -10.6% -43.1%

Minority Purchase $171.9 4.0% 0.0%

Majority Purchase $104.3 -6.7% -1.9%

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

Deal Type

Global M&A: Deal Type Breakdown

Abbott Laboratories

-

5/18/2016 $61,697.8

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

Corp-

1/25/2016

Top Adviser

$28,667.3Johnson Controls Inc Tyco International Plc -

-St Jude Medical Inc

1/11/2016 $35,563.4

4/28/2016 $30,108.2

Baxalta Inc Shire PLC

Global M&A: Industry Breakdown

Glo

bal M

&A

Revi

ew |

1H

2016

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

Global M&A: Highlights of 1H 2016

Summary IndustryAcquirerTarget Seller

Monsanto Co Bayer AG -

Global M&A: Quarterly Volume

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2

Volume (Bln.) Deal Count

16%

27% 49%

4% 3% 1%

0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global M&A volume, at $1.6 trillion in 1H2016, declined 11.5% compared to the same period last year. Volume for European-based targets decreased 26.5%, the most substantial decrease across all regions.

• Due to heightened regulatory scrutiny, government oversight and financial uncertainty, almost 100 deals were terminated in 1H2016, the largest number of failed deals since the financial crisis in 2007.

• Deals targeting the basic materials space increased 195.7% from the same period last year. Bayer AG’s $61.7 billion unsolicited offer for Monsanto Co contributed to 35.5% of the industry’s volume.

• Venture capital investments increased 29.3% compared to 1H2015 with Zhejiang Ant Small & Micro Financial Services Group Co’s series B financing round for $4.5 billion representing the largest financing round on record.

3

Global Announced Deals 01/01/2016 - 06/30/2016 Cross Border Announced Deals 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 26.6 417,002 144 1 27.5 -1.0 Goldman Sachs & Co 1 30.4 210,469 78 3 31.2 -0.8Morgan Stanley 2 20.9 328,213 134 3 23.5 -2.6 Morgan Stanley 2 27.4 189,468 68 4 25.9 1.5Bank of America Merrill Lynch 3 16.2 254,590 85 4 23.4 -7.2 Credit Suisse Group AG 3 23.6 162,883 53 8 18.0 5.6JPMorgan Chase & Co 4 14.6 228,359 134 2 26.4 -11.8 Bank of America Merrill Lynch 4 18.6 128,818 45 2 34.9 -16.3Credit Suisse Group AG 5 13.6 213,872 89 6 15.3 -1.6 JPMorgan Chase & Co 5 16.5 114,425 65 1 37.6 -21.0Barclays PLC 6 13.0 203,865 89 11 8.6 4.4 Lazard Ltd 6 16.1 111,369 67 5 22.7 -6.6Citigroup Inc 7 11.0 172,939 101 7 15.2 -4.2 Rothschild Ltd 7 14.9 102,867 94 6 19.7 -4.8Lazard Ltd 8 9.6 150,659 100 5 15.8 -6.2 UBS AG 8 12.9 88,933 42 12 8.0 4.9Deutsche Bank AG 9 9.3 145,162 72 8 11.5 -2.3 Deutsche Bank AG 9 12.8 88,349 41 7 18.6 -5.8Evercore Partners Inc 10 8.3 130,159 66 16 4.4 3.9 Barclays PLC 10 12.1 83,906 41 11 10.7 1.5UBS AG 11 8.2 128,560 70 14 4.7 3.5 Citigroup Inc 11 11.8 81,699 59 9 17.1 -5.3Rothschild Ltd 12 7.1 111,152 129 10 9.1 -2.0 China International Capital Corp Ltd 12 9.6 66,475 8 99 0.1 9.5China International Capital Corp Ltd 13 6.4 100,063 24 73 0.3 6.1 HSBC Bank PLC 13 9.1 62,594 21 14 6.1 2.9HSBC Bank PLC 14 5.2 81,099 28 12 6.2 -1.0 Ducera Partners LLC 14 8.9 61,698 1 - - 8.9RBC Capital Markets 15 4.1 64,379 73 22 2.5 1.6 Evercore Partners Inc 15 7.6 52,241 26 13 6.4 1.2Ducera Partners LLC 16 3.9 61,698 1 - - 3.9 China Construction Bank Corp 16 6.8 47,276 8 181 0.0 6.8Guggenheim Capital LLC 17 3.5 55,384 9 13 5.0 -1.5 China CITIC Bank Corp Ltd 17 6.7 46,312 1 - - 6.7Centerview Partners LLC 18 3.4 53,350 13 9 10.9 -7.5 Wells Fargo & Co 18 4.0 27,418 10 30 1.5 2.5Wells Fargo & Co 19 3.2 50,737 39 28 2.0 1.2 Mizuho Financial Group Inc 19 3.2 21,858 19 20 3.1 0.1China Construction Bank Corp 20 3.0 47,347 9 222 0.0 3.0 Perella Weinberg Partners LP 20 2.9 19,833 6 91 0.1 2.7

TOTAL 1,568,941 18,868 TOTAL 691,612 7,020

Global Private Equity Announced Deals 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 24.0 80,565 52 3 17.5 6.5Citigroup Inc 2 14.3 47,943 41 6 12.0 2.3Credit Suisse Group AG 3 12.9 43,338 37 7 10.7 2.2Barclays PLC 4 12.3 41,347 35 8 7.7 4.6Bank of America Merrill Lynch 5 12.2 40,973 31 4 16.3 -4.1JPMorgan Chase & Co 6 11.9 39,957 41 1 21.6 -9.7Deutsche Bank AG 7 10.1 33,780 23 5 14.1 -4.1Morgan Stanley 8 9.7 32,601 42 2 17.9 -8.2RBC Capital Markets 9 8.4 28,359 24 13 5.1 3.3UBS AG 10 8.0 26,955 29 15 4.7 3.3Lazard Ltd 11 7.2 24,264 47 14 5.0 2.2Jefferies LLC 12 5.5 18,622 34 21 2.9 2.6Macquarie Group Ltd 13 4.6 15,451 17 9 7.2 -2.6Rothschild Ltd 14 4.2 14,229 60 17 4.3 -0.1Grant Samuel Securities Pty Ltd 15 3.7 12,270 3 - - 3.7Gresham Partners Ltd 15 3.7 12,270 5 43 0.6 3.1China International Capital Corp Ltd 17 2.8 9,288 3 142 - 2.8Wells Fargo & Co 18 2.6 8,674 13 11 6.2 -3.6Moelis & Co 19 2.3 7,627 20 12 5.4 -3.1Ernst & Young 20 1.8 6,016 28 27 2.2 -0.4

TOTAL 336,140 5,407 367,290

2015MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

2016 2015MKT SHR CHANGE FIRM

2016MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

FIRM

2016 2015MKT SHR CHANGE

FIRM

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

1,772,031 707,283

4

Country

United States $739.1 90.0% -7.4%

Canada $42.1 5.1% 24.0%

Chile $14.5 1.8% 312.1%

Brazil $8.7 1.1% -26.4%

Colombia $5.6 0.7% 1394.2%

Mexico $3.9 0.5% -55.6%

British Virgin Islands $2.7 0.3% -25.2%

Bermuda $0.0 0.0% -98.9%

DateTotal Value

(Mln.)Amount


Change

Number of deals 8,346 Consumer Non-cyclical $192.0 23.3% -21.3%

Volume (Bln.) $820.9 Financial $125.1 15.2% -25.0%

Avg Deal Size (Mln.) $98.4 Basic Materials $97.8 11.9% 372.6%

Consumer Cyclical $93.8 11.4% 106.4%

Communications $80.7 9.8% -39.0%

Goldman Sachs & Co Technology $70.0 8.5% -32.9%

Number of deals 82 Energy $61.8 7.5% -20.3%

Volume (Bln.) $284.8 Utilities $60.7 7.4% 426.3%

Avg Deal Size (Bln.) $3.5 Industrial $42.0 5.1% -35.6%

Diversified $1.5 0.2% -15.0%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $616.3 4.5% 1.8%

Cross Border $322.3 7.0% 55.6%


Asset Sale $120.6 8.8% -19.7%

Tender Offer $87.6 -26.5% 15.4%

Venture Capital $31.2 -9.6% -9.4%

Spin-off $6.4 -30.9% -66.5%

Minority Purchase $51.3 -3.2% -26.6%

Majority Purchase $17.5 -17.3% 5.9%


Glob

al M

&A

Revi

ew |

1H

2016

5/18/2016 Monsanto Co Bayer AG - $61,697.8

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

Americas M&A: Highlights of 1H 2016

Summary Target Acquirer Seller Industry

Americas M&A: Industry Breakdown

Amount (Bln.) % of Total

% YoY Change

Top Adviser4/28/2016 St Jude Medical Inc Abbott Laboratories - $30,108.2

1/11/2016 Baxalta Inc Shire PLC - $35,563.4

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

6/13/2016 LinkedIn Corp Microsoft Corp - $24,379.9

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

Deal Type

0

1,000

2,000

3,000

4,000

5,000

6,000

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

2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2


• Deal activity based in the Americas reached a volume of $964.2 billion in 1H2016, representing a 10.2%decrease compared to the same period last year. The US contributed 89.8% to the region’s total, andcontinues to be the most targeted country in M&A transactions.

• Private equity activity in 1H2016 for Americas-based targets decreased 6.1% from the same period lastyear to $187.6 billion. US-based targets were the most sought after for private equity buyouts with$56.3 billion in transactions. Apollo Global Management LLC’s purchase of The ADT Corp was the largestbuyout for the period.

• Microsoft Corp’s announced acquisition of LinkedIn Corp for $24.4 billion was the largest deal withinthe technology sector this year. The deal hosts a TV/EBITDA of 84.4x, the most expensive multiple forany takeover valued over $5 billion seen this year.

5

US Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 US Announced Deals (Target or Seller) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 34.6 299,595 93 2 26.3 8.3 Goldman Sachs & Co 1 35.9 280,351 78 2 26.3 9.6Morgan Stanley 2 28.4 245,560 73 4 23.1 5.3 Morgan Stanley 2 31.4 245,398 67 4 25.2 6.2Bank of America Merrill Lynch 3 24.9 215,542 63 3 25.6 -0.7 Bank of America Merrill Lynch 3 27.4 214,273 56 3 26.0 1.4Barclays PLC 4 19.7 170,323 64 9 14.2 5.5 Barclays PLC 4 21.7 169,769 61 9 13.9 7.9Citigroup Inc 5 17.1 148,032 53 5 20.5 -3.4 Citigroup Inc 5 18.9 147,815 48 5 22.9 -4.0JPMorgan Chase & Co 6 16.6 143,749 94 1 31.4 -14.8 JPMorgan Chase & Co 6 16.8 131,626 83 1 31.3 -14.5Credit Suisse Group AG 7 15.3 132,727 48 6 19.7 -4.4 Evercore Partners Inc 7 15.6 122,058 50 12 8.3 7.3Evercore Partners Inc 8 14.7 127,498 58 12 7.6 7.1 Credit Suisse Group AG 8 15.3 119,274 42 7 20.7 -5.5Lazard Ltd 9 13.4 115,927 55 8 15.3 -1.9 Lazard Ltd 9 14.4 112,392 46 8 16.2 -1.8Deutsche Bank AG 10 12.1 104,382 39 10 10.6 1.5 Deutsche Bank AG 10 13.3 103,882 37 11 10.1 3.2Rothschild Ltd 11 9.8 84,553 31 15 4.3 5.4 Rothschild Ltd 11 8.9 69,822 20 23 2.6 6.3Ducera Partners LLC 12 7.1 61,698 1 - - 7.1 Ducera Partners LLC 12 7.9 61,698 1 - - 7.9Guggenheim Capital LLC 13 6.4 55,384 9 11 9.1 -2.7 Guggenheim Capital LLC 13 7.1 55,104 7 10 10.3 -3.2Centerview Partners LLC 14 6.2 53,350 13 7 19.5 -13.3 Wells Fargo & Co 14 6.4 50,191 36 16 3.8 2.6RBC Capital Markets 15 6.0 51,914 50 19 3.1 2.9 RBC Capital Markets 15 6.4 49,651 46 17 3.5 2.8Wells Fargo & Co 16 5.8 50,191 37 18 3.7 2.1 Centerview Partners LLC 16 5.6 43,453 12 6 21.6 -16.1UBS AG 17 5.0 43,420 31 20 3.0 2.0 UBS AG 17 4.3 33,950 29 20 3.1 1.3Jefferies LLC 18 3.2 27,724 49 26 1.6 1.6 Jefferies LLC 18 3.6 27,724 47 26 1.7 1.8Qatalyst Partners LLC 19 3.0 25,842 3 32 1.0 2.0 Qatalyst Partners LLC 19 3.3 25,842 3 29 1.2 2.2Allen & Co Inc 20 3.0 25,536 4 14 6.3 -3.4 Allen & Co Inc 20 3.2 25,263 3 14 6.8 -3.6

TOTAL 865,839 8,809 TOTAL 781,580 7,279

Canada Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Canada Announced Deals (Target or Seller) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 38.2 51,296 15 10 11.0 27.2 RBC Capital Markets 1 25.8 13,498 22 2 19.2 6.6JPMorgan Chase & Co 2 21.6 29,014 12 1 31.7 -10.1 CIBC 2 25.3 13,231 16 6 8.3 17.0Barclays PLC 3 19.1 25,633 10 12 7.9 11.2 Barclays PLC 3 21.4 11,197 5 18 3.2 18.2Lazard Ltd 4 18.7 25,057 8 42 0.5 18.2 BMO Capital Markets Corp/Toronto 4 15.4 8,051 13 1 26.5 -11.1Wells Fargo & Co 5 17.8 23,899 6 108 - 17.8 TD Securities Inc 5 14.1 7,367 11 3 11.4 2.7Morgan Stanley 6 16.4 22,038 6 7 15.4 1.0 Bank of Nova Scotia/The 6 13.1 6,856 12 12 5.7 7.4Bank of Nova Scotia/The 7 13.6 18,255 14 22 3.3 10.3 Goldman Sachs & Co 7 11.8 6,193 4 5 8.4 3.4CIBC 8 13.3 17,857 18 11 10.3 3.0 National Bank Financial Inc 8 8.3 4,336 13 15 4.7 3.6Credit Suisse Group AG 9 12.8 17,192 10 8 11.9 1.0 Deutsche Bank AG 9 6.2 3,250 3 17 3.2 3.0RBC Capital Markets 10 12.1 16,287 26 2 19.4 -7.3 JPMorgan Chase & Co 10 4.4 2,315 4 8 6.4 -2.0BMO Capital Markets Corp/Toronto 11 12.1 16,226 17 6 15.4 -3.4 Citigroup Inc 11 4.3 2,256 2 81 - 4.3Bank of America Merrill Lynch 12 10.8 14,446 10 5 15.8 -5.1 Blair Franklin Capital Partners Inc 12 3.5 1,823 1 32 1.1 2.4Grant Samuel Securities Pty Ltd 13 9.1 12,270 3 - - 9.1 GMP Securities LP 13 2.9 1,520 5 7 8.1 -5.2Gresham Partners Ltd 13 9.1 12,270 3 30 1.6 7.6 Platinum Securities Co Ltd 14 2.6 1,340 1 - - 2.6Macquarie Group Ltd 15 9.1 12,188 13 9 11.2 -2.1 HSBC Bank PLC 14 2.6 1,340 2 19 3.1 -0.6UBS AG 16 8.5 11,400 8 38 1.1 7.4 Canaccord Genuity Corp 16 2.5 1,280 7 24 2.4 0.1TD Securities Inc 17 6.4 8,567 12 17 4.2 2.2 Standard Chartered Bank 17 1.9 1,006 1 - - 1.9Citigroup Inc 18 6.4 8,558 7 3 17.5 -11.1 FirstEnergy Capital Corp 18 1.8 945 6 14 5.2 -3.4Stifel Financial Corp 19 5.8 7,815 3 108 - 5.8 Cutfield Freeman & Co 19 1.7 900 2 - - 1.7Deutsche Bank AG 20 5.7 7,634 6 4 16.6 -10.9 Jefferies LLC 20 1.4 712 3 13 5.4 -4.1

TOTAL 134,279 1,423 TOTAL 52,311 1,015

977,268 863,551

122,233 45,245

FIRM


2016 2015VOLUME USD

(Mln)MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

DEAL COUNT RANK

MKT SHR (%)

FIRM


2016 2015MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

6

Latin America Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Brazil Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Banco Itau BBA SA 1 27.1 13,234 17 8 14.1 13.0 Banco BTG Pactual SA 1 37.4 4,810 9 4 28.4 9.0Banco BTG Pactual SA 2 19.9 9,694 11 5 15.7 4.2 Banco Itau BBA SA 2 22.9 2,939 12 6 27.1 -4.3Morgan Stanley 3 15.2 7,400 5 4 18.5 -3.4 Morgan Stanley 3 15.5 1,989 4 7 25.4 -9.9IMAP Inc Sucursal Espana 4 12.5 6,081 3 - - 12.5 Rothschild Ltd 4 12.1 1,549 4 11 18.1 -6.0Banco Bilbao Vizcaya Argentaria SA 5 6.2 3,040 6 13 9.4 -3.2 Lazard Ltd 5 12.0 1,546 3 - - 12.0Credit Suisse Group AG 6 6.2 3,040 4 7 15.0 -8.7 Citigroup Inc 6 11.7 1,501 3 22 1.0 10.7Citigroup Inc 7 6.1 2,964 6 25 1.0 5.1 Industrial Securities Co Ltd 7 11.7 1,500 1 - - 11.7Lazard Ltd 8 4.4 2,133 6 35 0.1 4.2 HSBC Bank PLC 7 11.7 1,500 1 8 23.6 -12.0Rothschild Ltd 9 3.2 1,549 4 3 20.0 -16.9 Barclays PLC 7 11.7 1,500 1 24 0.6 11.1HSBC Bank PLC 10 3.2 1,541 3 9 11.9 -8.7 Deutsche Bank AG 7 11.7 1,500 1 1 46.3 -34.7Deutsche Bank AG 11 3.1 1,500 3 1 35.5 -32.5 Goldman Sachs & Co 7 11.7 1,500 2 12 10.6 1.1Industrial Securities Co Ltd 11 3.1 1,500 1 - - 3.1 Deloitte Touche Tohmatsu ILA Group Ltd 12 10.5 1,343 1 - - 10.5Barclays PLC 11 3.1 1,500 1 21 2.2 0.9 Banco Bradesco BBI SA 13 8.8 1,125 4 13 10.1 -1.3Goldman Sachs & Co 11 3.1 1,500 3 11 10.7 -7.6 Evercore Partners Inc 14 7.9 1,012 1 - - 7.9Deloitte Touche Tohmatsu ILA Group Ltd 15 2.8 1,343 1 - - 2.8 Banco Santander SA 15 6.8 876 4 2 30.6 -23.7Banco Santander SA 16 2.5 1,215 9 2 24.2 -21.7 BR Partners 16 2.7 345 4 18 3.1 -0.4Banco Bradesco BBI SA 17 2.3 1,125 4 16 4.9 -2.6 Guotai Junan Securities Co Ltd 17 2.3 290 1 - - 2.3Evercore Partners Inc 18 2.1 1,012 2 20 2.3 -0.2 Estater Gestao e Financas SA 18 1.6 202 1 31 0.1 1.5JPMorgan Chase & Co 19 1.5 736 4 14 7.4 -5.9 Banco Modal SA 18 1.6 202 1 - - 1.6BR Partners 20 0.7 345 4 22 1.5 -0.8 JPMorgan Chase & Co 20 1.5 198 1 17 3.3 -1.8

TOTAL 37,512 383 TOTAL 12,851 200

Latin America Announced Deals (Target or Seller) 01/01/2016 - 06/30/2016 Brazil Announced Deals (Target or Seller) 01/01/2016 - 06/30/2016

Banco Itau BBA SA 1 35.3 13,234 17 6 17.2 18.1 Banco BTG Pactual SA 1 39.7 4,810 9 3 36.5 3.1Banco BTG Pactual SA 2 25.8 9,694 11 4 19.1 6.8 Banco Itau BBA SA 2 24.2 2,939 12 4 34.9 -10.6Morgan Stanley 3 19.7 7,400 5 11 8.4 11.3 Morgan Stanley 3 16.4 1,989 4 17 2.3 14.1IMAP Inc Sucursal Espana 4 16.2 6,081 3 - - 16.2 Rothschild Ltd 4 12.8 1,549 4 6 24.4 -11.6Banco Bilbao Vizcaya Argentaria SA 5 8.1 3,040 6 9 11.4 -3.3 Citigroup Inc 5 12.4 1,501 3 20 1.3 11.1Credit Suisse Group AG 6 8.1 3,040 3 5 18.2 -10.1 Industrial Securities Co Ltd 6 12.4 1,500 1 - - 12.4Citigroup Inc 7 7.9 2,964 6 25 0.6 7.3 HSBC Bank PLC 6 12.4 1,500 1 - - 12.4Lazard Ltd 8 4.2 1,558 5 33 0.2 4.0 Barclays PLC 6 12.4 1,500 1 22 0.7 11.6Rothschild Ltd 9 4.1 1,549 4 3 24.4 -20.2 Deutsche Bank AG 6 12.4 1,500 1 5 30.7 -18.3HSBC Bank PLC 10 4.1 1,541 2 28 0.4 3.8 Goldman Sachs & Co 6 12.4 1,500 2 8 14.3 -1.9Deutsche Bank AG 11 4.0 1,500 3 2 29.1 -25.1 Lazard Ltd 11 11.1 1,343 2 - - 11.1Industrial Securities Co Ltd 11 4.0 1,500 1 - - 4.0 Deloitte Touche Tohmatsu ILA Group Ltd 11 11.1 1,343 1 - - 11.1Barclays PLC 11 4.0 1,500 1 19 2.6 1.4 Banco Bradesco BBI SA 13 9.3 1,125 4 9 13.6 -4.3Goldman Sachs & Co 11 4.0 1,500 2 7 12.8 -8.8 Evercore Partners Inc 14 8.3 1,012 1 - - 8.3Deloitte Touche Tohmatsu ILA Group Ltd 15 3.6 1,343 1 - - 3.6 Banco Santander SA 15 7.2 876 4 1 41.2 -34.0Banco Bradesco BBI SA 16 3.0 1,125 4 13 6.0 -3.0 BR Partners 16 2.8 345 4 15 4.1 -1.3Evercore Partners Inc 17 2.7 1,012 2 18 2.8 -0.1 Guotai Junan Securities Co Ltd 17 2.4 290 1 - - 2.4Banco Santander SA 18 2.4 880 7 1 29.5 -27.1 JPMorgan Chase & Co 18 1.6 198 1 14 4.5 -2.8JPMorgan Chase & Co 19 2.0 736 4 10 9.1 -7.1 Norgestion 19 1.4 174 1 - - 1.4BR Partners 20 0.9 345 4 20 1.8 -0.9 Greenhill & Co Inc 20 0.1 14 4 - - 0.1

TOTAL 37,512 346 TOTAL 12,125 178

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

36,908 18,120

30,355 13,435

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

7

Country

United Kingdom $67.7 21.5% -65.5%

Switzerland $57.2 18.1% 279.0%

France $30.4 9.7% -20.9%

Germany $29.5 9.4% -1.0%

Spain $19.0 6.0% 39.2%

Italy $13.7 4.4% -44.3%

Finland $12.8 4.1% 58.2%

Netherlands $12.8 4.0% -11.6%

DateTotal Value

(Mln.)Amount


Change

Number of deals 5,060 Financial $78.0 24.6% -5.0%

Volume (Bln.) $315.3 Basic Materials $54.6 17.2% 831.6%

Avg Deal Size (Mln.) $62.3 Consumer Non-cyclical $50.6 15.9% 0.5%

Industrial $36.1 11.4% -34.3%

Consumer Cyclical $28.7 9.1% -33.9%

Goldman Sachs & Co Technology $23.0 7.2% 53.7%

Number of deals 41 Communications $19.0 6.0% -67.6%

Volume (Bln.) $103.6 Energy $16.0 5.1% -83.1%

Avg Deal Size (Bln.) $2.5 Utilities $6.1 1.9% -42.6%

Diversified $5.0 1.6% -19.5%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $183.0 -0.3% -34.5%

Cross Border $229.9 1.4% -35.7%


Asset Sale $64.0 -8.4% -7.7%

Tender Offer $94.7 16.2% 91.5%

Venture Capital $7.3 14.9% -4.9%

Spin-off $10.1 122.2% 252.8%

Minority Purchase $26.4 7.8% -9.3%

$24.8 -1.6% -30.5%


Glob

al M

&A

Revi

ew |

1H

2016

Majority Purchase

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

EMEA M&A Highlights of 1H 2016

Summary Target Acquirer Seller Industry

2/3/2016 Syngenta AGChina National Chemical

Corp- $46,311.7

Multiple Sellers $8,600.0

Top Adviser2/10/2016 Meda AB Mylan NV - $9,896.8

2/23/2016 London Stock Exchange Group PLC Deutsche Boerse AG - $13,809.8

6/21/2016 Supercell Oy Tencent Holdings Ltd

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

Deal Type

3/4/2016Fomento de Construcciones y

Contratas SAInmobiliaria Carso SA de

CV- $8,337.9

EMEA M&A: Industry Breakdown

Amount (Bln.) % of Total

% YoY Change

0

1,000

2,000

3,000

4,000

$0

$100

$200

$300

$400

$500

2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2


• Deal volume for EMEA-based targets decreased to $315.3 billion in 1H2016, down 25.2% from $421.3billion in 1H2015. Deal count increased marginally to 5,060 deals.

• United Kingdom, France, and Germany remained EMEA’s most acquisitive regions by volume. Dealvolume from these countries increased 85.4% to $226.4 billion, representing 59.7% of the region’sacquisitions. In 1H2015, the same countries accounted for $122.0 billion in acquisitions, about half ofthe volume seen in 1H2016.

• Deals involving EMEA-based parties exceeding $1.0 billion in value accounted for 65.5% of total dealvolume in 1H2016. The majority of announced premiums for these deals resided in the range of 30.0%and 40.0%.

8

Europe Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Europe Announced Deals (Target or Seller) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 31.5 156,549 53 1 38.5 -7.0 Goldman Sachs & Co 1 31.1 101,227 40 1 42.5 -11.4Morgan Stanley 2 31.1 154,376 48 4 34.1 -3.0 UBS AG 2 22.4 72,776 28 11 10.1 12.3Credit Suisse Group AG 3 27.8 137,862 36 9 15.3 12.4 Credit Suisse Group AG 3 20.9 68,123 30 9 10.5 10.4Bank of America Merrill Lynch 4 22.4 111,223 36 2 35.6 -13.2 HSBC Bank PLC 4 19.2 62,432 21 13 7.2 12.0Rothschild Ltd 5 21.5 106,615 113 6 27.0 -5.6 JPMorgan Chase & Co 5 18.4 59,804 32 2 40.0 -21.6Deutsche Bank AG 6 17.6 87,534 34 7 17.0 0.6 Deutsche Bank AG 6 14.8 48,041 31 8 17.7 -2.9Lazard Ltd 7 17.5 86,734 66 5 30.7 -13.2 China International Capital Corp Ltd 7 14.6 47,600 2 153 - 14.6UBS AG 8 15.0 74,331 33 11 9.1 5.9 Lazard Ltd 8 14.5 47,154 59 5 31.9 -17.4JPMorgan Chase & Co 9 14.9 74,111 42 3 34.7 -19.8 China Construction Bank Corp 9 14.2 46,312 1 - - 14.2Barclays PLC 10 14.5 71,944 41 12 7.1 7.4 China CITIC Bank Corp Ltd 9 14.2 46,312 1 - - 14.2Citigroup Inc 11 12.6 62,472 43 10 13.9 -1.3 Rothschild Ltd 11 13.6 44,292 106 6 31.5 -17.9HSBC Bank PLC 12 12.6 62,432 21 13 6.2 6.4 Bank of America Merrill Lynch 12 13.3 43,215 30 3 38.7 -25.4Ducera Partners LLC 13 12.4 61,698 1 - - 12.4 Morgan Stanley 13 12.3 39,876 40 4 32.9 -20.7Evercore Partners Inc 14 10.5 52,007 22 30 1.2 9.3 Barclays PLC 14 9.3 30,207 32 12 8.1 1.2China International Capital Corp Ltd 15 9.6 47,600 2 179 - 9.6 Citigroup Inc 15 6.9 22,518 36 10 10.1 -3.2China Construction Bank Corp 16 9.3 46,312 1 - - 9.3 Perella Weinberg Partners LP 16 4.7 15,410 5 - - 4.7China CITIC Bank Corp Ltd 16 9.3 46,312 1 - - 9.3 Robey Warshaw LLP 17 4.6 14,924 2 7 18.4 -13.8Perella Weinberg Partners LP 18 4.1 20,333 7 - - 4.1 BNP Paribas SA 18 4.5 14,554 46 15 6.1 -1.6Robey Warshaw LLP 19 3.0 14,924 2 8 15.4 -12.4 Skandinaviska Enskilda Banken AB 19 3.6 11,747 14 36 1.0 2.6BNP Paribas SA 20 2.9 14,554 46 14 6.0 -3.1 Svenska Handelsbanken AB 20 3.4 11,133 8 103 0.1 3.4

TOTAL 496,486 5,919 TOTAL 325,362 4,869

UK Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Germany Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 26.7 30,169 17 1 49.1 -22.5 Bank of America Merrill Lynch 1 62.2 82,367 9 4 23.3 38.9Lazard Ltd 2 26.1 29,487 25 6 35.7 -9.6 Morgan Stanley 2 58.5 77,473 8 3 23.9 34.7Deutsche Bank AG 3 24.6 27,828 13 9 10.6 14.0 Credit Suisse Group AG 3 49.9 66,000 5 2 24.1 25.8Bank of America Merrill Lynch 4 21.3 24,075 16 2 45.3 -24.0 Rothschild Ltd 4 48.3 63,968 17 16 2.0 46.3Barclays PLC 5 21.1 23,824 18 10 10.3 10.8 Ducera Partners LLC 5 46.6 61,698 1 - - 46.6UBS AG 6 17.9 20,281 13 8 12.5 5.5 Deutsche Bank AG 6 22.2 29,355 13 1 31.8 -9.6Robey Warshaw LLP 7 13.2 14,924 2 7 30.7 -17.5 Goldman Sachs & Co 7 20.0 26,441 9 10 6.9 13.1Perella Weinberg Partners LP 8 12.7 14,310 3 - - 12.7 Lazard Ltd 8 16.9 22,343 9 9 8.8 8.1Citigroup Inc 9 9.3 10,486 19 13 6.6 2.7 Barclays PLC 9 14.2 18,846 4 18 1.6 12.7Rothschild Ltd 10 8.8 9,894 35 4 42.0 -33.3 Perella Weinberg Partners LP 10 14.0 18,483 3 - - 14.0Morgan Stanley 11 8.2 9,293 15 5 37.7 -29.5 UBS AG 11 12.3 16,229 3 54 - 12.3HSBC Bank PLC 12 7.6 8,548 10 12 7.4 0.1 Robey Warshaw LLP 12 10.4 13,810 1 - - 10.4Greenhill & Co Inc 13 4.2 4,753 7 15 5.3 -1.1 Citigroup Inc 13 5.4 7,086 8 5 20.3 -14.9JPMorgan Chase & Co 14 3.9 4,459 17 3 43.6 -39.7 JPMorgan Chase & Co 14 4.3 5,673 6 6 14.6 -10.3Ernst & Young 15 3.4 3,800 11 19 3.3 0.1 Joh Berenberg Gossler & Co KG 15 3.2 4,262 2 12 4.2 -1.0RBC Capital Markets 16 3.3 3,777 12 17 4.7 -1.3 CITIC Securities Co Ltd 15 3.2 4,262 1 - - 3.2Credit Suisse Group AG 17 3.3 3,738 12 11 8.3 -5.0 Valence Group LLC/The 17 2.9 3,891 2 - - 2.9China Renaissance Partners 18 2.9 3,300 1 - - 2.9 HSBC Bank PLC 18 2.4 3,216 4 - - 2.4PricewaterhouseCoopers LLP 19 2.7 3,103 21 18 4.1 -1.4 BNP Paribas SA 19 2.3 2,981 5 54 - 2.3Nomura Holdings Inc 20 2.6 2,947 5 22 2.1 0.5 Credit Agricole Corporate & Investment Bank SA 20 2.0 2,615 5 54 - 2.0

TOTAL 113,102 2,298 TOTAL 132,379 943258,622 46,224

515,667 432,027

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

2015MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)FIRM


2016

9

France Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Italy Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Morgan Stanley 1 38.5 27,403 11 5 32.6 5.9 Intesa Sanpaolo SpA 1 19.5 3,936 11 19 2.5 17.0Goldman Sachs & Co 2 34.2 24,376 15 6 32.1 2.1 Lazard Ltd 2 17.3 3,501 8 1 55.9 -38.6Rothschild Ltd 3 28.0 19,932 60 9 22.6 5.4 Rothschild Ltd 3 12.7 2,567 12 5 34.0 -21.3Bank of America Merrill Lynch 4 23.7 16,916 7 4 33.4 -9.6 Deutsche Bank AG 4 11.4 2,306 3 7 28.4 -17.0JPMorgan Chase & Co 5 20.0 14,224 10 1 42.2 -22.3 UBS AG 4 11.4 2,306 2 11 18.4 -7.0Evercore Partners Inc 6 18.8 13,417 2 25 0.8 18.1 PricewaterhouseCoopers LLP 6 9.7 1,968 3 24 0.4 9.4BNP Paribas SA 7 17.1 12,172 35 2 39.3 -22.2 BNP Paribas SA 7 8.4 1,700 6 22 1.0 7.4Credit Agricole Corporate & Investment Bank SA 8 15.0 10,701 18 11 17.9 -2.9 Deloitte Touche Tohmatsu ILA Group Ltd 8 7.7 1,563 3 37 - 7.7Societe Generale SA 9 13.3 9,471 11 3 34.6 -21.3 Banco BTG Pactual SA 9 6.6 1,343 1 35 0.1 6.6Mizuho Financial Group Inc 10 12.1 8,600 2 50 - 12.1 JPMorgan Chase & Co 10 5.4 1,084 3 8 28.3 -22.9Raine Group LLC 10 12.1 8,600 1 - - 12.1 N+1 Srl 11 5.3 1,074 7 32 0.1 5.2Credit Suisse Group AG 12 10.0 7,125 4 7 30.7 -20.7 JC Flowers & Co LLC 12 5.0 1,013 2 21 2.4 2.7Lazard Ltd 13 9.1 6,490 20 12 16.9 -7.8 Citigroup Inc 12 5.0 1,013 4 9 25.6 -20.6Deutsche Bank AG 14 8.6 6,129 4 10 22.1 -13.5 Mediobanca SpA 14 4.7 955 4 20 2.4 2.4HSBC Bank PLC 15 8.1 5,776 7 15 10.2 -2.1 Barclays PLC 15 4.3 861 3 14 10.2 -5.9Natixis SA 16 6.9 4,947 5 37 0.2 6.8 Credit Agricole Corporate & Investment Bank SA 16 4.0 813 3 13 10.6 -6.6Maybank 17 4.8 3,439 1 - - 4.8 William Blair & Co LLC 17 4.0 800 2 37 - 4.0RBC Capital Markets 18 4.8 3,425 5 50 - 4.8 Jefferies LLC 18 3.9 784 2 37 - 3.9Citigroup Inc 19 4.3 3,058 5 8 23.2 -18.9 Nomura Holdings Inc 19 2.6 534 2 17 6.1 -3.5KPMG Corporate Finance LLC 20 2.6 1,873 14 36 0.2 2.5 KPMG Corporate Finance LLC 20 2.4 477 22 30 0.1 2.3

TOTAL 71,269 832 TOTAL 20,231 361

Benelux Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Iberia Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Credit Suisse Group AG 1 19.9 7,458 7 8 12.4 7.5 Morgan Stanley 1 11.7 3,120 3 4 21.6 -9.9Lazard Ltd 2 17.1 6,389 12 2 65.6 -48.6 Goldman Sachs & Co 2 11.5 3,064 3 7 17.0 -5.4Goldman Sachs & Co 3 16.4 6,139 8 3 65.5 -49.2 BNP Paribas SA 3 6.8 1,806 4 19 1.4 5.4Rothschild Ltd 4 15.0 5,624 18 6 52.9 -37.9 Deutsche Bank AG 4 6.5 1,719 2 14 3.1 3.4Deutsche Bank AG 5 11.1 4,172 4 9 9.2 1.9 Citigroup Inc 5 6.2 1,654 6 6 18.5 -12.2UBS AG 6 6.7 2,523 6 19 0.5 6.2 KPMG Corporate Finance LLC 6 5.8 1,539 26 8 12.6 -6.8Morgan Stanley 7 4.5 1,699 4 4 64.6 -60.0 JPMorgan Chase & Co 7 5.0 1,319 2 - - 5.0Citigroup Inc 8 4.5 1,681 10 34 0.3 4.2 PricewaterhouseCoopers LLP 8 3.9 1,039 15 12 4.0 -0.1LionTree Advisors LLC 9 3.0 1,114 1 13 1.9 1.1 Banco Bilbao Vizcaya Argentaria SA 9 3.9 1,032 11 22 0.8 3.1Robey Warshaw LLP 9 3.0 1,114 1 7 52.5 -49.5 Banco Santander SA 10 2.6 701 7 21 1.0 1.6BNP Paribas SA 11 2.9 1,098 11 10 4.5 -1.6 Deloitte Touche Tohmatsu ILA Group Ltd 11 1.4 376 3 30 0.2 1.2Ernst & Young 12 2.9 1,086 4 21 0.5 2.4 Barclays PLC 12 1.3 339 2 39 0.0 1.3NSM VIE ABN Amro 13 2.6 965 3 - - 2.6 Bank of America Merrill Lynch 12 1.3 339 2 10 7.4 -6.1JPMorgan Chase & Co 14 2.3 870 2 1 68.0 -65.7 ING Groep NV 14 1.1 292 3 - - 1.1Intesa Sanpaolo SpA 15 2.2 840 2 20 0.5 1.7 Lazard Ltd 15 1.0 263 2 5 21.0 -20.0Jefferies LLC 16 2.1 784 1 18 0.9 1.2 HSBC Bank PLC 16 0.9 236 1 2 35.7 -34.8HSBC Bank PLC 17 2.1 782 2 15 1.5 0.6 N+1 Srl 17 0.8 212 9 41 - 0.8Evercore Partners Inc 18 1.9 700 3 22 0.5 1.4 Banco Itau BBA SA 18 0.7 192 1 - - 0.7Credit Agricole Corporate & Investment Bank SA 19 1.7 637 2 - - 1.7 Norgestion 19 0.7 174 4 41 - 0.7Azrack & Co 20 1.6 585 1 - - 1.6 Haitong Securities Co Ltd 20 0.5 133 5 25 0.5 -

TOTAL 37,459 676 TOTAL 26,576 355

71,930 38,761

151,083 45,034

MKT SHR CHANGE

2015MKT SHR CHANGE

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)


2016VOLUME USD

(Mln)DEAL

COUNT

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%) RANKMKT SHR

(%)

FIRM

2016 2015

RANK

10

Nordic Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Eastern Europe Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Morgan Stanley 1 23.4 13,394 7 3 41.4 -18.0 Goldman Sachs & Co 1 18.2 4,317 3 15 0.7 17.6Rothschild Ltd 2 22.0 12,606 10 27 0.8 21.2 China Renaissance Partners 2 13.9 3,300 1 18 0.4 13.5Bank of America Merrill Lynch 3 21.1 12,078 5 6 31.0 -10.0 Deutsche Bank AG 3 7.9 1,876 4 29 - 7.9Skandinaviska Enskilda Banken AB 4 20.5 11,747 14 11 11.0 9.4 UBS AG 4 6.4 1,521 3 - - 6.4Svenska Handelsbanken AB 5 19.4 11,133 8 28 0.7 18.7 Citigroup Inc 5 5.5 1,293 5 2 7.5 -2.1Centerview Partners LLC 6 17.3 9,897 1 - - 17.3 Morgan Stanley 6 4.3 1,017 3 7 4.3 -0.1Mizuho Financial Group Inc 7 15.0 8,600 1 57 - 15.0 VTB Capital JSC 7 3.9 925 4 29 - 3.9Raine Group LLC 7 15.0 8,600 1 57 - 15.0 Standard Chartered Bank 8 2.9 689 1 - - 2.9Goldman Sachs & Co 9 10.8 6,198 8 4 37.2 -26.4 JPMorgan Chase & Co 9 2.5 598 3 1 15.7 -13.1Citigroup Inc 10 6.9 3,978 4 2 49.5 -42.6 Bank of America Merrill Lynch 10 1.4 328 2 - - 1.4Lazard Ltd 11 6.7 3,814 5 12 7.2 -0.5 PricewaterhouseCoopers LLP 11 1.1 270 6 21 0.2 0.9Jefferies LLC 12 6.3 3,595 3 57 - 6.3 Jamieson Corporate Finance LLP 11 1.1 270 1 - - 1.1Credit Suisse Group AG 13 6.2 3,565 4 6 31.0 -24.8 UniCredit SpA 11 1.1 270 6 29 - 1.1Carnegie Fondkommission AB 14 5.6 3,217 11 44 0.1 5.5 Rothschild Ltd 14 0.8 180 10 11 1.5 -0.7Deutsche Bank AG 15 5.2 2,953 5 1 50.3 -45.2 Barclays PLC 15 0.7 158 1 4 6.6 -5.9Arctic Securities AS 16 5.1 2,903 3 32 0.3 4.7 Ernst & Young 16 0.6 141 8 10 1.7 -1.1Nordea Bank AB 17 4.5 2,566 6 14 2.8 1.7 Bank of Nova Scotia/The 17 0.5 125 2 - - 0.5JPMorgan Chase & Co 18 3.9 2,213 7 5 37.0 -33.1 Grant Thornton International Ltd 18 0.4 98 1 - - 0.4UBS AG 19 3.1 1,794 4 57 - 3.1 Valence Group LLC/The 19 0.4 91 1 - - 0.4Danske Bank A/S 20 2.7 1,554 7 37 0.2 2.5 Macquarie Group Ltd 20 0.4 91 2 - - 0.4

TOTAL 57,347 901 TOTAL 23,709 487

Africa/Middle East Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 11.6 5,228 3 4 13.7 -2.2Rothschild Ltd 2 6.7 3,021 4 23 2.2 4.5Gresham Partners Ltd 3 6.4 2,865 2 - - 6.4Grant Samuel Securities Pty Ltd 3 6.4 2,865 2 - - 6.4Jefferies LLC 5 5.8 2,610 5 18 3.2 2.6Citigroup Inc 6 5.7 2,553 5 10 7.0 -1.4JLL Partners Inc 7 5.5 2,501 1 54 0.1 5.4CBRE Capital Advisors Inc 7 5.5 2,501 1 - - 5.5JPMorgan Chase & Co 9 5.1 2,283 4 2 16.9 -11.8Credit Suisse Group AG 10 4.7 2,119 4 14 4.3 0.5Macquarie Group Ltd 11 3.9 1,777 2 57 0.0 3.9Lazard Ltd 12 3.6 1,628 3 15 4.2 -0.6Greenhill & Co Inc 13 3.6 1,628 5 - - 3.6Moelis & Co 14 3.2 1,463 4 9 8.4 -5.1UBS AG 15 3.1 1,387 4 27 1.5 1.6Jones Lang LaSalle Inc 16 2.4 1,100 1 - - 2.4Ernst & Young 17 1.9 877 4 17 3.5 -1.5RBC Capital Markets 17 1.9 877 1 21 2.3 -0.4Barclays PLC 19 1.7 769 4 7 10.5 -8.8BNP Paribas SA 20 1.4 650 2 36 0.4 1.1

TOTAL 45,126 708

38,229 23,126

53,611

FIRM


2016 2015

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

FIRMDEAL

COUNT RANKMKT SHR

(%)

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNTRANK

MKT SHR CHANGE


MKT SHR (%)

VOLUME USD (Mln)

11

DateTotal Value

(Mln.)

Number of deals 5,427

Volume (Bln.) $434.6

Avg Deal Size (Mln.) $80.1

Morgan Stanley

Number of deals 35

Volume (Bln.) $57.4

Avg Deal Size (Bln.) $1.6

Deal TypeAmount

(Bln.)% Change

Deal Count% YoY

Change

Company Takeover $207.2 -1.6% -23.7%

Cross Border $141.7 2.1% -5.8%

Private Equity $74.6 8.4% 15.7%

Asset Sale $54.7 -5.4% 18.5%

Tender Offer $17.5 -9.2% 90.6%

Venture Capital $31.9 8.1% 153.2%

Spin-off $10.0 -5.6% -59.2%

Minority Purchase $94.9 11.5% 30.3%

Majority Purchase $63.8 -4.9% 17.1%

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

$9,868.1

Multiple Acquirers $9,405.8

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

1H

2016

APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1H 2016

Summary Target Acquirer Seller

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

-

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

5/23/2016 SF Holdings Group Co LtdMaanshan Dingtai Rare Earth&New Material Co

Ltd- $7,499.8

Top Adviser3/30/2016 Sharp Corp/Japan Multiple Acquirers - $7,526.3

3/15/2016 Asciano Ltd

Japan M&A: Quarterly Volume

$6,926.36/19/2016Shenzhen Metro Qianhai

Intl Dvlpt Co LtdChina Vanke Co Ltd

Shenzhen Metro Group Co Ltd

27%

16%

15%

12%

10%

7%

5% 3% 3% 2%

APAC Industry Breakdown Financial

Industrial

Consumer Cyclical

Communications

Consumer Non-cyclical

Technology

Basic Materials

Energy

Diversified

Utilities

0

2,000

4,000

6,000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60


0

500

1,000

1,500

2,000

$0

$100

$200

$300


0

500

1,000

$0

$50

$100


• In 1H2016, M&A volume involving APAC-based parties decreased marginally by 3.4% YoY to $612.2billion despite a 4.0% increase in deal count. Greater China continued to dominate the region’stransaction activity, accounting for 65.7% of the total deal volume.

• Outbound M&A activity from APAC in 1H2016 increased by 10.8% YoY to $150.1 billion. Europeemerged as the most targeted region for APAC acquirers, accounting for 53.0% of deal volume fromoutbound activity, a 51.3% increase from the same period last year. China National Chemical Corp’stakeover of Syngenta AG for $46.3 billion contributed to 58.2% of this figure.

• Blackrock Inc’s sale of Asia Square Tower 1 to Qatar Investment Authority for $2.5 billion was thelargest asset sale on record in Singapore, despite falling rental prices.

12

APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 19.6 108,062 48 1 18.0 1.5 Goldman Sachs & Co 1 11.1 44,342 35 1 19.4 -8.4China International Capital Corp Ltd 2 18.1 100,063 24 39 0.8 17.3 China International Capital Corp Ltd 2 10.2 40,730 20 36 1.0 9.2JPMorgan Chase & Co 3 16.2 89,528 34 5 15.2 1.1 Credit Suisse Group AG 3 8.3 33,347 25 5 13.3 -5.0Credit Suisse Group AG 4 15.5 85,800 34 2 16.6 -1.1 JPMorgan Chase & Co 4 8.0 31,867 22 8 9.9 -2.0UBS AG 5 13.9 76,502 27 12 6.9 7.0 UBS AG 5 6.5 26,069 18 17 3.8 2.7HSBC Bank PLC 6 11.4 62,952 10 7 14.1 -2.7 Huatai Securities Co Ltd 6 6.2 24,901 25 19 3.6 2.6Morgan Stanley 7 10.5 57,867 35 8 13.7 -3.2 Morgan Stanley 7 6.0 24,094 21 4 13.5 -7.5China Construction Bank Corp 8 8.6 47,347 9 120 0.1 8.5 CITIC Securities Co Ltd 8 5.7 22,989 9 13 6.7 -0.9China CITIC Bank Corp Ltd 9 8.4 46,312 1 - - 8.4 Macquarie Group Ltd 9 4.4 17,663 19 12 7.0 -2.6Citigroup Inc 10 5.4 29,638 36 6 14.4 -9.0 Citigroup Inc 10 3.6 14,257 22 9 9.3 -5.7CITIC Securities Co Ltd 11 5.0 27,451 11 17 5.4 -0.5 Gresham Partners Ltd 11 3.3 13,161 7 32 1.4 1.9Bank of America Merrill Lynch 12 4.8 26,449 15 3 15.7 -10.9 Southwest Securities Co Ltd 12 3.3 13,108 11 28 1.7 1.6Huatai Securities Co Ltd 13 4.7 25,681 26 24 3.0 1.7 HSBC Bank PLC 13 3.1 12,551 4 3 13.7 -10.6Mizuho Financial Group Inc 14 3.5 19,454 10 23 3.0 0.5 Grant Samuel Securities Pty Ltd 14 3.1 12,386 4 20 3.1 -Macquarie Group Ltd 15 3.3 18,123 22 10 7.7 -4.4 Bank of America Merrill Lynch 15 2.7 10,977 9 7 10.4 -7.6Grant Samuel Securities Pty Ltd 16 2.7 14,799 5 25 2.5 0.2 China Merchants Securities Co Ltd 16 2.5 9,878 9 41 0.7 1.8Deutsche Bank AG 17 2.4 13,165 15 4 15.2 -12.8 China Securities Co Ltd 17 2.4 9,397 14 46 0.6 1.8Gresham Partners Ltd 18 2.4 13,161 7 31 1.5 0.9 China Development Bank Corp 18 1.9 7,500 1 - - 1.9Southwest Securities Co Ltd 19 2.4 13,108 11 32 1.4 1.0 Haitong Securities Co Ltd 19 1.8 7,087 20 25 1.9 -0.2Lazard Ltd 20 2.2 12,354 19 21 3.7 -1.4 Lazard Ltd 20 1.6 6,492 7 24 2.3 -0.7

TOTAL 552,439 5,494 TOTAL 400,270 4,600

APAC Private Equity (Any Involvement) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 22.4 27,726 22 21 2.8 19.6JPMorgan Chase & Co 2 15.9 19,595 11 2 21.4 -5.5Credit Suisse Group AG 3 14.8 18,234 11 8 10.5 4.3UBS AG 4 12.0 14,844 9 11 6.9 5.1Macquarie Group Ltd 5 10.2 12,604 10 7 11.7 -1.5Gresham Partners Ltd 6 9.9 12,270 5 23 2.1 7.8Grant Samuel Securities Pty Ltd 6 9.9 12,270 3 - - 9.9Citigroup Inc 8 9.3 11,491 14 5 14.1 -4.9China International Capital Corp Ltd 9 7.5 9,288 3 71 0.0 7.5Lazard Ltd 10 5.7 7,043 7 22 2.2 3.5Morgan Stanley 11 4.7 5,757 10 3 20.2 -15.6China Renaissance Partners 12 3.8 4,667 6 28 1.5 2.3Moelis & Co 13 3.7 4,571 6 4 16.9 -13.2Barclays PLC 14 2.6 3,223 5 31 1.3 1.3Mizuho Financial Group Inc 15 2.3 2,868 7 26 1.8 0.6JLL Partners Inc 16 2.0 2,501 1 79 - 2.0CBRE Capital Advisors Inc 16 2.0 2,501 1 32 1.2 0.8Nomura Holdings Inc 18 1.9 2,305 10 27 1.7 0.2Rothschild Ltd 19 1.8 2,241 8 17 3.9 -2.1Ernst & Young 20 1.7 2,139 6 20 2.9 -1.2

TOTAL 123,606 1,234

2015MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)VOLUME USD

(Mln)

FIRM

2016 2015MKT SHR CHANGE

567,416

FIRM


2016

RANK

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

462,732

98,539

MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

13

AU & NZ Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Japan Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Macquarie Group Ltd 1 40.4 18,123 22 2 28.8 11.6 Morgan Stanley 1 36.4 35,109 26 3 21.0 15.4Goldman Sachs & Co 2 40.0 17,960 12 18 7.8 32.2 Mizuho Financial Group Inc 2 27.4 26,399 46 2 26.9 0.4Grant Samuel Securities Pty Ltd 3 33.0 14,799 5 4 19.8 13.2 Nomura Holdings Inc 3 24.1 23,227 52 1 31.3 -7.2Credit Suisse Group AG 4 31.4 14,115 10 9 11.8 19.7 JPMorgan Chase & Co 4 12.2 11,750 4 5 15.7 -3.6UBS AG 5 31.4 14,104 9 3 25.6 5.8 Bank of America Merrill Lynch 5 9.6 9,217 5 4 20.7 -11.1Gresham Partners Ltd 6 29.3 13,161 7 10 11.7 17.6 Raine Group LLC 6 8.9 8,600 1 54 - 8.9JPMorgan Chase & Co 7 23.5 10,540 5 6 18.8 4.7 Lazard Ltd 7 7.2 6,897 4 7 11.9 -4.7Citigroup Inc 8 10.5 4,701 8 12 10.5 0.0 Credit Suisse Group AG 8 6.5 6,234 3 12 9.9 -3.4Deutsche Bank AG 9 9.0 4,034 5 7 18.3 -9.3 Daiwa Securities Group Inc 9 6.3 6,099 34 18 3.8 2.5Morgan Stanley 10 4.8 2,140 2 11 11.4 -6.6 Sumitomo Mitsui Financial Group Inc 10 5.1 4,917 36 6 12.6 -7.5Lazard Ltd 11 2.6 1,146 4 16 8.7 -6.2 Deutsche Bank AG 11 4.0 3,856 2 14 7.3 -3.3Greenhill & Co Inc 12 1.9 871 3 23 2.1 -0.1 China International Capital Corp Ltd 12 3.6 3,500 1 - - 3.6Moelis & Co 13 1.8 824 3 5 19.6 -17.7 Rothschild Ltd 13 3.5 3,416 5 22 2.2 1.4Guosen Securities Co Ltd 14 1.7 755 1 - - 1.7 Wells Fargo & Co 14 3.2 3,055 1 - - 3.2Ernst & Young 15 1.7 751 5 31 1.0 0.7 Citigroup Inc 14 3.2 3,055 3 8 11.4 -8.2Nomura Holdings Inc 16 1.6 729 3 40 0.4 1.3 National Bank Financial Inc 16 2.2 2,092 1 - - 2.2Bank of America Merrill Lynch 17 1.1 485 1 1 29.7 -28.7 Barclays PLC 17 1.7 1,609 2 21 2.4 -0.7Centerview Partners LLC 18 1.1 480 1 19 5.8 -4.7 Moelis & Co 18 1.3 1,268 7 30 0.5 0.8Australia & New Zealand Banking Group Ltd 19 0.7 333 1 62 - 0.7 UBS AG 19 1.2 1,179 2 27 1.3 0.0PricewaterhouseCoopers LLP 20 0.6 288 11 30 1.0 -0.4 Frontier Management Inc 20 1.1 1,043 7 35 0.3 0.8

TOTAL 44,889 819 TOTAL 96,449 1,519

South Korea Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 China Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Credit Suisse Group AG 1 16.1 5,340 5 2 57.0 -41.0 China International Capital Corp Ltd 1 26.4 100,063 24 22 2.0 24.5Mirae Asset Daewoo Co Ltd 2 13.0 4,321 2 - - 13.0 Goldman Sachs & Co 2 24.2 91,805 20 11 4.6 19.7Ernst & Young 3 9.1 3,024 7 15 1.0 8.1 JPMorgan Chase & Co 3 18.1 68,678 17 1 14.1 4.1Morgan Stanley 4 8.2 2,736 4 3 56.5 -48.3 UBS AG 4 18.1 68,431 13 21 2.0 16.1PricewaterhouseCoopers LLP 5 7.8 2,575 15 4 45.8 -38.0 Credit Suisse Group AG 5 16.7 63,380 10 9 5.2 11.6Samsung Securities Co Ltd 6 5.4 1,777 2 8 17.4 -12.0 HSBC Bank PLC 6 14.4 54,388 6 7 6.6 7.8Bank of America Merrill Lynch 7 3.8 1,251 2 14 1.1 2.7 China Construction Bank Corp 7 12.5 47,213 7 83 0.1 12.4Mizuho Financial Group Inc 8 3.5 1,167 1 - - 3.5 China CITIC Bank Corp Ltd 8 12.2 46,312 1 - - 12.2Goldman Sachs & Co 9 3.5 1,164 4 1 57.5 -54.0 Morgan Stanley 9 9.7 36,767 17 5 7.2 2.5JPMorgan Chase & Co 10 2.3 777 2 9 4.6 -2.2 CITIC Securities Co Ltd 10 7.3 27,451 11 3 12.7 -5.4Standard Chartered Bank 11 2.1 689 1 13 1.1 1.0 Huatai Securities Co Ltd 11 6.8 25,652 23 6 6.9 -0.2Citigroup Inc 11 2.1 689 1 7 39.4 -37.3 Bank of America Merrill Lynch 12 4.5 17,169 6 4 11.5 -7.0Barclays PLC 13 1.6 547 1 - - 1.6 Citigroup Inc 13 4.2 15,922 15 20 2.0 2.2Nomura Holdings Inc 14 1.1 351 1 16 0.8 0.3 Southwest Securities Co Ltd 14 3.5 13,108 11 17 3.3 0.2Business Development Asia LLC 15 0.8 256 1 - - 0.8 Lazard Ltd 15 2.8 10,579 12 10 5.0 -2.2G2 Capital Advisors LLC 16 0.7 230 1 - - 0.7 China Merchants Securities Co Ltd 16 2.6 9,915 10 26 1.3 1.3Cowen & Co LLC 17 0.2 66 1 - - 0.2 Gresham Partners Ltd 17 2.5 9,579 2 - - 2.5Raymond James & Associates Inc 18 0.2 54 1 - - 0.2 Grant Samuel Securities Pty Ltd 18 2.5 9,406 1 - - 2.5KeyBanc Capital Markets Inc 19 0.2 50 1 - - 0.2 Macquarie Group Ltd 18 2.5 9,406 1 - - 2.5Woodbridge Group Inc 20 0.0 14 1 - - 0.0 China Securities Co Ltd 20 2.5 9,397 14 29 1.1 1.4

TOTAL 33,240 744 TOTAL 378,812 1,84267,819 242,528

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

72,289 92,172

FIRM



MKT SHR (%)

VOLUME USD (Mln)

14

Hong Kong Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 Taiwan Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 10.2 5,547 8 3 37.7 -27.5 JPMorgan Chase & Co 1 57.2 12,020 3 8 3.9 53.4Citigroup Inc 2 8.2 4,474 2 14 3.2 5.0 Morgan Stanley 2 41.0 8,613 3 1 28.4 12.7HSBC Bank PLC 3 7.5 4,073 2 1 53.2 -45.7 Mizuho Financial Group Inc 3 40.1 8,415 2 - - 40.1Somerley Group Ltd 4 7.2 3,923 11 2 38.4 -31.2 Credit Suisse Group AG 4 31.4 6,605 3 9 3.1 28.4Moelis & Co 5 6.7 3,658 2 5 16.4 -9.7 Citigroup Inc 5 17.2 3,605 1 - - 17.2Bank of America Merrill Lynch 6 6.0 3,233 2 11 6.4 -0.5 Goldman Sachs & Co 6 14.2 2,980 2 5 7.1 7.1Quam Securities Co Ltd 7 5.1 2,786 2 30 0.2 4.9 Yuanta Securities Co Ltd 7 3.4 721 3 15 0.7 2.7BMO Capital Markets Corp/Toronto 8 3.6 1,940 2 80 - 3.6 China Securities Co Ltd 8 2.9 598 1 - - 2.9Platinum Securities Co Ltd 9 3.4 1,829 3 - - 3.4 Wells Fargo & Co 9 1.2 246 1 - - 1.2Ernst & Young 10 2.7 1,469 1 35 0.2 2.5 PricewaterhouseCoopers LLP 10 1.0 217 4 2 27.6 -26.6Samsung Securities Co Ltd 10 2.7 1,469 1 - - 2.7 RBC Capital Markets 11 0.9 196 1 - - 0.9Credit Suisse Group AG 10 2.7 1,469 1 17 3.0 -0.3 Evercore Partners Inc 11 0.9 196 1 - - 0.9CIBC 13 2.6 1,400 2 - - 2.6 Moelis & Co 11 0.9 196 1 - - 0.9RBC Capital Markets 14 2.5 1,340 1 14 3.2 -0.7 KPMG Corporate Finance LLC 14 0.9 190 1 20 - 0.9JPMorgan Chase & Co 15 2.4 1,318 6 7 11.6 -9.1 KGI Securities Co Ltd 15 0.3 56 1 14 0.8 -0.5China Construction Bank Corp 16 1.9 1,035 8 32 0.2 1.7 Skandinaviska Enskilda Banken AB 16 0.3 54 1 - - 0.3PricewaterhouseCoopers LLP 17 1.9 1,029 1 22 0.5 1.4 Huatai Securities Co Ltd 17 0.1 30 2 - - 0.1Huatai Securities Co Ltd 18 1.7 924 4 10 8.5 -6.8 Cushman & Wakefield Inc 18 0.1 17 1 - - 0.1Rothschild Ltd 19 1.6 890 2 13 3.6 -1.9 Nomura Holdings Inc 19 0.0 8 1 - - 0.0Guosen Securities Co Ltd 20 1.4 755 1 - - 1.4 Veda Capital Ltd 20 - 1 - - -

TOTAL 54,332 723 TOTAL 21,006 124

Southeast Asia Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016 India Announced Deals (Any Involvement) 01/01/2016 - 06/30/2016

Goldman Sachs & Co 1 28.1 22,194 12 17 2.7 25.4 JM Financial Ltd 1 19.4 4,644 6 1 59.7 -40.3Credit Suisse Group AG 2 22.0 17,392 12 3 40.8 -18.8 Standard Chartered Bank 2 11.9 2,834 5 11 4.1 7.8JPMorgan Chase & Co 3 21.3 16,828 8 2 46.4 -25.1 Barclays PLC 3 10.7 2,555 2 20 0.8 9.9UBS AG 4 18.2 14,367 7 24 0.7 17.5 ICICI Bank Ltd 4 9.9 2,361 3 27 0.4 9.5Macquarie Group Ltd 5 16.9 13,323 4 51 0.2 16.7 UBS AG 5 6.9 1,639 2 - - 6.9Gresham Partners Ltd 6 15.5 12,270 3 - - 15.5 Credit Suisse Group AG 6 6.5 1,559 3 16 1.9 4.7Grant Samuel Securities Pty Ltd 6 15.5 12,270 3 - - 15.5 State Bank of India 7 6.2 1,478 3 56 - 6.2Morgan Stanley 8 11.1 8,782 8 12 7.6 3.5 Mizuho Financial Group Inc 8 4.9 1,179 2 - - 4.9Maybank 9 7.5 5,930 4 23 0.8 6.7 Deloitte Touche Tohmatsu ILA Group Ltd 9 4.9 1,179 6 22 0.6 4.3Citigroup Inc 10 7.3 5,766 9 5 36.5 -29.2 Morgan Stanley 10 4.7 1,131 3 6 8.3 -3.6BNP Paribas SA 11 5.7 4,492 2 - - 5.7 Citigroup Inc 11 3.2 757 5 4 15.2 -12.0Credit Agricole Corporate & Investment Bank SA 11 5.7 4,492 2 40 0.2 5.5 Axis Bank Ltd 12 3.1 735 2 2 53.0 -49.9HSBC Bank PLC 11 5.7 4,492 2 13 6.7 -1.0 Goldman Sachs & Co 13 2.6 629 4 13 3.0 -0.3Rothschild Ltd 14 5.3 4,153 7 28 0.5 4.7 KPMG Corporate Finance LLC 14 2.6 617 11 24 0.5 2.1Bank of America Merrill Lynch 15 5.0 3,989 3 1 53.5 -48.5 Ernst & Young 15 1.6 388 13 14 2.9 -1.3Societe Generale SA 16 4.4 3,439 1 - - 4.4 Greenhill & Co Inc 16 1.5 350 2 - - 1.5Natixis SA 16 4.4 3,439 1 - - 4.4 Bank of America Merrill Lynch 17 1.4 323 1 5 10.7 -9.4China Renaissance Partners 18 4.2 3,300 2 20 1.1 3.1 Moelis & Co 18 1.3 305 3 23 0.5 0.7JLL Partners Inc 19 3.2 2,501 1 - - 3.2 JPMorgan Chase & Co 19 0.8 180 2 8 5.7 -5.0CBRE Capital Advisors Inc 19 3.2 2,501 1 - - 3.2 Kotak Mahindra Bank Ltd 20 0.7 156 4 19 1.3 -0.6

TOTAL 79,091 1,118 TOTAL 23,915 890

RANKMKT SHR

(%)FIRM


2016 2015

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)VOLUME USD

(Mln)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

118,152 9,050

88,627 40,360

MKT SHR CHANGE

DEAL COUNT

15

Bloomberg League Criteria

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

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

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

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

Advisory fees hold no weight over advisory credit.

General Database Criteria

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

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

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

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

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

16

Documents

FINANCIAL RANKINGS