m&a mid-market financial cover page q4...

MID-MARKET M&A REVIEWREUTERS / Tony Gentile

MID MARKET M&A REVIEWFINANCIAL ADVISORS

Full Year 2015

Worldwide Mid-Market Rankings (MM1)

US Target Mid-Market Rankings (MM2)

Latin America Involvement Mid-Market Rankings (MM17)

European Involvement Mid-Market Rankings (MM3)

German Involvement Mid-Market Rankings (MM6)

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Mid-Market M&A ReviewTable of Contents

Worldwide Mid-Market M&A Deals Intelligence

UK Involvement Mid-Market Rankings (MM4)

French Involvement Mid-Market Rankings (MM5)

1

2

4

3

5

6

7

8

Japanese Involvement Mid-Market Rankings (MM15)

11

12

13

14

15

16

17

18

Hochinma Involvement Mid-Market Rankings (MM13)

Nordic Involvement Mid-Market Rankings (MM9)

Ranking Criteria Summary

19

10

Australia/New Zealand Involvement Mid-Market Rankings (MM11)

Italian Involvement Mid-Market Rankings (MM7)

Spanish Involvement Mid-Market Rankings (MM8)

Chinese Involvement Mid-Market Rankings (MM20)

20Indian Involvement Mid-Market Rankings (MM21)

21

9

Hong Kong Involvement Mid-Market Rankings (MM12)

Singapore Involvement Mid-Market Rankings (MM14)

Benelux Involvement Mid-Market Rankings (MM10)

Eastern Europe Involvement Mid-Market Rankings (MM16)

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#

Worldwide Mid-Market M&A up to US$500m by Rank Value Range Jan 1 - Dec 31Mid-Market Deals Intelligence

Full Year 2015DEALS VALUED UP TO US$500 MILLION

MID-MARKET M&A REVIEWM&A Rankings For Small-Cap Deals Valued Up To US$50m Are Also Available

Worldwide announced Mid-Market M&A deals valued up to $500 million (including undisclosed value deals)totaled US$914.4 billion for 2015, a 1.1% decrease year-on-year.

Estimated global fees generated from completed Mid-Market M&A activity reached almost US$3.5billion for2015, according to estimates by Thomson Reuters and Freeman Consulting.

The Asia-Pacific (ex Central Analysis) region (by target domicile) led the market, with over US$390.8 billion ofannounced deal activity, representing almost 42.7% share of the market.

The European region (by target domicile) led the market in deal count, with 14,767 deals for 2015, representing35.3% of the 41,796 deals announced worldwide.

The Real Estate sector comprised 15.9% of announced value, followed by High Technology and Industrials, with13.4% and 11.9% of the total market, respectively.

2 000

4,000

6,000

8,000

10,000

12,000

14,000

$50

$100

$150

$200

$250

$300

# of

Dea

ls

Ran

k Va

lue

(US$

b)

Jan 1 - Dec 31 2015

Peru 1,530.2 74 2,557.7 74

Rank ValueUS$m

41,154 ▼

Worldwide Mid-Market M&A up to US$500m by Target Industry

12,684-1.1

-15.2-13.9-24.3-1.2

-23.8

2.88.5

1,530

4,659.8

▲

▼

▼

20,742.5

1,14823,467.5South Korea 27,691.3 ▼

9,406.5

AustraliaIndia

▲Japan

▼▲

▼

1,463.3 2,152.614,089

61,015.2

# ofDeals

▲

1,568 ▼Spain 15,013.3 909 19,710.4 917 ▼Germany 20,583.1

2,475 ▼France 24,008.0 2,575 19,878.6 2,094 ▲

119 ▼

Europe 199,438.0 14,767 222,353.9

# ofDeals

United States of America 208,606.3Canada 26,553.6 1,460 35,086.7

924,383.4▼

20,880.6

United Kingdom 58,117.2

1,653 ▼

3,638.2

Brazil

▼

5,338.0 195 ▼14,138.6 570

1,482-23.8

Worldwide 914,443.2

14,306.0

Chile

605

Hong Kong

New Zealand 3,828.8

China 260,862.4

96014,018.4

-4.0-40.2-32.0-10.3-4.720.8-1.4

Americas 265,675.7 12,383 313,259.3

78 85

9,612 242,198.0

▼

511 ▼Mexico 4,068.9 176

Colombia

26,323.2

2,527

Poland 4,998.0 700

Italy

Russian Federation -10.5-10.6-9.770.0

-16.5

7,834.4

6,551.47,582.7

Belgium

Africa/Middle East/Central Asia ▼

3,492.2 119▼

12,914.2Netherlands

641

1,278 30,599.55,984.8

192 6,265.3

1,800

1,291

534 7,219.7 ▲

467

2,116

508Malaysia209

197 2,064.432,159.0

713 12,561.9

▼

▼207

1,2584,538

1,229

▲▲

▼

▼2225,130.8 274 3,018.0

7,332.2 5836,783.7

Sweden188Republic of Ireland 5,658.2

-14.0

36.620.4Asia-Pacific (ex Central Asia) 390,847.4

118 3,924.611,114 10,974324,554.9

311South Africa 5,861.7 351 7,280.4107Israel 5,362.5

19285.5-4.3

-19.5

620 16,370.1

4,929

2,254

456Singapore

Jan 1 -Dec 31Announced Mid-Market M&A by Target Nation Up To US$500m

21,812.0 1,081577

Region/Nation1/1/2015 - 12/31/2015 1/1/2014 - 12/31/2014 % Change

in Rank Value

Rank ValueUS$m

493

43.5-20.0-18.255.626.7

-41.0-19.0-4.9

▲1,002

Taiwan 4,429.6

41,796

9,719 ▼

376 15,952.3▲▼444

33,615.8

6,464.7 ▼7,978.3

181,816.034,599.728,672.9

-

2,000

$0

US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals

15.9%

13.4%

11.9%

11.1%9.4%

7.9%

7.3%

6.9%

5.5%

5.0%3.8%

Real Estate

High Technology

Industrials

Financials

Energy and Power

Materials

Media and Entertainment

Healthcare

Consumer Products and Services

Consumer Staples

Retail

Telecommunications

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1

95.619.516.251.783.051.234.483.6

86.988.258.563.094.923.886.491.0

51 4

37.414.7

Jan 1 - Dec 31Worldwide Mid-Market M&A up to US$500m by Target Nation Region

Lincoln International9

▼

2

BDO

Nomura 17 23* 139 24 ▲

-33

15,800.1 7

▼-70.4▼ 5,735.0▼ 1,336.6

193 -7 -38.326

12

152 ▼8

14

20 9.2

14

19 2,350.0Jefferies LLC

32.0

Goldman Sachs & Co

▲ 5,190.1

20 811 298 0

▼

2925* 30

36

19 ▲

IMAP

18

3,847.4 -

160-6 ▼ 20,285.5 -11.1

▼7

Sumitomo Mitsui Finl Grp Inc

5 -3.3

103.1

▲

199

2

18

180

▼▲11

▼

54.2-

Morgan Stanley

▲ 18,505.7

-31.2

▼

Mizuho Financial Group 15 15 153 ▲

448.6

10.9

13

M&A International

0 2

197.5156

▲ 271 1

▲

▼17,907.7

16.7

▼21

▼-22.0

381.9-

13

6

▲

131-

24,421.5

▲▲

1

123

Full Year 2015 │ Mid-Market M&A Up To US$500m │ Financial Advisors

Worldwide Mid-Market Rankings (MM1)

83.92 -55

-39.310,016.9

13 224 ▼68 ▲277

-17 ▼ 1,108.9 - -37.9

10,825.9 12925

1.5

250.9477.6

-17.47 10

Advisor 2015Imputed Fees (US$m) †

40Fees Rank

Rank Value per Advisor (US$m)Rank Value Rank Value2015Change in

2,578.4 -

MM1 - Undisclosed Values & Values up to US$500m

# of Deals per Advisor

Rank

290 51

1Financial AdvisorPricewaterhouseCoopers

Deals

666

482 -34.5Rank8 ▼

Ernst & Young LLP 3 3

Deloitte -13 ▼

2015US$m

416

2014

Jan 1 - Dec 31

Exp (%)** Fee

41.7

Houlihan Lokey

19,839.2

16 16

51.2# of Deals

1Rank

9

7 185190

12

199.0

4

412.0

29,226.0

▼

56.8

9

7,997.139.5

2088 6

-70▼

▲▼

3

-26.5

5 4Rothschild 4 5

16

6,579.7

-52.7

▲

JP MorganCiti

13

4853

461.3

8

▲ 1

2 -10.66.6

-29

19KPMG 2307

Lazard 10

127▲

▼

-61

12,106.2Change (%)

11

# of

121.731.1

22

26

335.6 53

176.3 1513

293.538

Deutsche Bank▲

6

$0 $200 $400 $600 $800 $1,000

2010

2011

2012

2013

2014

2015

Rank Value (US$b)

* Source: Thomson Reuters/Freeman Consulting

45.1

51.493.3

4

36*

15

▲

▼

Global M&A

65

23

80

64 5 ▲60

43*

52

18

3,927.769 ▲-

-23.0

Sandler O'Neill Partners

Industry Total 41,812

32

41

35*

40

6,575.3-41.5-45.3

▲

-23

10,020.3

27-56.8▲

-24

-22

▼

15.01,802.5

Macquarie Group

RBC Capital MarketsIndustrial & Comm Bank China

Stifel/KBW 3982

30-30

▼-51.294.27.4

-

35*

4,016.3 - 41.9 ▲4,019.2 - 4019.2 ▲6,989.0

CFI

William Blair & Co

▼Evercore Partners

-43.0

103

9Clairfield International

Generational Equity

10,090.3

11

-3428

BNP Paribas SA25

123.991

147.8

233.7

-29.0

33

31

▲Piper Jaffray Cos

▲

34 39*

30*

914,526.2

116▲39.4

42

3522

27Barclays

Raymond James Financial Inc 30*

10729-1

-25.2

-87.0

UBS

Baker Tilly International 29

21 25* 117

▼

▼

-16.0

-Duff & Phelps 24

▼23 ▼

Jefferies LLC

36* 11

▲-43.4

-149.1

67.823*

20

Bank of America Merrill Lynch

572190

811,298.0

10,958.3▲112

17▲32

54-

▼-23.5-24

▲13

210.2

168.2

174.5▼

29

▼18

12

19 ▲▲

10 1017

▼54.343.7

9

23 ▼-41.5 11

26

▼ 11,128.6

0.267.11,181.3 -

▲

33.0

271.1123

24

-53

▲

▼

4,987.3

▲39* 52

14

23

56

82.4

Worldwide Estimated Mid-Market Investment Banking Fees by Quarter*

100.0

48.4

2933

41.0

▼-

▼

34.5

69.6

-13.3

4,953.0

▼

45.8

33.5 62*

22.1

7

176.5

88

▼1285

84

6 ▲

-3

▼

4,106.6

8 -

31

-1.1

49

26 ▲55 355 21 ▲53 -25 ▼52 24

5.0 204* 61.7134.5 19 95.68.7 145 35.839.3 55 55.42.3 367* 46.9

36.5

Source: Thomson Reuters/Freeman Consulting

5,336.6 - 83.5 ▲3,045.5 - 124.0

82* 45.454.3 37 68.72.4 360* 33.3

▲

38▼-11

DC Advisory

76.1

▼

46.8

82.6

59*25

45

39.0272.4120.8

2420126.1

▼

40.8

42

▲

64

3,513.6 - 5.4 ▲4,795.0 - -14.7 ▼5,234.4 29 30.7 ▲

20 6989.0 ▲1,109.3 - 1109.3 ▲

57

2 ▲59

Moelis & Co 38

▲

*tie

100.0

66.9

13,861.7

77.2▲

▼77

▼

5184

34.1

35* 28BCMS Corporate Ltd

87.4

1,040.741 62.1

8,955.4

5,890.6

94.7100.0

46.6100.073.1

50 12 ▲

3,818.2 - 1.2 ▲243.4 - 111.3 ▲303.1 - 40.7 ▲

33.6 61 86.2

▲

▲

16.782.2

109.13426.7

-48.2

43 3

1898

▼

6,118.6

▲

-24.3

10,550.9

8,133.7-13

90

114

14

103.0

▲8

503.6

58.427.5 71 100.014.2 104 99.3

21.7

32

87

84▼

44

2

26.4

34▲

21 -30

3

221.9

95▼19

3,347.3▼

31.8-50.1

16

17

-

2,806.0

Credit Suisse 22

658

† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.

China Securities Co LtdAltium Capital Limited

4647*518352*78*3888*64*50

110*

35

39.4

43*45464748*48*5051*51*51*5455

Daiwa Securities Group IncGlobalscopeStout Risius Ross IncHuatai Securities Co LtdPNC Financial Services GroupSomerleyItau UnibancoGuotai Junan SecuritiesUniCreditCanaccord Genuity

71*

11 ▲52 -3 ▼51 29

Africa/Middle East Americas Asia-Pacific Europe Japan

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

$0

$1

$2

$3

$4

$5

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

2010 2011 2012 2013 2014 2015

Perc

enta

ge o

f Tot

al F

ees

Inve

stm

ent B

anki

ng F

ees

(US$

b)

Mid-Market I.B. Fees ($500mil or less) % of Total Fees

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2

63

122.8-

Lincoln International

Bank of America Merrill Lynch 49

14

78.3

613 75.1

151.1

Rank

32

Raymond James Financial Inc

7 5 -10 -18.3▼

-87.2

8

12*

9

57

▼

4 ▲

19.9

20

20 0

57

2,302.6

Piper Jaffray Cos

Lazard

10Jefferies LLC

29

▲

Stifel/KBW 6 2

Goldman Sachs & Co

Rank

12*

▼

81

▼4

Rank

69

2015

1

Rank Value

▲

11.9

4,338.8

69.5PNC Financial Services Group

55

Houlihan Lokey 151 ▼4,196.9

20152014

1 ▲

▲85

Duff & Phelps

64-36.3▲ ▼

4 ▲

▼

3,927.7

-18.3

5

Rank Value per Advisor (US$m)

▲

▼

5710* 6412* 11

4,338.6

2

4,683.31

3

1

7,460.5

Fees

73

14

# of Deals per Advisor Imputed Fees (US$m) †

5▲

▼▼

-7

21

5,735.4

10

1,818.9

14

-19

22.5

1

540.4

73.898.6

11.6

179.3-59.3 29


US Target Mid-Market Rankings (MM2)

100.0

4 907 6

8,796.5

-25.9

8,075.0

▲104.9

7

76.8

49.1

144.6

47

205.6

69.6

14 010 95.2

14

79.472.5

127 3

205.242.410.7

8,272.9

-1374

3Evercore Partners

3*

32.8

104.092.1

Deals

-56.3

1,468.12

-27 ▼

# of

313.2

▲

Rank

-

3,262.2

Financial Advisor

William Blair & Co

28

15

66.9

18

21

40.3

US Mid-Market M&A up to US$500m by Rank Value Range

46.4

27.8

96.8

▲

19 ▼

▼

15.1

7,602.5

▼

15

▲

9▼

140.2

Change (%)-45.8

Change in # of Deals

4

Exp. (%)Advisor 2015 ** Fee

US$m

▲3

8

28

107.6

226

63

-20JP Morgan

-1.0 5

M&A International

16

14* 9.222.8

▲▼23 ▲5231*

Stout Risius Ross IncMoelis & Co

150.3

12*57 -4 ▼

17 20*

14

14*▲

41 8

14* 6

19 25

177.713.8

39.6

8

195.0

▼15

22

673* 68

▼

-2

23*

90.6

50

243.0 -

21

13

5.31

▼

15.6

89.2

Generational Equity

▲

-42.4

11Morgan Stanley 10* 17

Sandler O'Neill Partners

-21.5

MM2 - Undisclosed Values & Values up to US$500m Jan 1 - Dec 31

9 14 ▲80

12

11

9

4

Rank Value

-

500

1,000

1,500

2,000

2,500

3,000

$0

$10

$20

$30

$40

$50

$60

$70

# of

Dea

ls

Ran

k Va

lue

(US$

b)

3,908.8- ▲

-2

21

130* 17 14 ▲38* 17 -4 ▼

KPMG 28

35

Citi 22*

25

-62.3

30.5 33

88.0

EdgePoint Capital AdvisorsHovde Group LLC 38*The Braff Group

Industry Total

10.0

▼

Robert W Baird & Co Inc19 37

-37.5

*tie

45* 18 0 -41* 17 -3

Bank of America Merrill Lynch 49

-39.4

▼2.2

11.6

7* -33

-

9

-90.8

2,153.9KeyBanc Capital Markets Inc 32* 27 -1625

▲Simmons & Co International

▼

▲

8.2

-60.0

20Deutsche Bank

36

▼

35

0

▲

41* 121

Clairfield International

921

-7

63.3

▼33

30*

-13 ▼

25

26

22

▲

- ▼

77.2

-

-37.1

310

-13.9208,606.3

203.6

2,598.2 20

10.0

5,767.1

9.8 59 100.034.2 31 40.89.2 63 100.015.7 41* 80.9

▼100.0

79.6566.1 -653.2 - -48.7 ▼ 28.1 34

37.5

83.2

-33.6 ▼ 1.9 167*

49

22

22.160.6

▲

5012.3

-33.9 47.3

4,907.6

15.1

35

46.2

96.1 16116.6

17

14.0

12

127.3

18

2538.5

▼

Wells Fargo & Co

11

▼-5

49Centerview Partners LLC

▲0.0

686.421

BB&T Corp

5.6

12.7

38

2010.3

23*

780.8

110.0

28

RBC Capital Markets 44

38*

-15

6

731.227

44*46*46*46*

38*

32*

UBS

32*

IMAP 36*

24

BMO Capital Markets

▼

-▼

16

24*26

▼

▼

-3 -

57*

1,190.1

134.8 -

▼ 3,801.3

-2444

▼

1.72,247.0-

146.1▲

Corporate Finance Associates 36* 30 ▼

Deloitte

PricewaterhouseCoopersMacquarie Group

AGC Partners 13.1

43

9,614

7*

▲91* 15

38* 54*

22

6,362.72621

-28.8

-41.8▲

22*

18

29

50*50*50*

75.8

32.2

48

2337

100.064.1

54.6

51

US Mid-Market M&A up to US$500m by Target Industry

14.6

25 1,988.4

▼

132.9

29- -32.0

▼

33

6

43*

38*

15

46

▲

▼▼

20*

-26.9

6,730.7

81.3

100.0-8

▼

9 -15.9

17

23*

3.0

32.5

2.6 100.0137*

3921.1

19123*

▲

▼

5,428.5

3026.9

-27

36* 3

-3

14.3▼

▼

-91* ▲

▲ ▼30.7

-

15 10

86.6

▲

Credit Suisse

-92.9▲

Jan 1 - Dec 31 201527

42

0.0

22

41.634.5

73.2

50* 19 5 ▲1

16

26.1

-

▲

44* 38* 18

43*

--

57*

36* 123

▲20 100.0

30* 18

31* 301,445.47

79.120.4

▼

100.0100.0

-

15

26

BarclaysStephens Inc



14 ▲15 -11 ▼

2,108.2 24744.2

5 ▲

▼

-

7

3

23

-

▲1,058.3 - -41.8 ▼

56.0 - - -971.0 - 5.3 ▲

100.0

100.0100.0-

-

3,584.1

Signal Hill Capital Group LLCRothschildMarshBerry & Co IncGCA Savvian Group Corp

Fig Partners LLCPrairie Capital Advisors IncSunTrust Banks

57*99*209*34

-106

▲17.3 ▲

- 369.2 ▲0.0 - - -

596.6 - -40.8 ▼

21.5 38 4.93.4 113 100.01.9 167* 100.06.5 77 100.0

US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m

15.8%

15.3%

12.8%

10.3%

10.0%

9.5%

7.8%

6.7%

4.4%3.5% 2.8%

Real Estate

High Technology

Energy and Power

Healthcare

Financials


Industrials


Materials

Retail

Consumer Staples

Telecommunications


3

19*

44*

913

16.9

-

11-3

28.731.8

7* 2,392.2

6 43.4100 0

17*

10▲

5

14*

3

18.913.2

8

▲

41.7

100.0100.0

12

Latin America Involvement Mid-Market Rankings (MM17)


BR Partners

Rank Value2015

41.054.572.5

1

43

Goldman Sachs & Co 7*

1▼

17

12* 193.2

Change (%)Rank4,757.9

5

4

59.3

0

244,683.8

▲

18.0


Fees

41.1

Latin America Mid-Market M&A up to US$500m by Rank Value Range

8*

1

Jan 1 - Dec 31

5 ▲13

▲

27.8

14

8

1,337.2

10

Rothschild 5 7

Exp. (%)** Fee

0

BNP Paribas SA

▲

Rank

▲

52.7

Advisor

19.66

US$m

803.1

2015# of Deals per Advisor

52

▲

# of Deals-26


-15.3

Rank Value# of 2015

39.3

7.5

▲2,258.1

▼

27

▼▼ 8.7

1.6

▼

9

▲

-

▲

Lazard

43.9

-8.0

▲

7

52.8▼

100.0

19*

11

93.025.5

▼

▼14*

9*

19* 27*

61.5

1,629.9

Imputed Fees (US$m) †

55.1

7

-6

▼ 407.5

▼ 14.9▼

-2

0

8*

16

56.5

6

4

Financial AdvisorItau Unibanco

8*

Banco BTG Pactual SA 44

16*

14

25.6

6

14

13 ▼

12*

11

161

JP Morgan

22

-1.4

▲ 3

12-

▼

3 05.3

0 0

3.9

5Banco Bradesco SA

11

9* -14 -71.6

-21.3

-89.132

-25.4

-63.625

0

212*

773.9

PricewaterhouseCoopers

25.2

6*

11

27* 8

Morgan Stanley


16

▲

Credit Suisse

1,133.0

12*

6

-42.35

Deals

2

20

KPMG

8

9

Rank Rank

16*

14*

2

4

-

23.9

7

Citi


BBVA

1058.9

-60.7▲

536.6

98.4

24.2

17*1,262.5

▼M&A International

▲827.415* 253.4

▼41.9

15*

-31.3-13 ▼

▼

IMAP 2 197.75

▲

Santander

8.2

12

2

16

-

▼

53.3

84.244.33

4

139

1.0

▲ 242

-3

Change in

33*

1

2014

▲

9

29.6

21

1,011.032,633.9

-

50

100

150

200

250

300

350

400

450

500

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

# of

Dea

ls

Ran

k Va

lue

(US$

b)

3.059* - -0.0 - - -

321.1 23 - -100.0 38* -93.0 ▼

44* 4 3 ▲25* 4 -1 ▼

- 4 4 ▲16* 3 -5 ▼

Industry Total 1,301 -19 ▼

Evercore PartnersLincoln InternationalGlobal M&A

Alpax IncCFIBarclays

GlobalscopeLXG CapitalInspire Capital PartnersDeloitteBlackstone Group LPCIBC World Markets IncNomuraCredit Agricole CIB

6* 3 -14 ▼44* 3 2 ▲

3.2

Mediobanca 23*Arab Banking Corporation 23* - 4 4 ▲

4 2

Latin America Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 2015

70.8 - -

88.544*

-

- 50*5

-

-2

- 100.0

-18.921*

▲

19* 155

▲

▲

-14*

39* -▼

-

*tie

23*23*23*28*

0.0

100.05.0 18 47.2

4.619*

1.7 18 100.0

56.0

18 100.02.0 18 100.0

18

- --

0

▼

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

225.8 28 -41.5 ▼0.0 - -

30,711.4 -15.5 ▼

28*28*28*28*28*28*28*28*37*37*37*

557.9


@VISORY partners

379.7

6

8.4

3.0UBS

0.0

21.9Deutsche Bank5

2 -1 ▼- 2

19* 3 -4 ▼44* 3 2 ▲

- 3 3 ▲- 3 3 ▲

25*

-1,247.721* -Clairfield International 5 -

22 - -0.0 - - -

0.0

8.7

- 3 3 ▲-

1.11.5.9.5.32.7

739.1

▲

21

2 ▲

18 65.41.9 18 100.0

18 100.018 100.018 36.018 100.018 100.0

127.9 35 -72.0 ▼48.3 - - -4.6 - - -0.0 - - -24.2 - - -0.0 - -

9

-290.6 253 -2 ▼ 70.9

DC AdvisoryPlural CapitalHSBC Holdings PLCJefferies LLCWilliam Blair & CoRabobank NV

- 2 2 ▲44* 2 1 ▲27* 2 -2 ▼27* 2 -2 ▼

232*

2 ▲

18 100.06.0 18 100.02.4 18 100.01.0 18 100.0

196.6 31 -68.3 ▼0.0 -

0.0 - - -16.2 - - -493.9 18 -38.1 ▼

1.0 18 100.0.6 18 7.95.0 18 48.53.0 18 100.02.0 18 100.04.1 18 100.0

39* 2 0 -32* 2 -1 ▼

- -268.6 - 101.0 ▲

37*37*37*37*37*37*


19.5%

16.4%

13.7%13.2%

9.8%

7.8%

6.1%

4.5%

3.4%2.6% 2.2%

Energy and Power

Consumer Staples

Industrials

Materials

Financials

Real Estate



Healthcare

Retail

High Technology

Telecommunications


4

-90.0

7 31 4

44.9

242

9

▼

Jan 1 - Dec 31

72 26.7

▲

▼70

Rank Exp. (%)

▼

6

3

European Mid-Market M&A up to US$500m by Rank Value Range


8

87Lazard 9

BDO 6 -26170

18

190.9 286.3

4

Rank Value per AdvisorRank Value

▼

33.6155.6-13.4

48.9-48.1

▲

16.9

19

46 ▲289

▼ 134 7

30*

33.5 29.7-

Change (%)

16

Financial Advisor2015

449.4 408.6

-

4*6

▼

Deals

Rothschild

100.0

▼

2

13112

18

31.1

-29.4

-38

34

▼

▼

▼

Rank

-25.4

-12

3818*

38

48.1

87.378.5

7.9

▼

Ernst & Young LLP

7

-47

134

-6

804.6

25

CFI-0.8

-18.7 ▼▼

12,656.1

▲

5

9

4*

13

1

68

34

▼686.3

Advisor

35*

Clairfield International ▼5

** Fee

93.9

11

100.0

10

379.9

25.0

-29.018*

4

60

21

5

23

6 624 8

0

63

▼

2014


91.3

8

-10

▼

KPMG

# of Deals


Fees1 321

▼

100.0

744.4

-37.7

9,575.7 8,611.5Baker Tilly International

15*

-15.9

1,611.6

-4.9

113

BNP Paribas SA

22

370.9

▼

889.4

-

8,633.59,154.0

▲

-

2015

▼

RankPricewaterhouseCoopers

IMAP 129.7

34.6

177 14

▼

▼86.9

▼


12 67

61

Deloitte

DC Advisory 17 21▲

2

90.3Citi

8 4

39.9

1282

3

▼

-28

▲

29.2

-51.4

4

▲

1,422.8

38.1

2

136

621,802.5

14

61.9188.27,591.2

6,017.6

▼

32.1

M&A International

Morgan Stanley

-▲

75.5

99.1

10,411.591.0

4,236.7

▲21.93

4,718.957

21 4

-13

9,359.3

7

38.1

JP Morgan

1,575.8

US$m36.8

-7 349 4

Rank Value

11

Euro mil6,830.1

429.1

6,164.34,816.2 4,349.613,938.7

6,766.9

1,221.8

107.3

# of Deals per Advisor# of Change in

7

Rank

26*

234-11.8

6,674.1

7,817.2

1116.3

-22

Goldman Sachs & Co

BCMS Corporate Ltd

12

European Involvement Mid-Market Rankings (MM3)

-68.7

23.48,276.5

665.8183.7

▼24-

-3

95.4

20

20

-

62

78

▲

▲

-54.1

10

34.9

71,339.6753.9

2015

7

15*

15 15*

▲

11

11

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

# of

Dea

ls

Ran

k Va

lue

(US$

b)

34.4

8

-60.4

▼

-11

3,661.7

34 -1 ▼

-

174.3

22*

44

1,640.7

42

▼

46

7 -31.4

▲

36

-37

▼

30

41 38*

-5

22*Credit Suisse

39*

27

▼

Industry Total

80.433.6

28

▼

32*

11.5

18.2

33.6

▲74.6

-13.9

26

34

138.229

▼1,807.1

-62.6

44

34

-13

905.1

50

44

23

-54.7

▲

2,677.2

Globalscope

▲

-9 ▼

18

2,027.9

161.5

34.5

17.7

▲

52.3▲

▼

630

59.624.1

100.044

2,728.5

1,764.4

20

81.7

44.3

190.6

86.5

▲

50

22.6

4232

▼

3940

-11

▲

European Mid-Market M&A up to US$500m by Target Industry1,977.7

5,621.3 5,099.01,109.3

30.4

953.2

4,842.0 Jan 1 - Dec 31 2015

3,000.8

*tie

44*

1,289.4 14

2,684.6 2,466.2 21 -16.6 ▼

14.539.3

258,437.6 233,370.4▲

768.0

22

43 2431

4▼

-5 -91.5

30

29

▲

Concentro Management AGACXIT Capital PartnersBanca IMI (Intesa Sanpaolo)

12.3▲

-48.7

▲38

7319.0

58

-3

Credit Agricole CIB

26 -11 ▼

39*

-9.9

32▼

Mazars SA

60*2,026.143

56* 29

17.3

▼

Jefferies LLC 2,720.3

8

-51.5 ▼

44*44*47*

0.0 0.0 - - -349.8 310.9 - 2232.0

Mediobanca

UBS

▼

▼

-24.1

▼-

HSBC Holdings PLC

Translink Corporate Finance

26 10

22

Societe Generale

19.9

Houlihan Lokey

-Canaccord Genuity

Nomura30.4

47*47*

16,978


49* 28 1 ▲45*

41.9

844.2

2,253.1

100.0100.0

28▼

-37.7 ▼153.5 140.9

-7

Livingstone Partners 56*

▼42

52.2

1,156.7

▲

- 362.3

41 28 -8

12

5,886.1

50*50*

1,872.8 1,701.2 31

36*100.016.8

81.7

12.9

18.717

35

34.6 26*

▼

36*

78.246▼

335241

37

-

94.1

3838*

32

2,959.6

80.515

21.7

-12.9

28* 85*

31

44

16

47

25

▲

994.4-27.8

-16

35 29

28*

31

0

2

48▼

20

41.918

-43.6

59

▼36* 6 ▲

9

-37.222.1

30.8

33.4

2,998.528*

46.22,107.2 27

-4

-2.7

▼5,378.3

▲1178.5

23

▼ 134.7

22*

Altium Capital Limited 86.2

52

▼

47

-

85.3-32.6

51UniCredit

10Deutsche Bank

4,426.532.2

106.712 30*

56,624.8▲

15*22.4

▲

▼

33

ING11-4 ▼

▲Global M&A

61

25.015

25

N+1

2,160.82,388.2 89.7

Natixis

35.2226.3

- 54.816

2,164.8

Evercore Partners

▲27 13

▼4,016.332*

45Barclays

3726

24

▲

32

67.3

1,888.92,652.9

▲

36*

23.5

66 100.015.8 62 100.026.9 41 66.7

2,826.3 17 -8.8 ▼860.3 804.9 - 66.0 ▲987.2 889.5 -

28

21.4

42

▼

▲

JP Morgan

16

40.312.6 74 100.065.5 19 48.417.6 55 100.027.0 40 100.0

▲48 26 -2 ▼

3,199.050*Banque Degroof Petercam SAWilliam Blair & Co

68*


Macquarie GroupCapitalmind -2 ▼

38*

-

7,349.4Bank of America Merrill Lynch

Rabobank NV

52 29 5 ▲

7.72,396.0

3,246.7 2,955.2 ▼58.4

-31.4

-23.8

-

143.4

45.4

-

124,904.1807.2

1,071.9

-

71.219

44.7

60.4

20

74* 29 15 ▲▼

22

-721

57 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals

21.0%

11.5%

10.5%

9.4%9.0%

7.4%

7.0%

6.5%

5.9%

5.6%

4.5%Real Estate

Industrials

Financials

High Technology

Energy and Power


Healthcare

Materials


Consumer Staples

Retail

Telecommunications


5

10

94 918*

7▼12*

▼

JP Morgan

Rank

52

94

DC Advisory

2

Rank Value Rank Value

6

▼

▲3 -28.0

▼1,683.9

21.3

2

-

1

20.9Ernst & Young LLP

Jan 1 - Dec 31

▼


IMAP

Rothschild

45

2612*

8

23.6

2,135.7

UK Mid-Market M&A up to US$500m by Rank Value Range

2,258.0

** FeeDeals

936.2

-67.6

1

24

6

2,597.3

-21.9

-50.5

▲

▼

1 014 8

▲

32

10.2

Baker Tilly International

8*

7

13*15

▼

▼

-19.5

-31.9

Lazard12

83.1

361,723.0

16-11

4

12

42,720.2

4

100.0

7▼ ▲

▲

39

55.7155.6

-

5

7.6

18*

8.0

21

# of Rank

Mazars SA

7

35.1

10*

BCMS Corporate Ltd 5 14

29

10

16*2021*

96.6▲

Morgan Stanley

4* ▲

74.5

3,987.7

▼

7,913.53,747.1

-44 21.2

332.0

-17.5

Fees

4*

-1716

403 10.2

38

2,357.8 1,533.15,192.7

2014

4.5

M&A International

28

3,289.779


100.0

78.8

Canaccord Genuity

Deloitte

GBP mil


11.8

▲

4,008.1

-2

▲▼-6

5,660.7 3,682.8119.4

11

9

27 ▼ 68.1

# of Deals


87.9

55.6

-4

▼

KPMG18

Change in

13*

20.7

44.128.6

2,467.7 ▼

27

20

815

2,623.0

25.1

3

-24.9Rank

1031

10*

▼

8*

36

▼

38

15

13.2

Jefferies LLC

Rank Value per Advisor

72.5 36.5

Financial Advisor94.3

2015

7-25.2

611.61,696.0

16*

49.2

-16.3

7

5

25.1100.0

BDO

14

78.8Goldman Sachs & Co

2,565.7

1,123.4

2,637.9

-82.124.6

46

US$m

23

2015

-4

-24.7

100.0

36.9

76.9

▲

-4

96 451 121

▲

Exp. (%)

100.0

-1

14.9 2952.7

▲

▲

17

Rank

2

47

1

-23.9

Barclays


UK Involvement Mid-Market Rankings (MM4)

32

Advisor2015

6

15

▲Change (%)

-7

65*

96.259

-

89.8

21.7

65.1-

-1

16.3

665.5

657 5

644.9

▼

3

▲

9 96.8

29.6

321,473.2▲

▼ 794.71,213.9

33 ▼

20* 24*Houlihan Lokey

11

19

435.9

▼

▼4,141.7

▼

18

4

1

▲6

427.0

5

-

▼ -

200

400

600

800

1,000

1,200

$0

$5

$10

$15

$20

$25

$30

$35

$40

# of

Dea

ls

Ran

k Va

lue

(US$

b)

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.

1,663.4

4494.9

▲

-

18 ▲

32*

N+1

Numis

4,076 ▲

▼1822

▼31.0

▲

- 519.8

1,380.5

BNP Paribas SA-4.9

-

23

705.1 459.8

2,184.4

35*

42

236.2

Citi

▼534.6

-18

29*Catalyst Corporate Finance

Benchmark International25*

3

Lincoln International 12.6

3612.7▲▲

35*

100.0110.641.733.9

100.0

2429

18

1,014.8

Industry Total 32

-0.4

26*

-

27*

1,092.4

19

▲218.0-

▲

19

UK Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 2015

47.0

32*

0

Credit Suisse

81.237.8

11.2816.5

26.0

75.3

54.4

2,116.1

34

492.6

401.7

- - -

791.7

▲24*

3

17 2

100,304.0

3342

† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

62*

-3044

▲

▼ 10

13.0

134.9

759.4 -

1,397.520*

169.1113*

-6.3

16

5.5

0.0 0.0 9.0-

7

100.0

16

▼

9

Altium Capital Limited ▼23

1,734.9

11

▲37*

▲ 96.451.1▲

20*

▲

23

6-27.7

25*

31*Livingstone Partners 9.8

27

Macquarie Group

657.5

20

100.0

82.5

0

29*

21*20* 23

37*31*

65,664.6

-2 ▼

*tie


22.3 19 50.312.9 34 77.7

-60.5

13▲

1293.4

13.9

▲

Global M&A

812.5

100.0

20* 24*Houlihan Lokey

23.9

17

87.43

3716

616.5

- 138.7 ▲65.8 - -72.6 ▼

1,763.9 1,136.4 14 -36.3 ▼1,108.6 711.8

1,215.2

27*

20 16.2 ▲1,015.6 660.7

▲915.3

2,670.1

-- -4.1

▲▼▼▼▲▲▲▼▲ 497.2 326.8 - 159.8 ▲

▲

43*43*43*43*

▲▲▼

884.8 579.4

43.6

▲

20 618.3

402.31

7

33 -17.9 ▼131.4 - 3028.1 ▲

36*40*40*

388.0 255.3NomuraJones Lang LaSalle IncClairfield InternationalEvercore PartnersDeutsche BankCFIKBS Corporate Sales LtdMxc Capital LtdHSBC Holdings PLCDuff & PhelpsINGArma Partners LLPBank of America Merrill LynchfinnCap LtdPeel Hunt LLPUBS

45* 16 760* 15 821* 15 -817 14 -1330* 14

3334*34*36*36*36*

26* 11 -10

43*43* 11 2

45* 11 2

40*

▲45* 11 2 ▲26* 11 -10 ▼

-445* 14 5

- 14 14113* 12 1032* 12 -473* 12 754* 11 345*

499.3 335.0 53 -56.61,340.0 883.5

200.2

23 -53.80.0 0.0 - -5.2 3.3

7.6 49 61.330.1 12 48.634.7 9 32.67.2 51 100.06.6 54* 100.02.3 99* 100.018.1 24 29.16.3 56* 51.64.2 70 70.0

62* 100.013.8 31 18.8

19 16.9 26 85.419.6 22 26.83.0 83* 100.05.5

▼

▼-

557.3 364.1 48 -85.2 ▼656.9 430.4 - 1121.0 ▲

1,079.8 700.4 25 433.5 ▲985.0 646.7 29 -68.7 ▼

179.2 ▲


20.2%

12.2%

9.8%

9.7%8.8%

7.9%

7.2%

6.7%

6.3%

5.4%4.5% Real Estate

Financials

High Technology


Industrials


Energy and Power

Healthcare

Retail

Materials

Consumer Staples

Telecommunications


6

0 020

Rank Value per Advisor# of Deals per Advisor

▼

19

▲

▼

46

9

Banque Degroof Petercam SA

50.9

-

Rank

1076.7

7

9

11

-22.3

▼

5.8

▼

1

-13.5

Rank Euro mil

54.0

26

629.4

6

2160.4

668.4


41

▼M&A International

5*

2,843.4

5

8.3

Lazard

# of

▲

Financiere Cambon 62.9

▼1

4

18.8

7

17

8

▼27

3

43.9

▼

25

▼


53.8

11.0

54.2

-21.640

1214.3

24 ▲▲

15*

21

Linkers

72

100.0

90.03

13

304.0

French Involvement Mid-Market Rankings (MM5)

Advisor 20152015 Rank Value ** Fee

French Mid-Market M&A up to US$500m by Rank Value Range

18*

12

▲

30

71.0

▼3

Credit Suisse

0 0

-1

42

Change (%)

24.1

9 18.264.5

79*

104.6

▲23

23

39

9.4

30.3

-

594.8

100.0

100.0

100.0

Rank1

27*

▲

15*

18*525.8

2.220

▲

▲

- -6.1

2

▼

▼

4.5

17

14

100.0

15.8

39

278.7373.0▲

100.7

10

4*

▲

72.9

55.7

1,773.8

57.6

1,579.9

-12

3,370.4 3,022.2 2

Change in

-2.4-82.2

-5

223.6243.4

953.21,071.9

▼4

▲BNP Paribas SA

6

▲

▼

4225

8.8

100.0100.0

-54.5

-43.5

1

39.5

▼

57.4

806.6 743.2

17*

23*

8

4*

13

30▲

-11

-4

▲17

2014

463.5

108.0▲

37*

2

14

8

16

-16.6345.6

17 4

19*

74

14

▲

55*

3833

8 0251.1

100 028

12

34

-11

100.0

35

▲

46

4,079.6

Jan 1 - Dec 31

202


568.2 524.9

88.3

-57.0

Fees

32

Rothschild

▼

11.913

17

▲

100.0KPMG

-10*

15

-

▼Ernst & Young LLP

Financial Advisor


DC Advisory

▲787.8

12*-

27*MBA C it l SARL23*

9

14

Deals

9

3,173.0

96.5

3,682.7

739*


Rank Value

4.7

US$m

Deloitte

Natixis

76.9

21.2

14.417

▲


48.4

715.3

24

▼La Compagnie Financiere

Credit Agricole CIBSociete Generale

2015Rank # of Deals

45*

20

108Exp. (%)

162,107.2 1,888.9

27

-27.8

3.4

100.0

40.742.0

-71.7

-

100

200

300

400

500

600

700

800

900

1,000

$0

$2

$4

$6

$8

$10

$12

$14

# of

Dea

ls

Ran

k Va

lue

(US$

b)



0.00.0

Jones Lang LaSalle Inc

7

2016.6

31.6

-

▲

-6

▲

Capitalmind▲

41,399.6 37,357.1 5.5▲

5.9

15

1128* -7

-

170.1

-3.7 ▼

0.0

33

43*

23*

20.6 10 85.132*

12

3.1 60* 100.0

100.042*42*

53* 7 3 ▲20*

100.0

▲

0.0

NFinance SAS723.6 638.6

0.021

34* 37* 9

38.1

34.5 - -

21

1,808.9 1,654.7 5

13* 11.2

0.0

100.0

▼

100.053*

-489.0

42* 10

8 6 ▲ 3.5

0.0

129* -99.3 ▼

550.1

28*

▲ 999.0 914.1 11 -20.2

Goldman Sachs & Co

5.6

-100.0100.0

8.3

43*

Bryan Garnier & Co

CFI

34*

100.0

8.3 7.5

Eurallia SARLCV

Citi

*tie

1,133.0 1,022.8

French Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 2015

-

4 ▲

UBS

25.1

Canaccord Genuity 15

6

100.0-

36*

36* 53* 8

32* 30* 10 2

2 ▲ 612.6HSBC Holdings PLC 36* 19

JP Morgan

▼

▼

-

4 ▲ 136.7 122.5 - 82.3 ▲ 3.8

▲

20* 853* 9

213.9 -

Pax Corporate Finance

-

-85.7

25.8 8

9

- - 31*

16

69*

▲

17* 12 34.3

7

--3

Oddo et Cie

23*13*

0.0

▼

42*

4.0 3.7

8.0

4.212

23*

30*

28* 11- 6.0

30*

100.0

135.0

- -83.6 ▼

5 ▲ 1,421.3

36* 27* 8 -1 ▼ 16.4 14.9 - 331.6 ▲ 2.3 77*

11 3

17*

▲Grant Thornton

11 3 ▲▼

19.6 17.5

11.9

830.7

23*

28-

Clipperton Finance SARL

8

44.8

▼ 37.9

34.1

-3

▼

20.0

39*14

▼

50 100.0

Messier & Associes

30.6

- - 7.1 3036* 94* 3.1 -

1658.1 ▲ 4.221 36.1

58.1

12

- 219.7

28*

15

23*

138*

30*

-

▼19*

1,208.2

Global M&A

928.3

4.7

11

Industry Total 3,385

- -8.412

12 -74.1

-

13 ▲ 549.1

Bank of America Merrill Lynch 42* 30* 7 -1 ▼

.7 158* 100.0

▲

7.3

▲ 150.9

16.9

79.5

22

27*MBA Capital SARL

158.84

36* 69* 8 5 ▲

2

16

12

51.4

▲

IMAP

Morgan Stanley

10* -7

239.1CBRE Holding SAS▲ 11.2

27.4


AP ManagementHottinguer Corporate Finance

0.0 0.0 - - -109.3 100.0 58* -80.5 ▼

3.3 57

100.0

37

-

8 1.4

29 100.0- - -

- -61.8 ▼

1,308.1 7 217.4 ▲ 16.93.5 53*

100.07 -7 ▼ 5.7 35*548


26.9%

13.5%

11.5%8.0%

7.9%

6.2%

5.7%

5.3%

4.9%

4.3%3.7% 2.3% Real Estate

Industrials

High Technology


Energy and Power

Financials

Healthcare

Materials

Retail


Consumer Staples

Telecommunications


7

# of Deals per Advisor2014

Financial Advisor

32*

Lazard-39.9


21.0 ▼-90.0

66.0

40.4

100.0

-

▲1

▼

▲

Rank

-1

Deals

28*

-27

58

25

Baker Tilly International 3.0

867.6

1,424.4

349.5

86115

-0.0

19

10.6

35*16

27*

50 219 15

▼ 807 4 732 089-10

-30.6

1.5

2015

100.04.55.0

13.0-97.6

20

14

5

9* ▼

-

55*

3*

2015 # of Exp. (%)Fees

52

Rank

▲

7-KPMG

-Deloitte

404.036*

8.7

▲▼

637.4

2.7

9.9

10*100.0

14*

German Mid-Market M&A up to US$500m by Rank Value Range

6

▼

7.4

0.0

Rank Value

▼

87.5

100.0

-4


-53.7

Rank-59.6 9.7

0.0▼▼

4440.4

ACXIT Capital Partners

▼-98.0

211.4

88.2

** Fee

8

16

14

20* 22

IMAP


16*

20* 12 6 20 2BDOMorgan Stanley

1

-

1,309.8

6

12*

▼ 17.9

-

5.7-

2

790.5

-93.7

100.0

100.058.8

Deutsche Bank-Altium Capital Limited

389.2 21 8*

2.839.4

▼-

27

1309.3

▼

21

43.3

442.3

10.4

-

8

22

13.7

100.0

Jan 1 - Dec 31



5US$m

Rothschild

18

3*


Concentro Management AG3.6

Change in

98*

-7

▲

11

▼

AdvisorImputed Fees (US$m) †

Change (%)

29

perspektiv GmbH

Rank ValueRank

-

1.5 1.4

9

2

▼

575.8-

# of Deals

13*

11.8▲494.8

8

▼

▼

▲

0.0 -

8*

▲

▼

188.6

1*

BNP Paribas SA

17*

12* 9*

20.2

100.0

39.4100.0

37 100.043*

Euro mil

14.5

Ernst & Young LLP201.848 184.5

16

20

-9

Globalscope

-69.5 ▼

10

32▼

--11

13 8

0.08

M&A International

-

1.4

411

11-1

281.2

-16.5

1 -25.8

11 19.3

16-3

11

1,258.2 1,117.1

0.0▼-11 ▼

249.9

100.0

▼9.4

-4

29

2015

11 -15.9

▼

-4

-33.3

-65.0

18.5

German Involvement Mid-Market Rankings (MM6)

.7

13.7

▼80.3

1

11

10* 7

3*

16*

7

3

12

1*

▲

16*

3*5 ▼

14* 28* 312-5

-

100

200

300

400

500

600

700

$0

$2

$4

$6

$8

$10

$12

# of

Dea

ls

Ran

k Va

lue

(US$

b)

20*

191.3

100.0

100.0

24*▲

35,045.0

2

-1UniCreditGlobal M&A


Citi3.8

45

-50.2

20*24* 32*

3.7

▼ 807.4 732.0-89

-

1

14.3

18.1

5.518▲

475.5

3*39

20*

20* 12


6 20.2

17

-0.2

Leonardo & Co

Morgan Stanley

68.8

26*40 100.0

-

German Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 2015

▼▼

Livingstone Partners

-97.9

20.0 - -

3 9.8

3.4429.9

-0.0 0.0

15 68.8 ▲226.5

25*▼

136.7

47.62,247Industry Total 768.1

-

▼

35*35*35*35*35*35*35*

511.6 464.2 10 87.8

30.241*

420.5 390.0

-

1,023.7

5 0

08

156.8

79.9

- - -186.9 172.0 39 -18.2 ▼0.0 0.0 - - -

299.3 270.0 - 36.0 ▲

-4.8 ▼0.0 0.0 - -

3.920.2

11.126*

13*

-

-0.0 0.0 - - -

600.2 7 -54.9 ▼

*tieSource: Thomson Reuters/Freeman Consulting

-DC Advisory 36*

▲21.5

28*28*28*28*28*28*

54* 5 1 ▲77* 5

- 1220.8 ▲455.7 413.0

-36*

MediobancaBarclaysMummert & CompanyIEG-Investment BankingN+1Roland Berger & Partner GmbHWilliam Blair & CoNetwork Corporate Financeequinet AG

Proventis PartnersGoldman Sachs & CoJP Morgan

-61 ▼

GP Bullhound LtdSumitomo Mitsui Finl Grp IncCBRE Holding SASCFI

7.3 23 100.02.5 59*

171.1

-41* 7 1

85.6▼

140.0 0.0 - -

3 ▲63* 5 2 ▲47*

925.2 825.8 4 -24.3

13.8

1,140.5

▲

8 -3

9 ▲

7

7322.0-6

▲

31

-14 27.1

--

6 5 ▲47* 6 1 ▲25* 6 -4 ▼20* 6 -5 ▼16 6 -7 ▼63* 6 3 ▲36* 6 -1 ▼28* 5 -4 ▼106* 5 4 ▲

41*

28*35*35*

▼

106*

9

20*

9

49*

0.0 0.0 - - -278.8 258.3 - - -126.8 118.8

100.020.2 3*

200.0 -

▼

5 -2 ▼17* 5 -7 16.4

18.8 6 13.431,469.3

▼36* 5 -2 ▼

49* 71.411.6 12 26.74.6 34 100.03.0 49* 100.02.7 58 96.42.0 65* 100.05.6 29* 100.02.8 55* 100.0.6 103* 100.03.7 41* 100.06.4 24 82.1

100.0

3.0

3.0

▲153.9 136.5 -

665.2


26.0%

23.6%

13.0%

6.9%

6.8%

6.7%

6.2%

3.8%2.7%2.3% Real Estate

Industrials

Energy and Power

Retail

Financials

High Technology

Telecommunications

Consumer Staples


Materials

Healthcare



8

90.9

17.4

M&A International

2

-14

68.9

55.4

▼

39.3

9

Rank Value per Advisor# of Deals per Advisor

28

33

-12,466.2

▼

Deals

2*

500.011

43*

-

14.6 100.0

35.562.5

-

8217.0

-58.512*

16

384.3

2014

-

-33.8

4*

Italian Involvement Mid-Market Rankings (MM7)

4

35.5

0

▼

** Fee

26.52 66.7

Fees

▼1

48.328

2015# of Deals Change (%)

3,141.0

2015Rank Value

Ernst & Young LLP

11

100.0

-


Italian Mid-Market M&A up to US$500m by Rank Value Range

Arkios Italy SrlIMAP- Vitale & Co

46*

67.0

714.6 626.22,126.3 1,952.8

1,425.4

1

3.4▲

7

14*

Deutsche BankEthica Corporate Finance SpA

-67.4

10

Deloitte

▼14*

11.5

-1 0.0

Leonardo & Co

22*25 528 3

50*

2,684.6

13

EnVent SpA

6.4-

1810


Vitale & Co SpABNP Paribas SA

25*20.9

100.0

6.0

4

▼

46*1 4

25*

1,078.5▲

-7

▲

7

2

76.3

5

1.4-8

0.0

16.1Euro mil

-

1.3

15.438.1

-58.7

100.0

-27.3▼

26.9

100 0

-

Rank

▼

10.6

7

-7 ▼-16.6

18*

11* ▲▼

BDO

100.0

▲

24.3

2

100.0

1,184.2

-▼

- 100.0-

▼

Rank

117.9

1,173.3

9

-73.9

14*

10

18*

-

151413

28

9

25*

5


6Financial Advisor

1.4

KPMG

Citi

Banca IMI (Intesa Sanpaolo)

296.79

7

2,034.9 1,809.9

Rank ValueRank

▲

70.0

11*

18*▼

5

-7

-

-

46*-7 192.3

1725

17

75.1 ▲

▼

▲ 99.0

58.4

4.0

9*

6

1

▲

22

3▼

9▼

▲

23

-88.0 81.0

267

11*

UniCreditMediobanca 42.2

Lazard

2,860.1

Change in

385

9

Rank

Rothschild

2

20*

12

101,082.0

3

10

▲2*2*

5.2

102.4

1,532.2

38.1

6.7

36* 4.7

Exp. (%)

Jan 1 - Dec 31

2015

6.0-76.311

431.1515.4

44.1

7


▲

2.0 34*

18*

-2

8

▲4*

Advisor

14*

87.0

▼

9*

▼

6

8

-91.8

332.9

1

9

US$m# of

▼

610

-

▲ 470.13 ▲

15*

26.8

-49* ▲

7-15

6

-

50

100

150

200

250

300

$0

$1

$2

$3

$4

$5

$6

$7

$8

# of

Dea

ls

Ran

k Va

lue

(US$

b)

*tie

017

72.7 37

▲

▲35* - 3Cushman & Wakefield Inc

0.0 - - -26.9 25.0 - -66.7 ▼

21

36.0 32.7

23.6

398.4

23 - -

▼0.0

▲

241.0

Fineurop SpA

406.0 375.4 17* -73.6 ▼

18.0 ▲

26*

- -

79.94 ▲

155

▲ 21.8

CFI

34*

-

100.0160.4 ▼

0.2 ▲

-3

Goldman Sachs & Co

▼

-

22*

31*

25* 4

3 ▲▼


12* ▼

25.5

146.8

28.3

100.0-11 68*

94* 100.0CW Downer & Co

▲

35*35*42*

99* 3.8- - -

3.5 26 100.0

Jefferies LLC

26* 21

Equita SIM SpAGreenhill & Co, LLCJones Lang LaSalle Inc

Klecha & Co-

19*4.668* - -

1.50 -

362.8EnVent SpA

UBS

34*

-

100.0

5

-1 ▼

-84.6 33

31*

Natixis

5 2Bank of America Merrill Lynch 26* 25*

Translink Corporate Finance 26* 42* - - - 2.0

▲2.2

- 46*1.4

36*

- 3

4.42


▲5

5

1

100.0

19

-2 ▼

100.0

100.0

439.8

Italian Mid-Market M&A up to US$500m by Target Industry

0.0 0.0 -

16,631.6

100.00.0

Globalscope 2.812.1▼

Barclays 32* 32* 4 0 -Sberbank CIB 32* - 4

2.7



44*▲900.0

50.0

5.0

100.0100.0

46* 100.03.0 29 100.01.0 54* 100.0.4

Industry Total

Altium Capital Limited Jan 1 - Dec 31 2015

35*DC Advisory 54* 29.414* 100.0

275.0

15.2

-

2.0

N+1 32*

4.3

-

6

0.0

617.7

2.7-7

271.4

375.4 17*

0.0-

1.049*

- -396.6 347.0 20 134.3 ▲

6.0.3

3.2

3 ▲

53.3968

.8 61*

▼49* 2 1 ▲49* 2 1 ▲

196.5 169.5 - 469.6

35* - 3 3Banco BTG Pactual SA 35* 42*

-51.9 45.8 -

18,321.2

9*

335*

-93.2

42*

▲3


10

100.0

750.8 688.5

- -90.5 ▼

5

0.025.0

1726*

-- - -

-34.3 100.05 0

20*

20*

25*

3053.6

6.0

0.0

20*

26*

19.7

36* 22.0

13.6

8

20*

620*

6 3 ▲

▼-

- -93.3

42.3-

32*

-

▲0.0 0.0 - -

11.2

-65.1 ▼406.0

3 2 ▲49* 3 2 ▲15* 3 -8

20*

49*6

▲

6.3

-

-6709.8 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals

18.8%

17.6%

16.7%

15.4%

10.1%

4.9%

4.7%

3.6%3.2%

3.2%Real Estate

Energy and Power

Industrials

Financials



Healthcare

Consumer Staples

Materials

High Technology

Retail


9

Morgan Stanley

Rothschild

0 100.0

31

-

100.0-338 -6.4

3.5

23* 6 1 ▲9* 6 5

-14.07*

100.07 5

2015

▼

100.0

1,226.8 1,105.4

Rank

408.3

273.2 250.0

1,691.1

5.4 1518*18

450.61,510.8

▼

29*

Advisor

11▼

740 6 673 9 9 32 7 ▼25

16

▲

2,735.5

7*

62.0

10*

5.3

375.0

5.5

23.6

--37.5

416.06

0

--

-▼ -62.0429.4

4.923.1

▲

41 218*18*

-44.8

100.0

▼

-2

18*

13*

267.2

95

Jan 1 - Dec 31

Rank

0

86.7

AZ CapitalSantander

-3

Spanish Involvement Mid-Market Rankings (MM8)Full Year 2015 │ Mid-Market M&A Up To US$500m │ Financial Advisors


2

Rank Value

-59.3

3

1121

2014

▼2

6.6

▼14.5

5

42*


90.2

-9*9*

5.3▲

7*14

11

1,770.2

Citi

30

-18

-13

5* 15

-2

2

2


7*

890.0

1

▼

12

0

15*

21.9

100.066.762.759.5

90.3

Financial Advisor

3

Spanish Mid-Market M&A up to US$500m by Rank Value Range

Deals14.4

▲87.3

73

14

US$m

13

▲Rank

** FeeExp. (%)

▼

▼

▼

5

16*

Eurohold SL

42*13*0

8

3.4

599.3 -59.4

20-8.2 ▼

179.4 3.9

15.6▼

Altium Capital Limited

1010

4.88

14.6

115*

3.7-▼

9*

▲

4

1Rank

KPMG


IMAP

26*29

Deloitte

2,457.4# of Deals

14Ernst & Young LLP


22.9

0

34.9

43*

▼

8-23.7

9.3

36 21*▲ 13.8

Fees12

▲3*

BBVA

47.165.4

2

10*

6Norgestion

GBS Finanzas SA

-5

1,393.9

160.0

5*

62

Rank Value

Montalban Atlas Capital 45*N+1

9

Barclays

Lazard14BNP Paribas SA7*

1,057.5 6

1,601.5-46.5

-3

10

8 16*8

13*

28.9

▼

▲

-30.6

▲

▼Change (%)

1

3

▼

1,183.3

-

31.0

▼

356.0

36*

9

13*

6

▼

100.0

2015

10*

8

9*

8

318.0-6.4

41.345.2

2

994.5▲

▲

393.313*

▼

4.0

1,216.0664.8

6-

2

7-1 -75.6

▼

284

Euro mil

45*

2015# of

▼

Change in

-

50

100

150

200

250

300

350

400

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

# of

Dea

ls

Ran

k Va

lue

(US$

b)

17* 3 -436* 3 0 -

429* 6 -5

21*7.5▼

5 6 -17 ▼21* 6 0 -23*

23*23*23*29*29*31*31*

-4 ▼

631.8 568.1 13 138.1 ▲349.0 315.0

▼700.9 618.0 10 -40.5 ▼

0 0-

19,197.5

11740.6 673.9 9 -32.7 ▼24.0 22.0

- - -975.9 910.4 8 -

17* 3

▼

100.07.6

22 -

3.3 32*

- 4 4 ▲

-10 405.7

- 5

Spanish Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 2015

1,136

-97.4

5 ▲36* 4 1 ▲

▼

6.7 12

41.218*18*18*23*23*

5 0 -52* 5 4 ▲Nomura

-18.221,334.6

100.02.1 40 5.3

CFIBlackstone Group LP

Banco de Sabadell

4.8

GlobalscopeAguirre Newman SA

SantanderBDOGoldman Sachs & Co


Bank of America Merrill LynchHSBC Holdings PLCCredit SuisseLincoln InternationalONE to ONE Corp Fin SLAlbia Capital Partners SLTranslink Corporate Finance

23*

Industry Total

*tie


21 - -

48.0▼

-

36*36*36*36*36*36*36*

396.3 375.0 19 - -0 0 - - -0 0 - - -

-82.2 ▼48.3 45.0 -

31*31*31*

0 0 - - -352.6 317.5

- - -- 5 5 ▲- 5 5 ▲

23* 5 0 -

2.5 38 100.04.1 25 100.03.0 34 100.011.4 7 100.08.5 10 22.11.6 48 21.93.3 32* 100.01.4 52* 100.01.5 49* 100.01.5 49* 100.01.4 52* 100.0

0 0 - - -19.9 17.7 - 158.4 ▲

0 0 - - -

-68.6 62.1 34

-

0 0 - -- 3 3 ▲

52* 3 2 ▲12 63.8

2 -2 ▼

0 0 - -

646.5 577.0 ▲162.1 143.0 - - -

0 0 - - -

36*36*36*

- -

217.0 193.0

Deutsche BankEvercore PartnersGlobal M&ANatixisCushman & Wakefield IncLivingstone PartnersCW Downer & CoBaker Tilly InternationalSociete GeneraleJP Morgan

23* 2 -3 ▼- 2 2 ▲

42* 2 0 -52* 2 1 ▲

- 2 2 ▲42* 2 0 -

- 2 2 ▲- 2 2 ▲

29*21* 2 -4 ▼

0 0 - - -248.5 218.5 - -31.3 ▼495.1 438.7 14 -61.8 ▼

1.9 43 8.98.9 9 53.02.8 36 100.01.0 55* 100.04.7 23 100.01.0 55* 100.0.5 61* 100.01.0 55* 100.00 78* 0.0

2.6 37 6.4


24.9%

11.7%

11.4%11.3%

11.0%

6.8%

6.6%

6.6%

3.4%2.4% 2.4%

Real Estate

Energy and Power

Financials

Industrials


Healthcare

Materials

Consumer Staples

Retail


High Technology

Telecommunications


10

16.0 ▲

13.4

13*

7*

31

15*

▼

-5

▼

30

-

31.7

55

14

3*

21401.7-1 57.7

9

15

-9.2

809.928 -40.3

62*345.5 313.0

17

7*

Change in

-2

0

9.6

27

1.8

447.0 19

52*

8.0

18*

8

-35.52 454.6 403.1 -71.4

US$m

11 10

--

8491.2

▲

-46.49

-87.7-1 714.1

▲

9.8

21.72.3

724.5

18*

88.6


4▲

-7

14

-2 ▼

11

65.15KPMG

JP Morgan

16.017.15.0

39*10

5

6

-58.9

-99.2

Rank

6

491.1

▼

▼3.1

-95.3

Rank

15.8

18

548.3

▲791.4

Nordic Mid-Market M&A up to US$500m by Rank Value Range

1

2015

18.8

583.7

6*

18-84.9

10 32

10*

▲-

31

24.7

Euro mil

64.8

▲

-7▼

28.1▼

2015 2014

11

27

Translink Corporate Finance

59.085.212 13*

100.03* 2.7 ▼

21

348.6

3

886.4

46.0

Change (%) Fees

82.021

3▲

100.0

4 -721 15.0

40.9

▲

▼753.1

58.2

65


100.0

7*

76.7

▼

--

17*20

** Fee

59

2


-

10* 18*

Rank Value

2

Financial Advisor

Carnegie

Deloitte

BDO


2

85.2

▼ 4.6

35

▼

Ernst & Young LLP

13*

6

2.6 49*

2.217

10-

Rank

SEB 13*

60.1

▲Rothschild

29

M&A International

18* 17.0

PricewaterhouseCoopers 1

16

100.0

621.2

3

17Nordea

5*

11.0DNB ASACFI

630.6

11,160.0 1,055.11,607.9

▲1,471.2

▼

2 23*

8Pangea Property Partners AB

325.1

13 18 8 ▼ 3 535* 4 ▲ 571 9 517 9 37▲ 580.4 513.5 12 -

Jan 1 - Dec 31

# of Deals# of

▲

Nordic Involvement Mid-Market Rankings (MM9)

8

▼IMAP

12

14*

8.7

Deals


5.8 23

-22 9

84.773.7

Mooreland Partners LLC

▼ 287.3

0

Rank2015 Rank Value

5* 3

▼

30.12.9

▼

7* 1

15

▼

7

77

100.09 -1

Handelsbanken Capital Markets

Danske Bank 15*

23.9

▲

5

-2

Advisor

▲

51.2

-36.1

Exp. (%)

100.0

18*


388.9

▼

▼

77*

--

100

200

300

400

500

600

700

$0

$2

$4

$6

$8

$10

$12

$14

# of

Dea

ls

Ran

k Va

lue

(US$

b)

33*33*35*35*35*35*35*

Industry Total

34

647.126,256.6

35*35*

Jan 1 - Dec 31 2015

100.098.08

401,954

21*Pangea Property Partners AB



-13 -18.8 ▼ 3.5

FIH Partners AS35* 4 ▲ 571.9 517.9

Nordic Mid-Market M&A up to US$500m by Target Industry

377

64.6

22.9

HLP Corporate Finance OyCitiMid-Capital

▲

4.1

21*35*

351.7

18*

*tie


UBSNomuraLivingstone Partners

-26.6 ▼23,732.1

7 3 ▲32* 7 2 ▲

1.5 68* 100.01.3

21*

322.8 - 35.228.9 25.9 - 2308.3

4 0 -77* 4 3 ▲77* 4 3 ▲35* 4 0 -42* 4 1 ▲

0 0 86* -

18*-2 ▼ 408.6 370.2 ▲

21*21*21*27*27*27*27*

5 2 ▲- 5 5 ▲

15* 6 -4 ▼- 6 6 ▲

27 6 -1 ▼

Arctic Securities ASABank of America Merrill LynchMoelis & CoHSBC Holdings PLC

77* 7 6 ▲18* 7 -2 ▼77* 7 6 ▲23* 6 -2 ▼12 6 -6 ▼28* 6 0 -

42*

32* 4 -1 ▼

27*27*

LazardWilliam Blair & CoCatella ABABG Sundal CollierPareto SecuritiesGlobalscopeSkarpa ABGoldman Sachs & CoGP Bullhound LtdGCA Savvian Group Corp

1,107.8 2 57.4 ▲543.4 488.9 16 1711.3 ▲409.8 375.2 25 40.3 ▲105.8 95.4 48 -85.7 ▼

▲0 0 - - -

745.3 662.1 9 27.2 ▲0 0 - - -

▲

2.0 58* 100.01.0 76* 100.09.9 11 76.78.1 19

0 0 - - -899.9 813.4 5 214.3 ▲488.3 440.2 20 51.0 ▲300.3 266.5 35 -52.3 ▼227.0 200.2 - 53.8 ▲

78.4 ▲

0 0 - - -

37.93.6 36 12.148.5 1 91.91.4 71* 100.0

4 0

73* 4.33.0 41* 33.715.0 6*

SomerleyRabobank NV

- 4 4 ▲- 4 4 ▲

121.6 110.2 - - -406.8 382.0 - - -

35*35*

35* -

35* -787.6 706.6 8

52.1 46.3 66 -24.3 ▼502.4 446.5 18 -30.5 ▼23.0 20.6 - - -

1,207.7

- -.7 93*

-100.0

45.99.7 13 100.03.0 41* 34.95.1 25* 39.54.9 28* 64.53.0 41* 100.03.0 41* 100.08.9 16 48.6

60.91.0 76* 100.07.2 21


24.5%

15.3%

11.1%9.3%

7.8%

6.2%

5.7%

5.6%

4.7%


Industrials

High Technology

Energy and Power

Financials

Healthcare

Materials

Consumer Staples

Retail



Telecommunications


11

911.4 826.0

12*

23

55

39 -9

505 4555 819*

57.07*

33

1,265.7 ▲102.8

▲

9*

37 1,886.1

37

248.5

1,809.9

115.7 -10.6

54.43

Jan 1 - Dec 31

71.6

# of Deals RankEuro mil

▲

-

43.7

14

▲

▼

84

1

34

Change (%)

4.9

6

100.0

Benelux Mid-Market M&A up to US$500m by Rank Value Range

21*

▲

7

422.6

▼

▼

5.7▼

▲-28.2

2*

▲

12

12*

-

8

1,528.98 2

▲38.719.6

23 100.0

354 2*

106.4

13

▲

97.2

Advisor

▼Rank

11

33*

Rothschild

15*

Capitalmind


15*

▲ 8.86

81,279.4

16-8

-

10

14

22

326.2

2*

25

16

0

12*

2*

▼386.0

2,017.5

7

2015

02,151.8 28

78


7

1,449.636*

12 13

-45.9

10*

9

28.8

Morgan Stanley

49.6

50.7

Benelux Involvement Mid-Market Rankings (MM10)

2,379.7

829.9 15 ▼

33.515.3▲

32.8


36.5

100.0

9

2

13

▲

1,609.6

▲▲

Exp. (%)

76.5

US$mRank Value

12,161.0

14.2

19.2

Fees-

▲

▲

1,363.8414.9

▼29

1,167.1-7

-3▲

-12.2

5

921.9

Change in

▲

23.0

4.3

3.5

18.1

28.7

2015

14*

305.5

▲1,121.3

99*

25

▲59.7

1811.7

1,016.6▲

4

▼

ING

KPMG

383.7

280.3

Deals1

296

93.5

Rank

181,394.7

14.9

11

78 836 6

24.914

▼

23*

2015

Ernst & Young LLP

Rabobank NV

913.0227.6

4 37 4324.4

▼7*

** Fee

8.32,094.7

100.0

15*

12*

Deloitte

ABN AMRO BankCiti

15*4

27

28

Goldman Sachs & Co

NIBC NV14


62.8

75

-47.2

▲

Financial Advisor

14.8

.9

50.1

10.0

1▲

127.1363.8

-46.8


RankRank Value

0

16

# of 2014

15*

CFI

100.0

9.4

36.8LazardM&A International

▲

5

BDO

IMAP

20.3

1

49*41

BNP Paribas SA

16374.46

23*

▲

5

▲9

1,940.2-


10

Bank of America Merrill Lynch19*

100.0

87.5

93.1

3

--

18

▲

101*23*

19*

23

-

-

100

200

300

400

500

600

$0

$2

$4

$6

$8

$10

$12

$14

$16

# of

Dea

ls

Ran

k Va

lue

(US$

b)

-

▼31,958.1

1,106.0


117.1 -

27*

505.4-

555.819*

-▼27*

2 ▲ 638.9 596.6 21 31.3 ▲

21.6 8

1,087.8

8.2

6 ▲

Leonardo & Co▲ 0

0 -

106.0

24* 19*

0

23* 9

8

-5

JP Morgan 24*

21*

Global M&A 9 5

21*

Nielen Schuman BV

9

Jan 1 - Dec 31 2015

111112 -13

24* 44*

100.0

▲1,810Industry Total

8

100.0

15*

1927.5

5.0

49.0

100.0

100.0

-▼

48 100.0

-

168

Benelux Mid-Market M&A up to US$500m by Target Industry

3.0 57*-

4.2 44 100.03.5 49* 24.39.0

0 - -

36.5

26 100.0

14.0 12.5

▲0 0 - - -

1,414.4 1,303.7

4.0 45* 100.03.5 49* 100.020.7 9 77.815.4 12 33.611.7 18 76.03.0 57* 100.02.0 69*

-95.9 ▼119.3 105.3 - -71.1 ▼859.0 773.5 19 36.5 ▲

32.5

992.0

-2

5.00 - --1 ▼ 74.1 67.7

▼

69

-57.7 ▼0 0 - - -

953.2 862.0

29.4 ▲ 11.6

-6

14 298.2 ▲

-89.6 ▼ 3.2

▼0

38*

20.9 ▲

GlobalscopeDC Advisory

-4 12

-

▲

154.7

27*27*33*33*33*33*33*33*33*40*40*40*40*40*45*45*45*45*

138.3 49▲

18 8

989.9 18.3

78.8-36.6 ▼



*tie

85* 8 7 ▲ 5.1 4.7 - -84.6 ▼ 3.6RBS11

54

72*27* 14

ABN AMRO Bank

12.4

28

10*5.5▼ 0

6

0 0 106* -

Nomura 27* 62*Deutsche Bank

39* 5 0 -19* 5 -5 ▼44* 5 1 ▲

36*

-17.1 ▼0 0 106* - -0

-

29.9

- 1.9

-Baker Tilly International

Banque Degroof Petercam SA 21* 23* 11

8 7 ▲ - --

551.4 495.5 24 884.6 ▲1,057.2 939.3 13 50.9 ▲646.1 576.0 20

Evercore PartnersBarclaysJones Lang LaSalle IncNatixisUniCreditQuore CapitalUBSCredit SuisseBCMS Corporate LtdJefferies LLCWilliam Blair & CoSociete GeneraleMediobanca

29.0 80

Altium Capital LimitedLincoln InternationalCushman & Wakefield Inc

964.7

-49.5 ▼6 0 -

33*

44*31*31*62*

6 -1 ▼

7 3 ▲7 -1 ▼6 -2 ▼

-885.6 807.1 17

0 0 -

9.6 24 100.0

85*

1035.5

38*37

0

23

0 -

100.03.0 57* 100.06.6 32 25.313.5 17 28.72.5 63* 100.014.8 14* 49.710.0 21* 100.07.4 29 42.55.0 38*

7 262.1 ▲2 ▲

0 - - -

-

291.5 265.1

23* 8 -1 ▼▲

51* 7 4

-2.634,991.1

51* 6 3 ▲44* 5 1

6 4 ▲

▲ 34.9 31.0 - - -

51* 7 4

85* 7 6 ▲- 7 7 ▲

39* 7

38

45*Eurohold SL - 5 5 2.1 65* 100.0


19.9%

16.4%

13.3%11.6%

9.2%

6.0%

5.6%

5.1%

4.6%

4.0%3.7%

Real Estate

Industrials

Energy and Power

Consumer Staples

Financials


High Technology

Healthcare


Retail

Materials

Telecommunications


12

1,224.4

11*12*

5

▼

▼869.7

Financial Advisor

24.51415 1,356.6

▼

6*

142*

1,047.0

US$m

143

6.8▲ 18.3

121.8285.8

51.7

Rank Value

13 ▲▲

13

231.3

40*

8

-91.1

11

▼

Rothschild

138.7

91.8

3.30

166.9

81.5

▲

8*91314

1366.5

10*

5

14*

▲

Rank

3

5Deutsche BankGlobal M&A

18

18*

▲5.009.7

KBC Group NVBNP Paribas SA

Standard Bank Group Ltd19-

1935.4-

▲

18* 1,128.1

7

19*

4

19

11* 7.3

-

RankKPMG

▲58

Change (%)

.8

-1

▼10

39.311

6 9

100.0

-9.3

Sberbank CIB0

2

100.0

** Fee

13*

24*

11

100.0

76.2100.0

▲04

21

8

255.4

4

5

20152014

▲

3

▲

Eastern European Mid-Market M&A up to US$500m by Rank Value Range

2

10*

29-82.0

1.4

-

10

7

Fees

▲12

16*9

17 63.8

▼

12* 6

100.0

Jan 1 - Dec 31

100.028.6

Rank Value


▲

Exp. (%)-61.6

Change in Advisor2015Deals


7 ▼

▲


362.4

142.1

6* 2,130.1

426 87

0

Cushman & Wakefield Inc-

▼2

1,688.0

14*

-62.7

84.4

-5

CFI

1.6

# of Deals

▲

23*

Ernst & Young LLP

1,551.6

11.028

7


M&A International

48

300.0

-7▲

-52.74

1

▲

60*

24.7

▼937.2 846.0

-18.0

626*

-3

81.51

1,244.9- -

3 329.073.7

▼342.9

64.910


10

2015

13* 8

100.0

2Rank

22.02,335.2

4

12.5

92 2

28.0

72.8 65.3

18

8

3.43.3

Deloitte9

18*

-26.6

34.7

-113

2942

8

BDOUniCredit

-▲

▲

8*

25

26

16*

▲

1

147.9-

740*

1,360.4

-

3.0

2

100.0

100 0

100.0

▼

9

Eastern Europe Involvement Mid-Market Rankings (MM16)

Euro mil


Rank


8.6

3.8

VTB Capital

Citi

IMAP

100.0

468 3

22*

7.7

61.2

17

100.0

5158.5

▼-9 637.4

# of

315.0413.5 365.2

1

-

▼

21

▲ -

78*

41.6-4 ▼

0 -

-

200

400

600

800

1,000

1,200

$0

$2

$4

$6

$8

$10

$12

# of

Dea

ls

Ran

k Va

lue

(US$

b)

26*

13 ▲21*21*

30*30*30*

13*

1340*

▼

- -71.1 ▼ 1.6Mediobanca

25,003.5

44

▼

BarclaysGazprombankNavigator Capital SA

▼

19

5

3.33

40* 4 2 ▲32* 4

68* 3 2 ▲68* 3 2 ▲68* 3

20Societe Generale

1

18*

22,540.23,438

40*

▼

2 ▲

-

UBSGoldman Sachs & Co

5

40*

Morgan Stanley

2 -15*5

429.7

905.4 805.46.9

392.0

40*

▲

248.8

-23.6

▲

1.0

EE Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 201524*

67.5378.4

100.042*

19* ▲

21*54*

8

426.87


Cushman & Wakefield Inc

3.9

Industry Total

2 ▲

▲▲380.0

5

41.7Turkiye Is Bankasi AS

-3100.0

4

4.4

-35

▲- 3 3 ▲

68* 3

92.2

ING


24*339.1

13.30695.5

4.9

7-759.1

100.0

-19* ▼

- 3 3 ▲19* 3 -2 ▼13* 3 -5 ▼

- -

*tie

24*24*24*24*30*30*30*30*30*30*30*

4 -1

Greenhill & Co, LLCJones Lang LaSalle IncCredit SuisseBCMS Corporate LtdSuperiaLazardPorta FinanceReimei Global Advisors Pte Ltd

30

468.3

33.3

53.0

9.0 8

100.07.1 12 100.02.0 35* 100.03.3 26* 43.41.0 54* 100.01.5 45* 100.01.2 49* 17.41.5

24* 4 0

PRAGMA Corporate Finance

▲

7.3 6.6 - -30.5 ▼0 0 - - -

257.7 240.0 - - -59.2 51.8 - - -68.6 62.1 - - -1.6

2 ▲

45* 100.0

41.9.6 66* 100.01.8 38 100.02.5

-

▼0.9 0.8 - -98.6 ▼

-50.7176.4

- -0 0 - - -

710.6 642.0 9 95.1 ▲0 0 - - -

110.2 98.5 - - -680.5 619.4 10 5.5 ▲500.0 439.6 11* -57.7 ▼

376.3 342.5 20 -28.1

24* 3 -1 ▼40* 3 1

-6.3 16 100.06.5 15 72.2

1.4


26.0%

11.1%

11.0%10.9%

10.7%

9.3%

6.7%

4.3%

3.3%2.6%2.5%

Energy and Power

Financials

Real Estate

Materials

Industrials

Consumer Staples

Telecommunications

High Technology



Retail

Healthcare


13

2015

23*

4,727.7Rank

67*39

6 5.026

77*

Hochinma Involvement Mid-Market Rankings (MM13)

112 768 9

7

8

11

26

43

Morgan Stanley 11 1839 7,084.3 1

8

5.4

74*

3US$m

Rank Value

-58

2015

3.0

2

# of Deals77

2.4

-49.6

30.7 ▲

Rank

▲▲

20*

CITIC


134.4

2*

2951▲

▲

1918

33.3

82.5

5,234.4

4,073.26,989.0


Rank Value

China Renaissance Partners

Somerley

19 12*

Rank

57

▲6 ▲

38.8 427

2*

3*

1

KPMG

▲

69*

10

-101257.0

# of

45.8

1,775.5

2,914.4

82.1

15* 40*

24 1

JP Morgan25.636.4

Citi

31

7

55.715*

9.5

1,365.4

Hochinma Mid-Market M&A up to US$500m by Rank Value Range

5

9

19

26

13.5

13

32

Fees

35.8

Advisor

34

▼

214,346.7

55

▲

** Fee

46.9

2.7

▼ 40.5

3*

▲


Jan 1 - Dec 31

18.7

72.2

5

3 468.6

2.3

4

52

Industrial & Comm Bank China

10

1

21 ▲

PricewaterhouseCoopers157.6

28

45,613.2

18*

38

6*

18* 4215*

2014

60*65.9

-11.3

▲

156.3

China International Capital Co

Deals

6*18

Goldman Sachs & Co

-4

100.0

18


▼

3,513.6

4,272.4

129.4

96.1

49*

8

34* 61.7

97.3

▲

▲

10

▲

6.6

442

GF Securities

7

60.2

4 3

3.7Gram Capital

6,969.221.3

5.2

8 64.0

6.5

▲-▼

▼▲

-8 46

▲

2015

5,336.6Ernst & Young LLP 19

▲7

13 18*

Rank

12*


▲

62.335.4

-47.4

15

83.5

Financial Advisor

▼ ▲

▲

Deutsche Bank 18 ▲

213 7UBS

5524

3,834.2

404.6

143130

▲

125*123,938.5

▲

17.5 9

9

-26.7

▲

▼

5▲

▼

-6 ▼

7.32.6

Change in

6,405.3

▲

Huatai Securities Co Ltd ▲

30*

15*49.7

Southwest Securities Co Ltd

5

21

▲

2

17

8.7

22.5

6.45

37

29

14

9

China Securities Co LtdGuotai Junan Securities

Change (%)

14

7.5

Exp. (%)

41.8

▲983.2

3,751.0

-

500

1,000

1,500

2,000

2,500

3,000

$0

$20

$40

$60

$80

$100

$120

# of

Dea

ls

Ran

k Va

lue

(US$

b)

Kingston Corporate Finance Ltd

9.2

▲

125*100.0

1,009.1 -

41.7 15*24

-75.1

107*31* 18*31* 11

23

11

46*

2,768.9

1,919.0

20*

25

126*

35

23*

-10

1,148.6

73*

20* 18* 3

52.2

13

▲

559 ▲

▲

17

96*

5.6▲

60.1

36.9

36.1547.9

▼100.0

16

▲345,578.6

-34.6

15

▲ 4.1-

14

-Goldin Financial Holdings Ltd

▲2,508.4

▲11 9 ▲

▲

25*

38* 40* 13 0

19

46.2▼

42

Industry Total

119*

▼

2,286.1

100.0

Haitong Securities Co Ltd

45

15*

55

5.7-52.6-5

157*

Deloitte70.0

▼ 2.1 83* 84.0

-

28*

24.1

Sinolink Securities Co Ltd

7

-▼

-10

▲

1,802.4

▼

-43*

o3 Capital Advisors Pvt LtdHSBC Holdings PLCBarclays

25

26

38* 73*

Rothschild

China eCapital CorpEssence Securities Co LtdShenwan Hongyuan Securities Co

598.4

6

1,588.5

▲ .625

Hochinma Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 2015

20.0

30*

2118.2

▲82

20.1

6

35.8

▲

29.5

.3▼

▲ .7

▲

2.2

173,173.2

1,058.8

52.0

731.4

13

-

59.1

▲

▼417.3

14

28*

28*31*

22*

182*

18

20

9

10

26*

4

112*

100.0

▼

Avendus Capital Pvt Ltd 26* 34*

15

26

50.0

▲

-617

2,887.7

14

-16

147*

123.8 - -43.4 ▼

1.3

13

38*42


2.4 74*

- -39.5 ▼851.5

36*

4.3

Minsheng Securities Co Ltd3417.5New Times Securities Co Ltd

RHB

9.212.1Credit Suisse

China Merchants Securities Co

Industrial Securities Co Ltd

100.0

M&A International

124.3▲

36*

1312.9

0

34

1.2

4.422 290.6 ▲601.8 - -34.2 ▼407.8

40 47.31,673.1 - 36.7

30.0 ▲

13

1,998.6

1.7▼

25

28*17

24

18.699.2

▲

▲

▲


100.0100.0

5 ▲ 112.4 - 54.0 ▲ 3.413 4 ▲12 -4

59*34*93*28*40*126*

▲▲

3

*tie

43*43*

43*43*

▼11 6 ▲11 -9 ▼11 -2 ▼11 8

54*

Octal Capital Ltd

2,930.1

861.1 -

66*

Guosen Securities Co Ltd

China Construction BankAMMB Holdings BhdZheshang Securities Co LtdBank of China Ltd

23.7▲

▲▲

36*

13.7UBS

38*15*

2,292.2 23-374.5

489.3

19▲ 1,249.1

7328*

14

2.5

3,271.6 16

-

146*18

-33.9

204*18

30*

11 ▲ - 122.26* 18

- 25.7

1.0133.4

1▲ ▲

2422*

Translink Corporate Finance 38*

8,0671,371.2 - - -

100.0

94.4

100.0

▲ 1,178.1 -- 317.1

6.8 24* 66.73.6 51* 69.2.2 217* 66.7.4 193* 13.8

-58.3

2.8 64* 100.07.0 23 10.2


17.1%

14.8%

11.8%

10.6%

10.1%

7.2%

6.8%

5.9%

5.4%

4.6%3.3%2.2%

High Technology

Industrials

Financials

Materials

Real Estate

Energy and Power

Healthcare


Consumer Staples


Retail

Telecommunications


14

11

2

857.2

347.8

Morgan Stanley 2,881.6 32.0

-41.2

3

-58.74.0

▼185.6

8*

▲

65.7

11*53.47*

814*

▼

6*

1014*29

527.3

44*

8.2

BOSC International Co Ltd

6.5

3

▲

910

Deals

4

17

▲

▼ 11.1

2.7

4

2.9-

4

-2 37*

▲81.9

▼1.7

44* 76 8

383.7

785.0 29

▼

-8

35*

▲ ▲51,321.2

33 8

-

10.6

2.1

Anglo Chinese Corp Finance26*

-19.2

15

21.22.0

18*

1

14*

38

14*

231.0-16.0

China International Capital Co

1,249.1

US$m

▲

9.1

6

▲

8 ▲Goldin Financial Holdings Ltd 6*

38


8

Goldman Sachs & Co

31* 6 17

13.911 244.2

7*

9

11

8

▼35* 792.7

▼

239.6

3.0

PricewaterhouseCoopers1,923.0

--4

100.0

110 ▲

16

9 ▲96.5

10

8* 8

2*

-

24.583.1

13

11

25

Hong Kong Mid-Market M&A up to US$500m by Rank Value Range

26.9

2015


483.14

23

9


UBS

2015

100.044*

Rank Value

▲▼

▲


4 18*

2015

Gram Capital

RankAdvisor

Fees36.8▼

Kingston Corporate Finance Ltd

-4

11*

2* 5

285.3

▼100.0

40*▲

100.045

▲

▼

34

Deutsche Bank

8

10

▲1,165.7

100.0▼

100.0

M&A International

1

Hong Kong Involvement Mid-Market Rankings (MM12)

100.018

14*

23*

14* 2*

0

Rank ValueChange in

13.6

22*

72*

Rank

▲

-13.7

337.0

6

30.3

2014

1,640.1

6

.5

58

1212

9.2

Change (%)-24.9

Jan 1 - Dec 31

Exp. (%)

94.9▲

1,896.2

** FeeRank

JP Morgan

5

Rank

China Construction Bank

Financial Advisor

▼

38.1▲

41.7 6*76 5.6

9

▲

11*

20*

-2

▲399.5

2*1

1

1,110.4

1,182.3

Somerley

Asian Capital (Corp Fin) Ltd

HSBC Holdings PLC

Octal Capital Ltd

Industrial & Comm Bank China

# of Deals

-14

12

7

18*10*

23* ▲

8▼Messis Capital Ltd

-63.9

278.1

-

2

-

9

8

# of

-

4.1


571.0

4.4

23▲

2

3.4

167.0 ▲

100.0

-

100

200

300

400

500

600

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

# of

Dea

ls

Ran

k Va

lue

(US$

b)

52*

48*

-15.3 ▼ 1.3

55

Hong Kong Mid-Market M&A up to US$500m by Target Industry25

116.2 - 221.044.6

110*

-

-

-63.6

21.6360.9 - 46.1

4.33

22.4

▲

-83.2 ▼

.1

Industry Total

-67.2

5

1

1531* Jan 1 - Dec 31 2015

▲

20*

30*

110.6 ▼

7

26* 70*

7

-6

58,656.9 21.3

110*

-12

19

1.1

Bridge Partners Capital Ltd

100.0

▲44* 115*▲

14

100.035.414

100.0

193.9

▼

-

0231.6

4

-

5

5

Nomura

▼

▼

26*

*tie


73.5

455.0

48*59.5

181.0

7

100.0

663.2

.1

653.1

▲44* - -76.8

16*

.9

100.0

32*

52*

▲ 2.6

100.0

100.0

3

257*

7

59*

20▲285.1

104.8

.657* 4 1 ▲

▲▼

16* 4 -5 ▼

.9

28

98.8

▲

20*

100.0

100.0

▼32*

1

33.8343.0 100.0

1562.2

502.6

-

▲

Daiwa Securities Group Inc- -13.6 ▼

Optima Capital Ltd-

1,398

▼

70* 69*

-3

69*

376.1▲

▲

-

China Galaxy Securities CoNuada Ltd

First Shanghai Investments

Reorient Financial Markets Ltd

-1

2.5Veda Capital Ltd

▼10*

100.0

32*

▼

35* 4 -1

▼

▼

-6 100.0

2.9

▼4 -1

▼-7

165.7 3.6

0.0

▼

CIMB Group Sdn Bhd26*

32

Yu Ming Investment Management

6

23

Grand Vinco Capital Ltd173.5

▲ ▲ 1.3

-2

▲ -

.6

▼

32*32*32*

26*

35*

Donvex Capital Ltd

20*

.5

87* 4 3

44*

32*CITIC

97.2

Haitong Securities Co LtdAkron Corp Finance Ltd

150.0

52

51.1

-

20*Asian Capital (Corp Fin) Ltd

26*

351.5-68.3

-14.0

7

230.7



KPMG

26*

-82.1

▲

11462.5

-1

23*

20*

Altus Capital Ltd 35*

72*

2.8

▲

▼

72.8 -▲

5

26* 73

▲

35*370.0

431.9

7*

100.059*

16

4 -3

-


21.6%

19.9%

9.7%8.7%

7.9%

7.0%

5.9%

5.7%

5.3%

3.3%2.7%2.3% Financials

Real Estate

Industrials

Materials


High Technology

Consumer Staples

Healthcare

Energy and Power


Retail

Telecommunications


15

12

.9

20*

▼

2130.9

23* 5-11

-2

▲

11*

3*

1

3,185.8

3.6

1

6*

20*4

17*

Australia/New Zealand Mid-Market M&A up to US$500m by Rank Value Range

37.1

3

32.8

11.910

13400.1

-18*

-5

100.0

75.2

42*

Fees

Jan 1 - Dec 31

45

-38.6▼▼

7

10.2

16.2

38

Australia/New Zealand Involvement Mid-Market Rankings (MM11)

23

US$mAdvisor

17.4

2.12

93.2

▲

▼

70.5

▼

Rank

14* 10.2

7 -10

▲

-▲

Rank Value

-4

22

▲

44*

Rank

57*

37

▼8.6

510.4

2,009.4

-91.5-4

020.6

5

10

4

2015

1,574.3

23*8

-51.9

5.2

11

26.7

Rank Value

11

3

16

26*

5*

23*

228.9

▲Credit Suisse11*

17*▲

▼

▼

-38.9

▼61 ▼

UBS


Financial Advisor Rank1

-26

41.025.3

▼

24.7

9

2014

10.7

▲

2

40.7

6


-

30.1

2015

11

2015

17*

39.5

5*

** FeeExp. (%)

6

8*

1

-28.8

3

BDO

▲6*

13Gresham Partners

Rank

154

▲

13

2,275.8

Allier Capital▼

10*

36


▲

88.9

12*

20

1,099.4625.9

▲

2Macquarie Group

519

24*

▲

-86.6

-3

▲ 1,241.98

34.4▼9

100.0100.0

17

-42.3

7Baker Tilly InternationalMorgan Stanley

▲

▼

-112

9 -58.8

573.2

-

▼

11.121 9

690.6

▼

6 0

7.3

3.263.741.0

75.0

8.124.814* 7

Greenhill & Co, LLCBank of America Merrill Lynch

11

17 -60.1

8301.7

Deloitte

Deutsche Bank

31.1

# of

8*

Evercore Partners

108.5Moelis & Co

10*

12

-40.0

1213

▲24.6

Goldman Sachs & Co

6

100.0

814*

1

2101 ▲

14*

44.6

Rothschild

10

Ernst & Young LLP▼

7

100.0

▼

Change (%)

13.7

PricewaterhouseCoopers# of Deals

-4

10

Change in


2,366.5

1.7

-


▼

5

▼-22.72

2,826.7

-9

3

5

JP Morgan

Citi

Deals3.5▲

1,086.8

▼

515

14*

560.4

2.9 -

100

200

300

400

500

600

700

$0

$2

$4

$6

$8

$10

$12

$14

$16

# of

Dea

ls

Ran

k Va

lue

(US$

b)

1257*.9

-▼

-

287.0-1

2020*

20* 42* 3

4.5▼ 90.0

4.4

Aus/New Zealand Mid-Mkt M&A up to US$500m by Target Ind

- -5457* 5

-▲

572.2

15

423.1

20*

0779.9139.9

-0

20*16

Fort Street Advisers 12*

Jan 1 - Dec 31 2015

2.6

-

37,692.01,760 562.4

21.9100.0

6.0

-8.4

5 29*

31* 4 1 ▲18* 4 -3

▲

Industry Total

-57.3

▼

Grant Samuel

Evercore Partners

37

- 100.0

5

▼

48.2

*tie




GMP Capital Corp

Miles Advisory Partners

▼-108

▲▼ 23

16*

14* 4 -4 ▼57* 4 3 ▲

-

-4 -77.5

▲21*

5

226.6 - - -

- - -5.4

.4

- -0 97*

166.3

82* 100.0

▼57* 4 3 ▲3* 3 -20 ▼- 3 3 ▲

31* 3 0

25*25*25*25*25*25*25*25*33*33*33*

57* 4 3 ▲42* 4 2 ▲42* 4

93 -96.1 ▼47.4 - 27.1 ▲6.1 - 110.3 ▲38.2 - 54.0

2 ▲

-

245.9 - - -244.0

.5 72* 100.0-

100.0-

517.8 14 -

Pitcher PartnersHoulihan Lokey@VISORY partnersGreenstone PartnersCanterbury Partners Pty LtdClairfield InternationalLazardM&A InternationalKPMGINGCameron Partners Ltd

- 3.2 24* 100.033*IMAP - 3 3 ▲ 7.5 - -

--

2.9 26* 100.04.4 16* 100.0.6 65* 100.01.5 46* 100.01.2 50 100.0.7 61* 100.02.6 29* 12.91.0 51*

▲43.5 -

-

- -


24.8%

10.9%

10.7%

9.3%

9.2%

6.9%

6.4%

6.4%

5.5%


Financials

Energy and Power

Materials


Industrials

Healthcare

Consumer Staples


High Technology

Retail

Telecommunications


16

-4.2-41.9

▼

2717

31.2-5

-1

100.0

100.0

2014

100.0

2

.9 100.0

1.5

2 89.41

13*Ernst & Young LLP 5* 3 -7 ▼ 13.5 49 -98.6 ▼ .3 48*

Singapore Involvement Mid-Market Rankings (MM14)

3*

Rank Deals

Barclays

Nomura

8*

1

3

Rank

7.6



-China International Capital Co

5


4

4

▲194.0

3

DBS Group Holdings

31*

11

Rank Value

138.7 -89.2

▲

▲

-65.6

17*8.0

24

19.2

.2

Jan 1 - Dec 31

Change (%)** Fee

.7

▼

4

2.1

6.2

-50*

30.2100.0

TC Capital4

84.8

85.1

-13.5

24

100.0

6

13*

▼-3

259.6

607.6

411.0Rothschild

KPMG 13*

753.9

321.9

▲

7 ▼

.1

M&A International

Singapore Mid-Market M&A up to US$500m by Rank Value Range

4

35*▼

# of Advisor

-69.9▼

-

51*

1

-

381.0

21* 0

2.9

3*

7.84

34*-



▼

-69.0195.2

2

22

▼- 30.3

11*

Morgan Stanley-68.1

-4

United Overseas Bank Ltd

Exp. (%)2015RankFees

9.1

PricewaterhouseCoopersFinancial Advisor

CIMB Group Sdn Bhd

Change in 2015# of Deals

06

Rank Value

-

5

2.9

.8 33

13* - -

▼

1 -35.3

2015

-

-

1.0709.2

10

60*

3*

8

▲

8*

8*8*

3*

3*

-4

4.4

3

30*Provenance Capital Pte Ltd

5Industrial & Comm Bank China

5

3* 13*

US$m Rank

▼

17* 3 ▼

Credit Suisse

13*13*13*13*

▼13*

3*

347.4

3 -9

12

▲-2

5 -74.01

▼895.1

▼

14.0 46 -98.1-3 ▼3 ▲

51* 3 2 ▲5* 3

12

21*5*

▼

100.0

11*▼

▼

▲3

▼

299*

43

60* 100.034* 100.0

- -5 51 0

.7

8*

5

▼

603.4

▼

-4

0 - -- 3Pickering Pacific Pte LtdSomerleyGoldman Sachs & Co

-5 1

-17.7 - -90.9 ▼494 5 7 18 4 ▲

-10

-67.317.7

▼

6▼20

35*

Deloitte

56.5533.7

-

50

100

150

200

250

300

$0

$2

$4

$6

$8

$10

$12

# of

Dea

ls

Ran

k Va

lue

(US$

b)

-34.3 ▼-143 ▼ 23,814.2Industry Total

Jan 1 - Dec 31 2015

188.8 41.3

-7 ▼


35* 1 ▲- 2 2 ▲

2 2 ▲

13*13*22*22*22*

5* 3 5 51.013* 16.619* 10.762* -

- -- - -

18.6


▼0 -

Singapore Mid-Market M&A up to US$500m by Target Industry

42 -95.9 ▼35* 222*22*22*22*22*22*22*22*22*22*22*22*

859

Goldman Sachs & CoJefferies LLCEvercore PartnersHoodless Brennan & PartnersING

*tie

- -198.3 21 375.5 ▲132.7 - 184.8 ▲50.6 - -19.8 ▼129.5 29 -64.1

5.12.52.00-0 -

-

494.5 7 18.4 ▲697.0 3 140.1 ▲450.0 8 - -2.8

3

AGS Consulting Co LtdKotak Mahindra Bank LtdSAC Capital Private LtdBusiness Development Asia LLCMacquarie GroupClairfield InternationalAmidas Partners IncVeda CorporateAdvisors Pvt LtdDaiwa Securities Group IncTranslink Corporate FinanceBDOJP Morgan

- 2 2 ▲51* 2 1 ▲35* 2 0 -35* 2 0 -21* 2 -2 ▼

- 2 2 ▲- 2 2 ▲- 2 2 ▲

35* 2 0 -- 2 2 ▲

28* 2 -1 ▼1* 2 -14 ▼

0 -

- -24.2 - - -239.6 19 - -3.2 - -91.3 ▼45.0 - - -13.9 - -91.8 ▼263.5 16 -78.1 ▼

- - -1.1 25* 100.00 62* -.9 30* 100.03.7 8 100.0- - -.6 38* 100.03.0 10 100.0.9 30* 100.01.1 25* 100.0.7 34* 100.01.1 25* 6.5


29.2%

12.3%

14.3%

10.2%

9.4%

6.1%

4.9%

4.1%



Industrials

Energy and Power

Financials

High Technology

Healthcare

Retail


Consumer Staples

Materials


17

1

-

66

14* 15

▼

Corporate Advisers

Daiwa Securities Group Inc

▲16*

▲

90.238.364.86

3

Change in

-

63.1

▲

21

52.8

Exp. (%)** Fee

24Rank

315

2015

04,386.4 3

4

Rank Fees

▲

65

5.5760.6

19*

564.6

40.3

6

66.775

# of

-45.010

7

▲

▼

-26.5

2014

100.088.2

100.0

5,160.4

2015

▲ 18.141

-54.4

9

Financial Advisor2015

▲3,815.1

25

193.1

85.6

22

▲

30*

228

711.1 20-

10.0

2,584.8

13

424.39

14

# of DealsAdvisor

Japanese Involvement Mid-Market Rankings (MM15)

1

4

29*

100.033*

100 0

▼

4.6

10.3

29*

3

3

-

15110

Sumitomo Mitsui Finl Grp Inc

Tokyo Financial Advisers

34 3

100.0

19*

1.02

▲

3,847.4

45*

73.294.1 -

-

1.5

-28.1

▲4.7

77.7

Rank Value

▲186.4

▲

1.22

10*

13

3939

▼-16.1

53.065.9

50.3

1

61.0▲

32

2.3

1.8

12 12147*Frontier Management Inc

▲ 227.1

59 8 ▲

2KPMG

Mizuho Financial Group

Deloitte▲

▲

10 943

▲

2

10.0

Rank Value

56.8

▲4 5

314

62

▲

US$m


Japanese Mid-Market M&A up to US$500m by Rank Value Range

DealsRank Change (%) Rank91 2 152

5

151

82.2

8,166.7 1

9▼

41 28.0

6 11▲

▲


-9

7

- 47.3

33.0

65.3


Nomura1,627.81,594.7

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

Jan 1 - Dec 31

83.0

Mitsubishi UFJ Financial GroupPlutus Consulting Co Ltd

171.4-101.5

-78.7

▲

1

18▲24

17

14Sumitomo Mitsui Trust Holdings

20*

100.6

▲8▲

Maxus Corporate Advisory Inc 25050.0-18

Growin Partners Inc

100.0

16*16 19*

▼

M&A International 1651*

1,814.2

Ernst & Young LLP ▼▲

172 2

250.8 6.917

PricewaterhouseCoopers5

▲GCA Savvian Group Corp

100.019

56

8

60*

Mitsubishi UFJ Morgan Stanley

2.7

▲

22▲

1110* -

▲5 -54.114*4AGS Consulting Co Ltd

5.5

50

18

2 4

23

-5

8

▲ -

100

200

300

400

500

600

700

800

900

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

# of

Dea

ls

Ran

k Va

lue

(US$

b)Industry Total

-13.1

100.0100.0100.0- 2.2

22

9

*tie

▼ .4

100.0

181

11.6

100.0

7 24.9 ▲ 30.0-4

1,992.7 8 127.330*▼ 8.1

2.6 100.0

▼1 ▼

72*10.5-8

21*

100.09

-84.914

30*

7 64*

14100.0-

29*

Japanese Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 201529.9

15 37.3

9100.034.2

71.7

▼73.7

▲ 9.0

6 ▲0 - 1,187.2 136

▲ 14.451*

Lazard

48*

34.3

1.3

11▼

Goldman Sachs & Co

745*

Kaede Group 26* 21*

Credit Suisse 35* 36* 6 1 ▲ 892.4 18 966.2

3,065 ▲

100.0

108*7

- - - 5.5

Evercore Partners 38* 30* 5 -1

- -41.7

826* 21*31* 51* 316.1IMAP

11

76.3-16.0 ▼ 15.1 10

787.8

-0.8 ▼ 9.8 21 27.5

16.1 ▲ 14.88

55.6

78*Moelis & Co 31* 26*NEC Capital Solutions Ltd 33*

Rothschild 38*

9

78.5

35* 36* 6 1 ▲ 676.1 22


70435

42*

18

▲

22*

▲

335.5

-4 ▼

-

es Networks Co Ltd

▲

11

10

38*41*

UBS 35* 30* 6 0 - 472.6 28

▲ 21.7

▼

21.4

-

-

6

7

JP Morgan

9

26*

26*26*

1.171 -65.326.3

14

-5

Global M&A

-59.4

2,248.8

22*

1.7

20*

25▼▲

- 1057.1 ▲ 57

▲8

12

▲6.4▲

▲Bank of America Merrill Lynch

28.684.4

20*

184.4

Citi 33*

Tokyo Kyodo Accounting Office

15.919*

26*


289.3 - ▲

11Yamada Consulting Group Co Ltd

16▼

Growin Partners Inc

42* 945*

12

-5 ▼ 939.9 17

36.9 ▲

Barclays

1,482.5

Amidas Partners Inc 22* 28*Development Bank of Japan Inc

172.2

Greenhill & Co, LLCStandard Bank Group Ltd

78.4

286.9 -3 ▲

5

321.3 - 1452.2 ▲636.0

7 -7 ▼ 1,181.3 1430.7

25 5 -15.2 ▼ 13.0 13 41.1

2.4

53,242.0


41*41*41*41*

471.4 29 137.4 ▲110.2 - - -630.1 24 - -1.8 - - -

9.3

23

DC AdvisoryProfessional Partners

51*45*51*

1.9 54* 100.06.4 26* 100.08.9 23 64.0.5 90* 100.02.2 48* 46.8.6 86* 100.0

35.9 ▲

51*28*

5 3 ▲4 1 ▲4 2 ▲4 4 ▲4 2 ▲4 -3 ▼

958.9 16

-27.5 ▼

▲


19.2%

13.9%

13.9%

8.9%

8.2%

8.0%

6.5%

5.7%

4.9%

4.8%4.5%

Real Estate

High Technology

Industrials

Financials

Consumer Staples

Healthcare

Retail

Materials

Energy and Power



Telecommunications


18

▼ 4,727.7

18

China Merchants Securities Co 19* 41* 18

36*

861 1

16.5 5

15* 12

6 -49.3 ▼ 39.9

1,588.5 25 131.9

2425.8

Change (%) Fees


9 5*

35.822 19 6

65.9

24 ▲ 5,200.8 5 30.8 ▲ 2.0 52* 43.5China Securities Co Ltd 4 10* 49

33* 13.527 ▲ 6,896.0 1 131.3

MM20 - Undisclosed Values & Values up to US$500m Jan 1 - Dec 31 Chinese Mid-Market M&A up to US$500m by Rank Value Range

19 4,073.2 9

13 ▲ 2,286.1 20 133.4 ▲ 1.0 78* 50.0

3.6 26* 22.6

Industrial Securities Co Ltd 11*

▲ 2.4 43 33.3

Morgan Stanley 11* 24* 25 14 ▲ 4,695.6 7 142.0 ▲ 39.4 2 30.6

Deutsche Bank 17 72* 21

5* 44

6.9 ▲

1.2 72* 100.0

Industrial & Comm Bank China 1Huatai Securities Co Ltd 2 3 56 25 ▲ 5,307.6 4 82.5 ▲ 4.5 21 59.2Guotai Junan Securities 3 4 51


Chinese Involvement Mid-Market Rankings (MM20)

3.0

Haitong Securities Co LtdCiti

▲▲ 4,374.7

2015

10 9 29 6 ▲ 3,650.7 11 59.6 ▲ 6.1 13 7.1

5,613.2 3 96.1 ▲ 2.7Southwest Securities Co Ltd 6

2014 # of # of Deals

43 19

Rank Value

Guosen Securities Co Ltd 11* 18* 25 10 ▲

40 -6 ▼ 3,938.5 10 129.4 ▲ 18.7 4 62.319 ▲

598 4

1,778.7 23 -2.6 ▼ 8.8 11 17.0

China eCapital Corp

▲ 13.3 6 22.0

▲

2,934.5

▲

38 13

▲

22

6,200.341China Renaissance Partners 8 2

2

3,271.6

GF Securities 7

19* 72* 18 15

Somerley

▲ 5 6 17 100 0

1 77

40*

68*

23 25

815* 7* 22 -2 ▼

100.0

7*

2.5

▲ 1.3

Sinolink Securities Co Ltd 14 13* 24 4 ▲

China International Capital Co12 20.0

1 ▲ 2,737.7 17 15.6 ▲3,173.2

Exp. (%)

▲71.4

1 45.4-57Financial Advisor Rank Rank Deals

13 35.8 ▲

3,039.7 14

2015 Rank Value Advisor 2015 ** Fee

63* 16.7

12 ▲ 59.1UBS 18

Rank

CITIC 5 10.2▲ ▲

1.4

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

▲

10*

15 12.1

US$m Rank

148.7 ▲ 2.5 40*

Change in

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

$0

$20

$40

$60

$80

$100

$120

# of

Dea

ls

Ran

k Va

lue

(US$

b)

18 3 ▲861.1 -

11

.3

24*

-2 ▼

▲▲ 20.8 3 32.0

.8 93* 44.4

38* 16.3683.8 - 36.9

850.0 - -17.0 ▼ 4.3

▲ 4.9 18 100.0

2,292.2

12

Industry Total

95.6

12 2 ▲M&A International 28* 20* 12

- -

598.4China eCapital Corp ▲19* 72* 18 15 ▲ 5.6 17 100.0

Chinese Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 2015

Shenwan Hongyuan Securities Co 22 13* 17 -3 ▼PricewaterhouseCoopers 23* 15 15 -3 ▼New Times Securities Co Ltd 23* 116* 15 14 ▲Essence Securities Co Ltd 23* 60* 15 11 ▲Minsheng Securities Co Ltd 26* 20* 14 0 -Goldman Sachs & Co 26*

1,726.1 24 520.5 ▲

14 3

3417.5 ▲

8 ▲ 1,183.7 31 58.3 ▲ 6.7 12

19 60.1

5,515 493 ▲ 289,418.0 43.2 ▲ 638.1 45.5

▲ .7 96* 70.02,000.9 21 12.7

2,322.0 18 88.9 ▲ 2.6

46* 100.0Goldin Financial Holdings Ltd 33* 72* 10 7 ▲

*tie



Gram Capital 19* 18*

14

58*

22

24* 10 -1 ▼ 594.0 - -18.0 ▼ 5.9

1.7

1,998.6 22 42.1

JP Morgan 28* 29*


.49 ▲ 1,371.2 -63.4

124* 13.872*Zheshang Securities Co Ltd 31*

Credit Suisse 28* 60*

▲ .6

918.3 - 718.4 ▲ 2.2China Construction Bank 33*

8 ▲ 851.5 - 30.0 ▲ .2 144* 66.7

101* 46.2863.2 41 -42.1 ▼

20.7

133.4 ▲1,167.8 -

16

40*40*

Great Wall Securities Co LtdGuoyuan Securities Co LtdSealand Securities Co LtdHuachuang Sec Co LtdDuff & PhelpsRothschildFounder Securities Co Ltd

16* 9 -8 ▼116* 9 8 ▲72* 9 6 ▲94* 9 7 ▲116* 9 8 ▲33 8 -1 ▼60* 8 4 ▲

35*35*35*35*35*

912.9 - -1.0 ▼861.7 - 3816.8 ▲

1,330.9 -2363.7

1,323.4 - 2073.1 ▲367.1 87 -68.1 ▼829.1 - 223.1 ▲

1.0 78* 41.7.2 144* 22.2.4 124* 100.0.4 124* 100.02.7 36* 36.010.7 8 24.4.3 133* 60.0

▲

94.4133* 100.0

124* 100.01.8 55* 78.31.2 72* 23.1.2 144* 100.0.7 96* 58.3

Huaxi Securities Co LtdErnst & Young LLPChina Galaxy Securities CoChinalion Securities Co LtdDonghai Securities Co Ltd

48* 8 3 ▲41* 7 1 ▲29* 7 -3 ▼116* 7 6 ▲48* 7 2 ▲

1,056.4 - 42.2425.3 79 -55.8

1,430.1 - 63.6759.3 - 366.1933.1 -

43*43*43*

2,930.1

43*Soochow Securities Co LtdDongxing SecuritiesHuarong Securities Co LtdOctal Capital Ltd

41* 7 1 ▲116* 7 6 ▲

- 7 7 ▲48* 7 2 ▲

974.4 .6 101* 100.0.2 144* 40.0.2 144* 100.01.0 78* 100.0

▲▼▲▲▲

.4

Bank of China Ltd 31* 94* 11

35 -40.7 ▼588.3 - 65.5 ▲921.9 - - -205.3 - 93.7 ▲

55.4

40*43*43*43*43*


18.6%

15.6%

11.4%

10.0%

9.5%

7.0%

6.8%

5.5%

5.4%

4.8%3.3%

High Technology

Industrials

Materials

Financials

Real Estate

Energy and Power

Healthcare


Consumer Staples


Retail

Telecommunications


19

19* 100.04 4 9* 100 0

15 100.04 19 3

▲ 123.8 30 -43.4 ▼

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

33 54.0 ▲ 3.4

2015 2014 # of Change in Rank Value 2015 Rank Value Advisor 2015 ** FeeFinancial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%)

124.3 ▲ 12.9 1 99.213 5 ▲

o3 Capital Advisors Pvt Ltd 4* 9

100.0▲ 1,009.1 6

2.8 18 100.0

Goldman Sachs & Co 8 27* 9 6 ▲ 978.2 7 66.4 ▲ 6.8 5 61.3ICICI Bank Ltd 9* 13

Ernst & Young LLP 1 1 42 2 ▲ 2,226.6 1 -4.2 ▼ 4.4 9* 86.3KPMG 2 2* 21 4 ▲

8

13 4

Avendus Capital Pvt Ltd 3Translink Corporate Finance 4* 10* 112.4

Kotak Mahindra Bank Ltd 11* 5* 7 -4 ▼ 645.3 14 76.6 ▲ 4.8 8 100.0Citi 11* 27* 7 4 498.3 ▲ .4 58* 9.8▲ 924.9 8

23

Deloitte 9* 7* 8 -2 ▼ 123.1 31 -14.7 ▼ 1.0 37* 100.0

Rothschild 11* 10* 7 -1 ▼ 691.7 12 51.0 ▲ 7.3 4 100.0Deutsche Bank 15* 49* 6 5 ▲ 1,566.2 2 -

19* 7

- 10.9 2

3 ▲ 804.1 10 87.6 ▲ 6.3 6

228.1Ambit Corporate Finance 15* 10*90.1

15*15*15*15*

JM Financial GroupClairfield InternationalJefferies LLCJP Morgan

14 6 0 -27* 6 3 ▲15* 6

43.2

195.8 ▲ 2.9 17 100.0

Morgan Stanley 11*

Axis Bank Ltd 7 7* 10 0 - 324.2


Indian Involvement Mid-Market Rankings (MM21)

MM21 - Undisclosed Values & Values up to US$500m Jan 1 - Dec 31 Indian Mid-Market M&A up to US$500m by Rank Value Range

676.0 13 8.0 ▲ 1.9 28

37* 43.5- -52.8 ▼ .6 46*

1 ▲ 880.2 9

6 -2 ▼

405.0 ▲ 4.3 11 51.2

1 ▲19* 6 2 ▲

729.6 11 135.2 ▲14.7 - -63.7 ▼

1,060.5 5 61.9 ▲592 8 15 32 1 ▼

3.7 12 100.01.5 29 100.02.7

17 -29.7 ▼ 1.06 2* -5 ▼ 58.1 100.0PricewaterhouseCoopers 12

-

50

100

150

200

250

300

350

400

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

# of

Dea

ls

Ran

k Va

lue

(US$

b)

4.4 9* 100.0.7 41* 100.0- -66.0 ▼

15*21*21*

JP MorganSinghi Advisors LtdVeda CorporateAdvisors Pvt Ltd 239.6

85.7

Indian Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31 2015

1,275 132 ▲ 26,204.4 37.8 ▲ 227.9

19* 5 1 ▲ 22 235.6 ▲ 3.5 14 100.0

*tie



23*23*23*23*23*28*28*28*28*28*33*33*33*33*33* -

Industry Total

19* 6 2 ▲15* 5 0 -

592.8 15 -32.1 ▼15.5

0

2

2 2 ▲2 2 ▲

Barclays@VISORY partnersCredit SuisseGlobalscopeLazardIMAPLincoln InternationalGrant ThorntonBSR & Associates LLPSystematix Capital ServicesRaymond James Financial IncStandard Chartered PLCGuosen Securities Co LtdAltium Capital LimitedPiper Jaffray Cos

--

2

▲2 -1 ▼

2 ▲

4

11.9 - - -11.3 - - -298.9 18 259.7 ▲162.8 - - -167.8 - - -

▼18.3 - - -

1,247.6 338*49*27*5*49*15*27*38*

-

2 ▲4 3 ▲4 1 ▲4 -7 ▼4 3 ▲3 -2 ▼3 0 -3 1 ▲3 3 ▲

-3972346*21*32*80*63*61*41*19*

-34*24*

-100.063.5

100.0100.0100.0100.0

-100.0100.0100.0100.0

-100.0100.0

-.95.42.4.62.51.30.2.3.72.7-

1.12.0- -

841.635.0 43 343.0

1,168.8 4 399.9185.0 27 134.582.8 - -

0 - -88.0 35 -41.131.4 - -69.7

--

27*

3 3 ▲2

Signal Hill Capital Group LLCSpark Capital AdvisorsMoelis & CoMacquarie GroupHSBC Holdings PLCPreston Todd AdvisorsBDOCFIState Bank of IndiaMerisis Advisors Pvt LtdEdelweiss Financial Svcs Ltd

19* 2 -2 ▼- 2 2 ▲

38* 2 0 -19* 2 -2 ▼

- 2 2 ▲- 2 2 ▲

19* 2 -2

CIMB Group Sdn Bhd

20.0268.8187.9

0347.8

055.6

0186.61.60

274.5

-

▲▲▲▲--▼

-202564*16-----

64*19

33*33*33*33*33*33*33*33*33*33*33*33*

46*-3

24*-

24*4063*32*49*74*34*

▼38* 2 0 -19* 2 -2 ▼

- 2 2 ▲15* 2 -3 ▼

- 2 2 ▲

100.0-

100.087.0

-100.0100.0100.043.3

100.050.0

100.0

33.3 ▲- -

364.0 ▲- -- -- -

641.3 ▲- -

465.5 ▲- -- -- -

.6-

10.12.0-

2.0.8.21.3.5.11.1


17.1%

15.9%

15.3%

11.3%

10.2%

6.6%

5.3%

5.0%

4.4%

4.2%3.8% Financials

High Technology

Industrials

Energy and Power

Healthcare

Materials

Retail

Real Estate



Telecommunications

Consumer Staples


20

-

-

-

-

-

Asia-PacificKelvin BianTel: +852 3761 1852E-mail: [email protected]

-JapanCatherina Guinto Roldan

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

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

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

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

Americas

Ranking Criteria Summary

Announced league tables include all deals that were announced between January 1, 2015 and December 31, 2015 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 06:00pm EST on January 12, 2016.

Europe, Middle East & AfricaChristina Mavraki

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


Robert Levine

E-mail: [email protected]

Tel: +44 (0) 207 542 7381E-mail: [email protected]

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

Tel: +1 646 223 5682

Catherina Guinto-RoldanTel: +813 6441 1142

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

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

© 2016 Thomson Reuters. All rights reserved.

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

E-mail: [email protected]

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