global m/a

GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 2015

CONTENTS

1. Introduction2. Global M&A Year in Review3. Global M&A Heat Map4. Global M&A Regional Review5. Global M&A League Tables6. Americas M&A Regional Review7. Americas M&A League Tables9. EMEA M&A Regional Review10. EMEA M&A League Tables13. APAC M&A Regional Review14. APAC M&A League Tables17. Disclaimer

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Rachel Campanelli +1-646-324-4657 [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.

2015

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

©2015 Bloomberg Finance L.P. All rights reserved. 1

mailto:[email protected]



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

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

• Target: BG Group PLC •Acquirer: Royal DutchShell PLC • USD 79.3B

• Target: Altera Corp•Acquirer: Intel Corp• USD 14.4B

• Target: PrecisionCastparts Corp •Acquirer: BerkshireHathaway Inc • USD 35.7B

• Target: SABMiller PLC • Acquirer: Anheuser -Busch InBev SA/NV • USD 120.5B

• Target: EI du Pont deNemours & Co •Acquirer: The Dow Chemical Co • USD 65.6B

• Target: HutchisonWhampoa Ltd • Acquirer: CKHutchison Holdings Ltd • USD 41.7B

• Target: Kraft FoodsGroup Inc • Acquirer: H.J. HeinzCo • USD 55.4B

Target: Time Warner Cable Inc • Acquirer: Charter Communications Inc • USD 79.2B

• Target: Cigna Corp• Acquirer: Anthem Inc• USD 50.4B

• Target: The WilliamsCos Inc • Acquirer: Energy Transfer Equity LP • USD 58.1B

• Target: Pfizer Inc• Acquirer: Allergan PLC • USD 183.7B

A Year in Review: Top M&A Deals

• Target: Hospira Inc• Acquirer: Pfizer Inc • USD 16.8B

By John E. Morris, Editor

Global M&A volume soared in 2015 to $4.3 trillion, surpassing its previous peak of $4.1 trillion in 2007. The most striking feature of the M&A landscape in 2015 was the number of very large deals — 57 worth more than $10 billion. That compares to 39 in 2007 and 50 in 2006. There were nine deals announced in 2015 worth more than $50 billion. North America and Asia-Pacific accounted for the majority of M&A activity in 2015 while Europe and the rest of the world’s contributions receded. The combined value of M&A involving North American targets was $2.3 trillion in 2015, up 27.8% from 2014, according to data compiled by Bloomberg. North America accounted for 53.5% of global deal volume in 2015, compared to a contribution of 43.9% in 2007. Meanwhile, European and Latin American deal volumes were each off more than 40% from their 2007 levels. European targets accounted for just 20.2% of deal value in 2015, compared to their 36.6% share in 2007. Deal multiples — the prices buyers paid measured against key financial metrics — rose sharply. Median deal multiples for revenue (1.7x), net income (23.7x), Ebitda (11.2x) and free cash flow (33.1x) all surpassed their 2007 levels. The median multiples of revenue and free cash flow both rose more than 20% from 2014.

Global M&A Year in Review

2

Scale in USD Bln. 0 - 81

82 - 135136 - 270271 - 540541 - 810

811 - 1,3501,351 - 2,0252,026 - 2,4302,431 - 2,700

2,701 -

Global M&A Heat Map

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 2015.

Eastern Europe USD 60.0B 1. JP Morgan Chase & Co 20.8%2. VTB Capital 12.8% 3. Morgan Stanley 11.1%

Asia Pacific USD 1.4T 1. Morgan Stanley 17.0% 2. Goldman Sachs & Co 16.1%3. Citigroup Inc 11.7%

Western Europe USD 1.2T 1. Goldman Sachs & Co 40.9%2. JP Morgan Chase & Co 38.2%3. Morgan Stanley 36.6%

Latin America & Caribbean USD 124.9B 1. Rothschild Ltd 14.0% 2. Goldman Sachs & Co 13.6% 3. Banco Itau BBA 13.6%

Middle East & Africa USD 169.5B 1. JP Morgan Chase & Co 40.5%2. Barclays PLC 27.7% 3. Greenhill & Co 23.9%

North America USD 2.7T 1. Goldman Sachs & Co 37.1%2. Morgan Stanley 36.1% 3. JP Morgan Chase & Co 35.6%

3

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 38,644 Consumer Non-cyclical $1,090.3 25.0% 57.1%

Volume (Bln.) $4,321 Financial $838.4 19.2% 26.4%

Avg Deal Size (Mln.) $112 Industrial $477.8 10.9% 44.7%

Communications $463.5 10.6% 4.3%

Energy $424.7 9.7% -11.3%

Goldman Sachs & Co Technology $364.8 8.4% 112.0%

Number of deals 381 Consumer Cyclical $301.0 6.9% -8.2%

Volume (Bln.) $1,477.4 Basic Materials $211.5 4.8% 37.0%

Avg Deal Size (Bln.) $3.9 Utilities $112.8 2.6% 1.6%

Diversified $81.5 1.9% 167.7%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $2,943.1 14.8% 53.4%

Cross Border $1,696.7 21.4% 21.9%

Private Equity $817.4 23.7% 16.0%

Asset Sale $685.7 7.0% 4.8%

Tender Offer $229.0 -1.3% -18.8%

Venture Capital $114.9 25.4% 46.1%

Spin-off $41.7 -9.5% -81.6%

Minority Purchase $378.0 24.8% 22.8%

Majority Purchase $220.5 10.3% -14.7%

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

Deal Type

Global M&A: Deal Type Breakdown

Charter Communications Inc

-

11/23/2015 $183,744.1

10/13/2015 $120,481.3SABMiller PLCAnheuser-Busch InBev

SA/NV-

12/11/2015

Top Adviser

$65,590.6EI du Pont de Nemours & Co Dow Chemical Co/The -

-Time Warner Cable Inc

4/8/2015 $79,308.5

5/26/2015 $79,249.7

BG Group PLC Royal Dutch Shell PLC

Global M&A: Industry Breakdown

Glo

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&A

Revi

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201

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

Global M&A: Highlights of 2015

Summary IndustryAcquirerTarget Seller

Pfizer Inc Allergan plc -

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$1,600

2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4

Volume (Bln.) Deal Count

19%

38%

35%

6%

1% 1%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global merger and acquisition activity surged in 2015, reaching $4.3 trillion in volume and 38,644 in dealcount, making it the most active year on record. The United States contributed $2.1 trillion in purchasesrepresenting 48.8% of global activity. The market environment in 2015 proved conducive for deal makingdue to the abundance of usable cash on corporate balance sheets, inexpensive debt, and low interestrates.

• Deals in the technology space swelled in 2015, attaining $364.8 billion in volume and over 5,000 in dealcount, increasing 167.8% and 25.6% compared to 2014 figures respectively. Dell Inc’s announced $63.5billion purchase of EMC Corp contributed to 17.4% of the industry’s increase and represented the largesttechnology deal announced on record.

• Due to the abundance of large deals, the average size of the top ten deals announced this year rose to$79.7 billion in 2015 up 81.1% from $44.0 billion of volume seen in 2014.

4

Global Announced Deals 01/01/2015 - 12/31/2015 Cross Border Announced Deals 01/01/2015 - 12/31/2015

Goldman Sachs & Co 1 34.2 1,477,345 381 1 30.3 3.9 JPMorgan Chase & Co 1 37.2 632,038 170 3 22.5 14.7Morgan Stanley 2 32.4 1,399,125 363 4 18.0 14.4 Goldman Sachs & Co 2 31.3 531,188 209 1 32.4 -1.1JPMorgan Chase & Co 3 30.4 1,314,093 304 3 18.4 12.0 Morgan Stanley 3 31.2 528,733 184 2 26.6 4.5Bank of America Merrill Lynch 4 23.3 1,005,664 243 2 20.4 2.9 Bank of America Merrill Lynch 4 30.0 509,271 138 7 17.2 12.8Credit Suisse Group AG 5 17.3 747,940 204 9 10.4 6.9 Lazard Ltd 5 19.4 328,383 135 5 18.7 0.6Citigroup Inc 6 17.0 734,744 268 5 17.1 -0.1 Deutsche Bank AG 6 18.4 312,628 107 4 19.6 -1.2Lazard Ltd 7 16.0 692,926 221 7 13.7 2.3 Barclays PLC 7 18.3 310,964 104 9 12.1 6.2Barclays PLC 8 14.2 614,201 189 6 14.2 0.0 Credit Suisse Group AG 8 14.5 245,641 105 8 12.3 2.2Deutsche Bank AG 9 13.5 581,289 182 8 11.9 1.6 Rothschild Ltd 9 13.0 219,757 210 10 11.7 1.3Centerview Partners LLC 10 11.2 485,778 40 12 4.6 6.6 Citigroup Inc 10 12.2 206,726 146 6 18.4 -6.2UBS AG 11 9.4 403,959 154 11 5.4 3.9 Robey Warshaw LLP 11 11.8 200,349 3 39 0.9 10.9Guggenheim Capital LLC 12 8.2 353,463 18 48 0.6 7.6 BNP Paribas SA 12 11.3 192,314 75 11 7.1 4.2Moelis & Co 13 7.6 329,652 103 31 1.2 6.4 UBS AG 13 7.5 126,951 85 13 6.9 0.6Rothschild Ltd 14 6.8 294,892 309 10 6.1 0.7 Standard Bank of South Africa Ltd/The 14 7.2 121,881 4 205 0.0 7.2Evercore Partners Inc 15 6.3 272,566 134 15 3.7 2.6 HSBC Bank PLC 15 4.8 80,778 52 14 5.8 -1.0RBC Capital Markets 16 5.0 217,872 134 17 3.4 1.6 Evercore Partners Inc 16 4.2 70,753 54 22 2.8 1.4BNP Paribas SA 17 4.8 205,879 106 13 4.1 0.7 Moelis & Co 17 3.6 60,275 47 52 0.6 3.0Robey Warshaw LLP 18 4.6 200,349 3 47 0.6 4.0 Greenhill & Co Inc 18 3.4 57,581 27 41 0.8 2.6LionTree Advisors LLC 19 4.0 172,511 12 145 0.1 3.9 Societe Generale SA 19 2.6 44,292 34 16 4.2 -1.6HSBC Bank PLC 20 3.6 155,385 67 19 2.7 0.9 Macquarie Group Ltd 20 2.5 42,498 51 19 3.6 -1.1

TOTAL 4,322,112 38,654 TOTAL 1,697,493 14,274

Global Private Equity Announced Deals 01/01/2015 - 12/31/2015

JPMorgan Chase & Co 1 23.3 190,539 99 3 19.6 3.7Goldman Sachs & Co 2 20.0 163,440 138 1 28.2 -8.2Morgan Stanley 3 19.8 162,215 118 2 20.5 -0.7Bank of America Merrill Lynch 4 17.8 145,512 83 7 15.4 2.4Citigroup Inc 5 15.4 125,947 78 6 15.9 -0.5Credit Suisse Group AG 6 13.3 108,477 77 10 9.7 3.5Barclays PLC 7 12.3 100,238 82 5 16.3 -4.0Deutsche Bank AG 8 11.8 96,279 62 4 17.2 -5.4Centerview Partners LLC 9 6.5 53,359 15 16 4.5 2.0UBS AG 10 6.2 51,054 47 9 9.7 -3.5Wells Fargo & Co 11 5.7 46,820 26 12 5.5 0.2RBC Capital Markets 12 5.6 45,858 45 11 8.0 -2.4Rothschild Ltd 13 5.4 43,888 129 13 5.5 -0.1Macquarie Group Ltd 14 5.0 40,448 41 20 2.8 2.1Moelis & Co 15 4.4 35,642 49 28 1.6 2.8Lazard Ltd 16 3.5 28,403 92 8 12.3 -8.8Jefferies LLC 17 3.4 28,060 71 15 4.8 -1.4BNP Paribas SA 18 3.4 27,643 33 22 2.7 0.7Guggenheim Capital LLC 19 2.9 23,450 5 63 0.3 2.6PJT Partners Inc 20 2.7 21,759 14 - - 2.7

TOTAL 817,933 10,695

1,391,783

FIRM

2015 2014MKT SHR CHANGE

FIRM

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

3,397,409

2014MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

2015 2014MKT SHR CHANGE FIRM

2015MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

704,548

5

Country

United States $2,189.0 93.2% 33.6%

Canada $68.2 2.9% -42.6%

Brazil $39.3 1.7% -29.6%

Mexico $14.6 0.6% -29.2%

British Virgin Islands $8.4 0.4% 8.7%

Bermuda $8.1 0.3% 70.8%

Chile $5.8 0.2% -70.4%

Colombia $0.5 0.0% -87.0%

DateTotal Value

(Mln.)Amount


Change

Number of deals 16,812 Consumer Non-cyclical $733.8 31.2% 51.2%

Volume (Bln.) $2,348.4 Financial $357.3 15.2% 42.3%

Avg Deal Size (Mln.) $139.7 Technology $274.9 11.7% 120.6%

Energy $231.1 9.8% -37.1%

Communications $218.7 9.3% -12.7%

Goldman Sachs & Co Industrial $205.3 8.7% 90.6%

Number of deals 228 Consumer Cyclical $135.5 5.8% -10.0%

Volume (Bln.) $933.7 Basic Materials $129.8 5.5% 64.2%

Avg Deal Size (Bln.) $4.1 Utilities $57.8 2.5% -18.5%

Diversified $6.9 0.3% -21.8%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,788.8 9.6% 51.2%

Cross Border $600.1 20.4% 15.3%

Private Equity $469.8 17.9% 24.5%

Asset Sale $372.0 0.4% 7.9%

Tender Offer $111.9 16.0% 34.6%


Spin-off $15.8 -9.5% -91.8%


Majority Purchase $26.1 11.2% -47.4%


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

Deal Type

9/28/2015 Williams Cos Inc/The Energy Transfer Equity LP - $58,093.3

10/12/2015 EMC Corp/MA Dell Inc - $63,490.5

Amount (Bln.) % of Total

% YoY Change

Top Adviser12/11/2015 EI du Pont de Nemours & Co Dow Chemical Co/The - $65,590.6

5/26/2015 Time Warner Cable Inc Charter Communications Inc - $79,249.7

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&A

Revi

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201

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11/23/2015 Pfizer Inc Allergan plc - $183,744.1

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

Americas M&A: Highlights of 2015

Summary Target Acquirer Seller Industry

Americas M&A: Industry Breakdown

0

1,000

2,000

3,000

4,000

5,000

6,000

$0

$200

$400

$600

$800

$1,000

2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4


• Deal volume in the Americas reached $2.8 trillion, making it the most active year for the region onrecord, surpassing the previous high in 2007 by 20.6%. The fourth quarter contributed over 31.5% tovolume in 2015.

• The consumer non-cyclical industry was the most targeted in the region with $733.8 billion accountingfor 31.9% of the Americas’ deals. Pfizer Inc and Allergan PLC’s announced merger for over $183.7 billioncontributed to one-fourth of the industry’s volume. This merger was both the largest of 2015 and thelargest ever for a company within the consumer non-cyclical space.

• Private equity deals for targets based in the Americas reached their highest levels since 2007, andrepresented 57.5% of global private equity deals this year.

• Latin American and Caribbean deal-making experienced its lowest volume since 2009, reaching only$124.9 billion.

6

US Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 US Announced Deals (Target or Seller) 01/01/2015 - 12/31/2015

Goldman Sachs & Co 1 38.6 994,223 260 1 36.5 2.1 Morgan Stanley 1 40.0 918,526 183 6 17.1 22.9Morgan Stanley 2 37.3 960,771 215 6 17.7 19.6 Goldman Sachs & Co 2 40.0 917,582 206 1 39.4 0.6JPMorgan Chase & Co 3 36.5 939,765 192 3 21.7 14.8 JPMorgan Chase & Co 3 37.6 862,601 155 3 21.4 16.2Bank of America Merrill Lynch 4 25.5 657,680 167 2 24.6 0.9 Bank of America Merrill Lynch 4 27.1 622,356 141 2 26.3 0.8Credit Suisse Group AG 5 23.0 592,999 133 9 10.2 12.8 Citigroup Inc 5 24.7 566,958 135 4 21.1 3.6Citigroup Inc 6 22.6 582,604 150 4 20.4 2.2 Credit Suisse Group AG 6 23.8 546,520 109 9 10.0 13.8Centerview Partners LLC 7 18.6 480,532 38 10 7.7 11.0 Centerview Partners LLC 7 20.8 476,782 36 10 7.6 13.1Barclays PLC 8 17.7 457,204 133 5 18.5 -0.8 Barclays PLC 8 18.9 433,832 108 5 19.4 -0.6Lazard Ltd 9 16.3 421,087 117 7 15.3 1.0 Lazard Ltd 9 17.2 395,204 90 7 15.2 2.0Guggenheim Capital LLC 10 13.7 353,463 18 31 1.0 12.7 Guggenheim Capital LLC 10 15.4 353,065 16 29 1.2 14.2UBS AG 11 12.1 311,422 68 13 4.9 7.2 Moelis & Co 11 13.2 303,259 79 21 1.8 11.4Moelis & Co 12 11.8 304,297 87 22 1.7 10.1 UBS AG 12 12.3 283,209 55 13 4.8 7.6Deutsche Bank AG 13 11.3 290,418 104 8 10.8 0.5 Deutsche Bank AG 13 11.4 261,870 82 8 10.3 1.1Evercore Partners Inc 14 9.6 247,656 105 12 5.2 4.4 Evercore Partners Inc 14 10.5 241,326 95 12 5.8 4.8RBC Capital Markets 15 7.3 188,162 85 14 4.0 3.3 RBC Capital Markets 15 8.2 187,576 80 17 3.4 4.8LionTree Advisors LLC 16 6.4 164,037 10 118 0.0 6.3 LionTree Advisors LLC 16 7.1 164,037 10 103 0.0 7.1Rothschild Ltd 17 4.0 104,185 92 18 3.0 1.1 Allen & Co Inc 17 4.0 92,812 14 16 3.5 0.5Allen & Co Inc 18 3.7 95,812 15 17 3.1 0.6 Greenhill & Co Inc 18 3.3 75,428 20 18 2.6 0.7Greenhill & Co Inc 19 3.5 89,010 28 19 2.4 1.1 Needham & Co Inc 19 3.0 68,577 17 88 0.1 2.9Wells Fargo & Co 20 2.7 68,709 51 15 3.8 -1.2 M Klein & Co LLC 20 2.9 65,591 1 - - 2.9

TOTAL 2,578,035 17,810 TOTAL 2,296,983 14,493

Canada Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Canada Announced Deals (Target or Seller) 01/01/2015 - 12/31/2015

JPMorgan Chase & Co 1 39.9 125,965 30 2 26.2 13.7 RBC Capital Markets 1 21.0 18,738 39 1 28.0 -7.0Bank of America Merrill Lynch 2 25.6 80,768 18 10 9.5 16.1 CIBC 2 19.6 17,531 35 15 8.2 11.4Morgan Stanley 3 25.5 80,588 22 6 12.3 13.2 BMO Capital Markets Corp/Toronto 3 18.5 16,502 29 6 13.2 5.3Goldman Sachs & Co 4 14.8 46,621 22 1 26.3 -11.5 TD Securities Inc 4 13.2 11,824 26 10 9.1 4.1RBC Capital Markets 5 14.2 44,880 55 3 20.5 -6.3 JPMorgan Chase & Co 5 10.7 9,568 8 2 26.4 -15.6Barclays PLC 6 12.9 40,658 16 4 19.7 -6.9 Goldman Sachs & Co 6 8.3 7,420 7 3 20.3 -12.0Deutsche Bank AG 7 12.2 38,387 17 7 11.3 0.9 Morgan Stanley 7 6.8 6,071 9 5 13.7 -6.9Citigroup Inc 8 12.0 37,915 14 5 16.8 -4.8 BNP Paribas SA 8 5.2 4,636 3 41 0.2 5.0BMO Capital Markets Corp/Toronto 9 11.0 34,796 37 9 9.8 1.3 Deutsche Bank AG 9 5.1 4,573 6 7 12.9 -7.8Credit Suisse Group AG 10 10.8 34,211 16 14 6.3 4.6 National Bank Financial Inc 10 4.8 4,272 19 16 7.0 -2.2Moelis & Co 11 8.8 27,793 11 51 0.2 8.7 Bank of Nova Scotia/The 11 4.7 4,165 8 8 10.9 -6.2CIBC 12 8.4 26,499 40 12 6.7 1.7 PJT Partners Inc 12 4.6 4,060 2 - - 4.6BNP Paribas SA 13 7.1 22,471 5 40 0.4 6.7 Bank of America Merrill Lynch 13 4.4 3,930 6 13 8.7 -4.3PJT Partners Inc 14 6.9 21,896 3 - - 6.9 Jefferies LLC 14 4.2 3,710 5 25 1.0 3.2Guggenheim Capital LLC 15 5.7 17,954 2 29 1.1 4.6 Macquarie Group Ltd 15 3.9 3,501 13 21 1.9 2.0Macquarie Group Ltd 16 5.5 17,255 22 15 6.0 -0.5 Rothschild Ltd 16 3.8 3,423 9 31 0.6 3.3Bank of Nova Scotia/The 17 5.0 15,841 13 8 10.2 -5.2 LionTree Advisors LLC 17 3.5 3,120 2 - - 3.5HSBC Bank PLC 18 4.0 12,561 5 47 0.2 3.7 GMP Securities LP 18 2.8 2,511 14 29 0.7 2.2TD Securities Inc 19 3.7 11,824 28 11 6.8 -3.0 Canaccord Genuity Corp 19 2.6 2,359 8 19 3.5 -0.9UBS AG 20 3.6 11,376 11 26 1.5 2.1 HSBC Bank PLC 20 2.4 2,161 3 36 0.4 2.1

TOTAL 315,774 2,985 TOTAL 89,277 2,106

FIRM


2015 2014MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)DEAL

COUNT RANKMKT SHR

(%)FIRM


2015 2014VOLUME USD

(Mln)MKT SHR CHANGE

2,022,232 1,792,843

232,478 147,120

7

Latin America Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Brazil Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

Banco Itau BBA SA 1 23.9 16,956 51 4 25.6 -1.7 Banco Itau BBA SA 1 32.3 15,593 42 1 39.3 -7.0Rothschild Ltd 2 23.7 16,790 18 8 21.6 2.2 Rothschild Ltd 2 30.3 14,609 13 3 37.0 -6.7Banco Bradesco BBI SA 3 19.4 13,722 21 13 8.6 10.8 Banco Bradesco BBI SA 3 28.4 13,722 21 12 14.5 14.0Goldman Sachs & Co 4 19.1 13,522 17 2 29.0 -9.9 Bank of America Merrill Lynch 4 21.7 10,477 12 9 24.6 -2.9Banco Santander SA 5 18.6 13,174 16 10 15.5 3.1 HSBC Bank PLC 5 20.6 9,952 3 32 0.5 20.1JPMorgan Chase & Co 6 13.1 9,258 11 5 25.5 -12.4 Deutsche Bank AG 6 20.4 9,847 4 8 29.5 -9.1Deutsche Bank AG 7 13.0 9,174 7 3 27.3 -14.4 Banco Santander SA 7 19.2 9,258 11 10 20.5 -1.3Banco BTG Pactual SA 8 11.6 8,226 20 9 20.4 -8.8 Goldman Sachs & Co 8 17.2 8,278 9 5 34.3 -17.1Credit Suisse Group AG 9 11.5 8,154 13 1 29.8 -18.3 Morgan Stanley 9 16.3 7,857 8 7 30.1 -13.8HSBC Bank PLC 10 9.4 6,682 6 25 2.7 6.7 Banco BTG Pactual SA 10 15.7 7,575 16 4 36.3 -20.6Bank of America Merrill Lynch 11 7.7 5,417 16 6 24.0 -16.3 Credit Suisse Group AG 11 15.0 7,222 11 2 38.8 -23.8UBS AG 12 7.1 5,009 7 23 3.3 3.8 JPMorgan Chase & Co 12 14.6 7,032 5 6 31.5 -17.0Citigroup Inc 13 6.2 4,420 16 11 12.4 -6.2 Moelis & Co 13 8.9 4,280 1 38 0.4 8.5Morgan Stanley 14 6.1 4,297 13 7 21.6 -15.5 UBS AG 14 8.6 4,153 5 18 4.7 3.9Alfaro Davila y Rios SC 15 3.0 2,150 1 - - 3.0 BR Partners 15 4.1 1,996 12 22 2.7 1.5BR Partners 16 2.9 2,076 13 27 1.6 1.3 Nomura Holdings Inc 16 2.6 1,234 2 25 1.0 1.5Banco Bilbao Vizcaya Argentaria SA 17 2.2 1,528 11 35 0.5 1.7 Banco do Brasil SA 17 2.2 1,062 5 42 0.3 1.9Barclays PLC 18 2.0 1,388 3 19 4.8 -2.9 Citigroup Inc 18 2.1 1,014 5 15 7.2 -5.1Nomura Holdings Inc 19 1.7 1,234 2 29 1.2 0.6 Bank of Nova Scotia/The 19 1.9 900 1 - - 1.9Bank of Nova Scotia/The 20 1.5 1,064 3 43 0.2 1.3 Caixa Banco de Investimento SA 20 1.8 876 1 47 0.1 1.7

TOTAL 70,832 860 TOTAL 48,271 528

Latin America Announced Deals (Target or Seller) 01/01/2015 - 12/31/2015 Brazil Announced Deals (Target or Seller) 01/01/2015 - 12/31/2015

Banco Itau BBA SA 1 23.9 16,956 51 4 25.6 -1.7 Banco Itau BBA SA 1 37.5 15,360 40 1 43.1 -5.6Rothschild Ltd 2 23.7 16,790 18 8 21.6 2.2 Rothschild Ltd 2 35.6 14,609 13 3 38.7 -3.0Banco Bradesco BBI SA 3 19.4 13,722 21 13 8.6 10.8 Banco Bradesco BBI SA 3 33.5 13,722 21 12 15.8 17.6Goldman Sachs & Co 4 19.1 13,522 17 2 29.0 -9.9 Banco Santander SA 4 22.6 9,258 10 10 21.7 0.9Banco Santander SA 5 18.6 13,174 16 10 15.5 3.1 Goldman Sachs & Co 5 20.2 8,278 9 5 35.7 -15.5JPMorgan Chase & Co 6 13.1 9,258 11 5 25.5 -12.4 Banco BTG Pactual SA 6 17.9 7,332 14 4 36.4 -18.5Deutsche Bank AG 7 13.0 9,174 7 3 27.3 -14.4 Credit Suisse Group AG 7 17.6 7,222 11 2 40.7 -23.0Banco BTG Pactual SA 8 11.6 8,226 20 9 20.4 -8.8 JPMorgan Chase & Co 8 17.2 7,032 5 8 32.1 -14.9Credit Suisse Group AG 9 11.5 8,154 13 1 29.8 -18.3 HSBC Bank PLC 9 13.8 5,672 2 29 0.6 13.3HSBC Bank PLC 10 9.4 6,682 6 25 2.7 6.7 Bank of America Merrill Lynch 10 10.5 4,297 8 9 25.1 -14.6Bank of America Merrill Lynch 11 7.7 5,417 16 6 24.0 -16.3 Deutsche Bank AG 11 10.0 4,117 2 6 32.3 -22.3UBS AG 12 7.1 5,009 7 23 3.3 3.8 UBS AG 12 9.6 3,920 4 18 5.1 4.4Citigroup Inc 13 6.2 4,420 16 11 12.4 -6.2 Morgan Stanley 13 7.8 3,217 6 7 32.2 -24.3Morgan Stanley 14 6.1 4,297 13 7 21.6 -15.5 BR Partners 14 4.9 1,996 10 22 2.9 1.9Alfaro Davila y Rios SC 15 3.0 2,150 1 - - 3.0 Nomura Holdings Inc 15 3.0 1,234 2 23 1.1 1.9BR Partners 16 2.9 2,076 13 27 1.6 1.3 Banco do Brasil SA 16 2.6 1,062 5 36 0.3 2.3Banco Bilbao Vizcaya Argentaria SA 17 2.2 1,528 11 35 0.5 1.7 Citigroup Inc 17 2.5 1,014 5 15 7.9 -5.4Barclays PLC 18 2.0 1,388 3 19 4.8 -2.9 Bank of Nova Scotia/The 18 2.2 900 1 - - 2.2Nomura Holdings Inc 19 1.7 1,234 2 29 1.2 0.6 Caixa Banco de Investimento SA 19 2.1 876 1 42 0.1 2.0Bank of Nova Scotia/The 20 1.5 1,064 3 43 0.2 1.3 Estater Gestao e Financas SA 20 2.0 813 2 16 7.0 -5.0

TOTAL 70,832 860 TOTAL 41,015 478

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

125,352 74,409

125,352 67,888

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

8

Country

United Kingdom $429.0 46.6% 87.9%

Germany $90.4 9.8% -0.3%

France $59.5 6.5% -56.0%

Italy $49.5 5.4% 32.6%

Netherlands $39.6 4.3% -1.3%

Spain $38.3 4.2% -20.5%

Switzerland $21.2 2.3% -47.5%

Finland $14.5 1.6% -2.6%

DateTotal Value

(Mln.)Amount


Change

Number of deals 10,295 Consumer Non-cyclical $245.8 26.4% 110.4%

Volume (Bln.) $922 Financial $209.9 22.5% -5.1%

Avg Deal Size (Mln.) $89.5 Energy $116.1 12.5% 146.1%

Communications $96.9 10.4% -32.1%

Industrial $93.9 10.1% -29.1%

Goldman Sachs & Co Consumer Cyclical $76.4 8.2% -28.7%

Number of deals 124 Technology $32.0 3.4% 30.3%

Volume (Bln.) $432.8 Basic Materials $24.0 2.6% -6.2%

Avg Deal Size (Bln.) $3.5 Utilities $20.9 2.2% 11.2%

Diversified $15.3 1.6% 20.1%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $626.3 21.8% 45.1%

Cross Border $754.9 21.0% 22.8%

Private Equity $187.6 21.0% -10.6%

Asset Sale $150.4 18.5% -26.2%

Tender Offer $90.8 -25.0% -38.5%


Spin-off $3.1 -48.6% -83.3%

Minority Purchase $59.2 11.0% -16.9%

$63.6 2.4% -46.0%

EMEA M&A: Industry Breakdown

Amount (Bln.) % of Total

% YoY Change

Vonovia SE

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

Deal Type

3/24/2015 Telefonica UK Ltd Hutchison Whampoa Ltd - $15,125.1

$120,481.3

- $15,232.6

Top Adviser11/2/2015 Visa Europe Ltd Visa Inc (Multiple) $18,184.7

4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5

10/14/2015 Deutsche Wohnen AG


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Majority Purchase

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

EMEA M&A Highlights of 2015

Summary Target Acquirer Seller Industry

10/13/2015 SABMiller PLCAnheuser-Busch InBev

SA/NV-

0

1,000

2,000

3,000

4,000

$0

$100

$200

$300

$400

$500

2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4


• Deal volume involving EMEA-based targets reached a post-recession high of $921.5 billion, representing an 8.6% increase from volume in 2014. This jump is a 62.1% decrease from the 22.7% growth in volume experienced from 2013 to 2014.

• Anheuser-Busch InBev SA/NV and SABMiller PLC, both EMEA based, announced a merger valued at $120.5 billion. This is the fifth largest deal on record which brought global deal volume in the beverage sector to an all-time high of $180.3 billion.

• France experienced the most notable decline in capital inflow from M&A activity since last year, down 56.0% from 2014 volume to $59.5 billion.

• Companies based in the United Kingdom were both the most targeted and acquisitive in the region. Deal volume for UK targets grew 87.3% from 2014 to $429.1 billion, while acquisitions by British companies reached $190.2 billion globally. Nearly 20% of acquisitions made by EMEA-region companies came from UK buyers.

9

Europe Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Europe Announced Deals (Target or Seller) 01/01/2015 - 12/31/2015

Goldman Sachs & Co 1 39.9 493,820 148 1 31.0 8.9 Goldman Sachs & Co 1 43.2 418,807 119 1 31.5 11.7JPMorgan Chase & Co 2 37.6 466,115 129 3 25.2 12.5 JPMorgan Chase & Co 2 41.3 400,234 107 5 22.2 19.1Morgan Stanley 3 35.8 443,661 130 2 28.0 7.9 Bank of America Merrill Lynch 3 34.9 338,405 83 6 20.1 14.8Bank of America Merrill Lynch 4 34.0 421,691 106 6 19.3 14.7 Morgan Stanley 4 34.7 337,025 102 2 29.1 5.7Lazard Ltd 5 26.5 328,710 147 5 21.9 4.7 Lazard Ltd 5 31.7 307,052 127 4 22.5 9.1Deutsche Bank AG 6 23.2 287,778 87 4 23.5 -0.3 Deutsche Bank AG 6 26.6 257,822 72 3 24.0 2.6Barclays PLC 7 19.2 237,361 92 10 13.7 5.5 Rothschild Ltd 7 20.8 201,373 240 7 17.5 3.3Rothschild Ltd 8 18.7 231,547 258 8 14.3 4.4 Robey Warshaw LLP 8 20.7 200,349 3 23 2.0 18.6BNP Paribas SA 9 16.5 203,907 94 11 10.9 5.5 Barclays PLC 9 19.9 193,247 78 10 14.7 5.2Robey Warshaw LLP 10 16.2 200,349 3 26 1.8 14.4 BNP Paribas SA 10 16.7 161,993 83 11 13.2 3.5Credit Suisse Group AG 11 15.5 191,889 69 9 13.8 1.7 Credit Suisse Group AG 11 13.0 126,161 52 9 16.0 -3.0Citigroup Inc 12 13.3 164,568 111 7 18.2 -4.9 Standard Bank of South Africa Ltd/The 12 12.5 121,499 3 - - 12.5Standard Bank of South Africa Ltd/The 13 9.8 121,499 3 235 - 9.8 Citigroup Inc 13 9.5 91,811 89 8 16.4 -6.9UBS AG 14 8.1 100,034 64 12 8.7 -0.7 UBS AG 14 9.1 87,891 56 13 8.8 0.3HSBC Bank PLC 15 5.3 65,217 37 16 6.1 -0.8 HSBC Bank PLC 15 6.1 59,312 32 15 7.4 -1.3Perella Weinberg Partners LP 16 4.5 55,499 5 17 5.4 -1.0 Perella Weinberg Partners LP 16 5.3 51,260 4 16 6.4 -1.1Societe Generale SA 17 4.2 52,139 56 14 6.8 -2.5 Societe Generale SA 17 4.0 38,368 52 14 8.2 -4.2Nomura Holdings Inc 18 3.1 38,476 34 24 1.9 1.2 Ernst & Young 18 3.5 34,360 171 18 4.9 -1.3Evercore Partners Inc 19 3.1 38,289 40 20 2.4 0.7 Evercore Partners Inc 19 3.1 29,962 32 22 2.2 0.9Ernst & Young 20 2.9 35,765 186 18 4.6 -1.7 Credit Agricole Corporate & Investment Bank SA 20 2.6 25,620 26 12 10.2 -7.5

TOTAL 1,238,781 12,046 TOTAL 970,296 9,758

UK Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Germany Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

Goldman Sachs & Co 1 51.9 320,669 86 1 30.6 21.3 Deutsche Bank AG 1 31.3 48,136 24 1 40.8 -9.5JPMorgan Chase & Co 2 51.5 318,360 58 2 30.0 21.5 Credit Suisse Group AG 2 26.0 39,960 10 14 6.9 19.1Bank of America Merrill Lynch 3 42.8 264,452 38 6 18.9 23.9 JPMorgan Chase & Co 3 23.8 36,641 17 3 34.7 -10.9Morgan Stanley 4 42.6 262,951 48 3 24.3 18.3 Rothschild Ltd 4 18.6 28,578 33 9 14.2 4.4Lazard Ltd 5 37.7 232,898 47 5 19.5 18.2 Citigroup Inc 5 18.6 28,554 15 7 18.4 0.2Barclays PLC 6 33.0 204,004 56 4 20.3 12.7 Bank of America Merrill Lynch 6 18.3 28,143 12 5 28.9 -10.6Robey Warshaw LLP 7 32.4 200,349 3 15 4.6 27.8 Goldman Sachs & Co 7 16.8 25,853 11 4 33.6 -16.8Deutsche Bank AG 8 29.0 179,157 35 7 15.6 13.4 Morgan Stanley 8 14.1 21,692 18 2 39.5 -25.4Rothschild Ltd 9 23.9 147,513 117 10 8.5 15.4 Ernst & Young 9 12.2 18,828 58 10 8.9 3.4BNP Paribas SA 10 23.1 142,774 22 17 3.8 19.4 Lazard Ltd 10 11.7 17,935 17 8 16.5 -4.9Standard Bank of South Africa Ltd/The 11 19.7 121,499 2 127 0.0 19.7 Perella Weinberg Partners LP 11 11.6 17,897 2 12 8.3 3.3UBS AG 12 12.5 77,306 31 11 8.5 4.0 Moelis & Co 12 4.1 6,337 2 46 0.1 4.0Credit Suisse Group AG 13 10.5 64,991 27 13 6.6 4.0 Qatalyst Partners LLC 13 2.7 4,122 1 - - 2.7Citigroup Inc 14 5.6 34,638 32 8 12.2 -6.6 China International Capital Corp Ltd 14 2.6 3,961 1 - - 2.6Perella Weinberg Partners LP 15 5.4 33,363 2 12 6.8 -1.4 UniCredit SpA 15 2.1 3,205 7 29 0.9 1.2HSBC Bank PLC 16 5.2 32,400 16 19 3.1 2.2 Evercore Partners Inc 16 2.0 3,076 3 23 1.3 0.7Evercore Partners Inc 17 4.3 26,843 24 20 2.7 1.6 KPMG Corporate Finance LLC 17 1.7 2,547 35 28 1.0 0.7RBC Capital Markets 18 3.8 23,449 26 16 4.4 -0.6 Centerview Partners LLC 18 1.6 2,451 1 55 0.1 1.5Moelis & Co 19 3.7 23,101 15 38 0.6 3.1 CBRE Capital Advisors Inc 19 1.4 2,112 4 83 - 1.4PJT Partners Inc 20 3.5 21,717 6 - - 3.5 Jefferies LLC 20 1.3 1,976 5 45 0.1 1.2

TOTAL 618,009 4,768 TOTAL 153,908 1,932

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

1,179,890 908,532

460,047 235,766

10

France Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Italy Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

Bank of America Merrill Lynch 1 37.5 60,387 14 8 29.4 8.1 JPMorgan Chase & Co 1 45.2 51,433 9 7 17.2 28.0Goldman Sachs & Co 2 35.8 57,744 17 2 48.4 -12.5 Goldman Sachs & Co 2 44.0 50,154 17 4 28.5 15.5BNP Paribas SA 3 34.9 56,235 50 5 37.9 -3.0 Morgan Stanley 3 42.8 48,743 13 1 32.6 10.2Rothschild Ltd 4 31.5 50,767 101 4 39.0 -7.5 Bank of America Merrill Lynch 4 34.1 38,888 14 3 29.6 4.5Morgan Stanley 5 31.3 50,368 22 3 48.3 -17.0 Barclays PLC 5 24.1 27,432 9 5 27.3 -3.2Citigroup Inc 6 31.1 50,057 21 11 24.5 6.6 UBS AG 6 23.3 26,495 10 19 3.6 19.6Societe Generale SA 7 29.7 47,787 47 10 26.1 3.6 Lazard Ltd 7 19.9 22,642 23 2 30.1 -10.3JPMorgan Chase & Co 8 23.1 37,269 19 13 21.7 1.4 BNP Paribas SA 8 18.3 20,838 11 12 7.6 10.7Credit Suisse Group AG 9 16.9 27,278 15 6 37.3 -20.4 PJT Partners Inc 9 16.1 18,284 2 - - 16.1Barclays PLC 10 15.2 24,467 20 14 20.2 -5.0 Guggenheim Capital LLC 10 15.7 17,835 1 - - 15.7Credit Agricole Corporate & Investment Bank SA 11 13.5 21,719 24 7 33.1 -19.6 Credit Suisse Group AG 11 14.6 16,629 9 10 12.3 2.3Deutsche Bank AG 12 13.1 21,164 12 9 27.2 -14.0 Rothschild Ltd 12 13.0 14,844 28 8 13.3 -0.2Lazard Ltd 13 12.4 19,940 45 1 49.4 -37.0 Citigroup Inc 13 12.5 14,225 16 9 13.2 -0.7Nomura Holdings Inc 14 11.4 18,437 7 97 - 11.4 Deutsche Bank AG 14 11.8 13,458 8 6 25.4 -13.6HSBC Bank PLC 15 11.4 18,380 9 12 22.2 -10.8 HSBC Bank PLC 15 10.5 11,983 6 29 0.6 10.0Mizuho Financial Group Inc 16 11.1 17,914 2 97 - 11.1 Gruppo Banca Leonardo SpA 16 6.4 7,299 9 - - 6.4Sumitomo Mitsui Financial Group Inc 16 11.1 17,914 1 - - 11.1 BDT & Co LLC 17 5.3 6,066 1 - - 5.3Zaoui & Co LLP 18 8.8 14,244 2 16 14.3 -5.5 Credit Agricole Corporate & Investment Bank SA 18 3.6 4,105 4 49 - 3.6UBS AG 19 7.3 11,708 8 17 11.2 -3.9 Nomura Holdings Inc 19 3.0 3,440 3 27 0.6 2.4Davy Corporate Finance 20 4.6 7,337 1 - - 4.6 China International Capital Corp Ltd 20 3.0 3,426 1 - - 3.0

TOTAL 161,138 1,678 TOTAL 113,915 692

Benelux Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Iberia Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

JPMorgan Chase & Co 1 73.4 278,640 29 7 26.2 47.2 UBS AG 1 26.9 22,084 8 8 16.8 10.1Morgan Stanley 2 69.3 263,022 25 1 49.7 19.6 Lazard Ltd 2 25.5 20,956 12 23 5.2 20.3Goldman Sachs & Co 3 69.1 262,221 23 4 33.6 35.5 Rothschild Ltd 3 21.8 17,894 11 20 7.6 14.2Bank of America Merrill Lynch 4 67.8 257,255 16 2 39.5 28.3 HSBC Bank PLC 4 19.5 16,062 5 30 1.0 18.6Lazard Ltd 5 58.6 222,479 28 3 34.6 24.1 Moelis & Co 5 18.4 15,125 1 52 0.1 18.3Robey Warshaw LLP 6 52.7 199,790 2 - - 52.7 Deutsche Bank AG 6 18.0 14,814 5 3 34.2 -16.2BNP Paribas SA 7 38.7 146,767 24 9 21.3 17.4 Ernst & Young 7 17.0 13,957 33 12 12.0 5.0Barclays PLC 8 37.5 142,232 10 12 18.1 19.4 Goldman Sachs & Co 8 14.2 11,648 12 2 46.1 -31.9Deutsche Bank AG 9 36.3 137,689 9 5 32.7 3.6 Credit Suisse Group AG 9 14.0 11,495 1 16 9.3 4.7Standard Bank of South Africa Ltd/The 10 31.8 120,481 1 - - 31.8 Morgan Stanley 10 13.2 10,837 14 5 24.5 -11.4Rothschild Ltd 11 22.4 85,111 29 18 4.9 17.5 Citigroup Inc 11 12.3 10,131 13 22 5.6 6.8Credit Suisse Group AG 12 19.1 72,439 12 11 18.8 0.3 Bank of America Merrill Lynch 12 8.0 6,568 13 4 30.6 -22.7Perella Weinberg Partners LP 13 8.6 32,530 1 6 28.8 -20.2 KPMG Corporate Finance LLC 13 7.8 6,389 58 18 8.0 -0.3PJT Partners Inc 14 5.9 22,260 5 - - 5.9 RBC Capital Markets 14 6.5 5,381 3 41 0.3 6.3Guggenheim Capital LLC 15 4.7 17,835 1 - - 4.7 Macquarie Group Ltd 15 5.1 4,202 6 25 3.1 2.0Citigroup Inc 16 4.2 16,022 8 8 25.0 -20.8 Banco Santander SA 16 2.9 2,391 10 6 23.7 -20.8Centerview Partners LLC 17 3.9 14,777 2 20 3.6 0.3 Nomura Holdings Inc 17 2.7 2,194 5 10 15.2 -12.5HSBC Bank PLC 18 2.9 10,820 4 30 0.9 1.9 Societe Generale SA 18 2.5 2,013 7 9 16.3 -13.8Zaoui & Co LLP 19 2.0 7,400 1 - - 2.0 JPMorgan Chase & Co 19 2.2 1,833 4 1 50.3 -48.1ING Groep NV 20 1.3 5,053 36 19 4.8 -3.5 BNP Paribas SA 20 2.2 1,808 10 7 17.9 -15.7

TOTAL 379,437 1,397 TOTAL 82,265 742

RANKMKT SHR

(%)

FIRM

2015 2014

RANK

FIRM RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)


2015VOLUME USD

(Mln)DEAL

COUNT

243,525 61,986

147,186 101,141

MKT SHR CHANGE

2014MKT SHR CHANGE

11

Nordic Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Eastern Europe Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

Deutsche Bank AG 1 24.1 22,431 9 1 19.6 4.5 1 20.8 12,507 11 11 3.8 17.1JPMorgan Chase & Co 2 23.7 22,062 15 2 19.2 4.5 2 12.8 7,704 13 14 1.4 11.4Citigroup Inc 3 22.0 20,497 9 7 12.5 9.5 3 11.1 6,675 7 2 20.2 -9.0Goldman Sachs & Co 4 20.4 19,037 10 4 16.4 4.1 4 10.1 6,039 3 22 0.6 9.5Morgan Stanley 5 18.1 16,891 9 8 11.5 6.7 5 9.6 5,760 1 12 3.1 6.5Credit Suisse Group AG 6 17.3 16,095 2 49 0.3 17.0 6 8.5 5,089 16 7 6.7 1.8Bank of America Merrill Lynch 7 15.9 14,811 8 11 4.2 11.7 7 5.6 3,367 7 3 20.0 -14.3Societe Generale SA 8 12.7 11,857 1 93 - 12.7 8 4.9 2,955 8 27 0.5 4.4Zaoui & Co LLP 8 12.7 11,857 1 - - 12.7 9 4.8 2,899 8 5 7.3 -2.5Credit Agricole Corporate & Investment Bank SA 8 12.7 11,857 2 42 0.5 12.2 10 4.8 2,873 2 48 - 4.8Rothschild Ltd 11 7.0 6,527 22 6 12.6 -5.6 11 4.5 2,681 2 - - 4.5Skandinaviska Enskilda Banken AB 12 6.8 6,317 21 5 13.4 -6.6 12 3.4 2,049 4 10 4.0 -0.5Lazard Ltd 13 5.3 4,885 14 17 2.5 2.8 13 2.9 1,762 6 6 6.8 -3.8Evercore Partners Inc 14 4.9 4,536 6 30 1.0 3.8 14 2.7 1,619 3 - - 2.7Perella Weinberg Partners LP 15 4.6 4,239 1 - - 4.6 15 2.6 1,559 6 1 23.1 -20.5Deloitte Touche Tohmatsu ILA Group Ltd 16 4.5 4,159 8 47 0.4 4.1 16 2.5 1,525 1 - - 2.5Danske Bank A/S 17 3.0 2,804 11 39 0.6 2.4 17 1.8 1,102 11 4 15.8 -13.9ABG Sundal Collier Holding ASA 18 3.0 2,770 3 10 4.6 -1.6 18 1.1 686 1 - - 1.1Nordea Bank AB 19 2.5 2,308 19 3 16.7 -14.2 19 1.1 680 2 16 1.1 -RBC Capital Markets 20 1.7 1,568 4 31 1.0 0.7

JPMorgan Chase & CoVTB Capital ZAOMorgan StanleyLazard LtdCredit Suisse Group AGCitigroup IncGoldman Sachs & CoSociete Generale SABNP Paribas SARenaissance Capital Holdings LtdXenon Capital PartnersBarclays PLCBank of America Merrill LynchSkandinaviska Enskilda Banken ABDeutsche Bank AGPJT Partners IncRothschild LtdTurk Ekonomi Bankasi ASUBS AGRabobank 20 1.1 680 1 30 0.5 0.7

TOTAL 93,132 1,706 TOTAL 60,025 1,093

Africa/Middle East Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

JPMorgan Chase & Co 1 40.8 68,669 15 6 12.5 28.4Barclays PLC 2 27.9 46,982 11 2 20.5 7.5Greenhill & Co Inc 3 24.1 40,500 1 51 0.2 23.9Goldman Sachs & Co 4 16.6 27,974 13 14 6.4 10.3Morgan Stanley 5 16.5 27,724 19 3 18.1 -1.6Rothschild Ltd 6 11.3 18,958 18 7 11.6 -0.3Deutsche Bank AG 7 10.6 17,785 11 4 13.9 -3.3FirstRand Ltd 8 8.4 14,181 5 15 5.2 3.2Jefferies LLC 9 7.6 12,821 7 26 1.5 6.2Bank of America Merrill Lynch 10 7.5 12,648 13 13 6.5 1.0Citigroup Inc 11 6.2 10,448 17 1 21.0 -14.8UBS AG 12 5.2 8,714 5 8 9.9 -4.8RBC Capital Markets 13 5.2 8,687 2 - - 5.2HSBC Bank PLC 14 3.9 6,562 14 5 13.3 -9.4Ernst & Young 15 3.7 6,206 18 19 2.4 1.3Nomura Holdings Inc 16 3.4 5,651 2 42 0.3 3.1Moelis & Co 17 2.7 4,495 4 17 3.5 -0.8PricewaterhouseCoopers LLP 18 2.2 3,712 15 60 0.1 2.1Java Capital 19 2.0 3,318 8 38 0.4 1.6Davy Corporate Finance 20 1.7 2,840 1 - - 1.7

TOTAL 168,144 1,587

FIRMDEAL

COUNT RANKMKT SHR

(%)

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNTRANK

MKT SHR CHANGE


MKT SHR (%)

VOLUME USD (Mln)

RANKMKT SHR

(%)FIRM


2015 2014

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT

107,392 59,225

108,607

12

DateTotal Value

(Mln.)

Number of deals 11,332

Volume (Bln.) $1,065.1

Avg Deal Size (Mln.) $94.0

Goldman Sachs & Co

Number of deals 82

Volume (Bln.) $164.9

Avg Deal Size (Bln.) $2.0

Deal TypeAmount

(Bln.)% Change

Deal Count% YoY

Change

Company Takeover $542.4 18.4% 76.3%

Cross Border $356.1 25.9% 40.2%

Private Equity $160.1 59.5% 34.5%

Asset Sale $162.9 9.8% 58.3%

Tender Offer $26.2 10.5% -48.7%


Spin-off $22.9 15.8% 39.3%


Majority Purchase $130.4 15.2% 43.6%

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

$41,705.3

SK C&C Co Ltd $26,731.5

APAC M&A Regional Review

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APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 2015

Summary Target Acquirer Seller

1/9/2015 Hutchison Whampoa LtdCK Hutchison Holdings

Ltd-

-

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

11/20/2015 2 airport concessions Consortium New Kansai Intl Airport Co

Ltd $17,913.9

Top Adviser10/14/2015

Wireless infrastructure assets/China

China Tower Corp Ltd China Mobile Ltd $18,326.3

4/20/2015 SK Holdings Co Ltd

Japan M&A: Quarterly Volume

$10,938.25/26/2015 Samsung C&T Corp Cheil Industries Inc -

26%

16%

14% 10%

8%

7%

6% 5%

5% 3%

APAC Industry Breakdown Financial

Industrial

Communications

Consumer Non-cyclical

Consumer Cyclical

Energy

Diversified

Technology

Basic Materials

Utilities

01,0002,0003,0004,000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60

$80


0

500

1,000

1,500

2,000

$0

$100

$200

$300


0

200

400

600

800

$0

$50

$100


• With over 13,700 deals amounting to $1.4 trillion involving parties in the APAC region, APAC deal volumes just surpassed those in EMEA for the first time on record amid regional slowdown.

• M&A activity in China which accounted for 46.2% of APAC’s total deal volume, increased 83.4% from last year to a record high volume of $646.7 billion. The China Tower Corp mega deal largely contributed to the surge in Chinese deal activity in the fourth quarter which increased 67.9% from the previous quarter to $246.2 billion.

• In 2015, APAC witnessed the largest ever private placement globally when China Overseas Land & Investment Ltd issued new shares worth $10.3 billion to China Overseas Holdings Ltd.

• Venture capital firm Sequoia Capital retained its position as the top buyer in the APAC region, doubling its involvement to 100 deals from 49 deals last year.

13

APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2015 - 12/31/2015

Goldman Sachs & Co 1 14.2 171,374 96 1 14.4 -0.3 Goldman Sachs & Co 1 14.1 141,838 76 1 14.1 -Morgan Stanley 2 13.4 161,770 92 3 10.5 2.9 Morgan Stanley 2 11.9 119,804 71 2 10.7 1.2JPMorgan Chase & Co 3 11.6 140,036 72 5 7.9 3.7 China International Capital Corp Ltd 3 9.0 90,753 50 4 8.3 0.7Credit Suisse Group AG 4 10.4 125,805 54 10 5.9 4.5 Credit Suisse Group AG 4 9.0 90,462 43 12 4.4 4.6Citigroup Inc 5 10.1 121,703 74 2 10.9 -0.8 JPMorgan Chase & Co 5 8.0 80,224 53 10 5.6 2.4Deutsche Bank AG 6 9.9 119,514 45 7 7.1 2.8 HSBC Bank PLC 6 7.8 78,496 19 25 2.3 5.5Bank of America Merrill Lynch 7 9.3 113,078 37 4 10.1 -0.8 Somerley Group Ltd 7 7.7 76,848 48 9 6.5 1.1HSBC Bank PLC 8 9.1 109,786 25 26 2.0 7.1 Deutsche Bank AG 8 7.5 74,844 36 8 6.7 0.8China International Capital Corp Ltd 9 7.6 91,396 53 6 7.2 0.3 CITIC Securities Co Ltd 9 7.0 69,785 57 7 6.9 0.0UBS AG 10 6.9 83,254 63 9 6.3 0.6 Citigroup Inc 10 6.9 69,042 51 5 7.9 -1.0Somerley Group Ltd 11 6.6 79,963 53 12 5.5 1.1 Macquarie Group Ltd 11 5.9 59,383 43 11 5.4 0.5Macquarie Group Ltd 12 6.0 72,412 57 11 5.6 0.4 Bank of America Merrill Lynch 12 5.8 58,470 27 3 9.5 -3.6CITIC Securities Co Ltd 13 5.8 70,058 58 8 6.7 -1.0 UBS AG 13 4.8 48,174 48 6 7.1 -2.3Barclays PLC 14 4.1 49,175 24 21 2.7 1.4 Huatai Securities Co Ltd 14 4.2 42,647 40 27 2.1 2.2PricewaterhouseCoopers LLP 15 3.8 45,611 107 17 3.0 0.8 Anglo Chinese Corporate Finance 15 4.2 41,776 4 54 0.4 3.8Anglo Chinese Corporate Finance 16 3.6 43,191 5 62 0.3 3.2 PricewaterhouseCoopers LLP 16 3.6 35,639 93 15 3.4 0.1Huatai Securities Co Ltd 17 3.6 43,086 43 29 1.8 1.8 NH Investment & Securities Co Ltd 17 2.9 29,306 8 136 0.1 2.9Evercore Partners Inc 18 3.0 36,359 15 38 1.1 1.9 China Securities Co Ltd 18 2.7 26,613 36 13 3.5 -0.8Moelis & Co 19 2.9 35,463 16 53 0.5 2.5 JM Financial Ltd 19 2.5 24,717 12 44 0.7 1.8Rothschild Ltd 20 2.5 30,012 45 15 3.7 -1.2 Grant Samuel Securities Pty Ltd 20 2.4 23,744 9 19 2.9 -0.5

TOTAL 1,211,279 11,502 TOTAL 1,004,676 9,785

APAC Private Equity (Any Involvement) 01/01/2015 - 12/31/2015

Morgan Stanley 1 19.7 47,855 33 2 19.3 0.4JPMorgan Chase & Co 2 18.6 45,034 23 4 16.8 1.8Citigroup Inc 3 16.8 40,632 27 3 18.0 -1.2Bank of America Merrill Lynch 4 13.9 33,702 15 6 15.8 -1.9Goldman Sachs & Co 5 12.9 31,183 33 1 27.8 -14.9Deutsche Bank AG 6 11.5 28,007 16 5 16.6 -5.1Credit Suisse Group AG 7 11.5 27,890 12 13 7.1 4.4UBS AG 8 10.9 26,379 14 9 10.5 0.4Macquarie Group Ltd 9 10.0 24,188 18 15 5.2 4.8Moelis & Co 10 7.5 18,257 7 42 0.5 7.1RBC Capital Markets 11 5.8 14,061 3 16 4.6 1.2China International Capital Corp Ltd 12 5.3 12,963 6 7 14.3 -8.9PricewaterhouseCoopers LLP 13 5.1 12,369 15 28 1.0 4.1HSBC Bank PLC 14 4.8 11,581 6 23 3.3 1.5Rothschild Ltd 15 4.8 11,517 16 18 4.2 0.6Gresham Partners Ltd 16 4.6 11,196 4 53 0.2 4.4CITIC Securities Co Ltd 17 4.2 10,268 2 10 9.9 -5.7Huatai Securities Co Ltd 18 4.1 9,958 1 20 3.6 0.5Grant Samuel Securities Pty Ltd 19 3.7 9,044 1 22 3.5 0.2Barclays PLC 20 3.5 8,366 12 8 10.6 -7.2

TOTAL 242,614 2,346

2014MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)VOLUME USD

(Mln)

FIRM

2015 2014MKT SHR CHANGE

763,398

FIRM


2015

RANK

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

636,786

176,727

MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

14

AU & NZ Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Japan Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

Macquarie Group Ltd 1 33.2 48,289 47 2 26.8 6.4 Morgan Stanley 1 38.4 71,703 53 1 36.7 1.7UBS AG 2 23.3 33,985 32 5 13.0 10.3 Nomura Holdings Inc 2 37.0 69,122 121 4 16.7 20.3Deutsche Bank AG 3 21.4 31,149 16 8 9.8 11.6 Goldman Sachs & Co 3 26.8 50,075 18 5 13.0 13.8Bank of America Merrill Lynch 4 20.6 30,002 11 9 9.7 10.9 Mizuho Financial Group Inc 4 26.6 49,654 104 8 5.5 21.1JPMorgan Chase & Co 5 19.5 28,397 12 6 11.2 8.3 Sumitomo Mitsui Financial Group Inc 5 21.4 40,066 132 7 11.5 9.9Credit Suisse Group AG 6 18.8 27,318 14 7 11.2 7.6 Bank of America Merrill Lynch 6 21.4 39,955 18 17 1.8 19.6Goldman Sachs & Co 7 16.9 24,561 32 1 39.2 -22.3 Citigroup Inc 7 21.2 39,613 22 10 4.6 16.6Grant Samuel Securities Pty Ltd 8 16.3 23,744 9 4 13.5 2.8 JPMorgan Chase & Co 8 16.1 30,009 18 6 11.8 4.2Citigroup Inc 9 13.5 19,614 14 3 15.8 -2.3 Rothschild Ltd 9 14.8 27,641 12 16 1.8 13.0Gresham Partners Ltd 10 12.2 17,777 11 12 8.4 3.9 Lazard Ltd 10 9.5 17,693 14 28 0.6 8.9Moelis & Co 11 9.8 14,221 10 29 0.6 9.1 Evercore Partners Inc 11 8.0 14,882 8 23 1.0 7.0Morgan Stanley 12 9.2 13,350 15 10 9.4 -0.2 CITIC Securities Co Ltd 12 5.8 10,758 5 - - 5.8RBC Capital Markets 13 7.8 11,380 6 25 1.3 6.6 Somerley Group Ltd 13 5.5 10,356 2 - - 5.5CIBC 14 6.0 8,680 2 - - 6.0 Credit Suisse Group AG 14 5.4 10,028 8 2 18.6 -13.3Lazard Ltd 15 5.2 7,597 4 11 9.1 -3.9 Daiwa Securities Group Inc 15 5.0 9,370 57 9 5.4 -0.4Barclays PLC 16 5.2 7,582 4 17 4.2 1.0 Deutsche Bank AG 16 3.8 7,048 5 18 1.7 2.1BMO Capital Markets Corp/Toronto 17 4.7 6,900 1 14 5.6 -0.9 Gresham Partners Ltd 17 3.4 6,271 1 - - 3.4INFOR Financial Group Inc 17 4.7 6,900 1 - - 4.7 Grant Samuel Securities Pty Ltd 17 3.4 6,271 1 - - 3.4Mizuho Financial Group Inc 19 4.3 6,271 2 - - 4.3 Deloitte Touche Tohmatsu ILA Group Ltd 19 2.5 4,710 49 25 0.9 1.6Centerview Partners LLC 20 2.9 4,200 1 40 0.2 2.7 KPMG Corporate Finance LLC 20 2.0 3,660 42 11 4.3 -2.3

TOTAL 145,594 1,839 TOTAL 186,900 2,761

South Korea Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 China Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

Morgan Stanley 1 34.9 41,688 8 3 9.6 25.3 China International Capital Corp Ltd 1 14.1 91,396 53 1 15.6 -1.5Goldman Sachs & Co 2 34.4 41,139 8 13 2.3 32.1 Morgan Stanley 2 11.2 72,630 44 3 14.4 -3.2Credit Suisse Group AG 3 33.1 39,527 6 11 3.5 29.6 CITIC Securities Co Ltd 3 10.8 70,058 58 2 14.6 -3.8PricewaterhouseCoopers LLP 4 31.2 37,292 42 6 7.2 24.0 JPMorgan Chase & Co 4 7.7 50,042 26 11 5.4 2.3Citigroup Inc 5 30.2 36,129 6 2 12.2 18.0 Goldman Sachs & Co 5 7.1 45,699 32 5 11.7 -4.6Deutsche Bank AG 6 28.1 33,594 5 5 7.6 20.5 Huatai Securities Co Ltd 6 6.7 43,086 43 17 3.9 2.8NH Investment & Securities Co Ltd 7 24.5 29,306 8 22 0.4 24.2 Somerley Group Ltd 7 5.4 34,660 29 6 10.3 -5.0Samsung Securities Co Ltd 8 12.6 15,011 12 1 16.2 -3.7 Bank of America Merrill Lynch 8 4.8 31,180 13 4 13.0 -8.2HSBC Bank PLC 9 5.1 6,120 1 - - 5.1 China Securities Co Ltd 9 4.1 26,746 37 10 6.3 -2.2Barclays PLC 9 5.1 6,120 1 - - 5.1 HSBC Bank PLC 10 4.0 25,585 10 32 0.9 3.1Ernst & Young 11 2.9 3,435 18 16 1.3 1.6 UBS AG 11 3.7 23,842 23 8 6.9 -3.3JPMorgan Chase & Co 12 2.6 3,045 7 10 4.0 -1.4 Credit Suisse Group AG 12 3.5 22,301 17 15 4.4 -0.9KPMG Corporate Finance LLC 13 1.9 2,250 14 4 8.0 -6.2 Haitong Securities Co Ltd 13 3.2 20,944 22 9 6.4 -3.2Hana Financial Group Inc 14 1.9 2,213 6 28 0.1 1.8 Guotai Junan Securities Co Ltd 14 3.2 20,448 37 13 4.9 -1.7CBRE Capital Advisors Inc 15 1.0 1,200 1 - - 1.0 Southwest Securities Co Ltd 15 3.0 19,405 39 21 2.5 0.5Mitsubishi UFJ Financial Group Inc 16 0.8 1,000 1 - - 0.8 Rothschild Ltd 16 2.9 18,455 14 25 1.6 1.3Daewoo Securities Co Ltd 17 0.7 809 3 12 2.8 -2.2 Deutsche Bank AG 17 2.7 17,566 16 7 9.6 -6.8Standard Chartered Bank 18 0.6 756 2 20 0.5 0.1 GF Securities Co Ltd 18 2.7 17,407 32 30 1.1 1.6Bank of America Merrill Lynch 19 0.6 755 1 14 2.3 -1.6 Bank of China Ltd 19 2.5 16,007 11 65 0.2 2.3Nomura Holdings Inc 20 0.5 617 6 19 0.6 -0.1 Citigroup Inc 20 2.0 13,003 28 12 5.2 -3.2

TOTAL 119,576 1,388 TOTAL 646,700 4,06991,997 352,612

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 (%)

135,055 107,409

FIRM



MKT SHR (%)

VOLUME USD (Mln)

15

Hong Kong Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 Taiwan Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

HSBC Bank PLC 1 36.8 74,591 10 10 7.0 29.8 Morgan Stanley 1 21.7 6,210 7 1 21.4 0.2Goldman Sachs & Co 2 33.7 68,311 18 1 36.2 -2.4 Citigroup Inc 2 12.7 3,634 4 3 12.8 -0.2Somerley Group Ltd 3 23.9 48,495 39 12 6.5 17.5 KGI Securities Co Ltd 3 9.8 2,807 15 4 10.1 -0.3Anglo Chinese Corporate Finance 4 21.3 43,191 5 67 0.1 21.2 PricewaterhouseCoopers LLP 4 8.8 2,524 10 5 7.8 1.0Morgan Stanley 5 16.8 34,050 17 8 13.2 3.6 Credit Suisse Group AG 5 6.5 1,852 3 13 2.9 3.5Moelis & Co 6 9.6 19,425 3 78 0.1 9.5 JPMorgan Chase & Co 6 6.2 1,784 4 - - 6.2UBS AG 7 9.5 19,152 7 16 4.5 5.0 CBRE Capital Advisors Inc 7 3.2 903 1 - - 3.2JPMorgan Chase & Co 8 7.5 15,106 11 6 14.9 -7.4 CITIC Securities Co Ltd 8 2.8 803 2 - - 2.8CITIC Securities Co Ltd 9 6.3 12,651 10 5 19.2 -12.9 Yuanta Securities Co Ltd 9 2.3 648 4 7 7.1 -4.9Huatai Securities Co Ltd 10 5.3 10,631 6 - - 5.3 Goldman Sachs & Co 10 2.2 640 3 8 5.7 -3.5Bank of China Ltd 11 4.7 9,417 2 24 1.2 3.4 Stifel Financial Corp 11 1.8 512 1 20 0.6 1.2Bank of America Merrill Lynch 12 4.1 8,325 4 2 30.2 -26.1 Somerley Group Ltd 12 1.5 438 2 26 0.1 1.4Deutsche Bank AG 13 2.9 5,908 6 3 25.9 -23.0 Rothschild Ltd 13 1.4 411 1 29 - 1.4China International Capital Corp Ltd 14 2.8 5,588 8 7 14.8 -12.0 HSBC Bank PLC 14 1.3 361 1 - - 1.3Citigroup Inc 15 2.5 5,139 7 4 21.7 -19.2 KPMG Corporate Finance LLC 15 0.8 217 6 6 7.3 -6.5Rothschild Ltd 16 2.1 4,199 4 22 1.9 0.2 Lazard Ltd 16 0.4 100 1 - - 0.4Platinum Securities Co Ltd 17 2.0 4,087 5 38 0.4 1.6 Optima Capital Ltd 17 0.3 77 1 - - 0.3RBC Capital Markets 18 1.9 3,788 1 43 0.4 1.5 Asia Capital PLC/Sri Lanka 17 0.3 77 1 - - 0.3Macquarie Group Ltd 18 1.9 3,788 1 56 0.2 1.7 CTBC Financial Holding Co Ltd 19 0.1 31 1 23 0.4 -0.3Guotai Junan Securities Co Ltd 20 1.8 3,538 4 26 1.1 0.7 Kingston Financial Group Ltd 20 0.1 18 2 - - 0.1

TOTAL 202,563 1,532 TOTAL 28,651 268

Southeast Asia Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015 India Announced Deals (Any Involvement) 01/01/2015 - 12/31/2015

JPMorgan Chase & Co 1 35.2 63,027 20 2 15.7 19.5 JM Financial Ltd 1 37.6 24,717 12 5 10.1 27.5Bank of America Merrill Lynch 2 34.1 61,008 11 6 12.2 21.9 Axis Bank Ltd 2 30.3 19,881 8 13 6.3 23.9Citigroup Inc 3 26.2 46,826 11 1 21.7 4.4 Macquarie Group Ltd 3 29.1 19,097 2 12 7.0 22.1Deutsche Bank AG 4 23.6 42,149 6 8 9.2 14.4 Citigroup Inc 4 11.8 7,718 12 1 19.7 -8.0Credit Suisse Group AG 5 22.8 40,723 17 3 13.6 9.1 Bank of America Merrill Lynch 5 6.9 4,542 3 3 15.4 -8.4Barclays PLC 6 21.4 38,297 11 12 6.0 15.4 Morgan Stanley 6 6.6 4,312 9 25 2.3 4.2Evercore Partners Inc 7 18.1 32,355 10 45 0.5 17.6 Credit Suisse Group AG 7 6.4 4,205 6 31 1.2 5.2Morgan Stanley 8 13.6 24,388 13 13 5.9 7.8 JPMorgan Chase & Co 8 5.6 3,681 8 21 3.1 2.5HSBC Bank PLC 9 11.0 19,691 12 19 4.2 6.8 Kotak Mahindra Bank Ltd 9 4.9 3,196 11 10 8.2 -3.3Nomura Holdings Inc 10 7.2 12,921 12 18 4.6 2.6 Ernst & Young 10 4.5 2,975 38 9 9.1 -4.5Somerley Group Ltd 11 6.0 10,717 3 22 3.2 2.8 Walker Chandiok & Co 11 3.8 2,524 2 - - 3.8Mizuho Financial Group Inc 12 5.8 10,356 5 66 0.1 5.7 Lazard Ltd 12 3.6 2,374 5 64 - 3.6CITIC Securities Co Ltd 12 5.8 10,356 2 65 0.1 5.7 Standard Chartered Bank 13 3.5 2,270 5 17 3.9 -0.4UBS AG 14 5.6 9,956 7 25 2.3 3.3 Tudor Pickering Holt & Co 14 3.3 2,150 1 - - 3.3Rothschild Ltd 15 4.1 7,344 10 9 7.1 -3.0 Goldman Sachs & Co 15 3.3 2,141 12 6 9.7 -6.4China International Capital Corp Ltd 16 4.0 7,096 2 26 1.7 2.3 Evercore Partners Inc 16 3.2 2,086 1 6 9.7 -6.5PricewaterhouseCoopers LLP 17 3.8 6,705 17 56 0.2 3.5 KPMG Corporate Finance LLC 17 3.1 2,019 28 27 2.0 1.1Goldman Sachs & Co 18 3.7 6,646 10 5 12.2 -8.5 Arpwood Capital Pvt Ltd 18 2.9 1,903 2 - - 2.9DBS Group Holdings Ltd 19 3.1 5,453 12 4 12.7 -9.6 Deutsche Bank AG 19 2.4 1,558 3 24 2.8 -0.4BNP Paribas SA 20 2.8 5,017 1 41 0.6 2.3 Jefferies LLC 20 1.5 1,001 5 18 3.7 -2.1

TOTAL 178,978 2,154 TOTAL 65,706 1,722

RANKMKT SHR

(%)FIRM


2015 2014

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 (%)

127,829 12,490

156,034 42,613

MKT SHR CHANGE

DEAL COUNT

16

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.

17

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