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MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Nine Months 2017First Nine Months 2017

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFirst Nine Months 2017 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Announced (AD34)3

6

6

11

12

11 18

Any Japanese Involvement Announced (AD19)

2

2

3

Table of Contents

1

Worldwide Announced (AD1)

10

2

11

11

20

20

South Korea M&A

Any South Korea Involvement Announced (AD51)

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

15

Any Asia Pacific Announced Fairness Opinion

Any German Involvement Completed (AF42)

Any Italian Involvement Completed (AF43)

Top Ten US Announced Deals 12

Any Italian Involvement Announced (AD36)

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

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

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

Any Nordic Involvement Announced (AD37)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

Any Asia (ex-Japan) Involvement Completed (AF32)

Any EMEA Involvement Completed (AF53) 10

15

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

22

21

22

21

Regional Contacts

13

13

13

Any Japanese Announced Fairness Opinion

14

13 Worldwide Announced Fairness Opinion

Top 10 Any South Korea Involvement Announced Deals

22

8

21Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

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

Thomson Reuters Soultions for the Deal Making Community 23

Mergers & Acquisitions Criteria Summary

Any EMEA Announced Fairness Opinion

15

14

Any Nordic Involvement Completed (AF44)

21

Fairness Opinion Rankings

Criteria Summary

21

Any USAnnounced Fairness Opinion 21

Any Americas Announced Fairness Opinion 21

20

20

Any South Korea Involvement Completed (AF58)

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WORLDWIDE DEAL MAKING UP 3%, NUMBER OF DEALS FLAT - Worldwide M&A activity totaled US$2.4 trillionduring the first nine months of 2017, a 3% increase compared to the first nine months of 2016. Deals with a valuegreater than US$1 billion totaled US$1.5 trillion, flat compared to last year's first nine months. By number, dealsgreater than US$1 billion increased 9% compared to a year ago. Overall, 35,360 worldwide deals were announcedduring the first nine months of 2017, flat compared to a year ago.

DEAL MAKING DOWN 3% FROM Q2'17 - The value of worldwide M&A announced during the third quarter of2017 totaled US$819.7 billion, a decrease of 3% compared to the second quarter of the year (US$845.3 billion), buta 2% increase compared to the second quarter of last year (US$806.4 billion).

OUTBOUND US AND INTRA-EUROPE M&A POWERS CROSS-BORDER M&A – Powered by increased levelsof outbound M&A from acquirors based in the United States and intra-Europe M&A activity, cross-border M&Aactivity totaled US$943.3 billion during the first nine months of 2017, accounting for 39% of overall M&A volume andthe highest first nine month tally in two years. China Outbound M&A totaled US$121.2 billion, a 27% declinecompared to last year's record first nine months.

EUROPEAN M&A UP 29%; UNITED STATES DEALS DOWN 12% - M&A activity for European targets totaledUS$629.3 billion during the first nine months of 2017, an increase of 29% compared to the level of activity seenduring 2016. With US$901.0 billion in announced deals during the first nine months of 2017, United States M&A fell12% compared to a year ago while the number of United States deals increased by 18% the largest first nine

Worldwide M&A Up 3% to US$2.4 trillion l Number of Deals Over US$1 billion Up 9% l European Deal Making Up 29% l China Outbound M&A Falls 27%

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees

First Nine Months 2017 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

12% compared to a year ago, while the number of United States deals increased by 18%, the largest first ninemonths, by number of deals, since 1996.

ENERGY & POWER, INDUSTRIALS, REAL ESTATE LEAD SECTOR MIX - Deal making in the Energy & Powersector totaled US$369.8 billion during the first nine months of 2017, an increase of 7% compared to 2016 levels,while Industrials M&A increased 25%. Real Estate deal making accounted for 12% of overall M&A activity, whileTechnology M&A accounted for 10%. Materials and Technology M&A registered the steepest year-over-yeardeclines, down 46% and 28%, respectively.

COMPLETED M&A ADVISORY FEES INCREASE 20% - Estimated M&A advisory fees from completedtransactions totaled US$27.4 billion during the first nine months of 2017, a 20% increase from 2016 levels.

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

$78.9$16.6 $37.9 $67.6 $58.4

$116.6$155.1 $162.4

$77.6$128.5

$80.8

$24.9$61.0

$87.8 $83.1

$80.1

$117.3 $136.8

$148.2

$167.7$58.4

$36.1

$73.6

$72.8 $98.0

$79.5

$138.5$165.2

$129.3

$197.3

$36.1

$53.7

$90.5

$105.5 $97.4

$114.8

$113.9

$239.7

$139.39.2%

5.6%

10.0% 11.6%

14.0%16.4%

16.9%

15.8% 15.0%

20.3%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

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

$0

$1

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

$258.2$113.6 $176.0 $234.3 $173.7 $130.5

$239.7 $268.2 $299.0 $319.8

$368.1

$112.1

$203.8$249.1

$273.1

$165.1

$382.8 $337.6 $282.1 $311.5

$326.0

$147.0

$274.3$205.9

$203.4

$180.5

$314.6$420.2

$339.2$312.1

$156.0

$165.9

$258.6 $195.1 $249.6

$222.7

$306.4

$462.3

$476.1

40.2%

26.9%

38.0%

35.2%38.1%

28.3%

38.5%34.8%

38.9% 38.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

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

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

% of YTD Global M&A

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2008 2009 2010 2011 2012 2013 2014 2015 2016 20172008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1

Western Europe

Mergers & Acquisitions

Jan 1 - Sept 30 Scorecard: Worldwide Completed M&A Jan 1 - Sept 30

First Nine Months 2017 | Mergers & Acquisitions | Financial Advisors

1/1/2017 - 09/30/2017

31,924.6

634 237 9

Worldwide12,418

No. Deals

No. Deals

Rank Val US$m

2,435,275.1

1/1/2017 - 09/30/2017 1/1/2016 - 09/30/2016

1343,935.3

5,262.9107163

1,057,029.4

5,955.8

1,163,023.7

Target Region/Nation

Mexico

462,704.0125,258.5

85

35,838.0

4,586.2

1,023,543.7

61,374.1

1,092,507.7

Rank Val US$m

68,963.9United States

Caribbean

3,438.8

Brazil

Worldwide 35,3602,435,332.3

1,025France

North America

596,623.0

Germany

Chile 9,548.0

Asia Pacific

United Kingdom

1,671

Middle East

17,031.6Sub-Saharan Africa

Canada

Western Europe32,664.8

629,287.8

54,180.7

710395

96,870.41,389

2,082

46,516.2

Americas4,822.9

9 666

144

11,499

Central America

South America83,044.1

2,066

901,042.1

65

984,086.1

64,185.1

9,828

8.9593 464 8 9 601

80,307.16 9

58,682.4317

Europe

80

Africa/Middle East

2,123.9455

900

488,282.7

North AfricaMiddle East

28.910,572489

43,763.8821.2

12,527.6 36.0

1,992

Eastern Europe

1,277

12,241

99,336.140,855.8

87,472.6

9,5378,50625,578.7

▲

▲

331

28.9

-61.3

2,704

112

2,004137.1

▲

▲United Kingdom26.1

▲27.7Europe

82,908.8France▲

448,930.8

▲Switzerland▲

Eastern Europe

84,862.91,263

Asia Pacific81,421.8

372 603 9

1,820

21 7

24,513.9

1935 370

1,658

6,252.7 227476 004 4

8,097

6 004

520,925.0

▼106.2

▲

7,063

545,438.9

1,202.2

8,721▲

1,692

10,331

94294

242,168.2

2,234

-6.9

66,427.4

619

499,469.9 -8.450,539.1

68

1,116.7

35,910.6

65

638

1,253.819,309.5

▼Sub-Saharan AfricaNorth Africa

57.8

284 15,241.3

210▼ 236

▲

14,196.2

30,464.4982

Chile-7.7 ▼ 45,952.4

-18.1Africa/Middle East

1,143

3,866.0415

20.4 Canada 64,010.2▲59,935.9

Brazil 50,778.1

▼

72

9,4828,339

▲45.7

108.2▲

▼

730 4.6

27,25526,210

Caribbean51.4

▲

-12.0

-9.12.8

1,309,984.0 -4.6

-43.813263

-9.28,954

10,024.611,829.43,186.1

2,368,651.3

Rank Val US$m

8410,45935,206

No. Deals

401,250,332.2▼

124Central America▼

10,304▲

Americas

-34.7 Mexico1,173,407.9

112-9.9 9,588

▼8,176

2,212,201.2

Rank Val US$m

% Change in Rank Value

South America

8,409

552

-33.991

Target Region/Nation

North America

78

41,222.0

No. Deals

5,635.611,352.9

5,318.2 9,153.1

1,109,397.7

307

1,179United States 1,200,232.2

20,235.1

▲7,323

▲

12.3▲▲▼

▼▲

18,516.358346,675.9

174.2

28.0-80.9

345 ▲

-41.9-5.5

55.3

-4.0

28.4

▼

-7.6853

1/1/2016 - 09/30/2016

1,241,454.1 ▼▼

▼▼

% Change in Rank Value

▼▼

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

1,851▼

24.8-65.0-13.8 ▼

▲▼

15.2%

13.9%

12.4%

10.1% 9.6%

8.8%

6.5%

6.0%

5.7%

4.5%3.8%3.4%

South East Asia

United States / United States 15,972.8

Pending

634,237.9

6/30/2017

267.1

Janssen Holding GmbH

Target (% Sought/Acquired)Rank Date Date Effective

Singapore

1,206

Intended

Australia

Hong Kong

1,804

46,569.7

64,864.5

5/15/2017

Asia-Pacific

7,165.5

1,06449,386.1

40,692.21,427

352

9,666

6/16/2017

13.4969124.0

Malaysia

3,983

2/1/20176/15/2017 United Kingdom / United States

8/21/2017Pending

Pending

9/20/2017

Pending

9/4/2017

4/23/2017

Pending1/16/2017

17,828.5

Luxottica Group SpA (61.9%)16,421.17/14/2017

United States / United StatesONEOK Inc

Pending

Nesta Investment Holdings Ltd

Calpine Corp (100%)16,092.4

Discovery Communications Inc

Calpine Corp SPV

Shareholders

Reckitt Benckiser Group PLC

Essilor International SAChina / Singapore

18,800.0United States / United States

Actelion Pharmaceuticals Ltd (100%)

17,930.0

20,047.6

KK Pangea

United States / United StatesAbertis Infraestructuras SA (100%)

Japan / JapanMead Johnson Nutrition Co (100%)

Global Logistic Properties Ltd (100%)

CR Bard Inc (100%)

17,118.1

Sempra Energy Inc

20,956.7

▼838

ONEOK Partners LP (60%)

65,197.8

2/1/2017

Rockwell Collins Inc (100%)29,038.524,226.8

Italy / Spain

Becton Dickinson & Co

▼

Toshiba Memory Corp (100%)

Cyclops Holdings Inc

34,675.3United Technologies Corp

1,328

United States / United States

Energy Future Holdings Corp (100%)

Switzerland / Switzerland

Sweden / SwedenValepar SA (100%)

6/15/2017

41,630.7South AsiaCentral Asia 83.4

8/14/2017

1/26/2017

6/15/2017

29,274.4

▲

Australasia

4,139571

370,913.7

1,086

2,818.9 New Zealand▲

South Asia 29,274.4

85.3

▲

North Asia

39,738.1ChinaSouth Korea

15,771.0

266,841.4

41,554.4

▲

32,349.21,788

206

125

335 Malaysia

▼

▲

2.0

3451,559

21,957.1

-8.2131

North AsiaChina 349,650.1

478,356.6

63,652.2

1,923

36,706.1

452,385.1

489.9

6,035350

5,947

48

28,411.4643

▼38.1

60,596.6Japan50

▲

Top Fifteen Worldwide Announced Deals

243.2Japan

5,800.6

593,464.8 9,601

897

23.5

17.4

45,643.1

55,261.2

1,0386.9

South East Asia

0.635,797.5

▲Australasia

▲37,749.1

838871,738.6

749

Asia-Pacific 372,603.9840▲49,112.5

30,230.3

Central Asia43,842.9

34

Rank Value (US$m)Acquiror

Australia

963

▼

-7.1

▼-5.75.7 ▲

-35.567,937.240

370,580.8

22.8-29.6

1,196

232 -15.9

685

-84.3

3,6652,892

Singapore4,914.1

239

197,761.5▲

-35.4305,919.0

18,761.3

8302,412

-13.7-28.0

-29.641,554.4 963

-21.7

2175,693.8

39,754.0

5,370

913,888.1

476,004.443,753.3

6,004

-10.0640741 -13.7

▼

▼

Jan 1 - Sept 30 2017

Vale SA

Pending

2/20/2017

8/18/2017France / Italy

Atlantia SpAAcquiror / Target Nation

Essity AB (100%)Brazil / Brazil

Healthcare / Healthcare Equipment & Supplies

Energy and Power / Power

Materials / Metals & Mining

Energy and Power / Oil & Gas

High Technology / Semiconductors

Consumer Staples / Household & Personal Products

Consumer Staples / Food and Beverage

High Technology / Software

-55.3

▼▼

▼▼▼

▼▼

Target Macro / Mid Industry

2,587.2New Zealand

Scripps Networks Interactive (100%)3/13/20177/31/2017

PendingPending

Mobileye NV (100%) United States / IsraelUnited States / United States

14,964.314,607.7 Media and Entertainment / Cable

Industrials / Transportation & InfrastructureIndustrials / Aerospace & Defense

Healthcare / Pharmaceuticals

Industrials / Other IndustrialsConsumer Products and Services / Other Consumer Product

Energy and Power / Power

Energy and Power Industrials

Real Estate High Technology

Financials Healthcare

Materials Consumer Products and Services

Consumer Staples Media and Entertainment

Retail Telecommunications

Government and Agencies

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Evercore Partners

Jefferies LLCNomura 20

62,366.170,561.2

2.4

▲73,742.2 3.0

2 254 668 2

2.93.0

2.560,038.957,726.5

3.51.5

3514

84,724.7

2.1

Centerview Partners LLC

33

Rothschild & Co9

1211

19

17

MediobancaBNP Paribas SA

18

12

15

148

10

68

26

+2

-3.0

2

202,014.6Credit SuisseBarclays 6

+30.5

+19

▼

Worldwide Announced (AD1)

▲1.8

▲

-0.97.1

2Morgan Stanley1

Morgan StanleyGoldman Sachs & Co

▲

-0.9

▼▼

▲19.2

0.3

5.3

215,236.3 8.87

4

Citi332,607.40.4

13.715.3

506,422.0

32 79,181.713

394,831.5

93-2.0

2.6

0.3

▲

0.799

-3.720

▼

110+5

0.3 -150.1

39

▲▲

1 3▲▼

▼2.1

0.3

0.2+10.135 0.1

1 ▼10 068 452 1 32 5 0 1 0 0▲ M Klein & Co LLC ▲2 6+7-13 ▼0.258.271,063.8 1.53.2 ▲

▼▼

65▲20

-2▲0.6

3 133

75,937.5

3.3184

Wells Fargo & Co

21

19 73,627.9China International Capital Co

156.8-50.2

▼0.135

0.2

▼0.6

131.4 ▼0.1 0.0

54▲ 0.3

88.1-30 0.1

▼0.10.5

+5▼

-▼

▲ 0.3

38.4▼ 3.4 72

4618▲ Alantra Partners SA 3.373,829.1 ▲

▲1.017

80,316.40.9

Industrial & Comm Bank China

▲16 3.6

25

10119,319.4 0.114

13

▲ 15

Rothschild & Co

CITICRBC Capital Markets 5.4

84,155.5 3.816

28HSBC Holdings PLC

5.5121,935.4317.6522.60.9 ▼

0.5 ▲74▲

-5.7

21▼

0.10.2

531.2

-24-9 ▼

1.2 ▼

0.2 ▲

0.61.0

+130.3

▼

134.5

0.430

▼▼

2250.1126,571.8

9 9.2

1.9▼

1.40.8-5.45.7

▼

9.4-4.8-0.1

▼0.3

92▼ ▼

▼228.4-6-9 388.0

0.20.5

▼-17 1.5

539.890 -14

▼640.8658.5 0.5411.2

▼-4.412.4

▼

▲-5.5

-1

▼▼ 0.310.7 102▲ Credit Suisse ▲▼ 152

236,373.8▼ 0.4

0.4298,824.63.1▼ +10303,516.0 160

▲0.1▲

2.30.6 +20

▼▼

2.4

+10 723.50.70.5

▼13318813.586

7 282,062.1Barclays

423,113.5▲0.6

0.5 ▲-7.6848.8

0.3

0.5-3.6

12.8

4 522,333.8 ▼

-7.9▼

23.6

13.71,073.51,379.5

142 -6

▼

▼0.8

-28194 1,279.2

Sh (%)

# of Deals per Advisor


+31

Market2016 Rank

25.9

Fees259

US$m

+80.7-4.0

▼698,182.1Sh (%)Share Ch.

2 231.6

572,880.5▲ ▼

-5.1

Market Rank Value Market2017 Rank

Rank Value per Advisor (US$m)

▲

MarketSh (%)


53

US$m DealsShare Ch.20.8

345

▼▼

0.5 Bank of America Merrill LynchJP Morgan

-5.0

154

290

3.4

134

1.0

▼

269

▲179

-1.0

-1

123

-4.6 0.4

0.6

0.3

▼

0 1

11RBC Capital Markets

▼

Perella Weinberg Partners LP

21

7.0

8.3

18

3.3

192,214.8

129,760.3

9

73,104.71650

China International Capital Co

UBS

Moelis & Co

172,563.510169,318.2151,017.3

Deutsche Bank

15

208,462.1

Market

Lazard 8

3

Bank of America Merrill Lynch45

Citi

# of

19.1

245▼

▼

▲246 0.7

1

-11

7.9

16.2

7 5

3

-7.3

6 373,592.1

Rank ValueFinancial Advisor

211-2.3

1

Change in

Goldman Sachs & Co# of Deals+41

Jan 1 - Sept 30

0.8466,938.3 -4.4 0.7

2017 Rank


1 ▼Sh ($)

Jan 1 - Sept 30

Worldwide Rankings

2016 RankFinancial Advisor Deals

Imputed Fees (US$m)

3.3

JP Morgan

-2.6

23

1.542 0.1-18-4

12

25 0.1▼0.3

-17

130.8

127105

▼

99

11

Evercore Partners

-2 Centerview Partners LLC

▼Deutsche Bank

-8

88

273,923.269-12 UBS

▼12

203,815.510

▼

8

11-13

-20

▼

+4▲▼

7Lazard

0.20.30.40.3

+3-11

▼1.74.7 ▼

# of DealsMarket Advisor

▲▼

# of

Worldwide Completed (AF1)

Market

2.0

2.6

3.9

1.95.0 1.4

199169

6.2

Market

1,866.6

Change in

1.0Share Ch.Sh (%)

6.8

* tie

Jan 1 - Sept 30 2017

96,587.5 28.5

17

Citi

1

7 10.632

245,855.1

JP Morgan

13.7Goldman Sachs & Co14.8

JP Morgan

3302,613.1

117,086.3

41,362.3

Goldman Sachs & Co

Industry Total†25

Morgan Stanley

HSBC Holdings PLC 1.9

38,728.2TD Securities Inc 37,943.7

1.6CITICMacquarie Group

1.6

41,682.947,303.4

2.254,668.2Centerview Partners LLC 181922

-8-1.5

1.70

80▼0.1

3941

28

2,292

56

Top WW Announced M&A Advisors by Target Industry

2.8%

42

Mkt.

1.10.4

-1.3

-4.4▼▼

0.2

-9.2%

52,071.861,370.3

26

42-

▲

100.02,212,201.2

-28▼

No. Deals

+1542,435,332.3

-3.0% ▼

Rank

232425

369,839.9

▲

▲35,360

Share

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

-8.5%

BMO Capital Markets

▲▼

Industry % Change from Same Period Last Year

Guggenheim Securities LLC

Industry Total

BNP Paribas SA15

22

-14.2%▼

0.1 +17 China Construction Bank 44,812.4199

▼

9

-3.8%▼

2.0 2.0 ▲0.1

-3.6 ▼2.4 ▲ 0.3

▲

-3 0.1-14

13.5

▼

▼ 197.5

19.5%

27,407.3▼

-1,0450.0 0.1

▲▲

100.0

0.80.7

0.2▼▲

0.2219.618

0.252 0.20.7+2 ▲

1

0.1+21

▼-1▲

0.066,270.968,452.1 -32.5 0.1

182.70.0

▲2.13.0▲ M Klein & Co LLC ▲2.6+7 65 3.121

Goldman Sachs & CoMorgan Stanley

3

2

17

27.6

235,008.3

1

0.1

Jan 1 - Sept 30

43 25,506.6 3

39 35,777.835,002.3

Morgan Stanley

33,345.2Financials

67,889.0


338,518.9Industrials

High Technology

▲

Citi

34.6

1

32,103.8

2

Bank of America Merrill Lynch

95,267.9

44,830.3

82,831.8

24

77,453.7

Rank Val US$mEnergy and Power

87,782.2Morgan Stanley

21

Real Estate

Barclays

Industry % Change from Last Quarter

66100.0

23 1340

4,809

61,037.4

30

Industry % Change from Last Quarter -10.3%

21

10.9

5,235

31 24.813.6

3,804 15.214.9

28

JP MorganGoldman Sachs & Co

34

2,873

3

33

35

21

20.9

-12.0%0.4%

29 24.52

23.7

1

0.2

30 25.8

▼

2.884

26,210

▼

365.77 327.65 316.45

207.94 238.78 163.35 138.30 128.40 141.51 119.49 129.63

81.8 88.1

48.1

47.5 34.2

51.9

34.8 31.1 49.8 21.4

21.0

20.0

24.2

24.2 29.0 29.0

29.0 29.0

30.2

30.2

30.2

34.7

34.7

34.7

$0

$100

$200

$300

$400

$500

$600

Goldman Sachs & Co

Morgan Stanley

JP Morgan Citi Bank of America

Merrill Lynch

Barclays Credit Suisse Lazard Rothschild & Co

Evercore Partners

UBS

Ran

k Va

lue

(US

$bil)

Abertis Infraestructuras SA/Atlantia SpARockwell Collins Inc/United Technologies CorpActelion Pharmaceuticals Ltd/Janssen Holding GmbHCR Bard Inc/Becton Dickinson & CoValepar SA/Vale SAOther Top 15 DealsAll Other Transactions


Jan 1 - Sept 302017 UP

2017 DOWN 2016EMEAAmericas

Worldwide M&A Matrix

25.3x

Japan

13.0x

Asia ex. JapanEurope

11.8x

14.8x

9.7x

15.5x17.9x

17.5x

12.6x

15.9x

15.7x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada


14.0x

13.4x

USA

11.4x

12.9x 17.3x

13.7x

13.2x14.1x

Telecommunications

Real Estate

Media and Entertainment

Retail

15.0x

-

19.3x

22.3x 20.8x

8.6x

14.1x

10.9x

11.3x

24.0x

6.5x

24.6x

14.1x

7.0x

Industrials 13.9x14.8x

12.8x

18.5x 31.9x

World

15.8x 12.0x

13.8x

10.8x

21.4x

9.6x

12.4x

20.9x

UK

13.7x

7.6x

20.1x

11.5x 15.6x11.7x

11.4x25.0x

12.1x 9.8x

14.8x

17.7x

15.5x

-

17.9x

-

20.9x

-11.6x

20.1x

9.6x

23.1x 26.2x8.1x

14.2x25.6x 14.9x

25.2x25.2x

14.9x21.3x 12.1x

22.6x 19.2x

16.6x16.6x16.0x

7.9x

15.9x15.9x 10.0x

6.6x16.2x

11.6x

11.7x12.6x

13.9x 13.9x

8.8x

13.8x

11.0x

11.5x

14.4x

16.0x10.4x

17.8x11.4x 16.0x

10.7x

11.6x

19.2x

-20.5x

18.4x8.9x

12.3x

12.9x 17.1x14.5x

11.0x 10.1x

11.2x11.4x

7.2x 15.1x

12.4x 9.8x

16.1x

10.4x

24.1x12.2x 11.3x

12.7x

25.3x12.2x

9.4x18.1x

9.5x

20.4x

13.4x14.9x 18.1x17.8x

16.3x 23.8x

14.9x

11.0x12.9x

10.7x

11.4x

14.3x

16.5x 21.2x

6.8x9.3x17.4x

15.9x

16.5x 15.8x

6.8x9.7x

16.7x

13.7x

12.9x

24.0x 15.2x

17.7x

14.5x

7.9x

10.9x

13.8x

7.5x 11.6x

14.5x

-

15.2x

22.6x11.9x11.7x 15.0x 14.1x

8.8x

20.1x20.9x

10.0x

23.5x

10.5x

13.5x 12.2x

19.3x

10.6x

16.7x

17.2x

Energy and Power

16.2x

Materials

12.5x

15.3x

15.7x

Healthcare

14.6x

High Technology

13.9x

14.5x

11.8x 12.1x

Consumer Staples

Consumer Products and Services

Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Sept 30

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2016 - 09/30/2017 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

Consumer Staples

29.429.9

29.8

World

38.118.1

27.1

-

24.138.3 17.8

26.623.9

29.7

- -

24.7

22.5

27.6

27.629.4

26.7

23.5

29.0-

17.8

34.0

30.6

30.8

30.7

28.6

33.923.8

34.1

31.1

19.7

16.2

24.56.1

9.419.1

31.3 23.0

92.424.7

40.7

27.7

42.4 33.0

13.2

26.9

18.114.9

23.423.0

27.0

30.926.4 22.6

20.5

24.4 35.1

-10.724.1

-

23.4

Average Industry Total

28.9

33.714.9

21.6

16.8

33.8

2017 UP 2017 DOWN

35.025.7

30.9

Financials

30.8

14.044.3

23.6

13.1x

39.1 40.323.5

39.0

42.2

33.931.0

39.3

19.3

23.9

16.6

23.5

28.0

27.6

29.625.0

30.3

Media and Entertainment

30.7

Telecommunications 29.0

Materials

24.2

22.8

25.2

Retail

Energy and Power

22.9

Average Industry Total

29.6

24.0

High Technology

Industrials

28.8

21.4

28.4

Canada

20.9

Healthcare

Consumer Products and Services

43.0

26.8

51.522.4

29.9

40.8

20.2

37.0

40.5

34.934.9

Americas

40.4

21.9

-

USA

12.0x14.3x 16.0x

34.537.8

53.1

55.730.0

42.140.0

21.2

40.0

53.0

10.8x

22.8

3.8

24.8

3.8

15.4

-

19.8

44.216.3

-

12.4x 13.1x

32.3

27.3

19.2

17.7

Japan

21.4

Asia ex. Japan

23.4

21.3 13.335.5

11.5

17.6

19.7

19.1

36.9

36.0 25.4

26.312.327.926.7

30.1

30.810.326.2

28.8

23.0

17.3

25.132.6

Europe

12.5x

24.0

21.4

40.1

27.2

38.6

29.6

23.8

-

45.6

27.8

23.3

65.6

38.917.3

5.133.1

15.8

32.3

23.413.1

22.0

23.542

38.9

21.7

17.3

-

47.4

35.4

41.1

33.4

-

17.2

25.7

25.4

30.6

47.6

36.4

27.0

19.7-

28.2

54.6

-

26.5

23.7

29.9 30.5

27.6

42.3

16.4

11.8x13.3x 17.3x18.4x 17.3x

2016

19.6

14.4x

21.424.9

13.3x

EMEA

Real Estate 12.3

36.7 36.1

86.1 86.1

23.5

30.9

16.6x

100.0

UK

34.5

15.7x15.4x



Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan

Citi

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

5

6

7

8

9

102008 2009 2010 2011 2012 2013 2014 2015 2016 2017

5

6

7

8

9

10

Ran

k


Barclays

Credit Suisse

Lazard

Rothschild & Co

Evercore Partners


26.0 22 Morgan Stanley

1

Americas M&A volume during the first nine months of 2017 was flat compared to the first nine months of 2016, accruingUS$1.35 trillion in activity from 14,802 announced deals. According to estimates, fees generated from completed deals inthe Americas totaled US$18.1 billion, a 14% increase from fees earned duirng the first nine months of 2016.

US Targeted M&A saw a decrease in the first nine months of 2017 from a volume perspective, down 12% compared toannounced M&A during the same period a year ago, accruing a total of US$901.1 billion. Conversely, the number of UStargeted transactions announced during the first nine months of 2017 reached 9,853 deals, a 17.8% increase from a yearago.

The Energy & Power sector led the US market, with deal volume totaling US$177.8 billion, accounting for a 19.7% market share. Healthcare followed, accruing US$121.2 billion for a 13.5% share of the market. Real Estate rounded out the top3 sectors, with US$94.7 billion and a 10.5% share.

Accumulating US$159.9 billion in transaction value, announced Canadian Involvement activity decreased 24.8% from thetotals reached during the first nine months of 2016. Completed Canadian Involvement activity was up 63.3% compared tothe first nine months of 2016, driven by the completion of Enbridge Inc's and Spectra Energy Corp's US$43.1 billionmerger in Q1.

In the Americas, all sectors saw an increase in exit multiples during the first nine months of 2017 except ConsumerStaples, Healthcare and Telecommunications. Overall average EBITDA multiples across industries in the Americasposted an increase during the period rising to 15 7x compared to 13 1x averaged during the first nine months of 2016

15.9

2 21.5Citi

21 9 12,843.0 3

16,644.0

10 38.1

16.6


Americas M&A Flat | Energy & Power Volume Drives US Activity | Canadian Activity Decreases 25%

12

Americas M&A

18

1,05541.0

43,722.432,176.3

1Citi84,466.4 46,946.3

JP Morgan 20,180.9

Share

36.5

13.3315.9

27.8

55.69 2

31,698

6

51.8

988 8

4 8

34.331 10

24

987 25.932.0

Rank

1

Mkt.

563

No. Deals

2

15,060.515,026.212,582.9

12

2

3

1

49,468.0121,204.3

49,653.938,764.131,373.5

94,657.6 5 3

Evercore Partners

Bank of America Merrill LynchJP Morgan

Goldman Sachs & CoJP MorganPerella Weinberg Partners LP

Morgan Stanley

Americas Deals Intelligence

Energy and Power

Healthcare

Real Estate

Industrials

High Technology

Barclays

Morgan Stanley

77,602.5

US Announced Advisors by Target Industry Jan 1 - Sept 30 2017

JP Morgan

Rank Val (US$m)177,755.6

64,912.260,952.5Morgan Stanley

Energy and Power / PowerConsumer Staples / Food and Beverage

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

6/16/2017 Whole Foods Market Inc (100%)

posted an increase during the period, rising to 15.7x compared to 13.1x averaged during the first nine months of 2016.

Pending8/18/2017

United Technologies Corp

Calpine Corp SPVCalpine Corp (100%)

2/1/20176/30/2017

Industrials / Aerospace & DefenseHealthcare / Healthcare Equipment & Supplies24,226.8

30,230.3Rank Value (US$m)

17,118.1United Kingdom / United StatesReckitt Benckiser Group PLC

Media and Entertainment / Cable


Retail / Food & Beverage RetailingEnergy and Power / Oil & Gas


Pending Kite Pharma Inc (100%) 11,074.4

8/28/2017

17,828.5

United States / United StatesAmazon.com Inc

8/28/2017

2/1/2017

Scripps Networks Interactive (100%)7/31/2017

ONEOK Partners LP (60%)

Healthcare / Biotechnology


United States / United States14,607.7


ONEOK Inc

United States / United States13,598.4

Energy and Power / Power15,972.8

Gilead Sciences Inc

Pending

Pending WPZ GP LLC (100%) Williams Partners LP

United States / United StatesDiscovery Communications Inc

11,357.7

4/23/20178/21/2017

Date Effective

Energy Future Holdings Corp (100%)

Pending Rockwell Collins Inc (100%)

Mead Johnson Nutrition Co (100%)

9/4/2017Rank Date

6/15/2017

1/9/2017

PendingSempra Energy Inc

United States / United StatesUnited States / United States

CR Bard Inc (100%) Becton Dickinson & CoPending 18,800.0

Target (% Sought/Acquired) Acquiror Target Macro / Mid IndustryAcquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – Sept 30 2017

Jan 1 – Sept 30 2017US Target Announced M&A Target Industry by Value (US$ bil)

19.7%

13.5%

10.5%

9.4%8.6%

8.4%

7.9%

5.6%

5.6%

Energy and Power Healthcare Real EstateIndustrials High Technology FinancialsConsumer Products and Services Media and Entertainment RetailMaterials Consumer Staples TelecommunicationsGovernment and Agencies

17.5 25.8 26.7 77.1 78.8

114.6

30.5 60.0 27.7 33.5

33.6 34.1

33.3 46.2

49.7

65.5

88.6

18.3

14.1

27.7 26.6

51.3

42.6 51.9

91.6

63.2

84.6

25.1

39.4 64.5

56.1

59.9 43.8

133.2

62.1

29.1%

37.5%

42.1%

37.7%

46.8%

55.4%

43.1%

55.1%

44.8%47.3%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Rnk

Val

US$

bil

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


Moelis & Co Deutsche Bank

▼1.5 -0.3 0.4 -0.40.3 -16 ▼ 79.3 ▼2.2 ▲ 20 0.1 25 22,196.6Sandler O'Neill Partners 25 34▲

Alantra Partners SA 25 194 29,153.8 2.21.9 0.7

+1 ▲32 26,922.0 0.3 0.1▲ 45.4▲ 18 0.1 +70.7 ▲ 28 0.2 HSBC Holdings PLC 24-10 ▼

-PJT Partners Inc 24 29 29,682.5 2.2

16 0.1 +9 ▲ 0.1 0.0137 29,053.5 2.0 2.0 0.1 -6 ▼ 15.9Alantra Partners SA 230.6 0.20.3 +20 ▲ 111.5

▲ 15▲

Allen & Co Inc 23 23 30,112.4 2.2 -0.4 ▼▲ 37+17 ▲ TD Securities Inc 22

0.3 0.251 33,125.358 34,209.6 0.2 +9

2.3 1.72.3▲

1.2 ▲0 -

25 0.216 0.1

HSBC Holdings PLC 22 35 31,406.0

▼Nomura 21 52 31,817.5 2.4 1.8 ▲ ▲61.3

33 0.2 -24 ▼ ▼ 612.5 -4.6Banco Bradesco SA 21Moelis & Co 20

▲ 212.4 2.016 35,662.7 0.5 -25 1.1 0.6▼ 193.3

2.8 0.4 1.6 0.60.6 -17 ▼ 284.7▲ 78 ▼Wells Fargo & Co 20 12 33,397.8 2.5 -6.0 ▼

-3.1 ▼ 17 0.1 22 40,614.3Jefferies LLC 19▼

Guggenheim Securities LLC 19 15 35,603.3 2.63.0 -2.8

-3 ▼18 42,980.5 1.2 0.5▼ 215.0▼ 78 0.6 -91.9 ▲ 42 0.3 Rothschild & Co 18+16 ▲

▲TD Securities Inc 18 42 37,943.7 2.8

94 0.6 -12 ▼ 1.2 0.313 61,370.3 4.3 -6.2 0.1 +1 ▲ 218.6Guggenheim Securities LLC 171.0 0.30.4 +20 ▲ 181.6

▼ 17▲

Rothschild & Co 17 13 45,112.0 3.3 -5.1 ▼▲ 50-30 ▼ BMO Capital Markets 16

0.2 0.127 65,201.344 68,452.1 0.0 -1

4.5 3.03.8▼

-7.7 ▼-8 ▼

75 0.598 0.7

RBC Capital Markets 16 8 50,846.5

▼Jefferies LLC 15 21 52,166.6 3.9 0.9 ▲ ▲32.5

38 0.3 +6 ▲ ▲ 325.0 0.5M Klein & Co LLC 15Wells Fargo & Co 14

▲ 14.7 4.021 72,223.4 0.3 -7 0.8 0.3▼ 151.0

7.5 -1.2 1.6 0.50.5 -16 ▼ 281.6▼ 62 ▼Centerview Partners LLC 14 14 53,344.4 4.0 -2.2 ▼

3.3 ▲ 17 0.1 15 108,639.2RBC Capital Markets 13▼

Perella Weinberg Partners LP 13 45 54,784.6 4.18.7 -9.4

+3 ▲1.3 1.4▼ 226.1▼ 29 0.2 -7Centerview Partners LLC 12-6 ▼ 9 126,220.0-4.4 ▼ 58 0.4

0.5 ▲ -Deutsche Bank 12 10 69,602.2 5.2

66 0.4 +4 ▲ 1.4 0.014 141,826.0 9.8 -0.5 0.4 +4 ▲ 261.2UBS 111.5 0.40.4 -7 ▼ 279.0

▼ 53

2.9 0.4▼ 53 ▼

UBS 11 17 74,493.8 5.5

0.8 +1711.2 -7.4

▼ 10113.6 -10.890.5

0 - ▲ 525.58 161,399.17 195,818.3

3.2 ▲ 72109

10-23 ▼Credit Suisse-8.0 ▼

10 22 80,541.6 6.0

▲Credit Suisse 9 6 131,257.7 9.7 ▼0.7

▼ 85119 0.8 +5 ▲ Evercore Partners 8 11 203,006.2 14.1 -0.1 0.7 -4 518.016.8 0.7 2.7 0.10.9 +16108 ▼

Lazard 8 11 138,963.0 10.3 2.9 0.2▼0.8 ▲0.2 ▲10.4

18.1-6 ▼113 0.8 Lazard 7Evercore Partners 7 9 140,665.6

▼102 0.8 -2 3.010 243,115.9 ▲ 489.5▲

261,145.1Barclays 6 6 0.6▼ 548.70.7709.9 ▲0.7 -10 3.9

-21 ▼ ▼-8.0Barclays 6 4 180,705.8 13.4108

-6.8 ▼ 106Bank of America Merrill Lynch 0.65 268,471.1 18.6 -8.9 0.9 +24 ▲109▼

0.9 +4 ▲ 886.2331,577.3 10934.0▼ Citi 5

45 3 225,658.0

1.3

16.7 -10.4 ▼▲ 121 ▲ ▲0.9

+523.0 -8.1

▼▲ 6.4▼ 4.9

Morgan Stanley

Citi 4 7 257,013.1JP MorganGoldman Sachs & Co

3 5 289,214.21.1

1.30.8

▲Bank of America Merrill Lynch

28.1 150+5172 1.2447,374.2

+14▲

2

19.021.4 3

1.3 ▲JP Morgan

▼1,063.7 1.6▼ 1332 +32

▼ 31.0 -0.1Morgan Stanley 1

347,103.22 1360,155.8

25.7 -5.9Goldman Sachs & Co▲154 1.0

+25199+9▼

5.9-1.2

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

▼-0.5 1,151.1

▲1 ▼40.0 1,635.10

405,877.242

9.0


-1.91 577,033.8 1.6193

# of2017 Rank

2016 RankUS$m

Rank ValueShare Ch. Financial Advisor

MarketChange in MarketRank Value MarketShare Ch.Deals

Jan 1 – Sept 30Any Americas Involvement Announced (AD49)

Market

Americas Rankings

Rank Value per Advisor (US$m)2016 Rank

26.7 -1.3Sh (%) Sh (%)

Advisor

0.6Financial Advisor

MarketMarket# of Deals Share Ch.

# of

▼

2017 Rank

# of Deals per Advisor # of Deals per AdvisorMarket

Jan 1 – Sept 30

Change in

Any Americas Involvement Completed (AF55)


DealsUS$m

Imputed Fees (US$m)Market

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


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

Piper Jaffray Cos 17,453.924 10 0.1

100.0-625

901,092.1Industry Total

▼-12.0%

2446

▼

▲2.2%

-414,405.1

Rothschild & Co 23 1.826

19.4%Industry % Change from Same Period Last Year

▼-12.1%

8,409

▲Industry % Change from Last Quarter

▼-6.3%▼▲

▲23

14.8%

100.0▼

-7.6% ▲

0.31.6+1,086

▲

13,598.4

11.4%

-6▼ 0.6

0.5▼76.4 0.12225▼

100.0Industry Total 1,109,397.7

0.5 ▼0.1 ▲ 64.7

▲5 0.1 -2 ▼ 0.0 -0.9

0.0124.0

0.10.1▲+2 13.3▲

1.720,063.90.318,314.3 1.7

27-0.1

1.7 -6.222 HSBC Holdings PLC0.3 -21

1.03822

Qatalyst Partners 23

-170.0 +2

▼ 321,937.7 2.0206* 2.0 ▲22.0

10 17,535.8

20▲▲ -+22 0.0 21

22,196.6Robey Warshaw LLP

▼▲ 0.2 ▲27.0

78.20.20.6 0.4▼

0.7▲ 0.1 +6 1.2-0.2 0.4+641 25

▼-5.7▲19 - 155.8▼25,852.3 2.9 Moelis & Co 19 16 30,223.2 2.7 -1836,798.918

▼ 45 0.5

+3 ▲▲

0.5218.6 1.60.228 4.417

1.83.394.5

24 66 247.7+1

0.8 -7 ▼0.60.7 ▲ ▼▲ 0.70.2▲ 19

▼0.419 67,731.9 6.1▲▼5.5 0.2

1.0

▲13

3.049,241.2

32.510.3 -8 128.60.0

28 ▼1.90.4

0.6 ▲Wells Fargo & Co 150.868,452.1

▲UBS 14 19 48,878.7 5.4 5.8 ▲

0.1▼ 1.60.2

0.5-6.2M Klein & Co LLC

13 85,252.7 ▼0

Jefferies LLC 15 21 47,251.3▲39 0.1▲ 14 45

-442189.0218.37.7RBC Capital Markets

+715

33 ▲13 15 50,623.1 34 -1.4▲0.3 +5▼-1.4

32 6.05.6

Deutsche Bank0.1▲ UBSPerella Weinberg Partners LP 12

Centerview Partners LLC▲123,834.2 11.2 1.3 ▲ 0.4 1.4

-2.00.1

11 854,044.8 +14.9 ▲ 14

0.511 12 56,046.2 +1 ▲ Centerview Partners LLC▼ 0.46.2

3873,966.6 8.2 5.1 57 926 0.3 -8 209.9 1.5▼ ▼

0.01.7226.8 -0.1

1.8▲

-13.7 ▼ ▼411.6 3.0+21 ▲+2-5.8

-12.9▲

▼▼

0.97479189,247.7

Credit Suisse▲0.1▲ 65 ▼ 443.60.8 -12 3.3▲

Lazard 8 11 84,555.7 9.4▲7

17.1 0.10.10.7 +1017.1 -0.7 ▼ 359.763 2.7

▼ 7110▼

Citi 6189,678.3Lazard

▲Evercore Partners 7 8 128,559.4 14.3 2.3 ▲

3.9-10 0.54 205,693.4 18.5 -13.3 ▲ 525.6▼ 0.8 +153 138,148.8 15.3 -13.816.0 -6.5 440.1▼ 0.9 Barclays-785 ▼77 0.9 -5

▲5.5 1.23.2 0.7 ▼

751.0-9.520.4Barclays 5 5 144,575.4 225,852.15 5

18.5 Bank of America Merrill Lynch 280,625.1 25.3 -8.7 774 2▲JP Morgan

1.7 ▲ 0.8 +982 0.9 +8 ▲

-531.8

▲▼ 1.3

▼1.4 +93

Morgan Stanley0.8992.8

1.132.7 903 -0.2 ▼363,077.5 ▼7.3▲ 1152.26

▼790.9 5.8▼

2.7+141 209,107.6 23.2 -13.4

1.3127129

216,128.3▼

24.0 0.1+19 ▲494,284.2 44.6 0.0 ▲

▲

Financial Advisor2 243,266.0 0.69.8130 1.51 1105 1,333.51.1 +8 ▲ Goldman Sachs & Co

MarketShare Ch. Deals Sh (%) # of Deals

Market

27.0 -3.1 ▼US$mDeals Sh (%) Share Ch.Sh (%)

AdvisorFees

# of Change in 2017 Rank

2016 Rank

Rank Value Market Change in Market# of Deals Sh (%)

2016 Rank

Market

US Target Announced (AD2) Jan 1 – Sept 30

MarketRank Value Market2017 Rank

Industry % Change from Same Period Last Year -3.1%

US Target Completed (AF2) Jan 1 – Sept 30

11.0% ▲ 14.0% ▲Industry % Change from Last Quarter 5.8%

▼

100.0

-11.3% ▼▲

Imputed Fees (US$m)

▼

18,110.3

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

▼ -8.1%


Industry % Change from Last Quarter 2.0% ▲ -12.1%Industry % Change from Same Period Last Year -0.2% ▼ 13.5% ▲

Industry Total† +1,1961,444,531.6 12,0881,350,326.4 100.0 +1,76214,802 100.0Industry Total,,

▼

15

5.2

-133.2

-1.3

2.0

0.68.4 +13

-10

+9

Sandler O'Neill Partners 20

▼17.8%

-7

HSBC Holdings PLC 2.92.5

Wells Fargo & Co

166,599.2

Allen & Co Inc14

Credit Suisse 9 6

17

75,884.010 22

13 15,637.7

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

Goldman Sachs & Co 3JP Morgan 2 4

RBC Capital Markets20

Citi 4

Guggenheim Securities LLC 16

9

7

Bank of America Merrill Lynch 6

1

0.2

-10.9%

18

33

-1.2

▼2.02.0Robey Warshaw LLP 21 2.42.4

0.658

-9.1


PJT Partners Inc

0.4▼

0.529,180.329,485.7

+1,489

22▼ -8▲

0.20.2

-3.5-0.1

17

- 22,028.5

35,603.3 4.03.3

51

▼

▼

▼▲

▼

82

6

▲

0.4

Evercore Partners 869 0.7

10▲

1241

7911

-10.4 ▼144,703.7

11.2

150,683.9

124,472.913.013.6

▼

Sandler O'Neill Partners

▼

PJT Partners Inc24Perella Weinberg Partners LP▼

22,028.5

61,370.3

352,707.0

▲

+4▲

▲

0.8

14

▼

0.9 -90.766

▲

Jefferies LLC

Market # of

▼BMO Capital MarketsGuggenheim Securities LLC

+3

▼

▼-1

+3

2▲

+4

▲-7.5

▼

16

89

23 22,073.0

28

-8.1

-0.4

15,211.81.6


1.09,853

17

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

* tie

https://www.thomsonone.com 7


95

-14

▲

3Barclays

3.5

▼

0.3

2017 Rank

Goldman Sachs & Co

0.1

0.1

▼-70.2

0.8

+9-2

▼78

Lazard

M Klein & Co LLC▼

-

▲

▼

▼15

▼

▲

RBC Capital Markets 13

▲

Barclays▼

Americas Rankings

Market

1


43.01


Any US Involvement Completed (AF48)

Sh (%)US$m

10

Jan 1 – Sept 30Jan 1 – Sept 30

1.3

Share Ch.

8

9

1 200 341 7

98

-6

-14-1

0.8

-4

▲

▲

0.4

+5


Evercore Partners

25

14.9▲

Credit Suisse 128,212.0

5

Lazard 9 9 126,898.1

6

0.6

▲+97

6

10+2

40,043.0 3.1

4.438

58,573.028

1

4.5

▲5.2

3.3

68,452.1

1.622,772.7

▲Jefferies LLC

229▼

1.912 151

▲11Industry Total 100 0

18 +3

0.1

22

▲25

▲

▲ 20,063.9 1.5 0.80.0

22.2

19

2216

17

12 13

Rank Value

987.2328,635.4 23

1

8

178,578.7

1.5 +1▼386,314.5 29.5408,435.43

4JP Morgan31.2

Sh (%)▲

# of Market

+29Share Ch.

▼# of Deals

Change in Advisor

6.0

Share Ch.▲9.6

Imputed Fees (US$m)2016 Rank


▲

2017 Rank

MarketMarketMarketDeals

Citi

184

MarketSh (%)

▼

4

2

▲

143

4

US$m336,575.4

Deals

Goldman Sachs & Co

# ofFinancial Advisor

2016 Rank


Financial Advisor

▼

Market

2

0.8

# of Deals

+19

Market

1.2 +16

Change in

0.8+16

155,846.8

4 2-8

▼0.8

7

▲

Citi

-7.43

21.0251,751.8265,908.4

28.01Morgan Stanley


27.4

7JP Morgan 0.3

4.7

-0.2

Any US Involvement Announced (AD41)

Rank ValueSh (%)

113-

0.3 -250.2

0.6

0.1


94

▼

-5.5

0

-1.2▲Morgan Stanley -0.2

-0.5

562,863.0

141▲

-5.1

▼▲

-11102

0.91.4 +4

21

23

▼▼

0.1

+16

▲

▲Alantra Partners SA

20Moelis & Co

Sandler O'Neill Partners4025

44

22HSBC Holdings PLC

21

16

▲

▼

6424 235

30,112.4

2.4

Allen & Co Inc 22

1.62.620

29,153.8

-0.5

123.0

2.5

Rothschild & Co

Nomura

33,107.8

213243 30,218.7

▼

11.68

-8.2

0.3

▼5217,122.0

139,368.1

18.1

▲

10.7

UBS

Perella Weinberg Partners LP 13 36 54,784.6 4.6Deutsche Bank

1154

▼

5.7

37

173.7▲▲▼

69

-8.3

6.0

▼

0.6

109101

53

10.6 ▲

-3.271,364.5

0.3

4.34.3

6.577,735.3

1.0Jefferies LLC 20 51,595.3Centerview Partners LLC 15RBC Capital Markets 10

1414

16

Wells Fargo & CoGuggenheim Securities LLC

1131,242.8

35,603.318

HSBC Holdings PLC14

322.8

3.5

1.8 ▲

-6.7 ▼▲

1742,218.1

0.5

Evercore Partners 15.4

16

3.4 -317BMO Capital Markets

-2.6

11

47,321.151,449.4

21

UBS0

▼3.9 -6.2

68,340.7

160

-46

▼

5

320,654.0 24.5 -7.7

▼0.9

▼

5.3

33,048.4 2.5

▼

-5.0

11.9

254,652.2 -9.1

▼

1019.4

69,561.5

-6.8

202,296.511

134,981.114

91 0.9

▲+4

61

0.4

14 0.5Wells Fargo & Co

▼

26

▼

▼

TD Securities Inc

PJT Partners Inc 23 250.1

0.9Alantra Partners SA 2.4

2.5

+1 359+5

-2.7

29,053.5

22,196.6 1.7

1 310 353 9 100 0

119 ▲1.29.6179 1,591.2

3.3-844.1

Fees Sh (%)1.7

6.06.7

▲

▲1,110.6▲ 6.7

5 6 257,208.7 19.6 3.3▼-8.3 1.0 04.1 4.1

99-1

537.194 0.9 5.1▼ 5.1

446.4 2.790 2.7▲99 1.0 +27 ▲ 669.9

▲17.5 0.7 ▲229,864.2 0.9 +4 ▲0.2 ▲ 82 0.8 -3 ▼ 508.8 3.1 3.1 ▲

Credit Suisse 9 7 193,072.9 14.7 -10.7 ▼ 503.2 3.1263.4 1.6

3.1 ▲1.6 ▲

+16 ▲

10.3 -0.5 ▼ 4348 0.5 -4 ▼

1.4 ▲Centerview Partners LLC 12 8 126,220.0 9.6 -9.9

0.40.3 -7 ▼ 1.4226.1

1.4+3 ▲ 229.71.4

▲31 0.3 -8 ▼1.5

▲1.5

29▲15 102,426.6 0.5 -8 ▼ 249.17.8 -0.5 49

0.20.0 -1 ▼ 32.50.8

0.20.8138.7

▲Guggenheim Securities LLC 16 13 61,370.3 4.7 -6.6 ▼ 218.6 1.3 1.3 ▲17 0.2 +1 ▲

0.8 ▲28 0.3 +6 ▲ 136.2 0.8▼ 280.00.6 ▲ 75 1.70.7 -16 1.7 ▲

Rothschild & Co 19 18 35,626.6 2.7 -318

1.1 ▲▼ 177.964 0.6▲-19

1.1

▼ 13.959 0.6

▲▼ 186.3

0.10.1 -1 0.11.1 1.1

26,854.8 2.1 1.313

▲2.2 2.2 ▲

-0.2 ▼ 34▲15 0.1 +8 ▲ 43.7 0.30.3▲

Robey Warshaw LLP 24 - 22,028.5 1.7 1.7 ▲0.50.3 -16 ▼ 79.3 0.5

0.82 +2 ▲ 27.0 0.2 0.2

0.0 -3 ▼ 124.0▲ 5 0.8 ▲16 511 0 100 0+96310 239Industry Total

Qatalyst Partners

29,529.32.5

15

21

Morgan Stanley Wells Fargo & Co

0.1

1.4

▼

-4

25

+3

Market

20

4.6 4.5

▼9

12

7,391.8

12

17

Rank Value per Advisor (US$m)Market

Citi

15

5.113Moelis & Co

▲

Centerview Partners LLC14 17

-20.6

3.6

Credit Suisse5.1

-8.8▼13,997.7

18,705.8 11.717,704.1

7.812,527.4

11.1

-18.0

-37.2 ▼

# of# of Deals per Advisor

Jan 1 – Sept 30

▲

-14

▲

41 1.7

-27.8-28.112.6

18.3

-3

▼ +4▼

18

Morgan Stanley▼ Citi▼ 61,656.9

3▼

35

▼

241.6

31.7%-12.5%

▼-24.8%

Houlihan Lokey

100.0

2,774.1

+590

21 30

33

-90.4

+219* - 5,151.8

+22

2.2

2.1 0.55,769.1 3.6

4,057.42

12

1.7

-1.2 ▼

1.3 ▲

2,617.8

3,464.4 0.1

2.2

▼▼

▲-9

8.68.8

29.5

-12

▼

-1.3

13

30.4

922

-20.6

15

20,069.9

8,074.9

13,761.9

21,204.3

76

10 8,117.4 ▼13 12,194.57 ▼-8.4 25.50.0 ▼ 20.2 0.9

-317

5.3

8.8

15-6.6

-6.2

1.40.0 1.1

▼ 5

▼

▼2.0-6 ▼6.3Scotiabank

12

-35.6

6+20

+1515.9

▼ -6 ▼ 59.116,994.81.70.137 5.017.1 ▲

17.3

78,357.3

65,769.0 ▼

4.6▲ 102.215

▲

▲

0.110

+2▲ -1

▲

▼

1.9

▲▼

110.9▲

0.4

▼1.81.7

▼1.1▼

8.3

▲▲

▲

1.0

2016 Rank

10.4

1.0

▲

-25.1

1,200,341.7

23.7

25,436.9

11

+15

-3▼

Goldman Sachs & Co▼

▼

▼

21.7

Change in

BMO Capital Markets 11 8110

16,556.895.8

9129.6

52,336.91.62.8

1027.1

▲

35.350,275.712

10+3

33,125.3

3.9 0.6

2.7

Credit Suisse0.4

16

11

10,840.710,279.2

▲

16

▼

0.5 -5-50.9

UBS

154

PJT Partners Inc

CIBC World Markets Inc

National Bank of Canada Fin'l

Macquarie Group

Industry Total

Rothschild & Co

National Bank of Canada Fin'l6,292.8

3.1▲0.0

0.00.1

56,901.1▼ 9BMO Capital Markets

Lazard

31.9

TD Securities Inc

61,628.9

26.0

78

2

4

29.5

34

Barclays14.9

0.00.1

Bank of America Merrill Lynch 31.986

29.2-870,380.8 ▼

8 +134.0▲

▲

2

17

5

0.81.968.2

89.742.018

4.0

▲

1▲

4

▲1

MarketShare Ch.Sh (%)

7.240.6 0.1

Sh (%)▲

Change in

+12

FeesMarket

22

Market

158.0▲

▼▲ 160.3

1.77.1# of Deals Sh (%)

6.0

Market Advisor

▲

2016 Rank

MarketRank ValueFinancial Advisor

Any Canadian Involvement Announced (AD42)

-10.9%3.6%Industry % Change from Last Quarter

12,151Industry Total 100.0



12.6% Industry % Change from Same Period Last Year -4.9%

2017 RankUS$m Share Ch. Sh (%) Financial Advisor

0.8-8.0# of Deals

6 51.51

RBC Capital Markets 36.40.7

99,505.4

3

JP Morgan47,119.1

RBC Capital Markets

2

13.315.9421.334,014.4Goldman Sachs & Co

3

14


Lazard

5Barclays

8Scotiabank

5

267 13


3.26,209.5

193,237.9

1

3

1.9 ▲

2.7

-47.6%

1.4

19*

1.10.0

61.4

3.1 ▲ 1

0.1▲

0.0

0.04

111.5

2

-1▲

▲▼

0.3▼

▲0.0

1.6

27.4

7.8+2

+7

13

3.2

9.2

2.3 ▲

10

0.4

0.3

10▲

12

32

+10

▼

63,115.1 32.7

15

+4

5

0.411

-9

▼0.2

▼

0.6

CIBC World Markets Inc

▲


20▲Banco Bradesco SA 16▼ -

▼

▼

▼

1722

Sandler O'Neill Partners 83

14

Any Canadian Involvement Completed (AF49)


22-7

2.5

0.20.5 +5

2,776.923 26

25

▼-21.2%Industry % Change from Last Quarter

* tie


Ankura Consulting Group LLC

Evercore Partners19* - 3.2

159,863.2

3.2

HSBC Holdings PLC

1.748 1.8

8

Deals

9

▲

1114

3

2017 Rank

37,943.7-16.2

TD Securities IncJP Morgan

Sh (%)

▼

+1,359 1,310,353.9 100.0

▼

16,511.0 100.0

13.5% ▲-10.8% -9.2%

+963

▼

10,239

▼10.4% ▲

▲27.0

# of

▲

▲

0.1

MarketUS$m

Jan 1 – Sept 30

Rank Value

5.0▲

22 +10

25

2.1%

Share Ch.

23.9

Imputed Fees (US$m)

3.1

▲▲ 5.50.1

0.3

Deals

1.3 1.40.1 -3

▲0.0

29.8

0.01.8+2

23.6▲ 0.2

-3.12.95,610.0

5,899.5

▲0.5

▼-1+4

0.0

▲18Evercore Partners▲

-

4,983.6

18

215,190.0 -12.719*

2.7▲

▲5,190.0

2.4

▲5.01 0.2

0.090.4 1.1Santander

55 ▲▲

0.0▼

5.00.0 ▼0.9▼ 4 24.92.6

-2 15

▼23

Moelis & Co-1

24

22 3,870.5

Rothschild & Co

-9

0.70.0 +2 0.7387 16.0

-8.5

73100.0

1.61.5

3,011.31.9

▼3,712.5

▼1.0▲

0.02.0▲▼-0.6

-4.0 ▼

1.1-2▼

100.0

8 -7▲

Industry % Change from Same Period Last Year ▲

▲Industry Total

0.0 +2

▼

2,231.9

▲▲▼

1,770

29.3%-17.1%

0.37

-33.3%27.2%

▼

+379▲

0.817.6

▼ 22.8 1.00.70.8▲

▲ 70.9 ▲

▼0.3

▲5

0.0

2,4542,815.025

7

0.1

Industry Total

AlixPartners LLC

Jefferies LLC

Credit Agricole CIB2 +2

21

▲11-9

0.0

0.3

▲0.1

6,114.1 3.8 1.5

▲

3.2

▲▲23

5,151.828

3.2


22.710

0.2▼

-+1

63.3%

CBRE Holding SAS


Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - Sept 30 EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

30.7

UBS

149.315,038.6 46.8

12

17

21,013.3

19,178.4

3

12

38.89

868

2

1

2,119 Share

6

784

16.427.9

8

4

92,861.3

29.6

Mkt.

UBS

Energy and Power

HealthcareLazard

Morgan Stanley

Credit SuisseBank of America Merrill Lynch

Real Estate

907

JP Morgan

Credit Suisse58,484.9

20 18

Goldman Sachs & Co

EMEA Involvement Announced Advisors by Target Industry

117,218.1

5

No. Deals

Goldman Sachs & Co

EMEA Deals Intelligence

8 21.9

14,277.8

Morgan Stanley


EMEA M&AEMEA Announced M&A Up 12% | Industrials Highest Valued Sector | Financial Sponsor Volume Increases

Consumer Staples

Morgan Stanley

Announced M&A activity with EMEA involvement totaled US$903.8 billion from 13,261 deals in the first nine months of 2017, up12.1% compared to the US$806.5 billion reached in the same period last year.

Estimated fees accumulated on EMEA deals completed in the first nine months of 2017 were up 7.5% compared to the sameperiod last year, totaling US$10.5 billion.

The Industrials sector led the EMEA marketplace, with 2,119 deals totaling a combined US$146.5 billion, including the acquisitionof Abertis Infraestructuras SA by Atlantia SpA, which was the largest European deal of the first nine months of 2017, valued atUS$34.7 billion. Energy and Power accrued US$117.2 billion, and Healthcare yielded US$92.9 billion of activity.

Financial sponsors were more active in the first nine months of 2017 compared to the first nine months of 2016. EMEA-targetedbuyside financial sponsor activity reached US$125.8 billion in the first nine months of 2017, up 16.7% from the US$107.8 billionreported for the same period last year.

Acquirors listed on the Euronext Paris Stock Exchange were EMEA's most acquisitive companies for the first nine months of 2017,with a combined total of US$87.4 billion in offers.

Goldman Sachs & Co

43,367.4 Citi

3

32,721.0

Industrials

2

2

146,451.7

Citi

86,034.2 20,145.4 27,911.7

3

15.618,280.4

1,035 6

170,581.9 48.239.9

3

12

36,003.9

Rank Val US$m Rank

3

3

1 45.2

30.4

41.3

28,196.6

42,000.2

2

38,352.6

91,865.7

68.9

6

Jan 1 - Sept 30

18

29,038.5 Healthcare / PharmaceuticalsAtlantia SpA 34,675.3

Target Macro / Mid Industry

6/15/20172/1/2017

Completed

Status

Completed5/15/2017

Shareholders

3/13/2017

Completed

Mobileye NV (100%)

Intended

Essity AB (100%)

3/20/2017

1/26/2017

6/2/2017

Switzerland / Switzerland

Pending

PendingPending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts

Reckitt Benckiser Group PLC

Actelion Pharmaceuticals Ltd (100%)

Rank Value (US$m)Acquiror / Target Nation

Janssen Holding GmbH

Rank Date

India / India

Acquiror

China Investment Corp Real Estate / Non Residential11,627.3

* UndisclosedIntended

13,742.4

9/20/20177/5/2017

Logicor Ltd (100%) China / United Kingdom

Essilor International SAUnited States / Israel

Luxottica Group SpA (61.9%)

Finland / Germany

France / Italy 16,092.4

Italy / Spain

14,964.3

United Kingdom / United StatesSweden / Sweden Consumer Staples / Household & Personal Products


Mead Johnson Nutrition Co (100%)

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

20,047.6

1/16/2017Pending

Top Ten EMEA Involvement Announced Deals

High Technology / Computers & PeripheralsWorldpay Group PLC (100%) Vantiv IncPending United States / United Kingdom

Jan 1 – Sept 30 2017

11,062.9

17,828.5

Telecommunications / Wireless

Consumer Staples / Food and BeverageConsumer Products and Services / Other Consumer Products

Fortum Oyj

Cyclops Holdings Inc

Energy and Power / Power10,574.8Uniper SE (100%)

Industrials / Transportation & Infrastructure

$27.1$4.0

$15.6 $24.2 $18.3 $25.4$46.4

$28.0 $20.5$38.0

$43.3

$9.0

$16.7$38.7

$26.1$33.2

$43.1

$38.3 $48.4

$51.0

$30.0

$14.4

$36.9

$23.9

$27.2$23.2

$30.9

$28.5$38.9

$36.8$25.0

$19.0

$28.8$21.5

$26.7$34.3

$44.5

$36.3

$48.010.3%

6.0%

13.9%14.9%

13.0%

18.2% 18.1%

15.4%

19.7%

18.4%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A$87.4

$58.8$38.9

$20.0

$15.0

$12.4$10.6

$8.2 $7.1 $6.4Euronext Paris London

Milan Swiss Stock Exchange

New York Zurich

Nasdaq Madrid

OMX Stockholm BMFBOVESPA

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables9

BNP Paribas SA

▲

0.4▲

6.0

▲▲

▲

# of

EMEA Rankings


8.6Alantra Partners SA

82

+359

▲73,829.1

44,254.9

49,331.2

▲

49,074.348,285.4

Financial Advisor Financial Advisor

17.4

8.2 -6.3 0.2 Citi

23.0

▼▲

▲

9.3▼

8.7▼

41

17618* 44,254.9

Jan 1 – Sept 30

Share Ch.Rank Value

727.4Goldman Sachs & Co208,005.6

2016 Rank

Jan 1 – Sept 30

Market

28.7

2017 Rank

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

Sh (%)Market

Share Ch.US$m259,670.1 -1.5

18

23

179,068.25

126,713.3

23.1

Mediobanca

83,667.8

93

3

7

4Lazard

9106,866.0

Alantra Partners SA

Robey Warshaw LLP16AZ Capital

Barclays 13

15

Credit Agricole CIB

UBS

19

17

11

6

29

Moelis & Co

HSBC Holdings PLC

12

14

Deutsche Bank

11

+7

240

-6.1

5.7

0.4

3.355

0.1

10

▼ 13311.8▲▲8.5

1.5

74,133.976,536.0

Rothschild & Co 6Credit Suisse

Citi1

14

8

8


JP MorganMorgan Stanley

7

2

4

5.75.732

Industrial & Comm Bank ChinaCITIC 5.8

4.64.3

50,776.5

17

15

443*

16


BNP Paribas SA 14

-

-17.2▼

10 747

5.2

37

4.6

▲

5.2

▼▼

100 0

▼

+3

Societe Generale

21

▲

16

10

▼

4

18▼

-1.2 ▼China Construction Bank

▲

-16

7▲▲

+3

Dyalco-1

▲

Barclays

Lakeside Capital Advisers LLC 18*

5.8

3.0

3.4

46,415.6

8.2

0.4

0.5

▲▼

27▲

1.5

0.12.0

-2.8

1.111

▲▲

2.4 82.3

13 261

40

29Credit Agricole CIB

Industry TotalIndustry Total

Natixis24

3540 20,358.1

903 833 5

20,405.0

Wells Fargo & Co

Societe Generale

Handelsbanken Capital Markets

3221RBC Capital MarketsPerella Weinberg Partners LP

20

22

45

3.0

25

▼ 6-0.6

HSBC Holdings PLC

+1111

0.2

-3.247

-17▼▲

0.2-10

0+4 14.9

105,779.799,597.7

-126,953.410Credit Suisse

Rothschild & Co▲

73,742.2

3254,650.0

▼5.1 ▲-206.1 -2.2 0.1

5.3229.69.3 ▲

11.7

78,853.381,952.2

14 5.0

6

13

108

9

1211

12.42.9

▲

869

▼0.50.5

52▼+2.5▲

54-15-10.4 ▼

138,107.2

20.1▲11.0 -4

0.619.9

-6.9 ▼27.6

+8

38.6

22.1 1.2130-11.5 78

▲

0.3▼▲

0.2

1JP MorganGoldman Sachs & Co

2

188,231.42Morgan Stanley 234,858.4

328,625.728.8245,064.8

5▲ 4

37782

Lazard3

-50.2 -4.5▼▼ -8

970.70.9▼ ▲0.9 +13

MarketUS$m Deals

+19 1

2016 Rank

▲

Any EMEA Involvement Announced (AD47)

2017 Rank

MarketSh (%)

1 ▼5

116Deals

▼-2.8 99

Market Market# of Deals

# of Deals per AdvisorRank Value

Sh (%) Sh (%)


Share Ch.MarketChange in

Any EMEA Involvement Completed (AF53)

Advisor

▼▲

Imputed Fees (US$m)

0.8Sh (%)

▲6.9

Market

+17

▼

▼

Change in

-5

Fees

194.2

# of Deals

0.11.90.40.0

-0.00.1

4.3

▼1.1

453.9396.0

0.24.9520.1 0.45.3

3.8

559.4 ▼-

-

▲▼

2.0

▼

▼1.7

1.7 ▼

0.1

78.0

1.8

0.70.1

▲+8

0.0

▼

179.0

▼206.7

76.9

▲-4

▼-2

▼

▲

-17▼-3

0

+1+2

-

5.2

5.2

▼

▲

-0.6

0.0

▼

10.01

1

3

3

0.3

54

26,934.5 2.9

0.5

26,574.2

39,147.5+1+1

+1

▼

0.3

0.0-0

▲

11

850 902 73.1

+40.0

-

▼3.3

18* 5.244,254.9

37,442.921

4.417

0.431.7

0.1

30183.6

100 0

▲

84.20.2

▲1 602

0.1

-7 ▼

0.2+5

0.4

38.4

-5

▼

▲ 0.3

0.310 519 0

0.4

0.6

0.1

0.40.3

2.6

0.2

0.20.10.0

0.0

▲0.1

0.7

▲0.2

0.10.2

▲7.0

270.5

▼

▲10.4

▼ 71

0.7

▲

16.2UBS

7

39

5.2

9

-8.6

12

9▼

Deutsche Bank-5.6

▼ -7

5

74

169,536.9


▲

-1.2

12.6205,730.8

14.0 -8.6▲

62 0.2

▼

153,578.1 17.01153.4

19.8 -11.6157,403.2 ▲

0.7

0.3▲

+121050.3 +31

22.8

45 64+1

54198

170,932.1

▼


-12.7

▼

0.10.0 0.3

0.329.4

0.1 -11184.0

37

19.9

▼

4.3

0.1

1.8

▲

452.80.7

33.2

7.1 0.1

▲

1.70.1 ▲

0.8

0.11.2

7.1

▲

▼

233.276VTB Capital

-8.6

-1.122

▼▼

24-

28,340.9

Robey Warshaw LLP 1125

+4

0.1

0.1-10.0

0

▼

-4

-7▲0.1

0.1

13

3653

▲▼

0.0 -1

0.0

0.01 706

0.1▲+12

26

30,014.0 3.3

4.036,025.935,727.358

3.82516

4.0

34,614.8

22,787.027,248.5

1.0

4628

21,248.6

27,481.9

2.1

2.5

2.319,164.025

4823

100 0

0.1

BNP Paribas SA Centerview Partners LLC

▲100.0

1.2

- 4.6

0.113

0.2

Dyalco▲

40 ▲

▲Credit Agricole CIB

Robey Warshaw LLP

41

50,776.5

5.5Lakeside Capital Advisers LLC

6.3BNP Paribas SA1516

17*

49,331.2

17*

▲▼

China Construction Bank

9.0-9.8

0.10.0

▼

21 9.115

415*44,254.9

5.5

9

▲▲

▲37

-13.2

734.8

Change in

-9

▼

89

10,747

535.7▲▼

451.9

39.7

100.0

▼

-6.1%

106

# ofDeals

-20.1%

▼-3.671

1.1

75

61154,310.2

0.9

▼ Deutsche Bank

124.1

18.2

Any European Involvement Announced (AD21)

173,018.922.0

▼

1197,497.7

6

7 78,843.5

104,167.714

4

8

98

2

4

12

53

3▲

0.6 +3-9 243,620.6

231,144.0▲ Morgan StanleyJP Morgan

2

▲ Bank of America Merrill Lynch

10

5▼

Credit Suisse7

Rothschild & Co

0.6

Market# of Deals per Advisor

Share Ch.

3.2

-5.1

1.1 0.4

11.3▲

0.8

132

Market

13,261

2.7

99

▼

▲

110Lazard

Industry Total

+16

▼▼

Financial Advisor

124,498.3 14.5

▲3.7-6-6

2270.51.8

188,807.0

4

+30156,396.2

-7.9 ▼-8.2 ▼

0.9136,899.7

Industry Total

-13.91 20.2

2Bank of America Merrill Lynch 2

903,833.5

2017 Rank

1

Morgan Stanley

8

Rank Value

▼12.1%


Financial Advisor

12

JP Morgan

5Goldman Sachs & Co

Citi 93

356

▼

43

47

HSBC Holdings PLC 14

9

12UBS

10

3.5

0.3

0.06-0.830 0.2

▼

0.0

-4.0

▼▼

Barclays

4

▼

58 4.2

4.9-2.3

36,025.9

-20.3%Industry % Change from Same Period Last Year


12,424

▼▼-11.6%

0.1

▼

Industry Total


-1▼ 23

-9.5

-7.7% ▼

3.5Societe Generale

11VTB Capital 24 26,934.5

19

253.0

19,164.0

Credit Agricole CIB

Robey Warshaw LLP

112210

Lazard

AZ Capital

Alantra Partners SA

Mediobanca


RBC Capital Markets



Industry Total

34

206,841.0

22Barclays

-1

0.1

0.1

9

14Industrial & Comm Bank China

36CITIC

▲

+2

320,646.2# of Deals+6

-13.0% ▼▼▼

▼

Jan 1 – Sept 30

44,254.9 5.549,074.3

5.55.5

44,254.9

* tie

▲2.2

▲-29.3%

Moelis & Co

23

Wells Fargo & Co

46

21,248.636

Natixis22

Societe Generale

451.0

▲

▲▲

0.8

0.4

▲

▲

▼

1.50.2

+1

+12

29

+3

+4-1

0.3

21

28,340.97

▼

-

+1 26,574.2

16

11

26-

808,164.6

4.6

3.3

44,254.937,442.9

100.03.3

37,014.8

73

112,109.912.9

73,829.1107

10

17*

9.1

415*

13.9

6.1

73,785.5


850,902.7

+15

-12.4

100.0

Imputed Fees (US$m)

▲6.9 0.8

-1,602

Any European Involvement Completed (AF3)

-20.2%

Sh (%)

3.7

439.7

Fees

0.6178.8

5.3

1.7169.1

698.3

183.7

65.9

▲▲

▼

509.8

▼

▲▼

▼

376.6

182.0

29.4

-

0.1

0.0

5.1

▼

1.833.2

70.6

1.81.8

Share Ch.

-

0.3

0.4

▼

4.5

0.0

4.4

▼0.3

1.2

0.5

0.7

-

▼

▼

▼

Advisor MarketMarket

10,519.0

▲

31.7

0.1

0.3 0.1

1.7

0.7

8.0

▼

0.00.2

0.1

0.0

▼

▲

-0.02.6

0.7

▼

-6.9%

10,067.80.3

38.4

▼

-

▲

▲

▼

0.2

▲+3

+50.0

81.1

0.884.2

▲

▲

10.40.1

0.1 0.1

▲0.4

0.1

0.4 ▼0.4 ▲

0▲

+4 ▲

0.6 ▼

▲

▲0.2

3537

1

0.05

0.3

2

0.0

0.7

▼28.6

▼

75129

58▼

-12.8

Deals# ofMarket

▼-1.3

MarketSh (%)

9230.1

167,366.69.5

-1.817.119.1

23.320.7

188,231.4

138,104.7

-8.2

5049▲

▲

53188

8

▲1.0

6.1

▼

5.0

▼

4.80.2

▲9.8

4.8

0.0

▲

5.5-0.8

-1.2

12.1

-14.2

5.5

5.5

66

▲

▲

▼

▲

▼

1

▼▼

+1

-11-18-1

1.3

0.50.5

1.8

-6

+10

0.4▼

-

0.5

10,170

-5

3

1

0.0

4630

+6

-8

0.7

+3

-20

-3-12

MarketSh (%)

0.9

0.6

0.6

0.5

0.1

0.9

7.5%-6.4%

261.8

-

8.5%

▲-16

Goldman Sachs & Co


Share Ch.-3.8

2016 Rank


Rank Value

-10.8%

US$m2017 Rank


1▼

13

6UBS

Citi

HSBC Holdings PLC

▲

▼12

# of Deals

-9

-18

+4

▲

0.4

0.7

Sh (%)

+9

▼-5

▼

▼▲0.2

81

5525

49

Change in

-11.4%

-1,706

0

▲▲

+3

-19

▼

100.0

▲

-19.6%

+1▼

▼

+17.07.1

0.10.1

▼

▲

-13.5%

▲

0.3

0.0

37 0.4-7

17*

-1,587

0.8

-7

0.3▼18

532.2

▼

▲0.4


11

2.5

▼ Alantra Partners SA

3.5 -3.1

-1,636

2.4

-3

▲

▼

▲7.1 0.1

▼0.1

+1

20,405.0

16

1824

20 27,248.528

48

19

35,727.334,614.8

42,100.6

6

-28.3%Industry % Change from Same Period Last Year

15

17

Rothschild & Co

Deutsche Bank

Credit Suisse 7

2.440 20,358.1

858,451.4

▼

0.122,737.0

4.0 -1.4

2.73.2

30,014.027,481.9

US$m

▲

5.9▲▲

82,663.3 9.676,536.0

-6.8106,866.0

241,219.1 28.1


Jan 1 – Sept 30

100.0

Market

12.5

▲

16.0

8.6829

73,573.073,742.2

2016 Rank Sh (%)

53,591.713

25

6.2

4.2

3.2

21

13

26

16

24

8.98.6

15.4%

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


Barclays HSBC Holdings PLC

Greenhill & Co, LLC

3698,946.2

3Deutsche Bank

Market # ofDeals

2017 Rank


Sh (%)


2017 Rank Sh (%)

2016 Rank

Change in

1.4

2016 Rank

EMEA Rankings

0.0

1

9


4

34.22

30.588,180.2

Rank Value

95,828.7

US$m

33.1

Sh (%)

32.5

-8.8

▼

▲

▲

4.7

-17.9

▲▼

▲

0.9

▲

0.5

1.0

0.3

0.7

Financial Advisor


209*

Morgan Stanley

13

32,564.3

▲

Goldman Sachs & Co

21314

33,574.7

18

14

47,815.6

12

12

46

25

Market Market

▼

0.5▲

▲0.6

213-21.8

▼0.117-26.5

0.1

0.1

0.1

100 0

0.1

-5.1

16▲

2.8

12,826.5 3.311,230.1

13,581.7

-1.9

+3

2.3

12.3

275.7

▼

3.9

2.8

-2.5

5.5

Sh (%)# of Deals30 --11

19

6▲▼

BNP Paribas SA

8,735.8

153,538.8Sh (%)

▼16

▼ 0.1Deals

0.1

-

18

0.10.1

26,036.6

6.4

15,837.3

17

44,002.1

9.026,574.2 9.2

+6

-12

+3

0.0

0.00.3

-4

-3

13

-17

-11

▼

0.1

-

1.2

79.5 ▼▼

3.52.1

1.1

2.0

50.5

Jan 1 – Sept 30

+18

+1

▼-6

2.381.10.5

+8

Fees

▲

▼

-9

Imputed Fees (US$m)

35.6▲24.4

▼

▲39.7

▲

▼

▼

2 846

1.85

40▲0.91.8

2.2

+105▲

-

0.2

+69

Lazard

Robey Warshaw LLP

+8 ▲

72,555.0624.1

UBS

5

8

7

69,737.5

Any UK Involvement Completed (AF39)

35


27.278,757.2Morgan Stanley

0.11

▲

▲▲

▲

-50.7 ▼

0.3

19

0.5

0.4

0.1

▼

▲2+4

0.4

0.2

2.4

0.8

0.4

0.6

0.4

0.0

0.2

0.1

0.6

+11

-3

▲

+2▼

+4

▲

▼

▲

0

-2+2

▲

+2

36.8

▲+1

-0

3 474 90

+4

▼

▲-

-1

0

+5

0.3100 0

39.4▲

23.3

▼

0.2

0.1

0.7

0.70.0

0.2

0.2

11.2

23.0

17.8

5.7

1.1

1.1

0.7▼

1.6

▼

0.8▲▼

0.9

2.7

▼0.3

▲

0.6

2.1 ▼

▼

▲▼0.2

1.0 ▼

1.0 ▼▲1.5

Market

1.0

0.0▼1.6

+12 ▲ 8.8Share Ch.

# of

1.1 0Goldman Sachs & Co

2

Market

29

Share Ch.

619.6

Financial Advisor53.1

Market

191.0

Change in Advisor

305.9+15

-2

Market

▲-16.3

▲

▲

▼

▲

▲▼

148.9

41.7

93.4

0.6

0.9

55.54.3

70.9

63.55.51.8

89.431.7

0.5

6 0.05,230.3

Industry Total

6,382.922

52 5,227.3289 284 4

5,394.5Deloitte

60

21 1617

25

23

RBC Capital Markets

1.933

Wells Fargo & Co24

2.220


17

6,741.1

16

18 21

6,469.8

191964

8,954.0Numis

11

1413

7

12

4

11

25.1

4.4

0.9

2.3

-12.2

0.0

154.0

Market

10

JP Morgan▼

# of Deals

Jan 1 – Sept 30

Share Ch.

▼

▲

1

Any UK Involvement Announced (AD32)

2

26,078.8HSBC Holdings PLC

9

13.4

17.116.5

14

16

14

▲

0.6

-100.2

+7

▼

-4 ▼

0.6

10▲+1

19

4.74

+4-4

▲+53 372

▲

1▲ 10

1795

10,056.8279 721 0

24Axis Bank LtdBNP Paribas SA 25

Moelis & Co 23

20

Jefferies LLC

PJT Partners Inc 17

Wells Fargo & Co 15

19Macquarie GroupPerella Weinberg Partners LP

5123

22

Nomura

0.5▼3.6

-

32 11,681.0

-13,246.5

15 12,796.3

Industry Total

Kotak Mahindra Bank Ltd

Fenchurch Advisory PartnersPricewaterhouseCoopers

19

11,935.621

28

Lazard

1614,188.0

21,596.3RBC Capital Markets

18

2221Evercore Partners

▲12.6

Rothschild & Co

+1+7

▲

37,576.4 1.512.936,025.9

3.3

11,627.3

100 0

4.2

3.2

105,762.8US$m

1 37.8

Bank of America Merrill Lynch 67,743.5

Rothschild & Co 11

JP MorganUBS

10

Deutsche Bank9

6

8

5

117

3

5

41,382.1

Robey Warshaw LLP

Citi 4

Credit Suisse3

51,136.613

4

24

▲7.8

▲-7.2

10.0

▼

▲0.4

46,159.3+16

33

37

1.01.446

2692,625.1

18.3Centerview Partners LLC

▼9

▼15.2

7.421,353.1Credit Suisse


7312 -34.5

10-2.7

▼▼5.9

18,372.717,152.8

0.016

▲

15

6

-5.2

▼

3.1 0.7

4.4

▲ 11

3.3

▲-10.8

3731

Barclays

Macquarie Group

3.0

Moelis & Co

Citi

▲4.72323

2523+5

▼ 0.0

-106+20.1▲

0.1

0.0

▼ 220.0

73

0.1▼

1.7

6

▲8

1.0

▲

6

-10

82

13

▲▲

▼ 34

-5.7

▲

▲

2014.8

33.1

▼▲▼

▼

▲

24.2

Rank Value

2.0-6.7

12.011.6

9.3-0.9

7.7

▲

▲

4.3

4.2

2.5

4.6

3.2

-0.8

14,380.95.1

4.1

3.0

4.913,590.5

13,000.4

-18.2

4.74.74.7

17,532.7

22,645.9

6.3

8.1

5.9

-0.3

2.95.15.1

▲1.5 -0.0 18.3

* tie

Societe Generale Natixis

Barclays

▲Industry % Change from Last Quarter

▼

6

14

4,729.8

▼

2080*

2.6% ▲-6.9%-19.2%

100.0

2.42.9

▼

0.11-9.9

0.4

0.32.7

▲

7

0.3

0.1

0.3

1

-8.8

12.2

54

6

4.6

5-22.6

7

-

2.5+4

UBS▼

11.4

19.219.7

-26.4

▼0

14,462.3

-1

0.6

-3+3+1

▲

▼-15

▲

2

0.2

▼

Market

▼2.4

Share Ch.Sh (%)

0.0

▲

-8

▼

Sh (%) # of Deals

▼

Imputed Fees (US$m)

5.43.4

▼

▲

115.1

8.13.7

▼

▼

65.978.6

172.0

20.8

45.3

53.7

71.9

67.0

29.7

▲

▲32.0

38.6

▼

▲

-

+3.1

▲

23.4

+1

▼-1

-8▼

▼

0.2

-

▲

0.10.3

-2 ▼

▲

0.6

+3

16.88.6

-

0.4

0.0

-3

1.61.1 ▼

0.40.8

0.10.0 0.3

▲.0

2,132.3 100.0

20.3%▼

24

0.8 +2

1.5

▼

2,858.22,881.43,337.0

+115

1.4

3.11.6

0.4 ▼

33.634.1

+3▼

0.8

-

27-5

▲10

50

0.3

+4

▼

-7.1%

100.0

4 27.0 -7.3


12

▲

33,016.6-3.9

Rank Value

46,246.4

5

38.7

2017 Rank Sh (%)

Market

-5.9+2

BNP Paribas SA

0.2

0.7Deutsche Bank

JP Morgan

-8

1.7

5.5

+10.10.6

▲▼

▲

0.30.0

▲

2.1▲

-17.9%-22.8%

1.2Messier & Associes-3 ▼

-614 Industry Total100.00.11,731.3 0.3 31.0

2,081

0.4

0.3-0

0.3 -6

▼▲

0.0

+1

25

2.1

4,028.2

5,163.25,441.1

22

33

29Sycomore Corporate Finance SAS

12

4

HSBC Holdings PLC

-1

0.2

14

23

19-2

▲

2.74.1

4.2

▲

-18.8▲▼ 6

4.24.223.6 ▲1

14.9

2,418.4

4,752.52,440.4

1.4

4,827.4 2.7

1.4

7,237.0

4.4

Morgan Stanley -21.523,730.6

17,598.71116,423.4

-3.5

3.012

26,408.7

Lazard26.9

2Mediobanca

5Goldman Sachs & Co

34*7Credit Agricole CIB

2,846

Market

Jan 1 – Sept 30

+105

-15.8%

Lazard

Change in Financial Advisor

+69

▼

Any French Involvement Completed (AF40)

▼

# of

+4▼

Rothschild & Co-5

Goldman Sachs & Co▲

Credit Agricole CIB▲ Morgan Stanley

+13

53,660.5 21.234.8

▼

4.133.4

1

1.77

37,442.9-3

30

13

▲

▼ 1.7 0

1.12 ▲

-

▲+6

▼13 -30.6

27,236.4▼

13.9▲

16,906.4▼

12-17-20.36

+213

▼▼

▼4

▼

0.50.2

10

1.328+829

+6

1.4

0.4▼

15 -1

8

-1.5

8.2

10.513.4 ▲8.2

▲

9.99.2

-9.914,593.0 ▼▲

13

4512 14,491.3

3.91.0

8.2


15 7,865.97,448.2616

2,185.8

-27.5%

2,227.2172*

Lambert Energy Advisory Ltd

Messier & Associes 2122

18

Numis

1.2▼

* tie

2.7

-Zaoui & Co

20

17

UniCredit

UBS 19

7,390.5

1.3

960.2

1

▲

1.41.4

35.4% ▼▼

Natixis

Bank of America Merrill LynchDeutsche Bank

Credit Suisse

14Ledouble SA

10109

10641*

172*

34*

22

18,676.1JP Morgan

8HSBC Holdings PLC

34,111.65

13

15

11

8

5▲

1693

-3.6


23

▲

7▲

▲177,713.8

▲

Nomura

2524

Industry Total

Sycomore Corporate Finance SAS

▼

0.91.1

MarketSh (%)

4.4


2.9

▲

2.0 -1.8

9.8

3.57,267.716

2.80.7

-10.0

14

-3.9

5.4

▼30

208.4-18+7

74▲

-13.8

3,474.9

4.2150.1 7.0188.6 3.4

▲

Market

8.8Fees

12.0%

Advisor

100.0

▼

▲

▲

▼1.01.00.8

2.0

0.7 ▼

3.1

2.5 ▲0.7

▼1.4

▼

-▼0.6

2.1

2.1

1.5 ▼

0.0

1.6

2.3

▼

0.60.2

0.01.0

▼1.8

▼▲

▲

0.2

0.1

1.80.8 ▲1.1

3.459*

34

▲0.30.77.7

14.1

▼

47

6.07,432.2

5.2

8,242.1

-36.5

43*6

6,811.625

10,748.2

▲

-1.5%

Share Ch.


▼

Change in

46

-41.5%▼

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year -17.9%

Industry Total

2016 Rank US$m

289,284.4

▼▼

-55.9

-20.3%2.1%

60

# of

3,372

22

92

18▲

▼

Ledouble SA

BarclaysEvercore Partners

Zaoui & Co

18

14

RBC Capital Markets

1615

17

19.220.9

▼47,879.9

29,239.9

-12.2-7.3

▲15.8

▼-3.7

2.5

▼


UniCredit

Credit Suisse

Nomura

35 0

2,774.12.1

22.8%

46.1▲72,753.5

81,989.4

Societe Generale

109

23.8

16.5

1

49,407.8

Rothschild & Co

3BNP Paribas SA 2 9

7Citi 27.8

2017 Rank

40.9

Financial Advisor

6

4 4

1

2016 Rank

MarketRank ValueSh (%)

Jan 1 – Sept 30

DealsMarket

# of Deals

37,121.6

US$m

3

279,721.0

▲▼


52



48.3%

Industry Total

▲

138,588.2


9

48,255.1

Share Ch.

-13.5%

100.0

10.411

11

17

5

8

23.8

7 26,621.3

4

1

19,273.5

13,579.310

6

8

3

15,746.4

3 2

7.8

3.73.94.9

▲

3.1

▲▲

▼

0.9

▲

▲-28.4

2.7

▼

▼

-8.3

▲

▼

01,802

▲11

54

-630

-25.9%

0.3

▼

-5

2021

Mediobanca

-

Citi

▼

▲

-1.6

▼

Market

Any French Involvement Announced (AD33)

50 -5

2.6Deals


t e

11

Rothschild & Co Natixis

+3 ▲ 5.9 0.9 0.6 ▲▼▼

0.6▼ 2.9Ernst & Young LLP 24 22 481.1 1.2 2.7 -1119

PJT Partners Inc 25 461.7 0.9 ▲ 4420 1.1+1

▲0.11.0

0.1

▲-0.7

1.71418

-0

0.20.4

▲▲

+1

+3

--9

▲

1148

1.3

0.5 +3

0

+4-1

+2

+2

62

0.70.2

0.20.70.2

11

▲

▲▲▼

▲

▼▲

622341

▼▼

-6.3

1.3

1.2

3.52.61.6

-15.0-2.8

3.9

615.1

1.2

1.0

917.21.1

926.6

12

19

1.71.31,049.0

1,008.6

761.5

1.2

1,430.4616--

850.7-

1,354.4

2425

131053*53*272

-44

Oakley Advisory LtdMontalban

1112131415161718

BBVA

1920212223

UBSBarclaysBNP Paribas SA

NomuraSociete Generale

SantanderHSBC Holdings PLC

-▼

0.4

0.60.80.4

0Stifel/KBW

-2+1

▲MontalbanAZ Capital

21*Dome Group

1.9

-1-0.5▲▼

1.0

0.1▼510.9 2

-1.6

0.11.2

1.8

1.3

2.6

▼

2,108.0

4

14

12

▲▲▼▲

5.6

15

-18.2

114

1,556.4

6,945.25.6

2016 Rank

Jan 1 – Sept 30

▲▲

2.7

Change in

▲Fees Sh (%)37.3


Financial AdvisorMarket Market

2

NomuraCiti

13

US$m

▲▲

3,449.8

11,585.113,122.0

Goldman Sachs & Co

3,133.9 -1.5 1.3

▲

+3

▼


+713.1

▲

▼

9

16.8-2.2

24

3,924.9

39.51.8

+3▲

▲▲

+3 5

Share Ch.

▼

# of Deals▲

34.5

Advisor

▲ 5.1 3.6

5.44.60.8 40.0

▼ 1.2

Imputed Fees (US$m)

36.36.0

Any Spanish Involvement Completed (AF41)

▲

3.2▼▲

15.3 2.337.6

1.04.127.7 1.6

0.50.225.30

▲+5

11.2

▲▲

▲

-

2.6 ▼

1.7

▲

Jan 1 – Sept 30

MarketSh (%)

Market

▲1.4

2.3 0.3

1.2

+2

+1▲+4

1.1

▲4.2 ▲

▲

0.6

0.8▼1.4

5.2 ▼

▼▼

0.5

▲▲

1.2

4.2

671 6 100 0

0.4

1.00.60.6

2.70.3

0.96.3

0.95.80.2

▲+1

2,806.22,858.6

26.8

▲

1.4

▲5.03.8

6.9

17

▲

3.1

2.22.5

▼

6.85.1

▲

▲▼

▲

-9.2

# of Deals per AdvisorMarket

51711

3

45.3

# ofShare Ch.

0.7▲

Change in Market

11

BNP Paribas SA

JP Morgan0.5

1.7Sh (%)

8Deutsche Bank 7

148JP Morgan 9

10

7

# of Deals50.5

Mediobanca1 -

Citi

34,881.1

6

▲AZ Capital 45 44.0Credit Suisse

2017 Rank

45.035,727.3

Deals

43.9 ▲

Market

14Sh (%)

38.4

1.3

0.8

▼▲

2.1▲▼

2.4

6.8

0.81.3

19.9

5,361.1

14,685.1

▼-1.4

1.9

23* 35,966.5

2.8

1.7

▼

164.0

4

3.5

Morgan Stanley

Financial Advisor2016 Rank

Rank Value

15,753.8

91

618.5

40,029.736,603.4 ▲

4


Any Spanish Involvement Announced (AD34)

3Goldman Sachs & Co

US$m

2 46.1▲

1010,833.4


6

▲

836

-30.2

1.0

0

+6

+1-33+6

0

7

UBSDeutsche Bank

▼

10

12

Rothschild & Co

Lazard

Industry Total

LazardPricewaterhouseCoopersNatixis

100 079 340 5

13.79.1

3,053.82,806.2

7,223.6

2,067.21,904.61,699.9

8

48

-5.2

2

-2.1

▼-4.5

1.2+6

-6.6

▲

5.7

ValueTr Finl Advisors SEHoulihan Lokey 23

1

0.7

1716

8

▲-1

1.0

+5

6

34.5▲

▼Deloitte

4

75-0.4

2

MarketRank Value

▲

Morgan Stanley

10

337.7

40.2

33.7

Stifel/KBWDome Group

7

11

PricewaterhouseCoopersMediobanca

▲

Sh (%)

7,929.8

-9.29.5

5.1

2.7-

Santander

1

15

Oakley Advisory Ltd

Share Ch.

2.2-14.7

1,109.1

1916,279.3

3

2,067.2

53*

EMEA Rankings

31.8

28.5

0.1

28.1

8.4

6.20.3

23.7

Deals

▼

7.4

925* 1,291.2

18

15,536.4

1.0

3.81.7

0.86

-1

1.5

1.1

-

13 -1

# of

31

+41.5

4

0.6

4.4 -24

13

▲

0.6

-35

+1

8.028.5

▲+1

▲+2

0.87.3

▲

+4

▲+1 3.9+2

▼1.0

8.0

6.62

▼

11

4

15.7▲

0.75

1,049.0

761.51.9

917.2793.9

2.5

2021*

-18

512.2

1.225*

1.9536.9

-

100 0

478

41 266 0

-

1.31.2

512.2

19.2

▲

2017 Rank

19


26.0

-0.5

▲

Industry Total

1

0.3

832

0.7

0.1

1

0.7

0.3


1.8

▲8

11

0

▼

▲▼

5

-25.20.7

▲▼

▼5▼

445

-8.4

3.5 0.5▼

-10.61.2

▲-7

1.2

▲

710

5.4

9.7

6


Nomura Barclays

Banco BTG Pactual SA


4

Citi

2

9

3

2017 RankFinancial Advisor US$m

JP MorganBank of America Merrill Lynch

1

2016 Rank

41,864.0 40.3

▲

Berenberg Bank

12

8

21

Deloitte

-


Industry % Change from Same Period Last Year-19.9%

-

Industrial & Comm Bank China11 15

Ernst & Young LLP

2423

16

-7.7%Industry % Change from Last Quarter

Jefferies LLCNomura

4.6

17

7.8

1325

4,503.0

8,115.7

19

1,308.2

21

4,381.214

1.1

28

Moelis & Co

76*

2.5

-26.2

4,743.9

10

18

20

Market

▲

Market

671.6 100.0

4.9

0.5

▲

▲

2.5

5.4

3.8 ▼

0.7

0.2

5.8

▲▼0.1

2.91.0 ▼

6.8 3.1

-10.9%

45.1

83.878.8

Advisor

4.1

Jan 1 – Sept 30

▲

▼

Share Ch.Sh (%)

▲+4

Fees

1.5

99.4▲

+9▲

▲

Imputed Fees (US$m)

16.9%

127.2

▼

5.3

Change in

8.8+8

▼-90.8

5.0

▼-14

1.4

▲+1-3

-5

+5

7+1

+2

0.4

13

0

0.2

0.1+30.4

0.2

1 +1

▼▼

1 ▼

+20.2

0

0.7

▼-6▲+4

22Societe Generale-4

-

-2121,092.9

30▲0.1 2225

1,156.7

100.0Industry Total-212

▼▼

103,857.1

0.5

▼

0.3

0.7

▲

0.9 0.6 ▼

▲0.3

1,452.6

▼

▼0.7

0.2▲

0.70.8

▼0.0

▲

0.4▼

0.2

0.3-

1.7

-16.6%

100.0

0.712.8

▲

▲

11.1

▼

0.50.3+1

-1

1.2

0.56.8

17.5

▼

-3+2

0.1

16

40.2

▲

-16.9%▼

-36.8 0.7

▲▼

-36.9

69.8

7.0

3.3 ▲

7,923.1

6.7

3

14

0.3

2

0.8

5

4

0.6

11

10

11

4

▲

▲10

1.6

-5.4%

# of

▼▲

Share Ch.2416.4

836

4.0

8.3 -1.5

5.4

7.1

4.15.3

23

5.1

46,776.7

7,227.7

5.1

5.331

6,776.7

5.2

22

7,096.76,923.7

28

-19

16*

4,124.9

6,776.75,317.6

2,030.523

PricewaterhouseCoopersErnst & Young LLP 16

21

Piper Jaffray Cos


92*Infrared Capital Partners Ltd

24

-20.7%

Jones Lang LaSalle IncJones Lang LaSalle Inc

134,269.7

22.9% ▲

29


Industry Total

13

8

53Jefferies LLC

15Credit Suisse

LazardMoelis & Co

Perella Weinberg Partners LPMacquarie Group 5.1

2,239.7

203,978.8

1.41,904.3

▼

▼

-

53

▲Societe Generale 16*

7.0

27411516*

4.7 146

Valence Group▼ 4.315*▼

▲ -2

▲0.2

▲-2 ▼

+3▲

1.5

▲0.3

23,227.720,982.9

0.21.0

▲

0.7

▲4.3 0.2

0.9

15.6

1315.5

17,757.4

8,094.6 6.0

11

11,158.6

Evercore Partners 11

69 20,777.2

8CitiDeutsche Bank

7

12

Barclays 13.2BNP Paribas SA 109

5.9

38

UBS

10

1.0

4.0

4.1 41▲3.0

2.5

-1.56.7 ▲

3 0.2

▲

4

101.0

1.5▲

5.3

-37.4

9.8

▲-37.4

▼

5.0 ▲

-254.7

81.5

0.51.7

▲

Commerzbank AG

229,488.0

▲

CITIC

▼

3.14.0

12,001.2

-11.3%

RBC Capital Markets14

-1-1

-7

▼

▼12

PricewaterhouseCoopers+4

0.4

▼0.2

▼

▼

0Rothschild & Co

6

3

▲ Credit Suisse

-6

-2

-27Deutsche Bank

Lazard

BNP Paribas SA

▼▲

19,154.5 18.419.9

▲-4.2

4,430.0

▲

20,655.8

4.34.3

3.3

7.9

0.4

▲ 8,244.5

▲

15*

2,240.62,429.1

UBS

0.2-

▲

▲

▲▲

1,301

▼33.7%

-241

3.8

-13 ▼

41

224,393.8

+2

▼-3 Morgan Stanley

▲

▼

Goldman Sachs & Co

JP Morgan

2017 Rank


1Sh (%)US$m

326,288.0


2

Rank Value

43,208.46

Morgan Stanley

5

3Rothschild & Co

▲

▼-23.3%▲

Industry Total

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

Sh (%)2016 Rank

Any German Involvement Announced (AD35)

26,862.5

Financial Advisor

100.079,340.5

Market Market

66.3%-70.2%

Jan 1 – Sept 30

Market

-48

# of Deals


Any German Involvement Completed (AF42)

▼

6.4

▼

10.2

20,778.3

16

4.0

59.2

15.1

10.5

10,397.9

249

▼

▲

-37.6%

2,556.0

▲

28,025.2

36

0.9

0.53.8

3.1

22.4

7.0

0.3

13.0▼-2

▼▼

0

-4

+1

-6

-4▲

▼

▲

0

6.12.7

0

3.1-

87.8▲

-3-

-1

70.6

39.1

▼35.9

-

▼

11

▼

▼

▲

4.1

20.0

100.041,266.0

-16.410.0

2

10

4,381.2

6.4

2.2

7

2.5%

14

5

7.9

3

2.96

14

▲

12

1

4.2-2.4

▲0.4

6-9.6

▼3.9

1.7

▼

1,805.1 ▲1,719.6 1.7 1.7

1.7

2.3

▼-3.31.3

0.40.4

▲30 2.3

▲

0.3

5 +3

4

0.4

+3

-15.6%26.1%

0.221.2▲ 41.1▼

▲

0.3

1,205.0

-0.7

-5.0%▲ ▼

0.1

1,669

▲

▼

-5.95

MarketSh (%)

-

MarketRank Value

4-

Change in

26

-21.7

-30.6

▼

37,680.029,896.1 28.8

8

Deals

19.620.032.2

16Goldman Sachs & Co

1.7

Industry Total

911.8

17.3 1▲

23,178.327.022.3

2218.2

-0.7

▼36.3

518.6

▲33

9

▼

0.9

11

Market

▲▼

15

-832

Deals# of

Sh (%)

-10.6%

1.2

0.5

0.1

0.8

1.7

0.5

1.1

0.7

0.2

1.2

1.2

221.013

Share Ch.

+3

0.3


# of Deals

0.1

0.7

▲

0.4

710

* tie


Deutsche Bank Credit Agricole CIB

International Finance Corp

▲1 0.1 +1 ▲2 0.2 0 -Santander 25 44 476.1 0.5 0.1

CITIC 23* - 549.2 0.5 0.5 ▲

3.2

▲-5.83.0

19

Financial Advisor

Jan 1 – Sept 30

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

Sh (%)Mediobanca

Market# ofDeals

0.6611 1.1

1.9 0.1

Goldman Sachs & Co

▼ -3.1

22.9

▲

▲

▲

32.8

▲

Market

30.018

1431.9 ▼19.9 10

MarketAdvisor

32.8 162.2 ▲ 5.2-2

Change in

Jan 1 – Sept 30

Sh (%)


Sh (%)

3.1

3.4

Fees Share Ch.Sh (%)33.0

▲▼

▲1.4

▼

29.6

0.424.7

4.7

3.921.3 1.6

0.4

+4▲1.8

1.3▲

+4

0.5▼

▼

▼

6,286.2▲21.9

14.5

▲

22

11.9

2.5

3,559.6

▲1

0.5 110.6

0.8 ▲

▼0.80.8

1.30.9

▼

4211

+10.3

9-8.2

1.1 -2

▼▼

-3▼▲

0.6▼

4.5

49

63 ▲ BNP Paribas SA

10.66.4

0.3 -3

14

- -6

▲

1.8

-6

+1

2.1 -16

-160.5▼

1

6.3 ▼

▼

34

▼

32

-8

8

4

1.8

▼0.4

3

15.9

12.4-11.1

15.5

12.9

-21.9▲

2,922.23,266.1

1,745.8

19*

353.6-

26

22* 46-

25EnVent SpA

5524

351.546

1.8 0.3

▼

PricewaterhouseCoopers

▲Leonardo & Co

2 +10.3Roland Berger & Partner GmbHRobert W Baird & Co Inc

0.3

433.2433.2

619.71.6

-3636.9

2.3

21

32

0.3 -6

▼

0.2

▲

1318.0▼▲

112.333.6

▲

13

Leonardo & Co

14KPMGMorgan Stanley

2

Rank Value

34,675.3

Barclays

-The Raine Group LLC 21

20NomuraEquita SIM SpA

4,180.04,505.61013

573.8825.6

938.313191,333.2

998

-

- 549.2China International Capital Co

850.5

23*22

103 198 0Industry Total

Guotai Junan Securities

UniCredit 2,038.118Banca IMI (Intesa Sanpaolo)

-8.9

2.020

3,284.9

17

6,367.4

1011

10,179.9

12

4

16

-LionTree Advisors LLC

15 34

16,751.2

37

8

8,203.2

JP Morgan

Lazard

BNP Paribas SA

5AZ CapitalRothschild & Co


9 25 11,200.8

7

Sh (%)

44,386.54

14 61,971.9

33.6

Any Italian Involvement Announced (AD36)

2016 Rank

2017 Rank

37,251.5

28.4

43.0

29,255.36

3

-

24.9

JP Morgan-4 Morgan Stanley

+7 ▲▲1.3

-3

360.1

0.14

▼

+11

51.5▲

2

8.0 -11.2

10.9 7.8-18.3

6.2 6.2

16.2

9.9

2.5-21.3

0.6

3.2

▼4.4 -6.9

0.5 ▲

2.3-5.8

2,351.32216

12

4.1

-2.2

100 0

-4.6

15


31.8

Credit Suisse

US$m▲

34.7

Mediobanca 67.8


1

-20.0

231 69,933.2

16.16,422.3 23.3

▲25,662.5

▲

Change in

+1

1

▲34.436.1

Market

29Goldman Sachs & Co

-29

-4

-5

-15

90.7

0.9

+4

4.2

0.1

1,735.4▼Banca IMI (Intesa Sanpaolo) 21

2.20.1

+1

▲

7▼▼ 22

0.9

+1

Citi

Financial Advisor▼

# of Deals

▼0.7

Deals

EMEA Rankings

▲

632 2 100 0

▼

0.2

0.10.8

▲

0.4

▲0.40.4

0.8

▲+1

0.42.6 0.4

▼0.3

-22

▲+1

▲

-19

10.7

14.2

▼

3.5

-6

# of

0.1

▼

0.8

▲1.0-26+3

12.7

5.2

2.6

12.76.8

4.7

1.9

7.5

29.7

12.01.7

▼0.2

2.8

0.3

0.3▼0.4

2.4▲

▼

▲0.7

2.0

▲

1.2

▼

0.6

▲

▲

2.4

2.22.0

▼

▼

3.8

▼

2.8

0.8

5.5

▲▲▼

0.94.84.8

0.4

▼▼

▲

9.0

0.8

1.1

4.713.3 2.1

▼

-819.6

Imputed Fees (US$m)

0.4

1.10.6

2.31.4

▲

▼

14

MarketShare Ch.

2.4

# of Deals

Lazard20.9

8,774.3-2 ▼

▲

29.48,093.3

Any Italian Involvement Completed (AF43)

2017 Rank

Market

2.19,033.1

Rank Value

98

10

7

13

10

8,259.4

2016 Rank

29

1

11

16

1

4

665

12.713

15

15-

4,000.3

3,499.4

2514

12

+7

4,274.2

Market

6,015.5

US$m

▼▼

0.1

▲▲1.7

27 514 4+5

100 0

+2

7641.3

2.3

1.6

0.9

▲

2.91

1.6-1.0 ▼2.3

▲

▼

0.10.1

0.3

-4

+2

1.21.3

▲1.31.3

2.3 ▲

-4.4

-21

13▲

7

2

1

2▲

636.9807.118

1,381.6 5.0

19* - 2.3

UBS

1.42.9

17

0.8

6

616

0.8-10.1

-57

▲

1.32.424

19Share Ch.

Rothschild & Co

KPMG

▲▲

Deutsche Bank

▼Bank of America Merrill Lynch

12.7

-1

-1

0.1 +1

+1

UniCredit

+57

+1

Industry Total

0.1 ▲

NomuraBNDES

▲▲

▼▼

Citi

▼

▼

Colombo & Associati

▲

▼

Credit Suisse 8

▲1

▼4,376.514.6

11-2.0

22*

18

Industry % Change from Same Period Last Year ▼

UBS Citi


0.8 ▲1 0.1 +1 ▲ 7.1 0.825 - 635.8 1.0 1.0 ▲

1.5

49

1.4

1.4▲

2.2

2.0

887.4Deutsche BankBNP Paribas SA

21*2019

1,378.6

-21.6%

▲

21*

▼

1,278.4

1.4

0.12.6

0.31.4

2.1

894.7

2.6

-14.3

0.80.3

2.6

▼

-14.2

33-

1,293.7

6

929.9

24


▼

100.0

▼▼

837.1


Arma Partners LLP1.330

848.9

Foros▲Industry Total

1

1,188

▲

62,559.5

887.4

-9.1%▼-81.9%

▼

-104

-8.0%

0.21.0-2

+10▲

0.9 ▲

▲+1

0.1

-21.3

11-

-30.1

▼ 0.1 7.2

2.5 -4▲ 30

11 0.1▲

7.0

1.0

0.0

3.6

0.3

0.70.3

▼2.8

▼▲2.1

2.0

-0.3 ▼

+1 ▲1▲

0.5

0.2-18.5

22.4

▲▲

2.23▼

-3

6.2 0.40.8

8.4+1 ▲▼

+1-2

6

0.3

30.8

6

0.6

▼

0.5

0.2▼

▲

-2

13

▲

1

17.8

0.6

0.4

-8-6

▼


Any Nordic Involvement Completed (AF44)

-58.1%

FeesDeals

-46

2016 Rank Sh (%)

AdvisorMarketImputed Fees (US$m)

Jan 1 – Sept 30

▼

Sh (%)MarketChange in

-20.3%▼

998

6.1%

2017 Rank

▼Industry % Change from Same Period Last Year 83.2%

US$mRank Value2016

RankFinancial Advisor

▲

+2

-Financial Advisor

▼

16,570.919.7

0

-8

▲

▼7

Rothschild & Co

-0

11+1

SEB

43

10

8

5

0

6LazardGoldman Sachs & Co

UBS

Credit Suisse

9

14HSBC Holdings PLC 13DNB ASA

12Quayle Munro Ltd

15

102*2,395.7

2,467.2

1,650.0

72,455.4

▲▼

Carnegie

-

▲

▲

Moelis & Co16▲

28

-17

47

818

7,440.9

13

1,643.5

3,696.0

1,525.0

+1 Perella Weinberg Partners LP

Arctic Securities ASA

0.5

+1

+1Access Partners-1

+5 ▲+2

1

0.182

0.5

0.6

0.223 2

0.0

+4

+3+3

▼102*

-

1.4▲ 1.4

24

10.3

12

12,445.5

▲

▼

15 0.9 -

9

6

29,896.5

Market

Jan 1 – Sept 30

29.0

Any Nordic Involvement Announced (AD37)



▲

Morgan StanleyBank of America Merrill Lynch 6.9

15.9

8.631 1

7,980.8-12.88.58,823.0

5.1

10,666.4

16,393.5

29,520.7

16.1

Market

1.020,358.1

-17.5%

▲9

▼


▲14

▲

4.4 ▲▲

Share Ch.

11

10.9▲

7.2

▲

▼▲

▲

7.05.36.2

▲3.2

▲

2.4

6.2

2.4-1.9 ▼

▲7.26.2

Sh (%)

28.6

12.1

7.7

100.0

10.1

1

▲85

0.1

0.3

▲

3

0.31.7

2.0 2.0

▲

1.0

▲

1.71.3

1.71.8 1.8

1.7

▲

▲

2.1▲

1.2 0.7

100.0-0.9

1.2 0.1

▼-49.6%

+2

-

0.5▼

▲

886.9

0.2

▲

▲

▼1.1

▲1.82.9

9.621.8

-2-60.5

▼▼

0.40.3

2.51.0

0.6 0.1

▼

25

5

-3-5

0.31.1

▼

1.09.0▼0.5

-3

-2

-219.733.021.0

▼7

▲1.021.1

50.9

▼

▼▼

2.410

9.1 -17.7

5.9 -13.9-18.1

11.9▼

6

3

3.9

8.4

1

1219


7,606.9

5,243.5

532.9

-6.625 7,898.1 12.6

1411,164.9

2.4

2.5

0.30.8

632.2

# of Deals

100.0

3.7

5.721.7

39.4

2.5

0.7

2.2

2.4▼

1.8

1.0

2.44.7

10.6

-5.7%

100.0

▲0.4

0.2 ▼0.1

▲

▼

0.3

▼

4.9

▲

0.6 ▼

▼0.3

▼▼

1.8

Market

▼

▼0.90.6 ▲

0.2

▲0.5▼

▲

Share Ch.▼

1.64.4

3.8

0.4

24,463.2 39.1

7

3.9

4.1

0.8▲12.2

5,708.3

3.9

0.1 ▲+11,270.3

1,183.0 ▲1,221.0

1.2

1.2-18.3

▲1.21.2

▼

▼0.5

121

44

-4.6%▼

0.2

▲

1,060.0103,270.8

1.0

-18.5%Industry % Change from Last Quarter48.6%

2324

52

SEB

25 29

15114*36

Houlihan Lokey

20

OC & C Strategy Consultants

ABG Sundal CollierNC Advisory A/S

Arma Partners LLP

38-

-4

22

1,727.71,727.7

15

-6,372.0

13-

7,390.5

2,455.414

Nordea

Handelsbanken Capital MarketsGoldman Sachs & Co

14JP Morgan

36

6

2

45

17

8

5

Barclays 1625

28

-

9Rothschild & CoDeutsche Bank

7

10

DNB ASA

Messier & AssociesBain & Co

16


18*

46

1718*

114*-

1,809.5

21Cushman & Wakefield Inc

MHS Corporate11

3,279.4

10,395.9

Quayle Munro Ltd

12Lambert Energy Advisory Ltd

Lazard

2

2,132.7

1,276.61,294.6

2,022.6

3

-9

Nordea

1

▲

Morgan Stanley

+1

-3

+216.416.1

▼

▲

-26.3

▲2

▼4

17.910.5

1

▼

▲6.1

▼

-1.9%

▼Sh (%)

22.4▼2 4


# of

-7

-10.7%

Share Ch.US$m2017 Rank

-5.7%

Rank Value

▼

27,514.4

-21.6%

100.0


20,586.2

MarketMarket

764

-210

▼▼

0.7

0.6

Industry Total

Jones Lang LaSalle Inc

▼-

▼

Change in Market

+57

0.1


0

▼

0.7 JP Morgan

Sh (%)# of

Deals

-1

0.711

2

0.7

-1

Industry Total

# of Deals

+4

0.1


▲0.9

1

-78

-32.4%

1,612

2

0.4

-50.23

12

0.1

0.2

0.1

0.1

0.7

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com * tie 13

UBS China International Capital Co

-1

3,429.5

+2

-14.7

▲

1.214

▲ 5.73,253.0

30.8

-2.2

-6.4

+12

13

31.5

30.8 ▲ 1

-58.0

▲

-34.2-1.2

30.1

-18.6▼

▲

11

▲▲

30.1 2

150.9

# ofMarketFinancial Advisor

2016 Rank

Rank Value per Advisor (US$m)2017 Rank


70,571.62

48.0

31.0

33.2

30.8

34.5-16+8

-44,254.9

+332

44,254.9

9*

--4 9*

9*

-5 ▼ Industrial & Comm Bank China1.0

0.1 +1▲

+3▼

+4

0.60.6

▼

▼▲▲

▲

0.70.1 +2

▼

▲

▼-1.3 ▼

▲

▼

5.7

▲1

▼5.8

1 749 9120 100 0100 0Industry Total 143 603 0264+1▲

1 17212.3

▲16

32.00.3

0.7-

0.1

-9 ▼0.0

1.20.5 -

▲

▲+1 0.80.81.044.3 ▲▲+5

13.32.5

0 7.90.31.4

0.3

1.120.8

+10+4

16

▲

▲▲

▲

119 -16

▼

0.1

▼

▲28

▼

▲

1.4

1

▼

9

0.2

4.0

0.1

0.226

0.3

1.3

26.2

14-3.4 11

+15.8

+1

▼-1

0.9

Rank Value

▼Share Ch. Sh (%)

1.3US$m

50.5

Change in

▲


Any Benelux Involvement Completed (AF47)

1JP Morgan49.14

Advisor

2 8.1

0.11.6

▼ 25

Fees

0.1

-0.8

19.4 ▲

12.4 ▲ 30 2.1

5

8

72,560.2

▼4 FTI Consulting Inc

16.9


Share Ch.Market

Sh (%)Market

▲22.2

18.1

-30.6

# of Deals

Goldman Sachs & CoMorgan Stanley

1.1

Jan 1 – Sept 30

Market

4.7

▲16

19.41.1▼

14

1615.718.1

9

DyalcoLazardBank of America Merrill Lynch▲1

+12

16

Ernst & Young LLP-0

15,469.0

Alantra Partners SA▲

15

Barclays

-China Construction Bank

Deutsche Bank

0.10.1

-1 Rothschild & Co

0.4-

+2▲

-Lakeside Capital Advisers LLC

115.922,817.6

9,765.3

6

514

10.8

7.812,049.9 8.4

5.8

9* 44,254.9 30.844,254.9

12.618,044.5

30.89*

6.8

5.820*20* - 8,310.6

3,388.02423

402.4

2.3

11,242.326

8,310.63.7

-

-

5,277.8

2.419

-1

-5

10

19

22 8TD Securities IncCiti

9-5

ING0.20.4

▼

-110

▼Macquarie Group

-

▼

138 622 1

1,631.35 -2

1 4261.2 -7

100 0

1,768.1 1

1.21,675.4

1.30.5

▼

31.2 ▲

▲ 1

▼

1.6

-2.3

0.10.1

0.3

▼

1,617.4

1.4▼

3▲

5▲

▲1.7 0.22

18▲▼

17

0.1Scotiabank▼

0.4

0.11

152.4

47

30.8-32.9

7.17.1

0.4▲

▲2.8

4.2▲

▲-

▲

4.93.4

102.8

0.4

0.6

▲7.0

30.830.8

30.8

44,254.9

+1

+4

+8 84.9▲

0

10.1

+1

+1

▲

▲ 7.0

30.8

31.6

▲-

16.0

30.8

▲

7.54

1.832.3▼ 1.5

0.4

26.5

0.5 +20 -

▲ ▲

▲

▼

Market

+2

Deals

+5

# of Deals

Imputed Fees (US$m)

▼

Market

140.8

Share Ch.6.3

74.4

110.0

Jan 1 – Sept 30

0.4

▲

0.4

0.3

Market

▼▲

0.0

▼

45.2

72.6

3.1▼

▼

4.8

0.8 ▼

0.9

▲

▲

▲

0.50.5

0.2

2.5▲

2.8 ▼

▼

▲

▲

0.4

▼▲

0.5

26.3

7.3

0.4

0.8

0.4

0.4

0.20.2

2.5

17

▼5.1

0.9

Sh (%)

1.2 4.3

9.4

2.6

0.5

53.75.9

▼

0.4

2.7

UBS

8

6CITIC

45,398.5

44,286.37

68*44,571.3

20Credit Suisse

HSBC Holdings PLC

1468,958.749,504.347,609.9

343

5

▲+5

▼▲

+2 ▲1.0

Deals24.7

-1

0.3 +3

Market

▼

19.73.1

8 23 21,693.2

26,888.7 19.4

2016 Rank

2

6

30,824.9

27,301.8

▲ 1.1

26,942.0


+8

44

-17.3

US$m

15.922.2 -23.7

Sh (%)34,185.9

5

2Goldman Sachs & Co

Any Benelux Involvement Announced (AD40)

Citi

Rank Value

19Mediobanca

1

EMEA Rankings

3357

Rothschild & Co4

15

3

2017 RankFinancial Advisor


BNP Paribas SA

Morgan Stanley 7

-2

Lazard

10 3-

13 121*

6.4

TD Securities Inc

14

6.0

5.06.0

3.2

Scotiabank

4,490.8RBC Capital MarketsBMO Capital Markets

Evercore PartnersWells Fargo & Co

121*

Quayle Munro Ltd

CITIC

22

Houlihan Lokey1.8

-39.1

28

0.41.8

Industry Total

23

20

Jones Lang LaSalle Inc

21

9

45

38

4

15

1112

121*

5

6

3,537.3

8,376.2

2,455.4

107*

14

-

1

-

25,139.0

1.6

25

2,325.3

16 2,786.7

24

22

1819

34

Credit Suisse 16

OC & C Strategy Consultants

Nordea

Barclays 17Deutsche Bank

3,483.4

8,310.6

4,087.0

8,874.9

30,823.0

6,963.5

-5.8

▲

▲

-36.9

9

▼

6.06.0

4

16

2.6 -36.53.03.0

0.8

2

3.2

14.4

▲

5.02

0.6

▲10

▲

14

▲

2,254.3

19,887.6

2.02.5

JP Morgan

Sh (%)Change in # of

Industry % Change from Last Quarter ▼ ▼

Jan 1 – Sept 30 2017EMEA Inv. Announced M&A Target Sector by Value ($bil) Quarterly EMEA Cross Border Volume

-19.8%

1,749.9

-26.5% ▼▲

-120 100.0

12.8%▼

100.0

-12.2%▼

Industry Total

-29.5%

143,603.0

-61.4%Industry % Change from Last Quarter

-264 1,172

▼▼-9.7% ▼ Industry % Change from Same Period Last Year

* tie

Industry % Change from Same Period Last Year ▲3.2%

138,622.1 1,426100.0Industry Total

-37.7% -16.0%

$146.5

$117.2

$92.9

$91.9$86.0

$78.0

$68.7

$67.5

$58.2$38.1

$30.6 $26.3

Industrials Energy and Power Healthcare Real Estate

Consumer Staples High Technology Financials Consumer Products and Services

Materials Telecommunications Media and Entertainment Retail

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

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

2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables14

China Securities Co Ltd 5,880.7 3 6.6 12628

1,491

RBC Capital Markets11,482.4

6,724.5 Goldman Sachs & Co 12.8

57,673.6

12117.52

6,386.3

VTB CapitalCITIC

Gram Capital

Jan 1 - Sept 30 2017

9

21.8

3

12.04

10

No. Deals

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

1,225

3

623.43

23.9

7.97.0

1

5

2

12

25.7

10

418,087.6

Announced M&A volume with Asian involvement for the first nine months of 2017 decreased by 4% compared to thesame period in 2016, accruing US$712.7 billion in value from 9,585 deals. With a combined market share of 47.5%,Real Estate, Industrials and Financials were the most active industries so far this year. Real Estate took an 17.8%market share, while Industrials and Financials had 16.9% and 12.8%, respectively.

The top announced Asian-involvement deal for the first nine months of 2017 was the acquisition of Singapore-basedGlobal Logistic Properties, Asia's biggest warehouse operator, by Nesta Investment Holdings, for $16.4 billion.

According to estimates, M&A advisory fees from completed transactions totaled US$4.8 billion during the first ninemonths of 2017, a 79% increase from the levels recorded during the same period in 2016. Goldman Sachs led the year-to-date fee rankings with US$153.7 million, followed by JP Morgan and CITIC, with US$139.4 million and US$134.5million, respectively.

China outbound activity in the first nine months of 2017 posted US$121.2 billion from 633 deals, only a 6% decrease innumber of transactions but a 27% decrease in value compared to the same period last year. Australia's outboundactivity was at US$13 billion from 156 deals, an increase of 39% in volume and only a 1% decrease in number of dealsfrom the same period in 2016.

5,189.9

1,465

Asia Pacific (ex-Japan) Deals Intelligence

High Technology

16,459.8

89,716.0

15.8

797 1

26,195.7

2Morgan StanleyCiti

Real Estate

IndustrialsWells Fargo & Co

Rank Val US$m126,472.3

Rank

13.02

Share

12.3

120,085.9 15,146.9 15,600.6

3

11

1Goldman Sachs & Co

Morgan Stanley

JP Morgan

28,747.2

Mkt.


China International Capital Co28,131.8 2UBS

91,276.8

Energy and Power

Financials

116.8

3 1

31.4

9,100.0 9,711.0

Asian M&A Down 4% I Real Estate Top Industry I Australia Outbound Up 39%

7,231.9


Asia Pacific (ex-Japan) M&A

Target (% Sought/Acquired)

Real Estate / Non ResidentialGlobal Logistic Properties Ltd (100%)

Industrials / Transportation & InfrastructureGuangzhou Wanxi RE Co Ltd 8,104.8China / China

Telecommunications / Telecommunications ServicesReal Estate / Other Real EstateHigh Technology / Electronics

13,742.4Vodafone Grp PLC-Vodafone Asts

9,100.0China / Hong Kong

8,384.8Hong Kong / Hong Kong6/29/2017 6/29/20177/27/2017 ista Luxemburg GmbH (100%) Lamarillo Sarl

16,421.1

Jan 1 - Sept 30 2017

Telecommunications / Wireless

Energy and Power / Oil & GasChina / Russian FedPending9/8/2017 Rosneft Oil Co (14.2%)8/22/2017

7/14/2017

China Cross Border Announced M&A

PendingGuangdong Intl Tr Invest-Asts (100%)

Pending

Asian Completed M&A by Region - Imputed Fees

11,255.8India / India 11,627.3

Telecommunications / Telecommunications ServicesIdea Cellular Ltd-Mobile Bus (100%)

Luxembourg / Germany 6,724.5

Orient Overseas(Intl)Ltd(OOIL) (100%)

3/20/2017 Pending

China CEFC Energy Co LtdInvestor Group

China Unicom (BVI) Ltd

7/9/2017 Intended

China Unicom (HK) Ltd (21.7%)Pending

Nesta Investment Holdings LtdLogicor Ltd (100%) China / United KingdomPending

Rank Date Acquiror / Target NationAcquiror

6/2/2017 China Investment Corp

Date Effective Target Macro / Mid IndustryTop Ten Any Asia (ex-Japan) Involvement Announced Deals

Rank Value (US$m)China / Singapore Industrials / Other Industrials

Real Estate / Other Real Estate

8/16/2017Sunac Real Estate Group Co Ltd

China / China 5,939.17/10/2017 Dalian Wanda Coml Ppty Co-Asts (100%) 6,500.1

PendingPending China / China

China United Network Commun (19.2%) Investor Group

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7

$0.8

$0.9

$1.0

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

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia

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Evercore Partners China Construction Bank

China International Capital Co 7

70

JP Morgan 8Industrial & Comm Bank China 9

Bank of America Merrill Lynch 5 10▼

▲46,869.311.540,379.4

25,937.713

9.2

71,063.8

5

-930


9Credit Suisse

-88

1.5

54


11,800.2

0.21.8

Sh (%)Market

-2.1

Asia (ex-Japan) Rankings

Kotak Mahindra Bank Ltd

Jan 1 - Sept 30

16

▲

-0.44.4

2017 Rank

0.3

0.2


▲

18.0

0.1

0.0

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

25China Securities Co Ltd 1.2

ING 22 221 11,337.4

17

Gram Capital 232.12.1-2.3

108100 0▲10,776.6 -- --

100 0

1.9+11

0.2-Banca IMI (Intesa Sanpaolo)

24▲2.1

▲0.0

+50.1▲ 9 +7▲

▲0.41.3 Macquarie Group▲

12,907.3 2.5▲0.1

-145

0.9VTB Capital 24 61 9,107.410,404.5 0.1▲ 3.51.5 10,976.80.8 ▼ 2.046 Great Wall Securities Co Ltd

▲ 0.07

1.6-9

▲ 2.50.0124

2 ▲+1 ▲ 6.4 0.12 0.1

▼87.01.4 -▲ 22 0.4 -5 0.0

1.82.6

28+10 -1.815,449.9GF Securities 29Citi

▲ 18▼ 0.5

0.3 ▲▼-6

Deutsche Bank 11,899.3 ▲1.7 0.119 281.40.9

2.0+212,088.7 Rothschild & Co1.7 1.5 3.417,463.5 1.2

Lazard 17+2 3.119 -97.6 0.0▼0.40.1 21

0.6▲-5

Robey Warshaw LLP 1742.7-318Axis Bank Ltd

13,000.4 1.8 1.896

0.1+2▼▲ 20

17 +217,537.6▼ 18

▲▲3.63.4 2.8

0.4▲ 69.4 0.81.47

20.6+30.3 83

560.0 3.1▲

0.2▲▼4 -51.3 JM Financial Group 18,166.4

58.0-30.3 1.2 ▼16 ▼22.4+4

0.1 ▲5

▲▲0.5

8

0.2

▼2.2Wells Fargo & Co 14 167 15,436.9

6Credit Suisse 15

1.98.60.0

▼44,254.91

-1▲ 7.1

▲ 5 0.1 2 0.00.2 -12 ▼ Dyalco

+32.7

2.00.723 19,313.5Rothschild & Co

PJT Partners Inc 2.2▼

Alantra Partners SA 8.6 ▲24411*14 9 24,917.6 4.9

0.013 ▲- 44,254.9 8.6 8.611*12

100

-30.2 ▲7.1

-0.1 ▼

+1▲+1 ▲

▲0.3▼ 13.50.2

0.1▲DBS Group Holdings 11 8.6-69 8.611*+5 44,254.9Lakeside Capital Advisers LLC

103 22,059.6 3.1 3.00.110

1120,020.8 ▲ 0.0

0.1 ▲ 0.2998 44,812.4▲1

8.8 8.6

58,796.8▼79 11-36 HSBC Holdings PLC0.8

7.7 ▲ 38-16 ▼ 1.40.7 +8 ▲ 101.6826 24.84.7 0.50.5 ▼1.2

▼+6 ▲

2.1▼0 - - 1.6-

129.9▼▲3.9

6.2 ▲17 0.3

0.634-10

13.9▼▲7.7 71.2

▼1.3 -261.5 1.4

5 75,937.5 2.7 1.8▼

14.8UBS 7

471,853.56 14.0

+844 0.83 76,916.561,197.8 8.6 0.3▼ ▲▲110.3 ▼

24-5.6-2.3 4

321

▼3.9 4.6▼ 15.0▼▲

3.2153.70.5

▼1.60.4 -10 ▼ 139.4 2.9+1316.4

84,517.91.0 2.85384,155.5 2.7

▲134.5▲

2JP Morgan 16.5 8.617.9

5

MarketChange in Advisor

▼2.7 3.3129.3

MarketShare Ch.Sh (%)

Market Market# of Deals FeesDeals Sh (%)

# ofShare Ch.

0.6▲2US$m

Morgan Stanley 32 ▼-1191,754.81

2016 Rank

-3.2Sh (%)

Market

5.8Financial Advisor

12.4Goldman Sachs & Co2

MarketFinancial Advisor

1 4 88,318.0US$m

0.2

0.0216


Share Ch.

Morgan Stanley

▲

50-6.2

Evercore Partners▲

41

0.3

0.8

▼

2.2VTB Capital

10

▼

Rank Value

0.6

80

-5

6▼22

Bank of America Merrill Lynch▼-2-11

74,696.2 -810.5

8.3

▼▼

Imputed Fees (US$m)

Sh (%)▲


0.31.5

▲

# of Deals

-16CITICChina International Capital Co 3 3 73,104.7

▼

-13.56

41,682.9 5.9

▲

2016 Rank

Rank Value

▼

+70.5

Change in # ofDeals

0.4

57

72559,243.9

42,324.0 5.9

-4.6

Citi7CITIC 1

5.7

▲-11.13.6 ▼

10

Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 - Sept 30


16

UBS 4

2

2017 Rank

2021

0 Arpwood Capital36 +4 ▲

0.4China Renaissance Partners 0.4Haitong Securities Co Ltd 20 34

-8Goldman Sachs & CoIndustrial & Comm Bank China▼

▼0.5

212

2.5 ▲

▲

0.2▼

330.03

▲

712 687 5

▲

▼

0.220

▲

5

1.7 35

15,424.7 -9.0

0.6

1.6

▲

13,062.6 ▲1.8

15,453.42.2

-

21 22 11,508.4 1.6 -0.4

+62.8

20

15

2223

▼

▼ 25

▲

23,691.2

1013,495.2

-1199

-0.14.5▼

6 014 100 0511 962 9

10,930.9

15,949.1

4.6

48

3.0

2062.1

9 585 5 269 4 802 6Industry Total

Morgan Stanley Robey Warshaw LLP


Industry % Change from Last Quarter▼

Industry Total

812,750.3

9,815.0

US$m

▼

Deutsche BankUBS

-

▲

1

-3.7%

-28 8.53.3-2 25.40.7

# of Deals

0 32.8

▲▲

14.1

▲

23.6

18.2

4 -15.4

9.0

Share Ch.

▲

16.9

7.1

▲

13.7

▼

Citi

21.0

1.521

▼

2.8

27

-

20 4.2

5.7386

2.7


600.0

5719

665.3804.0804.0-

1,053.9


22* 1.5▲

24 1,139.8 2.1

0.5

6.6

21,449.1

Market

-3.1


▲▼

-108

-3.7%

100.0

Financial Advisor

7.9%

Sh (%) Share Ch.Market


Any Australian Involvement Announced (AD24)


6

Deutsche Bank5

US$m

UBS 2

2016 Rank

Macquarie Group 1 1

Rank Value

29.7

Change in 2017 Rank Deals

▼ 27 1.95

26

816

4.1

-8.110,980.5

7,843.910,090.9

4,997.8

12▼

0.8

▲

+6 ▲

63,204.8 4.4

▼-1

-9.7

3

2.0

6.9▲

8▲

12

+1+311

0.6 ▲

JP Morgan

1.0

5.91.2

18.2

Barclays▲


0.614

18.6

Sh (%)66.0

Sh (%)

0.6

▲ 6 -3

7

7

0.7

9.3▲0.1

▼

-

-7.5%

6

▼Fees# of Deals

-262.625

# of

60.4

▲53.6Share Ch.

Advisor Market

6.0Financial Advisor Deals

Market2017 Rank

Change in Sh (%)MarketRank Value Market

▼Industry % Change from Last Quarter

▼ ▼2.8▼7.9

▼

Imputed Fees (US$m)

Jan 1 - Sept 30

-9.8%

100.0

Market

▲78.8%▼

Any Australian Involvement Completed (AF31)

▼

2016 Rank

-12.4%Industry % Change from Same Period Last Year -1.8%

1.3

1.2

1.3

1.225


▼903.0

0.111,418

+1

15.5%Industry % Change from Last Quarter

Industry Total 72,287.1

14

17

1.4

Rothschild & Co

Allier Capital

Ernst & Young LLP

Luminis Partners Pty LtdNomura

Punongbayan & Araullo

Barclays

Robey Warshaw LLPMoelis & Co

13

24Societe Generale

▼

Lazard

84

869.1-

-14.8%

870.2CITIC

Sh (%)

Jan 1 - Sept 30

6

18

7.4

▼▼

18.0 1.3

-1.1%

▼

Market

712,687.5

RBC Capital Markets

6.5

14.0

6,847.5

217

Evercore Partners

4

Goldman Sachs & Co 3

7

Credit Suisse

5,376.8

6,318.7

10

5,440.8

18

2

Deloitte 11

109

37Citi


2.1

▲

7.5

10.1

▲

9.5

▲▼

0.4

15.213,029.1

8.7

12.4

-23.4-18.5

10.9

0.7

+3

+4

-0.7

0.5

10

0.86

1.57

21 ▲-

+2

7

Macquarie Group

Gresham Partners

Morgan Stanley

0

0.5

# of

▼

+4

▼

4+3

1.4▲

-6,014 100.0

▲

▼

7.8

2.2

4.8

0.70.3

▼

2.3

1.0

▼

▼

0.1▲

▲▲

0.6

▲

9.0

0.3

0.6

▲

▼

▲

1.4

▲

2.70.9

0.4

24.9 3.23.0

▲

0.9

39.0

7.723.6

17.25.0

22.0

▲+2 1.0

2.8

6

+1

+31611

70.1

1.11.7

1

15.0

+3

1 +1

0.6

4.7

7.50

-2

▼

1.2

-5

0.4+20.4

3.1

0.8

-2

1.1

+3

0.3

0.7 -5

▼

▲

▲

▼

+3

0.3

1.2 40.1

▲▲

▲ Highbury Partnership Pty Ltd▲

9.4%

CITIC

23

100.0

▲ 4

3-10.8

1,230.0

-14.6

▲

8.4

5.75

2.30.4

▼▼

3,100.03,102.1

▲19

8.4

2

4,929.07,604.1

-38.8

-

6.4

4,545.7

5-

RBC Capital Markets 89

Platinum SecuritiesBank of America Merrill Lynch 7

6

37

9,121.7

11

10,029.211,350.0

3

-39.9%

511,962.9

17,738.118.6

-15.3

1 28,952.02

-7 ▼ 45.5

9,585

23.3

▲ 359.1

5.7

7.0

910

3,764.6

Deloitte

Goldman Sachs & Co

18

3,476.0

3,100.0

▲

16 2,245.11,473.317 18

-2.01.0

▲▲

1,151.8

0.4 11▼▼

2.3Jefferies LLC

29 2.1▲ 14*-3

▲▲

0.4 Moelis & Co

▲1,917.2 ▲▼

0.9Ernst & Young LLP6

9

▲1,515.2

-

2.22.31515

16 411,647.21,575.3

5

0.1

0.4

+119

1,356.71,281.01,115.3

984.3

▲34

13

0.2

▲

▲18

1.3-

1.4

1.5

1.51.91.8

997.0 1.4

1.8

0.3▲

22

12119

17

▲▼

67

Evercore Partners2120

1.4 0.10.8

Nomura0.3▲ Sumitomo Mitsui Finl Grp Inc

22*▲▲

+1 20

3

-8

+11

0.6

-6

+1

▲

0.23

11

▲▼

▼5.4

Credit Suisse14*

▲ 0.1 ▲+114▲ 1.4

0.4

1.9▲

▲

▲0.7 ▲

▲

0.61.0

0.71.10.4

0.70.5

0.50.50.0

▲2.00.4

▲

1.2

-3.3

+2

11.51.2

6.50.5

54,037.6

8.3

1.5▼

1.1

▲2.1 ▲

1.0

1

4

15

4 0.6▲

7.4

+1 ▲

3.7 ▲

▲+1

+83100.0

-33.0%

1.1 ▲

▲

967

▼

100.0

-10.6%

+1

0.1

3

3.1

1

0.1 ▲▲

-30.3 5.10.1

5.7%▲

▲

▼

15.0

5,269 4,802.6

16.4%

+1-

4.1

775.1

1.9+7

Industry Total

1,948.4 ▼

▲0.22.6

0.6

▲

9 1213

▼3.2▲

▲0.2+5

9.20.8

0.1 JP Morgan

3

2.1

+184

Greenhill & Co, LLC

2,312.5 -18.51.4

▲

2.7

+5

2.7

25+1

+2

+242

Allier Capital

12

▲24Grant Samuel▲

14.9% ▲-6.7%

Industry Total

13-

▼-12.5% ▼

0.2

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

Goldman Sachs & Co

1*

Any New Zealand Inv Announced (AD39)

Financial Advisor Deals▲

# ofMarket

113.711.2

▲4

2016 Rank

4 16.10

1.7

1

10.2-5.2

▲

3Cameron Partners Ltd5

10.29.9

24*284.0292.7

100.0

21.1

Industry % Change from Last Quarter 7.7%

# ofDeals


▼469.7

▲6.1




11.0245.7

-59 7% ▼

2,230.0

251.0251.3

US$m

-

▼

7

Cameron Partners Ltd ▲3

Morgan Stanley

469.7

2017 Rank

4

UBS

Asia (ex-Japan) Buyside Financial Sponsor Activity

2017 Rank

Deutsche Bank

Industry Total

-

1*Rothschild & CoFinancial Advisor

3

1*

Nomura

Macquarie Group

3

3 1.7

174

Change in Market

+4

Any New Zealand Involvement Completed (AF46)

Market2016 Rank

▼

# of Deals

▼

Sh (%)Market

Share Ch.-

▲

0.0

Jan 1 - Sept 30

RBC Capital Markets

Industry Total

5.8 0.9

Sh (%)Sh (%) Share Ch.

1

MarketAdvisor

3.2

Market

1*

Jan 1 - Sept 30



▲11.3

+2

0.9

461.3

+211.9342.4 2.9

▼

4.44.4

▲

4.3

100.0

2.7

114

21.1

0.9 4.41.8

6*

4.1Sh (%)

▼▼ 3.2

5.8

54.4

+2

11.3

Share Ch.

100.0

11

▲

16.1

▲11.3

-9 5%

Imputed Fees (US$m)

Asia (ex-Japan) Rankings

Change in

▲

▲

+1-

2

0.6

▼

-12

-34 3%

2.4

1.8

▲

Market

Rank Value

Rank Value

2,872.3

2

-

▲4.4

0Sh (%)US$m

-38.7%

1

▲+1▲11.05 1

5.8

2.4

1.4

461.3

▼

-2

▲

16.1

-3.2%2.4%

5

# of Deals

2 -1 2.3

1

Market

-3

5.6 ▲▲

Fees

$10.0$1.0 $6.2 $9.0 $6.5

$19.1 $14.1 $19.9 $21.5$4.3

$6.8$13.3

$8.2

$17.6$42.0 $29.5

$15.0

$4.6$3.3

$10.5

$9.3$7.0

$31.9

$40.5

$17.3$51.7

$2.4$5.7

$7.3$10.5

$14.7

$45.6

$16.58.6%

13.5%

6.8%

10.3%

13.2%

7.9%

16.7%

20.8%

18.8%

17.9%

0%

5%

10%

15%

20%

25%

$0

$20

$40

$60

$80

$100

$120

$140

$160

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of WW FS Volume YTD

Industry % Change from Same Period Last Year▼

-59.7% ▼-52.2%

▼▼-2.6% ▼ -56.5%

-9.5%

* tie

▼ -34.3%Industry % Change from Last Quarter

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

18%

17%

13%12%

8%

8%

6%

5%4%

4%3%

Real Estate Industrials Financials

High Technology Energy and Power Materials

Telecommunications Consumer Staples Media and Entertainment

Consumer Products and Services Healthcare Retail

Government and Agencies

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Nomura

* tie

PricewaterhouseCoopers 550.0 3* 4.3 2

Daiwa Securities Group IncSumitomo Mitsui Finl Grp Inc 2563.1 4.4

12,706.4

Citi 4.3 1

56.5Evercore Partners

550.0 3*

3151

1

9 7

2 5.9

13,387.0 Industrials

2,201.3 3,107.7

2

747.4

31.4

151

7

6

23.2

1

474 12

2

22

31 419

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Sept 30 2017Mkt.

Goldman Sachs & Co

5 43.8

Japan Deals Intelligence

17,930.0 18,116.5

28,832.2 1

Mitsubishi UFJ Morgan Stanley

High TechnologyNomura

Japanese M&A activity totaled US$120.7 billion during the first nine months of 2017, a 15% decrease from comparable2016 levels and the slowest first nine months volume since 2014. 22 Japanese involvement deals over US$1 billionwere announced during the first nine months of 2017, totaling US$62.3 billion in aggregate and down 31.1% comparedto the first nine months of 2016. Overall, 2,500 deals were announced during the three quarters of 2017, a 4.8%decrease in deal count compared to last year.

Deal making in the High Technology sector led the Japanese market, with deal volume totaling US$28.8 billion,accounting for a 23.9% market share.

Inbound activity hit a record high of US$31.6 billion during the first three quarters of 2017, a 255% increase fromcomparable 2016 levels. Bain Capital’s US$17.9 billion acquisition of Toshiba Memory Corp was the largest Japanesedeal to-date in 2017, and the sixth largest deal since 2000. The deal boosted Japan-targeted buyside financial sponsoractivity to 701% compared to the same period in 2016, recording US$26 billion in aggregate value, which was thehighest first nine months volume on record.

Outbound activity totaled US$52.1 billion during the first nine months of 2017, a 20.1% decrease compared to the firstnine months of 2016. Softbank’s US$3 billion investment to WeWork was the largest outbound deal announced duringthe third quarter.

Estimated M&A advisory fees from any Japanese involvement completed transactions totaled US$1.9 billion during thefirst three quarters of 2017 a 35 7% increase from comparable period in 2016

62.262.8

No. DealsRank

19,440.1 23

Share

NomuraFinancials


Goldman Sachs & Co

48.2

16.216.4

HealthcareGoldman Sachs & Co

7,787.5 3

Sumitomo Mitsui Finl Grp Inc

Real Estate


Japan M&AJapanese M&A Down 15% | Japanese Inbound Up 255% | Financial Sponsor Volume Up 701%

5,584.7

8,575.3 1

67.4

Rank Val US$m

Mitsubishi UFJ Morgan Stanley 2

1

2,167.0

17,796.9

JP Morgan

11,570.5

6,542.0 247.4 2

132 6,591.7 1 57.0 4

3 5,484.3 3

ARIAD Pharmaceuticals Inc (100%) Healthcare / Biotechnology

High Technology / Semiconductors

Any Japanese Involvement by Market

KK Pangea (%)Sunoco LP-Convenience Stores (100%)

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

Kiku Merger Co Inc

3,305.6Investor Group

Japan / JapanJapan / China

Financials / Other Financials

Jan 1 - Sept 30 2017

Fortress Investment Group LLC (100%)7-Eleven IncSoftBank Group Corp


Rank Value (US$m)

Key Safety Systems Inc

USJ Co Ltd (49%) 2,262.1

United States / Japan

1,573.3Japan / Singapore

United States / Japan


Japan / United States

Mitsui Sumitomo Insurance

Financials / Asset ManagementReal Estate / Non Residential

Japan / United States

NBCUniversal Media LLC United States / JapanFinancials / Insurance

3,000.0

1,600.0Industrials / Automobiles & Components

First Capital Insurance Ltd (97.7%)Pending

Pending

8/23/2017Media and Entertainment / Recreation & Leisure


Acquiror / Target Nation


8/24/20172/14/2017 Pending

CompletedPending

6/26/2017

2/28/2017

Date EffectiveTop Ten Japanese Involvement Announced Deals

Didi Chuxing Technology Co Ltd (%) Investor GroupPending

4/28/2017

first three quarters of 2017, a 35.7% increase from comparable period in 2016.

Wework Cos Inc (%) SoftBank Group Corp

Any Japanese Involvement Announced M&A

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

4,298.74/6/2017

Completed

PendingCompleted

9/20/2017

9/20/2017

Pending

1/9/2017

Takata Corp-Business (100%)

5,500.0

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

$37.1

$21.6$19.2

$45.9 $41.2$32.8

$32.2$32.9

$30.4$33.7

$47.5

$42.4$50.3

$50.5$42.4

$32.6$24.0

$46.7 $69.6$56.1

$28.7

$38.8$30.3

$50.5$59.3

$35.2 $26.6

$65.2 $50.8

0

500

1,000

1,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


18

Imputed Fees (US$m)

Financial Advisor

Citi


2017 Rank

Jan 1 - Sept 30

# of Deals# of 2017

Rank

Any Japanese Involvement Announced (AD19)


- 29

31.7+3

Deals2016 RankSh (%)

Change in Rank Value per Advisor (US$m)

Sh (%)


11.734,667.0

203.871

-▲30.4

14210

Market2016 Rank

▼

38,230.836,644.4

US$m

14,084.8

Rank ValueSh (%)

▼▲

▲

28.7

7

0.2-1.1

7.2

9.2

2

23

13

Evercore Partners


Bank of America Merrill Lynch 6 9

Daiwa Securities Group Inc

7

16

2.1

1

105

2.6

3.7

17

15

88,503.7

4

13,654.48,732.9

12

2,561.916

3

Lazard

14UBSCredit SuissePricewaterhouseCoopers

KPMG

4,414.0

0.2GCA Corp ▲Macquarie Group

4.7-19.1

Daiwa Securities Group Inc45.8 ▼ -5

15

Financial Advisor Share Ch.


Japan Rankings

Share Ch.Market MarketAdvisor

Sh (%)MarketMarketMarket

Fees# of Deals# of

Share Ch.US$mRank Value

DealsMarket Change in

Sh (%)

6 23,004.7 20.033,234.5

127.3▼

6.7-13.6 ▼28.9-19 ▼

-7 ▼▲

1.2

12

2.8

104▼▼ 6.1

23▲+27▼

-171.4

-19

▲

▲

-16

-9

18.9

38.5

+3

▲

▲

4.0

52.7

4.9

▼

2.1

-17.9

5.6

81.9

60.0

5675.6

▼

-

▲

40.5

39.5

▼ ▼

1.1

2.1

2.8

4.3

0.3

3.2

▼

▲

▼

0.3

0.1

+10

-1▼

▼

▲

0.3

▼

0.2

3.3

0.3

0.1

+5

2.3

93.1

▲

2.2

0.9+10

0.5 0.4

▲

23

▲6

▼▲

1.40.4

18

1,447.0

0.318▼

2

1.6

1.123

▲1.0

2472 ▲ 9

▲

14.4▲

+1

+2 6 0

13.5

20.80.5 ▲

-20.11.0

0.24

▲2.3▼▼

0 1

0.1 +2

110.6

▼

19 28

0 3

▼

17

2

▲0.8

102.9 5.5

▼▼6.7

1.8

92.4 4.9 3.90.3

1.1

0.8

▲

0.8

▲3.1

▼▼

▲

105.6

43.8

▲0.1

41.8 2.2

▼

1.0

0.7

▲▲

▼▲

1.40.7

▼

0.7

▼

▼

2.5

0 3

2.0

1.1

0.8

0.8

10.7 10.4 ▲▲

20 13

-6.75.2

-34.2

11.212.311

▲

-32Lazard

0.2

▼10

12,298.212,922.9

381.9 Deutsche Bank-1115+8

4,040.23,092.6

3.4

6.98,313.0

6

5,676.86,998.5

26

13

2,996.5

290.3 ▲ 7

11.3

2.5

▲7.1

-2.6

Mizuho Financial Group

472.8

3.74,515.6 -6.111

▼

▼

125

45

18,146.811

Sumitomo Mitsui Finl Grp IncMizuho Financial Group

0.823

16,341.4 14.2

Ernst & Young LLP

9

21

8

12

JP Morgan

15

▲

59

Mitsubishi UFJ Morgan Stanley114

Nomura


8

▼7

4

1

-4.5 0.7-46

Goldman Sachs & Co20,110.7

2

12

-2.7

+4217.5

0

1

5-19.5

516,166.6

▼15.8

-5.99▼5.7

10-5 ▼

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

-50.4

▼▼

110.1 -23

614,882.3

10

0.4

5.015

-6.113 ▲

9

1.012.9 +8-11.5 0.9▼

173 14.1

▼0.6

5.9

6.812

▲

51 3.00.6

0.6 -512.414,298.3

▼

11

0.8

14,095.6

9,567.20.7

0.3 ▲8

8.37.7

0.5+2-14 12

-60.9

▲6.20.2

1314

+67.3

12

284

0.03,645.2

▲

-8.88,411.9

15

0.6 ▲

20.81.1 0.9 -26

5.041.7

+2

2,118.52,097.4

2.118 29 2,139.9 1.8

1.8Moelis & Co 20 28Rothschild & Co 19 17 0.3

1.78

-2.4-1▼ Moelis & Co

▼ 1.3-1.0

▼▲ 0.2 -3

1.3 ▲1,239.917 ▼

Plutus Consulting Co LtdJefferies LLC

211.4

▼KPMGQatalyst Partners 1.1

0.933

Deutsche Bank 23 18 1,746.0 1.5▲1.5

-1.222 48*

▲0 9BMO Capital Markets 25* 0 929

1 080 0▲ Torreya Partners LLC0 0 0 90 9+1 25 ▲

15 1,835.3 1.5 ▼Centerview Partners LLC▲1,823.3 +3

-2.8 -8

1,869.0

0.2

21 0.8 -5 1.6

Plutus Consulting Co Ltd15 16

-

Any Japanese Involvement Completed (AF23)

▲

191.0

35 2,485.70.2

▼

2.4 1.1

-1.0

201

+2▲

241,170.94 0.2

▲ 0 1,161.9-3

106▼

1.28,815.2

▼

Credit Suisse▲

0.6Ernst & Young LLP0 25Rothschild & Co

▲1.01,200.0

5

0.0▼

22

1,573.3 -1.3

▲▲

27

▼

4 0.2Sumitomo Mitsui Trust Holdings

1.4

Houlihan Lokey

16

-

1,579.1

3.2

1.0

PricewaterhouseCoopers1.82,115.9

▲ 6

1 050 011.3Industrial & Comm Bank China1

14.51.2

-4 ▼

0.1

0.8-25 0.2+11.1

15.22120

25.50.81.4▲

Evercore Partners

▲

4+4

+322

Jan 1 - Sept 30

6,604.3

JP MorganCiti

5.7

Barclays

-20.0 ▼

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

-Torreya Partners LLC 25* 69 1,050.0 0.9 0.9

▼▼-18.0%

▲+2 6.0

35.7%

Industry Total

Japanese Target Completed M&A Fees

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

-6.3%

0.1

-41.4%

0.321,703

▲

▼

100.0

▲

-115

htt // th

1,888.40.3▲

100.0 2,500120,691.7

0.9▲ 1 0.0 0

Industry Total -125

BMO Capital Markets 25* - 0.9

* tie66.6%

-15.0%▼

1,080.0▲ -

-25.9%

▲

▼▼ -4.8%

-0.5%▼ ▼-60.7%

Torreya Partners LLC0.0 0.90.9+1 25100.0

▲114,971.4

Japanese Involvement Announced M&A Target Industry by Value

1,050.0 1

23.9%

14.7%

11.1% 10.5%

9.6%

5.7%

High Technology FinancialsIndustrials Real EstateHealthcare MaterialsEnergy and Power Consumer StaplesMedia and Entertainment Consumer Products and ServicesTelecommunications Retail

$217.7

$99.5

$241.4 $217.9$169.7

$220.2 $228.9$146.6 $141.7

$254.0

$179.7

$147.8

$254.3

$130.5 $208.9 $120.9 $84.6

$150.3

$259.0

$326.9

$159.8

$144.3

$149.6

$113.3

$225.5

$189.7$154.2

$93.8

$167.3

$174.4176.7

250.3

185.4

167.3

247.7

209.4

158.1216.8

184.5

0

100

200

300

400

500

600

700

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

4Q 3Q 2Q 1Q # of Deals Q3


Any South Korea Involvement Completed (AF58)

South Korea M&AFirst Nine Months 2017 I Mergers & Acquisitions I Financial Advisors

53,624.4 100.0

Any South Korea Involvement Announced (AD51)

100.0-

758Industry TotalIndustry Total 59,151.413* 0.1

1,216Nomura 25 24 48.4 ▼ 00.1 -0.3 1

- 1 13* 0.133* 51.0 0 -Danske Bank 23 - 55.9

0.1 0.10.1 0.1

Macquarie Group 2413* 0.1▲ 1 1 ▲

2 ▲4 0.4KPMG 22 20 86.4 0.2 -0.5 ▼ 51 ▲13* 0.1Guosen Securities Co Ltd 21 - 186.5 0.3 0.3 ▲ 1

13* 0.10.3 0.3GF Securities 20 - 201.60.0 0.0

▲ 1 1 ▲Citi 19 12 220.3 0 -0.4 -1.0 ▼ 1 1 ▲Ikeda Konin Kaikeishi Jimusho 19 - 4.3 13* -- 1

13* 0.1▼ 113* 0.1

AGC Partners 18 28* 7.4 13* -0.0 0.0-2 ▼

Mizuho Financial Group 18 19 315.0 0.5 -0.3 0 -1 ▲13* -

- 1▲ 1

0 -Macquarie Group 17 - 51.0 0.1 0.1Daiwa Securities Group Inc 17 13 360.6 13* 0.1▼ 10.6 -0.8

1.0 -1.8 13* 0.1▼ 1 1 ▲13* -Standard Chartered PLC 16 9 586.3 -2 ▼ 0.4 0.4 ▲ 1Guosen Securities Co Ltd 16 - 186.5▲KPMG 15 19 290.2 0.5 -▲0.1 4*5* 0.3▼ 4 20 - 5Korea Development Bank 15 7 729.0 1.2 -2.3

2 400.6Bank of America Merrill Lynch 14 10 817.1 1.4 -0.5 9* 0.3▼ 3 2-5

▲7* 0.10.8 -1.8 ▼▼

3825.6 1.4 1.4 ▲ 1 1.51 ▲ 808.3 11* 0.7-16.3 ▼ 2The Raine Group LLC 12*

- 825.6 13* 0.1Deutsche Bank 12*13* 0.1

0.4▼ 51.8 -9.6938.6 4* -7 ▼▲ 1 7* 0.3

1 12 4Mirae Asset Daewoo Co Ltd

▼ 6▲

▲ 11.4 1.41 ▲

13*3 ▲- 1,021.9 1.9 1.9 3

-2.6Korea Development Bank 10 7CITIC 9* - 832.7Rothschild & Co 9* ▲

1.4 0.0 2.4 2.4- 1,280.3 ▲13* 0.42- 832.7 2* 0.7

1 1- 13* 0.1Mirae Asset Daewoo Co Ltd 8 6 923.3 -8.0

14* 832.7 0 -▼ 3 ▼Morgan Stanley 8* 5 1,280.3 -4

▲ 1▼ 1

Industrial & Comm Bank China 9*1 ▲1.6 -3.4

11* 0.2 -6▼ 1813* 0.89* 0.3

▼PricewaterhouseCoopers 7 3 1,722.8 1-9.7 0.1UBS 7 - 945.0 1.6 1.60 -Daiwa Securities Group Inc 6 11 1,787.9 7*1.4 0.1▲Ernst & Young LLP 6 8 1,193.1

2.3Morgan Stanley 5 1,337.832.0

-6.4 42.1-7.7

▼ 4▼-8.3

5* -1 ▼Goldman Sachs & Co 5 6 2,766.9 5.2 2.4-3.5 6▼0 -Samsung Securities 4 2 3,565.2 6.7 2* 0.42.7 ▼

-9.3 5*4.3 4

4

-JP Morgan 1* 12* 8,787.6 ▲ 2 0▼Samsung Securities 2 4 4,429.7 1* 14 0.8▲

10.3 ▲# of DealsDeals Rank

-3

0.30.6

3-3

0.716.4 16.4 ▲

0.3

0.11.4 1.41

-▲1.4 1.4 ▲

▲

Deals# of

5,909.8 10.0

13*

26 1

7

1,609.2

-1.5

0.5-5

33.3

811*

3

▼2

-26

8,787.65* Evercore Partners 1* -▼0.31

Market MarketRank ValueSh (%) Share Ch.

1.04.5

▲▲Goldman Sachs & Co 1

2

4 2Credit Suisse 3 1 2,520.3

▼

5Rank

2016 Rank

MarketUS$m

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

2

Financial Advisor


Change in

7.5 ▲

▼

-4 ▼

0.1 1

▼

Plutus Consulting Co Ltd 8*1,106.0▲


3.2▲2.4

2.1

8Credit Suisse 13 1

Market Change inMarketSh (%)

1 13*

Market

15.18,787.6

Sh (%) Share Ch.

Lazard ▲216.4 15.1 7*

Rank 2016 Rank

2017 RankFinancial Advisor

16.4

# of Deals

Ernst & Young LLP11

▲

Jan 1 - Sept 30 Jan 1 - Sept 30

# of 2017 Rank

# of Deals per Advisor # of Deals per Advisor

Sh (%) Value US$m

▼ ▼▼ ▼

Machinery

Miscellaneous Retail Trade

Top Ten South Korea Buyside Financial Sponsor Involvement Deals Jan 1 - Sept 30

4/17/20177/27/2017 Pending LS Mtron-CF & FCCL Bus Kohlberg Kravis Roberts & Co United States/South Korea 270.0

7/14/2017 Hugel Inc Leguh Issuer Designated United States/South Korea 312.5 Drugs3/24/2017 8/1/2017 Tasaki & Co Ltd Stardust Japan/Japan 360.64/17/2017 Pending Dongyang HC Co Ltd Leguh Issuer Designated United States/South Korea 416.5 Wholesale Trade-Durable Goods

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

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

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

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

Food and Kindred Products3/14/2017 Pending Kumho Tire Co Inc Qingdao Xingwei Intl Invest China/South Korea 832.7 Rubber and Miscellaneous Plastic Products9/28/2017 Intended Orion Corp Orion Holdings Corp South Korea/South Korea 834.8

InsuranceElectronic and Electrical Equipment4/1/2017 4/1/2017 Hyundai Heavy Inds-Electn Bus Shareholders South Korea/South Korea 930.8

4/17/2017 5/19/2017 KB Insurance Co Ltd KB Financial Group Inc South Korea/South Korea 1,059.5

Transportation Equipment6/28/2017 6/28/2017 Daewoo Shipbuilding & Marine KEXIM South Korea/South Korea 1,126.7 Transportation Equipment6/13/2017 8/2/2017 Hyundai Heavy Inds Co Ltd Hyundai Robotics Co Ltd South Korea/South Korea 1,268.0

Soaps, Cosmetics, and Personal-Care Products2/24/2017 3/24/2017 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea 2,433.3 Chemicals and Allied Products9/25/2017 Pending Carver Korea Co Ltd Unilever PLC United Kingdom/South Korea 2,703.7

Machinery6/1/2017 6/1/2017 Orion Corp-Food & Beverage Bus Shareholders South Korea/South Korea 2,908.7 Food and Kindred Products4/1/2017 4/1/2017 Hyundai-Robot & Invest Bus Shareholders South Korea/South Korea 4,207.4

Top Ten Any South Korea Involvement Announced Deals Jan 1 - Sept 30Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry

-13.9%-10.6%Industry % Change from Last Quarter-15.7%

50.5%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter -47.9% ▼Industry % Change from Same Period Last Year 23.3% ▲ ▲

-46.6% ▼-3.8%

* tie

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 20

1212

1.31.3 -5

Prairie Capital Advisors IncRed Sun Capital Ltd

19*19*

17*-

▲▼▼ 7,940.2

0.51.6

14*18*18*

2.21.91.9

51*4

7 2.02.3

Houlihan LokeyBMO Capital Markets

Fairness Opinion Rankings†

14*

87

-2

23,329.551,738.164,061.5

1,104.414,565.7

66.0

2.760,977.5 16.310,232.1

55,105.1


.0 0.042.8 0.0

548.1 0.162,691.4 9.32516,733.1

▼87,483.8

▲

2.5-

9,056.9

5,681.1

2.9

Evercore Partners

4,812.4

0.4

1.3 39,750.6▼

+3

13

22* +5

422*

8 +6

-65.9

18 2.013.6

0.915 ▲

10,232.1

4,552.8

▲

1.8 ▲16

▲2.1

16-17 ▼

-1

91,809.1

2.6 -7

-3 ▼9,863.27,934.1

2.1

1

▼

+5

▼

▼25

2.8

2.3 -14

2.0 -91.9

+3

+6

▼

3* 5

21 198*

3* 9*0

52

7 37*

23

-192.8

JP Morgan0.8

+12 42.80.0 6*.0

6 198* 12


14.1

0.0 ▼76,531.0

13.0


3.8

Duff & Phelps

JP Morgan

Bank of America Merrill LynchStifel/KBW

60,977.555,105.1

-210

0.12.6

15.610,232.1

Morgan Stanley

1.519.6

5,943.2

Evercore PartnersPrairie Capital Advisors Inc

11-5-6

.0 0.023,329.51.5

14▲1.2

7*910

7* 12Stifel/KBW

1,704.420

1.714


17

14*

Stifel/KBW

1.8

7,578.0

China Securities Co Ltd


15*

12*Sandler O'Neill PartnersSomerley

8*

15*China Merchants Securities Co

12*

Haitong Securities Co Ltd

29* ▼

8

Goldman Sachs & Co171418

0.7

Stout Risius Ross Inc

CITICDuff & Phelps

6JP Morgan

8*-11

19

2.1

Bank of America Merrill LynchMorgan Stanley

19 2.1

212.2

6*

▼

▼▼▲

4.7

Chartwell Financial Advisory 12*20 ▼-196

4.14.1 -315

-1417

15 +5

2* 3 19 5.2

18

42.8-3 ▼

▼548.1

0.05.5 +12 ▲

2* 2 19 5.2 -11

0.0

Duff & Phelps

# of Market Change in

1 16# of Deals

-1.3

Market

Huatai Securities Co Ltd

Rank Value

.020US$mSh (%) Deals Sh (%)US$m

6,881.1 1.0

Rank Value

Chartwell Financial Advisory21 9* 30

Fairness Opinion Provider2016 Rank

3.3Stout Risius Ross Inc

Deals0

-15 1

4.94 5

2016 Rank

+6-14

2,057.76,299.9

Piper Jaffray Cos18*18*

10

-2

98

6*▼

▲▼

Barclays 10Goldman Sachs & Co

0.0▼-510 ▼

▲

3.76.2

-5 13.8-6

.0

14.776,531.0

1111

3.1

5,943.2 1.6▼

▼5.8-1

4.64.64.3

5.2 ▼

3.4

20.4

▼▼

-1-3

▼

▼+5-2

12*

6*1412

5

9

17

1515

18

+1232*

6*-14

-3

6*

19

-26*

▼

5.5-10

▲Sh (%)

Credit Suisse12*

Prairie Capital Advisors IncEvercore PartnersBarclays 2.7

3.3

1199

1819* 17*19*19*

121.6

Rank Value (US$m)

Worldwide Announced Fairness Opinion

Rank Value (US$m)MarketRank Value


Jan 1 – Sept 30

# of Deals per AdvisorBased on Number of Transactions

Change in # of Market2017 Rank

Market2017 Rank

Jan 1 – Sept 30Any Americas Involvement Announced Fairness Opinion

Change in Sh (%) Sh (%)

Jan 1 – Sept 30Any US Involvement Announced Fairness Opinion

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


26

DealsMarket

19Chartwell Financial AdvisoryFairness Opinion Provider

Stout Risius Ross Inc

# of Deals# of

Gram Capital

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

2016 Rank

1

Morgan Stanley

1

2

6.120

42*

5

155.8

KPMGGuotai Junan Securities

3

11Raymond James Financial Inc12*

7*6.0

13.20.4

16.42.5

3.010

▼-1▼

-7

2,658.5+1-1

17*

12*

1.1Citi

-42.51.5

51,738.11,501.7

64,061.5

▼▼▼

2.2Pendo Advisors LLC14*

▼ 5,943.2

14*14*14*0.7

0.3 Stephens Inc33* +4

Centerview Partners LLCLazard

888

2.22.2

UBS

18*18*22*

19*Deutsche BankCredit Suisse

37*33*

1212 1.3

-5+4

▼▲ 19,282.6

1.3 6,452.4

.0283.1

0.00.0

16.6

3.75.80.0▲

14,565.722,748.2

66.0 13*17

Credit SuissePendo Advisors LLCStephens IncCiti

Raymond James Financial Inc12*1117*28*40*

1213*13*13*

1419*19*

98888766

2.82.52.52.52.52.21.81.8

+2+4+6-2

+1+1

▲▲▲▼▲▲

2,057.720,943.1

9,024.03,793.3

17.10.33.90.00.55.62.41.0

Goldman Sachs & Co 19* 31* 12 111,654.01.3 +12

Piper Jaffray Cos

▲

▲▼

20*20*

66

1920*20*20*

+1+1

20*20*

66

1.61.61.61.6

0+1

9,024.03,793.3

19,762.816,326.7

-▲▲▲

1.05.14.2

Centerview Partners LLCLazardRobert A. Stanger & Co

19*50*

665

1.81.81.5

+1+1+4

16,326.7740.7

Houlihan Lokey

5.34.40.2

▲▲

19,762.8

▲22* 4 5 1.5 -15 ▼

RBC Capital Markets 22* 31* 5 1.5 +21,085.6 0.3

▲ 7,254.5 1.9

1.02.9

UBS

Industry TotalIndustry Total

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

▲ 486.0 0.1DA Davidson & Co Inc 22* 50* 5 1.5 +4

100.0

11CSC Financial Co Ltd

TC Capital International Ltd17*

GF Securities

17*17*

▲ 1,061.5 0.52 1.9 +1Mediobanca 10* 28*

3* 10*3*

▲

5,310.3148.4845.4

48.81.47.80.7


0.6

2.3

-24.4%52.5%

JP Morgan

Lazard

MTS Health Partners LP

5,226.9Bank of America Merrill Lynch

4*-

148.8

--

4*4*

30

▲ 5,310.3▲

6 1.2 -6 0.4

8.3+11

+1

1

-1

+1

+14*

4*

8.3 +1

1

3*

1*

Any Japan Inv Announced Fairness Opinion

3*


Ernst & Young LLP3.4Sh (%)

+1

- 1 8.3

8.3

8.3

1*

1

8.3 0

1

1*

2.90.0▲

▲ 48.8

6.1227.8

.05,310.31

8.3

▼

326

3,196.7 1.60

10*

3,019.48.3 0

0

10.3

+3 ▲

0

▼

▼6

775.2

Goldman Sachs & Co

8*

1.0

▼ 717.2

▼

▼

Sh (%)US$m

▼

-27.8

655.9 6.0

-61.9%

6


-173.417 +6

2,658.5

4*

7

4,552.8▼ Chartwell Financial Advisory

+56.0-19

3.8

▲4,812.4

▲

26

1.41.4 -

▲

19

5.03.8

+518

34* 7

24* 7

-

+1212- 11

7

25

+3

▲

Industry Total

Industry % Change from Same Period Last Year 0.0%

+3

100.0


# ofDeals

▼

Change in

33.3%

2.60.1

12 10,877.2

33.3% ▲-74.6%▲

-87

1,645.1 0.8

-

0Industry Total 100.0

13*

▼

0.41.4-6

283.1

7,578.02.43.71.3

21*

-

-▲2.2

75.03*-8.3

▲

+1

0

315.1▲

1 8.3 +1Morgan Stanley

661.1

1

Nomura 16.74* 3,019.4

# of DealsSh (%)

▲

3*3*-

1

▲

--

▲2Deals

2

2016 Rank

# of

16.7 +2-16.7

123.6 1.1

8.3

MarketMarket

▲

0.7

17*7

-16.8%

1.4

▼

21*

▲

503 204,781.5

▲

-


10*

5

13*

▲ 9,863.219

1.8

▲

9

▲

6,881.1▲

-11 3.98.2

4.8

16,733.1-77,934.1

▼

* tie

Industry Total

▼

205,514.2

-8.5%

107

-25.9% ▼

Dongxing Securities

Zhongtai Securities Co Ltd

Industry % Change from Last Quarter -59.6% ▼ -77.6%Industry % Change from Same Period Last Year

Deutsche Bank

Sinolink Securities Co Ltd

-10

2.2

+158*

▲

99 1.88

-19

0.9+6 1,170.4

1,826.8

1,356.0485.1

▼▲ 0.2

+8

716*

75*

5

2017 Rank

2 91

2016 Rank

Jan 1 – Sept 30Any EMEA Inv Announced Fairness Opinion

Market

8.4 +311.2

Change in Deals

12Sh (%) # of Deals

▼# of Deals

100.0


365

▼

-43

-34.6%

Market

Industry Total 374,274.8

Rank Value (US$m)

▼

Rank Value (US$m)

-30.9%

Rank Value

Jan 1 – Sept 30

391,015.3100.0-20

-5.8%

Change in # of Deals per Advisor

Industry % Change from Last Quarter ▼-32.2%-30.6%

Sh (%)

14.5

27.73

2016 Rank

4China Securities Co Ltd

7368.02

+3

Huatai Securities Co Ltd1

0.2

▲


3

Based on Number of Transactions

2017 Rank

-10.5%-22.8%

-23.7% -42.8%

▼


8*10

3.22 3.2

10* 16- 2.4

Huaxi Securities Co Ltd8 1.6Octal Capital Ltd

15*15*

1.6

Fairness Opinion ProviderKPMGMorgan Stanley


1

CITIC57,024.2▲

▲JP Morgan

-115897

# of

+4

-11.4%

6.5

2

Market


Fairness Opinion ProviderUS$m

13*


8


Red Sun Capital Ltd

1

Guotai Junan SecuritiesChina Merchants Securities Co

Rank Value

Any Asia Pacific Inv Announced Fairness Opinion

15*16

Rank Value (US$m)

2.9Ledouble SA 5

6*

+8

-9

78*

3.73.7

65,420.9

6.5

-529,710.8

4*

Gram Capital

Haitong Securities Co Ltd4.7 3.87,865.9

21,087.7


▼ 4,650.1Guosen Securities Co Ltd 12

Somerley

10 2.0

-93.6

Sh (%)

▼ -63.9%

9,056.9

Rank ValueUS$m

5.2 4.4

Market

Jan 1 – Sept 30


4*

4*

2017 RankFairness Opinion Provider

4*

4*

1*

4*

Evercore Partners

Plutus Consulting Co LtdGuosen Securities Co Ltd +1 186.5 1.7

897.0 100.00.8

6*6*9

UBSCredit SuisseGoldman Sachs & CoRothschild & Co

16*16*28*5*

4443

3.72.8

+2+2+3-1

2.831.8

2.4

▲▲▲▼

5,895.75,667.4

4,855.5

BarclaysCSC Financial Co Ltd

25*25*

17*-

1111 ▼

,55,724.7

5,226.91.21.2

+2-6

▲ 8.3

6,088.6 3.0Morgan Stanley 21* 24* 6 1.2 0

p1.5 +3 ▲ 23,408.2 6.3

,

10* - 2 1.9 +2

Moelis & Co 22* 40* 5

▲ 192.7 0.1Guotai Junan Securities 10* 16* 2 1.9 0Numis

Piper Jaffray Cos 10* - 2 1.9 +2+2 ▲ 960.0

- 573.8 0.3▲

▲ 15,283.3 7.4

2,222.0 1.1BMO Capital Markets 10* - 2 1.9Moelis & Co 10* - 2 1.9 +2

-2 ▼Citi 10* 16* 2 1.9 0

▲ .0

- 3,152.7 1.5Leonardo & Co 10* 5* 2 1.9Prairie Capital Advisors Inc 10* 28* 2 1.9 +1

Shenwan Hongyuan Securities Co

2,351.3 1.1

-

1,979.70.0

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

DeloitteLazardSorgem Evaluation SASUDuff & Phelps

10*10*10*

-10*

-3*

2222

1.91.91.91.9

+2-1

+2-3

▲▼▲▼

2,607.92,846.8

582.3.0

1.31.40.30.0

0.5

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tablesopinions provided as part of a broader advisory mandate.21

-

-

-

-

-

-

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

Tel: +813 6441 1338

E-mail: [email protected]

Asia-Pacific & JapanKaori Motohashi


Ranking Criteria Summary

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

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

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

AmericasRobert LevineTel: +1 646 223 5682

EMEA

Tel: +44 (0) 20 7542 2246

E-mail: [email protected]

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

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

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

-

-

-

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

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

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

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

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

© 2017 Thomson Reuters. All rights reserved.

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


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