global m&a financial advisory review

MERGERS & ACQUISITIONS REVIEWREUTERS / Carlo Allegri

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Quarter 2015

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFirst Quarter 2015 | 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

3

6

6

11

12

11

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

Table of Contents

1

20

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

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)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

20

21

21

22

21

20

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

Any Asia Pacific Announced Fairness Opinion

8

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal Making Community

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

20

15


Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

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First Quarter 2015 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide M&A Up 25% l Strong Gains for Large Cap Deals, Healthcare M&A Drive Strongest First Quarter Since 2007 l Goldman Sachs Top Advisor

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees WORLDWIDE M&A UP 25%, STRONGEST FIRST QUARTER FOR DEAL MAKING SINCE 2007 - Powered by asteady pace of deals over $5 billion, the value of worldwide M&A totaled US$854.2 billion during the first quarter of2015, a 25% increase from comparable 2014 levels and the strongest opening three-month period for worldwidedeal making since 2007. Twenty-seven deals with a value greater than $5 billion were announced during the firstquarter of 2015, a 59% increase compared to the first quarter of 2014.

NUMBER OF DEALS DOWN 3% - Nearly 9,200 worldwide deals were announced during the first quarter of 2015, a 3% decrease compared to last year. First quarter 2015 M&A fell 7% by value and 21% by number of dealscompared to the fourth quarter of 2014, which ranked as the strongest three-month period for new dealannouncements since the fourth quarter of 2010.

US M&A HITS 15-YEAR HIIGH; BEST ANNUAL START FOR ASIA PACIFIC M&A ON RECORD - M&A activity forUnited States targets totaled US$415.9 billion during the first quarter of 2015, an increase of 33% compared to thelevel of activity seen during the first quarter of 2014 and the strongest first quarter for US M&A since 2000. WithUS$229.6 billion in announced deals during fthe first quarter of 2015, Asia Pacific M&A registered the strongest firstquarter for deal making in the region since records began in 1980.

HEALTHCARE, REAL ESTATE & TELECOM LEAD ACTIVITY - Driven by pharmaceuticals M&A, deal making inthe Healthcare sector totaled $US110.2 billion during the first quarter of 2015, more than double 2013 levels, whileReal Estate and Telecommunications M&A increased 17% and 98%, respectively. With just over US$50.0 billion in

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas

EMEA

Asia PacificJapan

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

Real Estate and Telecommunications M&A increased 17% and 98%, respectively. With just over US$50.0 billion inannounced deals during the first quarter of 2015, the Media and Entertainment sector saw the steepest year-over-year percentage declines, down 50% compared to the first quarter of 2014.

CROSS BORDER M&A UP 10% – Cross Border M&A activity totaled US$267.0 billion during the first quarter of2015, accounting for 31% of overall M&A volume and a 10% increase over first quarter 2014 levels. Cross borderM&A accounted for 36% of total M&A activity during the first quarter of 2014.

COMPLETED M&A ADVISORY FEES UP 3% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totaled US$6.4 billion during the first quarter of 2015, a3% increase from the comparable period in 2014.

$153.4$203.3

$78.4$23.0 $32.0 $65.9 $64.8

$115.4$157.7 $171.3

$176.4

$318.5

$83.2

$24.7$60.3

$88.0 $76.5

$80.1

$129.7

$160.6

$164.0

$56.2

$36.3

$78.9

$70.6 $93.2$82.9

$139.1

$280.7

$114.4

$35.7

$52.4

$101.5

$106.3 $94.0

$113.1

$131.1

21.3%19.4%

8.8%

6.8%

11.2%

13.2% 12.9%

16.5%16.0%

20.1%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% 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

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

$280.8$405.5

$258.3$114.3 $175.6 $234.7 $171.9 $132.8

$242.7 $267.0

$273.5

$640.9

$363.1

$111.3$204.1

$247.4$272.4

$166.4

$352.7

$253.9

$375.7

$326.1

$148.2

$269.9$205.2 $203.3

$184.7

$319.6

$404.8

$430.8

$154.2

$166.8

$262.0 $196.5 $253.1

$238.1

$316.5

33.6%

44.9%

38.3%

27.1%

37.5%35.2% 35.4%

30.5%

35.4%

31.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

% 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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2006 2007 2008 2009 2010 2011 2012 2013 2014 20152006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1

Western Europe

128.03,385.9

132.5 ▲

▲▲

459▲

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

317

1/1/2014 - 3/31/2014

358,751.0 ▼▼

▼▲

% Change in Rank Value

▲▲

▼

32.2-8.3

-54.2

1,455.1

-72.9

▲

-4.9

▼

▼▲

7,501.417818,039.4

-47.6

23.3-75.9

95

United States 333,937.0

2,414.6

▼2,085

▼

982.2▲▲

23

24,814.0

No. Deals

5,292.55,551.6

5,292.5 4,002.0

317,556.6

85

259

666,771.4

Rank Val US$m

% Change in Rank Value

South America

2,061

165

154.824

Target Region/Nation

North America165.6 Mexico

328,916.936

29.0 2,320▲

2,402

344,642.1▲

29Central America▲

2,528▲

Americas

4,059.0357.02,675.1

684,197.8

Rank Val US$m

273,1479,402

No. Deals

14-9.6

30.44218

11.82,640

-61.6

7,2026,724

Caribbean190.9

▲

33.1

24.624.9

381,206.4

▲

28

2,8552,449

▼-30.0-81.7

▼

▲

210406

581.8107

-53.5 Canada 11,360.3▼4,881.0

Brazil 3,932.4▼

3,276.8

9,054.7272

Chile80.0 ▲ 15,565.2

145.5Africa/Middle East

3,284.9▼

Sub-Saharan AfricaNorth Africa

175.6

80 8,901.7

68▲ 71178

210,210.5 105.37,437.3

24

298.8

12,619.4

20

184

3,233.7 1892

1,614.5

584

-63.2

73 581 5

▲-51.0

▲

2,060

102,385.7

22.0

2,525▼

35

321

2,735

21,063.019,384.4

46587,210.0 2,151

1 245

40

18 4

15,175.6

1 211Asia Pacific 87 125 7307

Eastern Europe

56,280.1483

18.3

23,651.048,019.3United Kingdom▼

202,773.2

▲Germany

515

▲-51.1

▲

▲Republic of Irelan155.8

▲580

96.8Europe

▲

▲

94

0.5

-54.2

713

30

139

Eastern Europe

497

3,173

24,395.843,955.4

20,652.7

2,4602,39810,783.9

Middle East

1.62,978134

1,767.2241.1

2,920.1

63 8

6,133.4103

Europe

24

Africa/Middle East

526.5132

270

175,523.9

262.3125 436 4 2 215

5,700.4

22

423,210.9

9,737.5

2,385

Americas7,782.6

2 341

36

2,718

Central America

South America

415,855.3

214114

21,473.8

North Africa

Canada

Western Europe12,760.7

178,356.9

11,042.7

8,190.6

North America

165,596.2

France

Chile 705.2

Asia Pacific

United Kingdom

Middle East

5,746.5Sub-Saharan Africa

142567

Italy

No. Deals

Rank Val US$m

596,237.3

Caribbean

6,136.4

Brazil

7,355.6

Worldwide 9,165854,238.3446,904.3

2,423.0

358,639.0

Rank Val US$m

15,821.0United States

559

Target Region/Nation

Mexico

164,740.062,400.9

33

4,337.8

3,857.6

312,346.0

25,373.9

Worldwide2,990

No. Deals

1/1/2015 - 3/31/2015 1/1/2014 - 3/31/2014

446,173.4

2,310.52455

328,166.9

11,697.7

205 454 5

1/1/2015 - 3/31/2015

333

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

First Quarter 2015 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions

12.9%

11.1%

10.6%

9.3%

9.1%9.0%

8.6%

7.7%

7.6%

5.9%

4.5%3.5%

South East Asia

Healthcare / Pharmaceuticals


Real Estate / REITs

Materials / Paper & Forest ProductsMedia and Entertainment / Cable

Telecommunications / Telecommunications Services

Consumer Staples / Food and BeverageTelecommunications / Telecommunications Services

Real Estate / REITs

Telecommunications / Wireless

8,613.08,209.5

2/5/20152/3/2015

PendingPending

Rexam PLC (100%) United Kingdom / United KingdomAustralia / Australia

412.3New Zealand

Novion Property Group (100%)

Target Macro / Mid Industry

▲▼▼

▲▲

-40.2

▲▼

Healthcare / Healthcare Providers & Services (HMOs)

Materials / Containers & Packaging


High Technology / Semiconductors

Energy and Power / Oil & Gas

Jan 1 - Mar 31 2015

Energy Transfer Partners LP

Pending

1/26/2015

2/5/2015United States / United States

HJ Heinz CoAcquiror / Target Nation

Hospira Inc (100%)United States / United States

▲

▲

-62.2208238

73,581.521,470.0

22.6

311,696.9 224

3,354.0

52

-57.8

31.2

1,245 18.4

17,888.1

1,211

▼108.321,743.3

6,760.9

192

651,567.6

355

116.350.5

61

7,516.8ChinaSouth Korea

636

8,286.2

55,768.5 635

Singapore3,390.1

26,444.46

37,057.0

-14.4107.3

282

Acquiror

Australia

147

▲

-32.4

▲57.485.5 ▲

-65.1

Asia-Pacific 87,125.7186▲16,333.6

45,410.8

Central Asia9,227.9

7

Rank Value (US$m)

▲9,049.7

23132,004.5

1626,753.0

▲Australasia

South East Asia

30.663.8

725.6

125,436.4 2,215

260

87.3

-16.1

304

45,300.6

0.012,480.0Japan

14

▲

North AsiaChina 90,857.4

165,847.7

61,974.4

Top Fifteen Worldwide Announced Deals

134.0Japan

177

-100.0

1,359.1

595

3,153.6

89,407.3

717.3

1,310

10,805.5

431,485

11

14,280.6

16,541.9

45.4

90364

10,709.1

-62.726

3,357.6

▲

8,783.0374

75

38

43 Malaysia

▼ Papua New Guin▼▼

South Asia 6,958.8

-17.0

▲

North Asia

37085

15,348.7

▼

Australasia

844117

57,714.3

232

1,105.9

1,024

222

142

▼

Regency Energy Partners LP (100%)Pending

4,391.4South AsiaCentral Asia -22.0

▼

Salix Pharmaceuticals Ltd (100%)

Ball UK Acquisition Ltd

54,716.5Cheung Kong(Holdings)Ltd

398

United States / United States

Freescale Semiconductor Ltd (100%)



▼159

Catamaran Corp (100%)

18,465.1

1/23/2015

Hutchison Whampoa Ltd (50%)21,328.319,917.0


AbbVie IncPharmacyclics Inc (100%)

13,242.2

NXP Semiconductors NV

18,222.9

Valeant Pharmaceuticals Intl

Hong Kong / Hong KongKraft Foods Group Inc (100%)

United States / United StatesO2 PLC (100%)

Rock-Tenn Co (100%)

16,098.3United States / United States

Macerich Co (100%)

15,858.3

16,770.8Pfizer Inc

Hutchison Whampoa Ltd

Charter Communications IncUnited States / United States

10,790.3

Federation Centres Ltd

Frontier Communications CorpPending

MeadWestvaco Corp

Verizon Commun Inc-Wireline (100%)Pending3/31/2015

15,381.2

Bright House Networks LLC (100%)11,086.61/26/2015

United States / United StatesUnitedHealth Group Inc3/30/2015Pending Hong Kong / United Kingdom

3/2/2015Pending

Pending

2/22/2015

Pending

1/9/2015

3/4/2015Pending

3/9/2015

2/5/2015

Pending

39.3237

Target (% Sought/Acquired)

473.5

Thailand

2,34121,339.5

8,887.9

Asia-Pacific

Pending

Australia

Hong Kong

586

20,762.3

13,875.8

3/25/2015Rank Date Date Effective

Singapore

254

919.6

Simon Property Group Inc

205,454.5

Pending

10,500.0United States / United States

Pending

Healthcare Real Estate

Telecommunications Financials

Industrials High Technology

Consumer Staples Energy and Power

Materials Media and Entertainment

Consumer Products and Services Retail

Government and Agencies

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Credit Suisse

2345

8.5

2.9

4.1

0.36.6 0.4

2.2

# of

Worldwide Completed (AF1)

MarketImputed Fees (US$m)

3.5

Market

812.5 ▲Share Ch.Sh (%)

12.8

-110.747 327.5

Change in

1.2# of Deals

Market Advisor

▼

+3-6

+40

▼

+4

0.5

37

0.5

-9

59,905.2289+11 Lazard

▲

Rothschild

8

11-4

0.1

15

0.3

0.40.4

4937

0.212

41,033.310

▼0.4 13

Credit Suisse

-19 Evercore Partners

▼12

5 0.1▼0.7

+3

10

▲

63

16 0.2+4

-13.9

42

3.5

-0.5

Morgan Stanley

Market

Jan 1 - Mar 31

Worldwide Rankings

2014 RankFinancial Advisor Deals

4 ▲Sh ($)

200,794.8 -6.1 0.7

2015 Rank

Rank Value per Advisor (US$m)

Goldman Sachs & Co# of Deals

-3

Jan 1 - Mar 31

1.0Financial Advisor

58-12.1

1

Change in

11.0

19.2

7 8

12

-2.1

6 141,953.9

Rank Value

▼60

# of

21.4

67▼

▼

▼

Deutsche BankCenterview Partners LLC

Bank of America Merrill Lynch

6

3

Lazard45 139,277.6

72,212.48.5

11.5

140Guggenheim Securities LLC 31,812.9

6.3

▼

19

▲10

-6.0

▼

5.339,427.5

30

Greenhill & Co, LLC

Macquarie Group

21

18

US$m

1.8

+172

40

6.8

0.8

0.60.7

53,682.4

1.8

54

95

-2.0

24.2 1

-716.3 14.845

▲▼ Morgan Stanley 4

1116.6

US$m DealsShare Ch.Sh (%)

# of Deals per Advisor

▲271,453.1Sh (%)

▼

MarketMarket Rank Value MarketShare Ch.

2 340.7 -33

-5.8202,740.1▼ ▲

0.130.4

Fees78

1.5 ▲13.6

5.1 ▼

Sh (%)



2015 Rank


258.3419.7

56 +14

▼

▲

▼

0.80.9

-11

417.6 ▲1.0

2 161,706.2 ▼

-19.6▲

24.33

64,658.4▲-

7Deutsche Bank

142,803.3

0.6-20.2

9.7Barclays 11.756

9187.40.6

0.5▼

3842

3.00.1 -6

▼▼

1.3

-4 0.878,033.86.6▼ -398,947.4 70

▼1.6▼

8.7 45▲ Perella Weinberg Partners LP ▼▲ 5

57,683.3▲ 0.7

▲0.99.0

▲

▲7.9

-3

▼▼ 1.2▲

189.780.0 0.6

162.41.3

1.8▼

-17 2.6142.340 -14

▼102.6-6+8 143.9

8.14.4

-0.4▲

0.655

▼ ▼

34,076.424 6.2

1.6▼

2.31.60.45.1

▼

0.829

▲▲

260.4

0.3 ▼

0.80.5

-60.2

▲

53.40.9

-90 ▲

0.3 ▼

0.8 ▼13▲

-22.9

15-

1.20.2

21

4.630,802.755.6

102.40.4 ▼4.0

24,142.3 3.640

-Zaoui & Co

626,353.0 3.314

13

▲ 15

UBS

RBC Capital MarketsWells Fargo & Co

+7 ▲1.317

23,101.6-0.1

Centerview Partners LLC

▼

▲ 2.5 41418- BNP Paribas SA

16

2.516,659.5

3.5

▼

+3▼

▼▼

▲ 0.2

40.8

3▲ 0.1

12.5-3 0.8

▲0.21.3

0.0

▼1.1

79.6 ▲0.6 0.4

70.9-80.2

▼0.533

27 16,692.8

2.419

Houlihan Lokey

21

19 15,638.5▼▼

18▼20

-14▲1.7

2 217 ▼0.637.215,337.6 -1.02.3 ▼0.3 Nomura

▲ Ernst & Young LLP ▼1 0+3 14 829 4 10 7 0 2 0 061 ▼210 9

0.1-100.322 0.4

2.40.13.6

279

▲▲

1 2-225

29,581.5 00.1 -60.3

39 0 4

▲

▲▲3.1

Market

3.5

1.4

▲

2.6

-1.5

-2

6-0.4

2014 Rank

JP Morgan12

45

98,508.6

207,104.2

15 53,382.713

CitiJP Morgan+4

102,257.9 12.09

Bank of America Merrill LynchGoldman Sachs & Co

▼164,125.3

▼-13.1

▲▲

▲23.5

-14.5

7.5

Worldwide Announced (AD1)

▲6.2

▼

9.59.2

2

93,719.2

Citi

Somerley64,398.5

78,699.713

3109

72,662.0

HSBC Holdings PLC 8

25

12

15

7

Nomura

59

1

UBS37

511

19

17

Anglo Chinese Corp FinanceRothschild

Barclays

16399*

▼

6.60.4

7014

56,660.6

5.3 ▲45,486.4

3 126 145 2

3.74.6

3.126,439.126,357.9

Blackstone Group LPMoelis & Co 20

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

* tie

11

▼

2.024

46.367.0

21

33.3

-20.8%-2.5%

0.1

12

LazardRothschild

8

12

Industry % Change from Last Quarter -17.7%

5

15.4

1,029

10 24.319.1

12

3

165

3658

3 31.12

12,023.9 3Citi

19,395.7

1

42100.0

23 23109

854,238.3

61,567.1

29,537.7

Industry % Change from Same Period Last Year

36,673.9

Telecommunications

Morgan Stanley

Industry % Change from Last Quarter

45,410.8

25,078.3

94,975.7Real Estate

FinancialsSomerley

73,789.0

Industrials

13,192.4

36.2

112

9 17,319.3

Rank Val US$m

215,274.6

1,251 22.216.92

8

31.4

77,965.0

1Bank of America Merrill LynchJP Morgan

3

JP Morgan

21

24

-7.1%

RBC Capital Markets

21 18 2.2▲1.7

▲ Ernst & Young LLP ▼-1.0+32.255

7522 14,317.4

14,829.4 -10.7 0.231.3

0.00.5

+4 ▲

61

0.2+2

▼-21▲

0.9

36.5140.18 0.3

100.0

0.60.6

0.4▼▼

0.30.9

▲▲

27

-6.6%

6,724

2.8%

6,366.2▼

-4780.40.4

▲

-7 1.5+4

95.4

▼

▲ 36.91.6 -1.9 ▼

1.21.7 ▲

1.9 ▲▼

Jefferies LLC12,591.913,190.3

4410,918.716

-237

+7 Stifel/KBW

▼

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

-20.0%▼

0.4 +7

No. Deals

▲▼-13.5%

Greenhill & Co, LLC

▲▲


HSBC Holdings PLC

Industry Total

HealthcareRank

232425

110,153.8

▼

▲100.0666,771.4

50,998.1

▼

9,165

ShareMkt.

▲

Jan 1 - Mar 31

0.3

11.8%

▲

▲0.61.8

1.2

5

609

12

Top WW Announced M&A Advisors by Target Industry

24.9%

35

-0.1 ▼0.5

39 0.4▲▼

-2-1.4

2.4+8

2847

252022

Nomura 3.126,145.2

1.8

20,052.822,830.2Mizuho Financial Group 2.7

16,087.6Jefferies LLC 15,177.1

1.9

34,334.2

53,113.9

Goldman Sachs & Co

Industry Total†25

CITIC

79,824.2


58.8Goldman Sachs & Co68.2


390,314.1

4 1

1 50.33*2

UBS

HSBC Holdings PLC

Morgan Stanley32,714.0 34.4

Jan 1 - Mar 31 2015

109.88 84.96 76.77 79.47

46.20

11.77

52.71

17.07 44.32 37.45

53.99

30.5 56.4

46.1 41.2

38.4

15.9

24.5

31.2

34.4 35.2

45.4

45.4

21.3

21.3

21.3 21.3

21.3

19.9

19.9

18.2

18.2

54.7

54.7

$0

$50

$100

$150

$200

$250

Goldman Sachs & Co

JP Morgan Morgan Stanley

Bank of America

Merrill Lynch

Lazard Centerview Partners LLC

Deutsche Bank

HSBC Holdings PLC

UBS Credit Suisse Citi

Ran

k Va

lue

(US

$bil)

Kraft Foods Group/HJ Heinz Co

Regency Energy Partners/Energy Transfer

Pharmacyclics Inc/AbbVie Inc

Macerich Co/Simon Property Group

Hutchison Whampoa/Cheung Kong

Other Top 15 Deals

All Other Transactions

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12.5x

Consumer Staples

Consumer Products and Services

10.1x

10.9x

Energy and Power

13.3x

11.9x

Healthcare

11.2x

High Technology

11.0x

Materials

12.0x

11.8x

13.6x 10.0x16.5x

11.3x -

12.6x19.8x11.3x11.3x

9.1x 15.2x 11.8x

28.7x18.9x

15.2x

13.1x

6.1x

9.3x

-

13.4x 10.9x

10.3x

14.8x

11.3x

8.4x

13.0x

10.6x9.5x

16.0x10.8x

19.6x

10.9x

19.0x

9.5x

14.0x

13.6x

12.7x 6.6x

10.6x8.3x

8.4x

14.4x

12.0x

11.8x 6.3x

9.0x18.6x 9.0x

19.8x

8.8x15.8x

13.7x 8.8x

14.7x

11.8x

6.9x 12.1x

13.6x14.4x

12.1x9.0x

11.5x10.3x

22.4x-

6.9x14.4x

6.9x

13.5x 14.3x7.7x

12.4x16.6x 23.8x

--11.7x3.1x 10.3x

8.2x21.1x

11.0x

9.5x

5.7x 14.0x19.0x

14.0x

13.5x 9.9x

12.7x

8.9x

14.0x

13.1x

8.8x

11.6x

12.0x8.9x

14.6x10.4x 12.0x

8.9x

7.9x11.9x

9.5x6.9x 6.9x

9.8x

13.4x13.4x 12.9x

15.2x 11.4x

13.8x13.8x11.9x

9.2x

17.3x

4.6x

17.3x

14.3x19.4x6.7x

11.8x11.4x7.1x

-12.0x10.8x

24.6x 27.1x 9.3x19.4x 14.3x

-12.6x

20.0x

6.0x 14.2x-5.5x

-

10.2x

16.8x

13.8x

10.3x

15.6x

UK

15.6x

6.3x

6.6x24.3x

7.7x 12.6x

12.0x 8.2x

17.7x

Industrials

12.8x

World

10.7x13.0x

11.1x

17.6x -

-

8.9x

6.7x

14.6x

--

-

8.3x4.1x

8.4x

11.8x

Telecommunications

Real Estate

Media and Entertainment

Retail

11.4x

12.8x12.5x26.6x

14.3x

USA

10.1x11.9x

17.1x

11.5x

22.4x

Japan

15.9x

Asia ex. JapanEurope

10.8x

13.8x

10.2x

-

10.9x

9.5x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada EMEAAmericas

Worldwide M&A MatrixFirst Quarter 2015 | Mergers & Acquisitions | Financial Advisors

2015 UP 2015 DOWN 2015

Jan 1 - Mar 31

Real Estate

15.1x

2014

52.4 -

UK

28.2

12.0x 13.6x14.5x 13.6x

23.6

13.8x

33.855.9

18.027.2 23.2

27.7

21.1

27.2

28.8

26.216.1 26.8

25.4

15.2

20.5

26.5 33.6

28.6

41.9

28.4

42.2

14.8

28.6

6.9

32.0

72.6

4.3

41.6 28.8

32.236.3

-

-

33.5

36.0

25.6

37.4

- -

-

36.3

19.0

34.5

35.6

18.0

26.039.1

14.2

44.729.5

17.0

19.0

56.1

30.122.7

Europe

11.5x

43.1

27.6

30.216.9

27.2

29.1

31.0

42.227.6

38.430.0

-

-

19.4

-20.4

30.421.3

28.8

48.1

28.8

44.7

-22.2

45.2

47.7

30.123.2

26.6

18.6

11.1x

21.7

Asia ex. Japan

7.3x

23.3

34

12.6x

14.0-

34.8

-

0.3

52.4

Japan

25.3

28.0 23.7

22.0

23.7

7.2

0.3

28.7

31.622.225.6

11.2x

23.8

13.3x

26.6

Average Industry Total

53.3

16.455.127.4

35.445.2

32.0

11.9x

33.3

33.9

26.6

21.0

USA

8.4x12.5x 9.5x13.1x

35.8

Americas

28.239.1

EMEA

34.4

28.9

35.3

33.5

32.6

33.9

42.9

30.324.9

Healthcare

Consumer Products and Services

48.2

23.3

29.227.2

Financials

Energy and Power

31.0

Average Industry Total

30.4

25.5

High Technology

Industrials

24.8

22.3

37.4

28.8

24.3

32.6

Media and Entertainment

31.1

Telecommunications 29.4

Materials

24.6

39.0

25.5

36.127.922.329.6

26.5

18.8

26.9

22.8

35.0

22.9

21.8

37.0

Retail

31.7

29.3

18.241.4 25.8

27.6

25.9

39.9

29.0

2015 UP 2015 DOWN

22.8

11.6x

37.3-

26.7

29.6

38.8

23.5

28.4

38.4

38.927.3 21.6

-19.312.1

7.6

27.4

16.5

16.8 33.0 - -

16.826.3

28.3

26.2

23.1

26.2

19.4

43.127.9

37.3 33.9

28.1

27.710.1 23.8 22.9

10.022.6

28

23.4

23.946.9 20.1

22.7 55.5

26.3 14.2 16.8

33.9

30.820.4

37.1

33.9

16.0

15.1

Canada

26.027.4

36.6

World

31.8Consumer Staples

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2013 - 12/31/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

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



Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

JP Morgan

Morgan Stanley


* 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

102006 2007 2008 2009 2010 2011 2012 2013 2014 2015

5

6

7

8

9

10

Ran

k

Lazard


Deutsche Bank

HSBC Holdings PLC

UBS

Credit Suisse


Energy and PowerCiti 22,889.2 1

JP Morgan 18,836.9 3

US Announced Advisors by Target Industry Jan 1 - Mar 31 2015Americas Deals Intelligence

Healthcare

Consumer Staples

Real Estate

High Technology

JP Morgan

Credit SuisseQatalyst Partners

Rank Val (US$m)

90,651.9 73,574.050,980.0Morgan Stanley


Morgan StanleyDeutsche Bank

Centerview Partners LLCLazardBank of America Merrill Lynch

Goldman Sachs & Co

36,673.961,006.9 54,716.554,716.51,801.3

43,608.4 29,532.629,020.6

35,091.8 21,328.3

12

1*

Rank

123

Mkt.

224

No. Deals

56.23 4

1

194 3.03

1*

5

144

47.52

1

43.4

447 4

Share

81.2

48.93*66.6

40.5

39,932.3 18,969.717,348.37,862.3

23

1Morgan Stanley

11

98 89.7

2

5

Americas M&AFirst Quarter 2015 | Mergers & Acquisitions | Financial Advisors

Americas M&A Increase 28% From First Quarter 2014 | Healthcare Volume Drives US Activity | Canadian Activity Rises 19%

1 89.7

Americas M&A volume increased 27.9% over totals reached during the first quarter of 2014, accruing US$516.6 billion inactivity from 3,650 announced deals. Estimated fees generated from completed deals in the Americas totaled US$4.8billion, a 6.6% increase from fees earned in the first quarter of 2014.

US Targeted M&A also posted significant gains, rising 33.1% over announced M&A in the first quarter of 2014. US-targeted volume accrued a total of US$415.9 billion during the first quarter of 2015, driven by 2,385 deals.

The Healthcare sector led the US market, with deal volume totaling US$90.7 billion, accounting for a 21.8% market share.Consumer Staples followed, accruing US$61 billion for a 14.7% share of the market. Real Estate rounded out the top 3sectors, with US$43.6 billion and a 10.5% share of the market.

Accumulating US$40.6 billion in transaction value, announced Canadian Involvement activity rose by 18.7% over the totals reached during the first quarter of 2014. Completed Canadian Involvement activity was down 16.6% compared to thesame period last year, accruing US$29.7 billion from 388 deals.

US targets enjoyed the highest average exit multiples in the first quarter of 2015 (15.1x), followed by the Asia ex. Japan(14.5x). All industries, except Healthcare and Retail, saw modest increases in average multiples compared to the firstquarter of 2014, with the biggest increases coming in Industrials, which rose to 13.0x from 10.7x in the first quarter of lastyear.

67.7

5 19.7

3 5 53.7

65.2 2 Barclays 19,542.9 2 55.7

US Target Announced M&A Target Industry by Value (US$ bil) Jan 1 – Mar 31 2015

Acquiror / Target NationTop Ten US-Target Announced Deals

Target Macro / Mid IndustryJan 1 – Mar 31 2015

Pending19,917.0United States / United States

Target (% Sought/Acquired) Acquiror Rank Value (US$m)

Pending54,716.5

1/26/2015

PendingRegency Energy Partners LP (100%)

2/22/2015

Hospira Inc (100%)

UnitedHealth Group Inc

Simon Property Group Inc

Date Effective

3/4/2015 Pharmacyclics Inc (100%)

Pending Kraft Foods Group Inc (100%)3/25/2015Rank Date

3/9/2015 Macerich Co (100%)

2/5/2015

Salix Pharmaceuticals Ltd (100%)

Pending Rock-Tenn Co (100%)

1/26/2015Pending

Pending

Pfizer Inc

AbbVie IncUnited States / United States

United States / United StatesEnergy Transfer Partners LPUnited States / United States

16,098.316,770.8


21,328.3

13,242.2United States / United States11,086.6

United States / United StatesValeant Pharmaceuticals Intl 15,858.3

MeadWestvaco Corp

Pending

Catamaran Corp (100%)

US Buyside Financial Sponsor Activity

Charter Communications Inc

3/30/2015

10,790.3

Pending


3/31/2015 Pending Bright House Networks LLC (100%) United States / United States

3/2/2015

HJ Heinz Co

NXP Semiconductors NVFreescale Semiconductor Ltd (100%)

Consumer Staples / Food and BeverageReal Estate / REITs

High Technology / SemiconductorsUnited States / United States

18,222.9Healthcare / PharmaceuticalsEnergy and Power / Oil & GasHealthcare / Pharmaceuticals

Media and Entertainment / Cable

Healthcare / PharmaceuticalsHealthcare / Healthcare Providers & Services (HMOs)

Materials / Paper & Forest Products

21.8%

14.7%

10.5%9.6%

8.4%

6.8%

5.9%

5.3%

5.2%

Healthcare Consumer Staples Real Estate High Technology

Energy and Power Materials Media and Entertainment Financials

Consumer Products and Services Telecommunications Industrials Retail


60.6 112.7

17.5 28.4 76.0 87.1

124.4

110.1

192.4

28.9 34.2 33.9 34.4

33.1 57.3

86.1

91.3

18.5

13.6

28.2 26.7

53.5

43.9

54.0

170.8

27.4

5.0 39.4

64.3 56.0

60.6

48.3

55.5%53.0%

27.6%

39.5% 41.4%45.9%

52.5% 54.6% 44.2%

72.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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

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Credit Suisse Lazard



MarketMarket Change in Deals

Any Americas Involvement Completed (AF55)

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


Americas Rankings

Rank Value per Advisor (US$m)2014 Rank

# ofShare Ch.

▲4.8Sh (%)

AdvisorRank ValueFinancial Advisor Sh (%) Share Ch. DealsUS$m

140,068.7 ▼31.9

Rank Value Market2015 Rank

Market

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

58

# ofFinancial Advisor

Market

+12Sh (%)Sh (%) # of Deals Fees

721.7 15.0Share Ch.

1.9 ▼

MarketSh (%)US$m

-141 ▲48.9 0.5# of Deals

2015 Rank

2014 Rank

Change in

27.1 -12.1Goldman Sachs & Co▲49 1.3JP Morgan 1 164,742.0 -1.3

1▼2

Morgan Stanley1 225,036.0

3 7 129,118.321.22 -2 ▼ ▼279.3 0.8▼ 35

379.95.8▼

1.6▼ 4938.9 -6.7

JP Morgan 140,813.3Bank of America Merrill Lynch

24-921.1

1.23.9

0.8▲

Citi30.6

-1243-3 ▼

368 1.9 -15.13

178,653.9

Lazard 4 13 108,998.4Goldman Sachs & Co

▲1.4-3

22.6 14.2▲▼ 7.9

▲5 5 102,257.9

0.5

19.8 -3.1

25.0

▼▲ 29 ▼ 914.8

- Morgan Stanley 54.41.3 +13 ▲ 212.5103,731.2 40

2.24 83,865.3 18.2 -22.3 1.9 +9 ▲57▼Bank of America Merrill Lynch 6 9 97,519.6 18.9

103.3 ▲ 41

Centerview Partners LLC1.1

371.9 ▲0.3 0 7.8+1 ▲ ▼-25.1Barclays 6 5 0.5▲ 168.7

29 59,905.2 ▼ 77.3▲69,689.9

7Deutsche Bank 7 12 76,344.5▼35 1.2 +2 3.5

▼8.0 ▲14.8

15.2+6 ▲26 0.7 Perella Weinberg Partners LP ▲

Barclays 8 4 59,590.2 11.5 1.8 1.9▼-15.1 87.013.0 12.0 1.6 0.80.2 -35

12 31,912.1 6.9 0.1 0.8 -12▲0.8

▲ 2532 0.9 -11 ▼ Credit Suisse 8

10 10 55,174.3 10.7

▼Citi 9 3 55,951.5 10.8

-3.9 ▼ 2531

10-9 ▼Deutsche Bank-16.7 ▼ 9

0.7+4 ▲ ▲ 139.0

10 28,061.011 30,249.4 0.8 +1

6.1 -1.6▼ 236.6 -0.5 2.9 0.7▼ 25 ▼

Greenhill & Co, LLC 11 11 35,314.5 6.8 Evercore Partners 112.2 1.90.8 -14 ▼ 107.1

▲ 22 1.7 0.813 27,009.7 5.9 0.1 0.7 -8 ▼ 80.9 ▼Guggenheim Securities LLC 12 78 31,812.9 6.2

8 0.2 0 -6.1 ▲ 6 0.2

-1.6 ▼Wells Fargo & Co 12+4 ▲ 31 26,353.0 1.2 0.2▲ 55.6▲ 13 0.4 +1 ▲

Blackstone Group LP 13 48 26,439.1 5.15.7 4.7

-3 ▼9 0.2 14 23,455.5RBC Capital Markets 13 ▼UBS 14 28 24,780.5 4.8 3.2 ▲

4.5 ▲ 5.1 0.2 1.1 1.60.7 -6 ▼ 51.4▲ 200.4 -5 1.0 0.8▼ 49.4

Rothschild 15UBS 14

▲ 213.8 2.36 19,927.012 0.3 +2 ▲ ▼ 124.3 -30.5 ▼

Rothschild 15 21 23,582.1 4.6 2.4 ▲ ▲54.827 0.717 0.5

RBC Capital Markets 16 16 18,538.20.7 +2

3.6 2.53.6▲

-0.4 ▼-14 ▼-2 ▼ Centerview Partners LLC 16

1.1 0.428 16,692.820 17,561.5

▲HSBC Holdings PLC 17 66 18,521.3 3.6 3.4 ▲

▲ 4Houlihan Lokey 17

1.7 1.00.1 -2 ▼ 79.6▲ 30 1.4 0.234 14,436.7 3.1 2.2 1.0 -7 ▼ 65.4 ▼

Jefferies LLC 18 23 15,103.3 2.94 0.1 +2 ▲

0.9 ▲ 26 0.7 Greenhill & Co, LLC 18+1 ▲ 41 14,196.1 0.6 0.4▲ 30.3▲ 6 0.2 +3 ▲Macquarie Group 19 34 14,426.5 2.8

3.1 2.5+1 ▲14 0.4 26 13,146.2Nomura 19 ▲

LionTree Advisors LLC 20 63 10,790.3 2.1 1.8 ▲1.5 ▲ 2.9 1.8 0.4 0.10.2 +2 ▲ 16.7▲ 6

0.8 +4 0.8 0.4▲ 36.9Jefferies LLC 21Stifel/KBW 20

▼ 232.3 -2.433 12,591.91 0.0 -2 ▼ ▲ 242.7 1.7 ▼

PJT Partners LP 21 - 10,500.0 2.0 2.0 ▲ ▼91.220 0.51 0.0

Moelis & Co 22 20 10,164.60.8 -6

2.1 1.42.0▼

-0.5 ▼+1 ▲+3 ▲ Robert W Baird & Co Inc 22

1.9 1.238 9,575.315 10,761.4

▼Qatalyst Partners 23 107 7,862.3 1.5 1.4 ▲

▲ 10HSBC Holdings PLC 23

0.5 0.30.3 -1 ▼ 24.2▲ 3 0.1 0.167 9,517.2 2.1 1.9 0.1 0 - 6.5 ▼

Sandler O'Neill Partners 24 61 7,346.3 1.45 0.1 +4 ▲

1.1 ▲ 19 0.5 Ernst & Young LLP 24+6 ▲ 18 9,422.9 0.1 0.0▼ 5.4▼ 13 0.4 -16 -Nomura 25 25 7,285.6 1.4

2.1 -0.1+3 ▲ ▲-0.5 ▼ 10 0.3 46 7,613.2BNP Paribas SA 25 71.7 1.2 0.4 0.20.2 +1 ▲ 18.7▲

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

Credit Suisse Deutsche Bank

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

23

14

4.0 ▲

1

▼

-9

17-1 16

2,385


Perella Weinberg Partners LP

Ernst & Young LLP

-5

▼+20

Peter J. Solomon Co Ltd

24

+1

▼

6,780.1 0.0+11.5-65

▼

-20.3-20.4

2

0.3

▲

▲2.3

▼ 0.71.0

2109,112.4

0.9

Stifel/KBW

▼

27,190.8

▼

Centerview Partners LLC0.0

12,591.9

LionTree Advisors LLC

4 12

▲16

5.4

16 -0.3

-0.8

1.318


37 10,790.3

1.9 1.9

1

5

▼18

15

30

11,170.4-2

Robert W Baird & Co Inc

317,556.6

-210

1.5

▲0.2

JP Morgan 1

Market # ofFinancial Advisor US$m Sh (%) Share Ch.

Jefferies LLC

Lazard 3

RBC Capital Markets 16

3323

202.6

Morgan Stanley 2 1 131,654.9

Goldman Sachs & Co 4

4.0 2.8

, ,Industry Total100.0 -1543,650 100.0Industry Total† -142459,799.2 3,036516,608.9

▼ -15.6%Industry % Change from Same Period Last Year 27.9% ▲ -4.0% ▼

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

▼ -12.4%

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

Industry % Change from Last Quarter -7.7%▲

100.0

-14.0% ▼▼

Imputed Fees (US$m)

▼

4,799.2

Industry % Change from Same Period Last Year 5.7%

US Target Completed (AF2) Jan 1 – Mar 31

-4.5% ▼ 6.6% ▲Industry % Change from Last Quarter -11.3%

Sh (%)2014 Rank

Market

US Target Announced (AD2) Jan 1 – Mar 31

MarketRank Value Market2015 Rank Fees

# of Change in 2015 Rank

2014 Rank

Rank Value Market Change in Market# of Deals

Market

36.8 -2.9 ▼US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

554.81.6 +12 ▲ Goldman Sachs & Co

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

2 153,193.4 5.215.639 1.91 137 ▲31.7 -14.6

0 -154,801.3 48.8 -6.2 ▼▲

3Bank of America Merrill Lynch+8▼

-313 105,853.6 25.5 19.91.4

8.3▼ 32-18.42▲237.3 6.7▲

0.70.1294.9

1.336.7 263 -14.8 ▼116,459.0 -

7 99,507.0

034.4

-▲ 1.0

▲1.6 -3 ▼JP Morgan

-0.2 ▼ 1.8 044 1.4 +13 ▲23.9 Citi 87,051.7 27.4 20.8 29-33.417.1Centerview Partners LLC 5 5 98,398.9 54,193.35 4 34 1.6 +5

▲4.6 1.47.3 1.0 ▲

162.4

-0.123.7 -5.5 258.7▼ 0.3 Morgan Stanley-18 ▲

29 Barclays 6▼

1.2Bank of America Merrill Lynch 6 9 76,752.2 18.5 1.15 49,351.3 15.5 -34.8 ▲ 122.5▼ 1.2 ▼Deutsche Bank 7 15 46,437.7 11.2 7.2 ▲

▼ 3.40.6 +4 Lazard 2.8

+3+3 ▲ 249▲ 2.11.0 -78.6 -1.0 ▼ 99.120 ▼

Barclays 8 3 46,319.6 11.1▼7

8.2 1.6 ▼1.8▲ 17 ▼ 69.40.8 -3 2.0Citi 9 4 42,768.3

1022

▼

26,149.08.0

▼0.510.3 Wells Fargo & Co+7

10 10219

Credit Suisse 8 13▼▼

22 0.9▲

▼25,327.6 0 -0.612

0.87.7 ▲6.7 ▲ -51.2 1.4

▼0.93.2112.5 ▲0.0

0.0 - 1.519 0.9 -7 66.2 1.9▼24,485.310 +30.1 ▲ 1637,372.1 9.0 -6.5 13

11 - 31,812.9 +6 ▲ Evercore Partners▲ 7.40.712 17

7.7 7.7 6 23,498.00.2

1125,980.5 0 ▼19,523.1 6.2 4.3 ▲ 0.49-4.411 6.3

8

Guggenheim Securities LLC1.1- RBC Capital MarketsGreenhill & Co, LLC 12

11

Blackstone Group LP 13 29 24,764.2 4 ▼0.2 -5▲▼ 4

0.2-56.0 4.9UBS-6

6▲

▼▼

-39.2 ▼-514,058.7

25.538.5

▼5 0.2- 14 2913 15,604.2

HSBC Holdings PLC 15 - 16,658.3

1.11.6

0.4▼4.4Houlihan Lokey

▲

▼UBS 14 24 18,530.3 4.5 3.6 ▲

1.1

0.53 ▲4.03.7

3.3 ▲Greenhill & Co, LLC 150.123

3.111,983.1

55.8260.1 +2 16.81.3

▲23.2 17

▲0.328 12,872.5 4.1▼▲13,288.1▲0.52.1 ▲ ▼

▼ 1.00.13.814,413.6 3.5

1.53.535.0

19 3 54.6-3▲+7

1.1 +4 ▲▲

0.632.1 0.90.433

Macquarie Group 20 22 10,381.1

0.1 -319 15 10,150.2 3.2 --1.2▲19 - 86.5▲10,500.0 2.5 Jefferies LLCPJT Partners LP ▼ 20 1.02.5 0.0▲ 0.0 +1 2.420▲ ▲0.52.5 1.3 +411 43 9,575.3 3.0 2.7 0.5 +4 -

▼ 0.0 -1.022.0▲

0.00.6 0.0

▲8,838.4 2.8▼ 015 0.6 21-Moelis & Co 21 19 10,094.5 2.46.0

42.0- 7,862.3 0.2

1.8 1.52.2 ▲

2622

William Blair & Co 23▼

Sandler O'Neill Partners 23 36 7,346.3-1Qatalyst Partners 22 Nomura0.2 +5 0.2

0.5-1.65,823.10.85,147.9 1.6

191.6

▼13 0.6 0 - 0.7 ▲1.5

0.052.30.9 ▲

▲ 18,788.4 2.8▲

371.8

76Qatalyst Partners

24Leerink Partners LLC1▲ +1 ▲▲ 0.6

0.4 ▲1.6 ▲ 19.32 0.1 0▲▲ 1.9 1.869.1

3,564.0 100.0+3▲1.6-24

-4.9% ▼

25 0.2

Industry % Change from Same Period Last Year▼

5,033.2 4

-1.2%

59100.0

▼▲13.0%▼

-9.7%-7.9%

2,061

-13.1%

Industry Total

Industry % Change from Last Quarter9.6% -10.0%-2.7%

100.0415,855.3

24 -

▲

6,161.1

33.1%

25 35 ▲

+6

1.1

▲

▲

Industry TotalWilliam Blair & Co

https://www.thomsonone.com

* tie

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables7

Credit Suisse Wells Fargo & Co

Industry TotalRothschild

100 0 73418 449 8 2 597▼ 12 0.8 0.8 ▲

4 351 3 100 025 19 5,332.7 1.3 -0.2

1.30.5 +1 ▲ 34.7

16 0.6 +2 ▲ 56.9 1.30.4 ▲

William Blair & Co 24 34 6,013.4 1.4 0.6 ▲ ▲17.71.5 1.4 ▲ 6 0.423 65 6,252.1 0.2 +3 ▲

13 0.5 -13 ▼ 5.4 0.1▲

Ernst & Young LLP 22 17 9,422.9 2.3 -0.1 ▼ 0.1 ▲24.21.7 ▲ 10 0.6 0.6

20Robert W Baird & Co Inc 21

2.110,671.4 2.62.3

-2.2 ▼-38 9,575.3

▲ 36.924 0.9 +514

0.4 0

0.92.1 ▲22 0.8 -4 ▼ 89.80.9 ▲

0.3 0.3 ▲Stifel/KBW 19 28 12,591.9 3.0 1.9 ▲

2.3 ▲0.2 +1 ▲ 14.71.9 ▲ 5

1.4 ▲28 1.1 -9 ▼ 59.6 1.40.7 ▲6 0.2 +3 ▲

▲Greenhill & Co, LLC 16 37 14,196.1 3.4 2.7 ▲ 30.3 0.7

0.618 19,523.1 4.7 3.0 0.625.5▲1.8 1.80.2 -2 ▼ 79.6

1.1 ▲6 19,914.9 0.4 -4 ▼ 47.24.8 -33.4 ▼ 101.6

▲9 0.3 -7 ▼1.1

▲20 0.8 -9 ▼ 1.669.23.0 3.0 ▲

Evercore Partners 12 12 23,684.9 5.7 -0.7 ▼- 130.36.2 -1.0 ▼ 2111 25,913.6

55.6 1.326,353.0 6.3 5.2 ▲0.8 0

1.3 ▲13 0.5 +1 ▲105.1 2.4 2.4 ▲23 0.9 -14 ▼

2.0 2.0 ▲Lazard 9 10 28,061.0 6.7 -1.7 ▼

3.4 3.4 ▲1.1 ▲ 21 0.8 -8 ▼ 84.7

▼ 146.613.2 -31.9 ▼ 2914.3 13.5

55,137.1 1.14 -3▲32 59,905.2 ▲5 0.2 -2 ▼ 77.3 1.8 1.8

▲199.8 ▲

46+13

Morgan Stanley 5 5 66,491.5 15.913.4 ▲

-22.0

7.54.6

-28.9 1.8 +3▼ 7.5

41 1.6 ▼ 7.8-84 9 91,647.2 37 1.4

Sh (%)Market

Share Ch.Market# of

15.754 682.12.1

Change in

96+4

MarketDeals Sh (%) # of Deals Fees

Goldman Sachs & Co 1 1 218,318.1

25Sandler O'Neill Partners 0.61.31.6

7,862.3

Advisor

-5.7 ▼ 33 1.3-0.4 ▼

Share Ch.

-8 ▼

Industry Total 470 533 10.31.07,273.3 1.6Nomura

3 021

21.9

BarclaysPerella Weinberg Partners LP 6

▲19 +6

▼▼

5

9100 0

1.7 ▲1.6▼

PJT Partners LP 2.2-0.610,164.6

LionTree Advisors LLC 20-

Qatalyst Partners 23 92Moelis & Co 22

20

2110,790.310,500.0

2.2

512.2

19

2.712,748.9

4.5

▲Jefferies LLC1.6 ▲19 27

14,035.8 3.0

2.7UBS 21 21,347.8

18

HSBC Holdings PLC 15

17

18,521.3

13,348.131

▲

▲

12 31,812.9105

16

5.0

3.159

14

20.721.7

9

▲6.8

97,519.614

-15.9

Blackstone Group LP 13 37 26,269.1 5.6 ▲

27 0.9 -10

Guggenheim Securities LLC11 11

6.835,207.2

6-1.8

108,963.45

2

67.9 ▲

▼

14.0

12 23.2

3.9

0.62.2

2.8

-0.416Rothschild

12Macquarie Group2.3

RBC Capital Markets 14,413.6 0.53

▼

▲

0.2

▲

2.0 ▲0.0

3.7

338.8

▲

▲7.8

275.9

▲ 4.6▲

324.8

6.3-11 15.7▼

-3.6▲3.9

▼▲4.7 65

+540 1.310

+5

▲

+2

7


24▲

0

1

18

0.2

0.8 +2

+1

Change in

+3

+1

25

-8

47Deals # of Deals

▲▼

-1 3

# of

1.3

16

+5

Market

1.6Sh (%)

0.3Citi

▲0.8

-2▲

Jan 1 – Mar 31Any US Involvement Announced (AD41)

Rank Value

16.24

-14.0 ▼

MarketFinancial AdvisorJP Morgan 1

29.0

2014 Rank

26.3Morgan StanleyGoldman Sachs & Co 3 7 123,679.8

US$m2015 Rank

2 163,021.31 136,423.0


34.7

Lazard

38 41.6▲

6.3Bank of America Merrill Lynch

Rank Value MarketImputed Fees (US$m)

0.4 +40.0 Jefferies LLC

BNP Paribas SA▲ ▲

3824

24 16,692.8 4.0

17

▲

Houlihan Lokey0.3

▼

-10

4

Greenhill & Co, LLC10

18

710.2

Citi 910

30 1.0347,810.548,997.4 10.4

-3.4


Deutsche Bank 7

102,257.9

48

5

65,957.8Bank of America Merrill Lynch

Barclays 29

7.518

▼-18.4

Deutsche Bank

Credit Suisse▲+6

1.0

14,178.7 3.43.1

2923 12,982.6▲

▼▼

Nomura

▲2.8

9

▲

▲

▲

▲

0.6+4

1

-9

Americas Rankings

10-6 UBS

14+1

0.6

2014 Rank

▲

▼

Jan 1 – Mar 31

12.558,894.6

Any US Involvement Completed (AF48)

-

US$m▼

Share Ch.-1.9

MarketFinancial Advisor

Market

8

26

31,392.6

11

118,863.92

Sh (%)


+1

-3

7.5

10

2

▲▲ RBC Capital Markets

15

▼

▼

▲


173,856.83

52.2

28.4


2.2 JP Morgan

2015 Rank

+16


Sh (%)

13▼

13▼

0.1

6 0.2

0.2

0.3

50 7,346.3

Morgan Stanley Desjardins Group

▼

Houlihan LokeyDTZ Debenham Thorpe Ltd

-16.6%

Raymond James Financial Inc5.56

2.2▲

▲-4

1

0.5

12

Industry Total

4 +3▲

0.7Bourne Partners LLC

2

1,395.3 3.4 -3.1

▲0.93

2.52.8

556

▼

1.0+333

-22.8

388Industry Total40,558.8

2.0

0 -

▼ 51.5 ▲

0.0 +30.00.4

0.5▲

▲ 1.030.40.5

4.4▲ 2.3 0.5

1.0

-29.9%▼▼

-15.7%▼

-72 455.9

▼ -21.0%-24.7%-50.3%


0.4 0.42

-13.4%

▲

100.0

1 +1▲113.825▲ ▲

Clarus Securities Inc.-

100.0

0.40.4

▲1.2▲

0.10.8▼▼ 0.30.0 -1

4

▲1

0.62142.4▲

-0.1

0.90.5

14*

4 0.7 131.2

National Bank of Canada Fin'l

24

22 41 222.2▼

0.921

258.1-

+10.9

-2.9256.0

20 ▼▲

9.80.1 ▲0.80.8+10.0

▼

3.81.2▲

18* ▼ 3.91 3.00.90.0▼Credit Suisse

21 21 1,000.3 2.5 ▲-2▲

▲0.0 +11 0.5▲ 2.4 0.512

Credit Suisse 18 11 1,309.41.2

3.223 344.4-

19 - 1,200.0 3.0 ▲0.23.0 +1 -4.4▼ 18*▼

Mitsubishi UFJ Financial Group0.9

17▼ GMP Capital Corp

265.0

0.0 1.0 ▲0.0 0.8

▼-4+2

1.7 2.2 ▼0.8

▼

0.24.7▲▲ 3.7

2

US$mAdvisor# of

▲Fees33.5-0.1

0.0

▼

7,210.2

▲


-11.1%

Share Ch.

21.0

▼

▲

100.0

▼8.4% ▲

-11.3% -12.5%

-73418,449.8

▼

2,597

Industry % Change from Same Period Last Year 7.9% -2.7%

4,351.3 100.0

Industry % Change from Same Period Last Year 30.8% ▲

-96Industry Total 470,533.1 3,021

-14.2% ▼

100.0

-3.1% ▼

23.9

2

7.1

15

1

Raymond James Financial Inc

41

0.2

▲3

117.2

10.9

0.217.2

# of

0.5


* tie

20 39 1,127.3

▼

-13.7%

▲-2.2

FirstEnergy Capital CorpNational Bank of Canada Fin'l

547.1 1.4617.255*

Industry % Change from Same Period Last Year 18.7% ▼

William Blair & Co

-26.6%

23+2 -

0.9

100.0

▼▲

7.68 530.0Maxit Capital LP

▼

16▼ - 1.8 2

RBC Capital Markets

Sh (%)MarketMarket

Financial Advisor

24.3

▲

▼

0.9

29,662.3

1.8

0.1


0.9▼-0.5

Lazard

▲

-2

-38.8-6

-1

265.0

Rank Value

526.5

0.2

▲

▼

BMO Capital Markets

+1

+1

▲17.0 4

3▲

- 6,954.1

6,973.91

▲

Sandler O'Neill Partners

5*Lenner & PartnersBank of America Merrill Lynch

2

4JP MorganDeutsche Bank

323.9

7,114.7

Danske Bank 5*5*Citi

42*

-6

Sh (%)16.6

-2

- 6,954.1 17.217.2

9,703.917.5 0.5

1 29.5RBC Capital Markets 11,957.6Sh (%)

2015 Rank

49.9

Rank Value

5Financial Advisor Deals

Market

+3

Market# of Deals

▲16.5▲

Morgan Stanley0

+329.82.7

▲ Industry % Change from Last Quarter

2014 Rank


Any Canadian Involvement Announced (AD42)

Rank Value per Advisor (US$m)Market

Any Canadian Involvement Completed (AF49)

1.3%

2014 Rank

Jan 1 – Mar 31

Share Ch.


US$m Sh (%) Share Ch.

▲

Market# of Deals

Change in MarketImputed Fees (US$m)

5 3.77.310.9

4.5▲▲

7.98.1

36.2

3 8,825.726.2

+1▲▼

DealsMarket

8

2015 Rank

0.1▲18 620.90.1

Sh (%)

Jan 1 – Mar 31

+3 21.9

JP Morgan

34

▲1


2+3Barclays

3.05.123.418.1 ▲

▼-16.8▲

34

0.0 -35

2-25,938.2 20.0 32.2 7.1▼0.1

2.9-2 ▼

▼+1

6Macquarie Group 0.00.0

7 2,072.9 7.013.3

▲

91

1017.2

Goldman Sachs & Co

6,954.1 17.25,394.0 1,713.9▲ 10CIBC World Markets Inc

11

7.013.3 1

-1+1

BNP Paribas SA0.2

291.41.4

9*

4▲

Jefferies LLC

▼

0.26.3▲101

8 7.29*

33.01,462.1

BMO Capital Markets 16 4

8

2 3,050.5

9Macquarie Group 1910


3,939.86Scotiabank▲ Goldman Sachs & Co▲

20

▼

8.0

▼▲0.1

0.130.8

▲

▲1.4

▲

▲

3.4

▲

▲▲

13.42.9

▼

3.75.8

-2.2

0.0

▼

▼

3

2.8-4

13.2▼

11

7,762.8

6,506.7

4.94.9

▼ -

+1▲4.91,462.1▲

- 1

▲

20.20.0

7.1-1 ▼ 19.1957.62.30.18 4.43.617

4.2

13

6.3-2

1,080.5 -0.2 ▲1

+3

0-0.6

▼

▲3.5-2 ▼2.5TD Securities Inc

12

-11.8 -0.919

▼ 10

547.1-5.6 ▼

4

1.8

3.2

0.10.1 1.0

▼ 2 0.0 ▼ 8.3 1.8-6 ▼13 741.49 ▼-4.4 4.50.7

1,720.7

▼

1,678.13

+10.7-5

▲

▲

1.5

-12.8 ▼

-12.7

0.54.1 1.6

1▲ 15

11

22-2

Industry Total

3

14

828.4 0.42.0

+1

-3.7

▼

4.20.2

25Lazard-88

26

Canaccord Genuity 2427

797.3

Rothschild

23 17

-4,427.5

122,250.0

8

2,411.7

3,311.6 ▼

▼7.58.2 0.9

0.7

-19.713.3

0.5-2

Change in

0.7▲

-5

4

0.2

0.2▲

▼

5.6

4.2 4.2

-11.3

▲

▼

GMP Capital Corp 17

▼

0.4

-

-15.1

-0.4

14*

6.0

Willis Capital Markets14*

313ScotiabankBarclaysNumis 4.2

1

5

▼

1,720.7-


EMEA Involvement Announced Advisors by Target Industry Jan 1 - Mar 31 2015

68.9

3

4 2,980.2

1

6

305

6 321,516.7

73.0

No. Deals

2

37,079.3

29.110,798.0

583 1

Mkt.ShareRank Val US$m

13,192.4

Rank

Rothschild 35.6

12.23,343.5

14.2

3

1

221,013.3

16,664.2

2

2

24,402.0

13.73

3


EMEA M&AEMEA Announced M&A Essentially Flat | Industrials Highest Valued Sector | Financial Sponsor Activity drops

Rothschild

Industrials

Deutsche Bank

10,497.0

Real Estate

3

EMEA Deals Intelligence

Citi24,844.2

11 7 9 3

216

41.0

237 28.3

3 11,620.4

75.72

5

3,463.5 230

15,038.6 14,277.8

46.8

BNP Paribas SA2

10,196.3

UBS

1Morgan Stanley

78.722,027.1

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 -Mar 31 2015

16,079.1

3

Materials

Healthcare


Announced M&A activity with EMEA involvement totaled US$233.5 billion in the first quarter 2015, down 1% compared to theUS$235.8 billion reached the same period last year.

EMEA fees accumulated on deals completed in the first quarter of 2015 was slightly down from the same period last year,totaling US$2.6 billion, according to estimates from Thomson Reuters/Freeman Consulting.

The Industrials sector led the EMEA marketplace, with 583 deals totaling a combined US$37.1 billion, including the Bidco Spa(Italian Investment Company)/Pirelli deal valued at US$7.9 billion. Energy & Power accrued US$24.8 billion, and Real Estatetotaled US$24.4 billion of activity.

Financial sponsors were less active this year compared to the same period in 2014. EMEA-targeted buyside financial sponsoractivity reached US$27.8 billion in the first quarter 2015, down 55.9% from the US$49.7 billion reported for the same periodlast year.

Acquirors listed on the London Stock Exchange were EMEA's most acquisitive companies this year, with a combined total ofUS$20.8 billion in offers.

Goldman Sachs & CoJP Morgan

Lazard

17,330.6

Goldman Sachs & Co

Citi

46.849.3

Energy and Power12

Goldman Sachs & Co

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)


Shire PLCEnergy and Power / Power

Ireland-Rep / United States

Auspex Pharmaceuticals Inc (100%)

5,074.7

Industrials / Transportation & Infrastructure

3/30/2015 Teva Pharmaceutical Industries

3/13/2015

Pending AWAS Aviation-Aircraft Portfol (100%)

Pending

Pending

Ireland-Rep / France


British American Tobacco Ameri

15,381.2

Healthcare / Biotechnology6,954.1

3,432.6 Consumer Staples / Tobacco

7,369.6Energy and Power / Power

7,913.8Materials / Construction Materials

Healthcare / Pharmaceuticals3,265.0

Canada / Sweden

4,000.0

Israel / United States* Undisclosed

4,666.3

Intended

Fortum Distribution AB (100%)

Rexam PLC (100%)Pending

CRH PLCBidco SpAPirelli & C SpA (73.8%)3/22/2015

2/2/2015

Target Macro / Mid IndustryTarget (% Sought/Acquired) Rank Value (US$m)

Lafarge-Holcim-Certain Assets (100%)

Top Ten EMEA Involvement Announced Deals

y g q p p ( $ )

2/5/2015Industrials / Automobiles & Components

Ball UK Acquisition LtdO2 PLC (100%)

Rank Date Acquiror / Target NationAcquirorPending1/23/2015 Hutchison Whampoa Ltd

Date Effective

Souza Cruz SA (24.7%)Macquarie Bank LtdIberdrola USA Inc

United Kingdom / United KingdomHong Kong / United Kingdom

Brazil / Brazil

Completed NPS Pharmaceuticals Inc (100%)

Intended

UIL Holdings Corp (100%)

Pending Investor Group

3/3/20152/25/2015

8,613.0Italy / Italy

Materials / Containers & Packaging

Australia / Ireland-Rep

Jan 1 – Mar 31 2015

2/23/2015

Pending1/11/2015

g p ( y p y)

$75.9 $74.4

$27.1$4.1

$21.9 $18.4 $25.7$49.7

$27.8

$45.5$85.4

$44.0

$9.0$16.2

$38.1$19.7

$33.3

$43.8

$60.3

$54.7

$28.2

$14.6

$37.4

$23.9

$18.7

$24.7

$30.0

$90.8$62.7

$24.9

$19.0

$26.3$22.3

$24.7

$34.0

$52.5

19.7%

16.7%

10.2%

7.6%

13.4% 14.2%

9.5%

18.3%

18.9%

14.7%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% 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$20.8

$7.9$5.3

$4.7

$4.7

$4.3

$3.7

$2.9$2.5 $2.3

London

Euronext Paris

Nasdaq

Swiss Stock Exchange

New York

Zurich

Nasdaq

Madrid

OMX Stockholm

BMFBOVESPA


HSBC Holdings PLC

RBC Capital Markets 25 33 5,328.3 2.3 ▲0.7

6,954.12.55,798.4

233 543 0 100 0

7,369.6--

977,369.6

6,954.17,106.5

▼

25

9,605.2 4.1

5.312,605.712,319.690

4.410,269.622

▼

▲

240

+3

0.0

0.0

▲

-2

0.1 -6

3 710-2

0.0▲

9

0.1

+1

-7

0.10.1 +1

0.0

0.1

0.0

▼424

Moelis & Co22

▼-

20Evercore Partners

RBC Capital Markets


0.11.8

23

25 34

▲

290.7

1.0

▼

0.20.9

0.9

1.4

38.5

▲

7.8

5.9

9.4 0.0

1.2

12.6

22.3

0.1

2.1

0.9

0.3

30.5

0.2

1.5

-2

▼

80.5

0.2

25.0

1.3

▲

▲

▼

12 ▲ 13

7.3

7.78.1

35,987.0 ▲▼

10

31,327.712.6

0.4- 8.1

22,015.1

11.023,101.6

513

13.219842,472.637,706.4

-1.9 0.3

0.4

+12 Perella Weinberg Partners LP

Rothschild

11

7

▲Lazard 9

10▼

▼ Zaoui & Co

19.8

40,178.617.719.5

17.2

46,207.7

41,232.00.6 21.6

16.815.6

▲0.3 ▲

52▲

37,034.4 15.9Morgan Stanley 44,510.4

▼

14.9-1+3

▼ Deutsche Bank 5.76 -37.9

▲

9

1.5

3.5

7.5

5.7

▼0.5

2.1

1.1▲

0.3 ▲▲

-

3.2

36.154.4

18.0

-▼

-16-12

0

-5

-0.3 ▼

-10.0

0.0

0.1

+10.4 ▲

0.0▼

0.2

255

0.6

0.3

0.1-▲

0.2

▲

▼0

0.40.1

▲▼

0.00.1 0.4

0.2

0.5100 0

0.6-2▼▼

-22 555 4

0.4 ▲8,449.6

5,377.5 1.9

285 692 51.4

5,149.3

5,522.4 1.9 1

0.4 ▲1.8

13

▼

1▲

0.3

+11.649

10

1

▼

-17

-2

4

1

▼-

385

-38

Industry Total4,015.35,074.7 ▲

▲1.7101

10

0.8

100 0 3 078

0.9

4.8

▲24

3

15.5

▲

▲

70,727.5

0.8 ▼

4.4

+3

1.7

7

190.6

0.412

-11

▲▼

45.0

2.5-▼

63.3

1.3-

12.0▲

▲

2.0

▼

▲▲

▲

1.3

0.2

0.1

Change in

-11

Fees

1.8

▲

0.70.6

Sh (%) # of Deals

Any EMEA Involvement Completed (AF53)

Share Ch.Market2015

Rank

EMEA Rankings

Advisor


# of Deals per AdvisorMarket

Imputed Fees (US$m)# of2014

RankMarketMarket


0.8▼▼ 1.1

2015 Rank

Market

Bank of America Merrill Lynch40.2

Jan 1 – Mar 31

306.9 ▲Sh (%)US$m

▼

JP Morgan31

4.4113.118.3

▲

38.8

+124.8

-18.6

61,705.9

28.4Financial Advisor# of Deals

45 Goldman Sachs & Co2 4

114

0.3+17▲ 0.5

113.027

-22.22534 -18

▼▲▼

92,590.7 32.4▲

0.3

128 +2

+5Citi

47,922.1

123.0

-5

+7-33.7 ▼

1.5▲89.9

▲-1

+4

▼

145.523 ▼

0.8▼▲

0.730

0.01.0

▲

13,555.0

3

1

0.6

▼

1323

3 ▼

▲

+12

Barclays

4.8Credit Suisse

+3172646

0.4

-37.5

10.7-9

14,830.5

7.85

1318,110.312-615,939.5

-615.6

▼6.5

-7.8

6.46.8

▲ 10

▼▼

-13.5▲

▼-20.4

80.10.1

-18

▼▲

0.211.4

220.2

23

5.4 2.8

Societe Generale

Industry Total

12

Goodbody Stockbrokers27

Lenner & Partners 22*21

Danske Bank 22* 217*

Nomura19*

104

24

3.2

5.10.3

3.23.23.9

183.0

3.03.0

-13.33.0

▲

8+11

2

1

0Leerink Partners LLC

▲

▲0.0

+1▲

UBS▼

Puhl GmbH & Co KG+12+1

14

2.90.6 ▲

▲3.2

0.2

▲▲

▲

27

▲ -0.61

Ernst & Young LLP 19

4.6

0.5

8

0.21.2

Kempen and Co NV

0.1▼

13,190.3

148-

28

3.7

3.610,431.4

1417

3.7

Nomura

21

▲ 1615

▼-0.9

PricewaterhouseCoopers

4.7HSBC Holdings PLC 52

17*17*

14

▲

4.211,963.310,431.4

6

3.010,249.8

▼3.7

▲

-41.4

▲▲

2.9▲4.0

11

2

11

6

13.0

4

10

45,524.95

10

2

8

Citi 6Lazard

Bank of America Merrill LynchDeutsche Bank

UBSRothschild

22,281.629,988.6

▼▼

12.8 15

-11139.5

+1

114,956.2

Market

13,635.3

▼

-2

28

-19.2

-8.6BNP Paribas SA

0.37

15

3

BNP Paribas SA

12

14

Morgan Stanley 934

Credit Suisse 11

Davy

Moelis & Co 13

15

9

7JP Morgan

19*

17

76

18Zaoui & Co

Barclays

30,442.7

53

Macquarie Group

Mediobanca16Greenhill & Co, LLC

-5.3

255.6

-4.334

5627

-6.5▲

50,956.0 -13.3 ▼


36,404.1

Rank Value Market

66,350.4 2.0

▼

21.84Goldman Sachs & Co

2014 Rank US$m Sh (%)DealsShare Ch.

MarketSh (%)Sh (%) Deals

Change in Share Ch.

Rank Value# ofFinancial Advisor

Jan 1 – Mar 31

1

-1.0

3.7

Any EMEA Involvement Announced (AD47)


▼

HSBC Holdings PLC Barclays

4.22▲

13.4

22

19*

Morgan Stanley

5

Financial Advisor

7

Moelis & Co

28.7Sh (%)

▲

233,543.0

17

15

9,605.2

5.625

100.0

30,442.733,139.1


62,885.4

8

18,110.322,281.6

1.8

0.1

Market

▲

-20.3

▼

Market

3.2 1

3.4

716

13.4

▲

3.1

3.4%

9

21

15,939.5

11710,269.6 4.7

18

7613

95

14

12.3

6.8

7,369.6

5,798.4

-3.4

1.9%

▼

▲

29,988.6

12,319.612,605.7

5.5

14,830.57.0

13.710.2

8.3 -8.5

▲

▲

▲

-13.5 ▼

▼

0.5

5.8 3.1

7.3

-240

▲

4.4


100.0 -247

Danske Bank

219,019.9

▲

38.3%

0.7

▲

27 7,106.5100

11,963.3

23

1.6

7.5

20

+12

▼

1.3

0.4

-5

2,457.7 100.0

▲

▼

▲0.2

▲

0.9 ▲

0.2

0.80.512.6

25.0

▲0.60.15.3

.2

▲0.6

▼

0.4%

0.2

0.2 ▲

▲

19.2

▼

▲

0.0+1

0.1

▲

▼-6

+1

-240

1.2

Change in

▼

Sh (%)

3,710

Deals

-6.1%

# of

▼

Jan 1 – Mar 31


-24.1%

+1

-5+1

8

+14

▲

▲

1.6

8+1

0.3

+1

0.6

+4

56

-8

-10.2

Credit Suisse

10

▲

▲

▲

BNP Paribas SA

UBS▲

22

1

4

13


17*

Ernst & Young LLP

15Nomura


▲

Kempen and Co NV

HSBC Holdings PLC

Bank of America Merrill LynchCiti

▲

# of Deals Financial Advisor

2+17


Goldman Sachs & Co

2014 Rank

1+1+5

0.8

0.8

-16

43

1.0

13 0.4


12

34

6

▲

▼

+3

+3

-

▲

Change in

302.4-201.1

183.1

1.3

-255

Sh (%)

1.0 ▲

▲

-2

▼

▼

0-36

-

▼

▼▼

+10 -

▲

-1-18 ▼+1

▼+4

-0.2 ▼▲

3.9

▲26

13

▲

1

0.6

0.9▲

1▲

▲

0.3

▲

0.8

8.2 ▲

30

0.9

0.0

10

18.522.4

16.42

1.5

0.4

47,922.1

8.2

0.4

100.2

0.3

▼19

1.6▲

0.4

10

▲

Share Ch.

89,348.5

# of Market

0.60.721

0.4

24

13.3

Rank Value

▼

-35.065,305.2

-17.8

Market

▼

Market

1711.6

Deals

▲

▼

13.4

17.8

14.016.5

25

12

1.6

0.8-22.3

33.232

3

46

24.3▼

8.6▼

1.5

-38.3

-38.8▲▲

11.4

▼

1

46

0.00.0

-2

37

0.10.0

7

-9

-12

0.3

0.1

-16

-2

-11.4%▼

0.01

146

▼▼

2,910

-7.8%▼ -22.5%

▼-22.3%▼

-

0.3-1

Jan 1 – Mar 31

▼

Share Ch.

0.6

▼

▲1.6

0.94.2

▲

▲

2.1

▼

0.9

▲

▼

▼

-

3.2 0.02.6

1.9

0.93.35.0

0.1

0.4

0.10.0

1.8 1.4

2.1

9.3

0.3

1.0

▲▲

0.6

0.11.3

38.5

0.8

-

▲

▲0.4

2.0

-

▲

1.0

1.1 ▲


100.0

-0.4%

2,555.4

-8.5% ▼

285,692.5

Any European Involvement Completed (AF3)

-22.5%▼-5.8% -7.7%

Industry Total

-21.6%


▼

52.4

-20.3

12

▼-2

-6

0.4

▼ 22

0.210

5

7,369.6-

3

11

15

2

4

13.9

Lenner & Partners

19*

Industry Total 3,46025

3.2PricewaterhouseCoopers

-0.1%

Macquarie Group

▲0.2▲

12

19

100.0269,115.5

3.1

98

10,431.4

100.0

US$m

44,510.4

60,235.9

▼

42.6

3,078

Sh (%)114,756.2


1.9

25 1.43,857.1

-7.7%

10,236.3

5,223.3

8,449.628


Industry Total

Evercore Partners21

17

24

-0.8

4,015.31.8

3.8

5,074.7

14

-0.51.92.15,522.4

22* 6,954.1 3.2

6

113410

27

9

Goodbody Stockbrokers

Macquarie GroupZaoui & Co

Nomura

Davy

BNP Paribas SAMediobancaGreenhill & Co, LLC

BarclaysCredit Suisse

UBS6

12

10

JP Morgan 8LazardCiti

5 9

Goldman Sachs & Co

Industry Total



▲Share Ch.

Rank Value

▼

1

-1.0%

2014 Rank

145,524.9


15

US$m

47,713.9

2015 Rank

4

-31.3%

-7.46.6

▼

-14.120.8

Market

26-3.6

42,693.832

RothschildDeutsche Bank

4▲▼

40,178.637,034.4 16.9

41,057.0▼▼-1.0

-4.6 ▼35,987.08

+7

JP Morgan▼0.75 31▲

▲

21▼

RothschildMorgan Stanley

0.6

27

-2230.8

34 183

35,771.213▼

Deutsche Bank

7Lazard

37,706.4

▼

12

0.3▼

0.3

▼▼

0.2

+110.0

0.1▲ Puhl GmbH & Co KG

21.8

18.8

Any European Involvement Announced (AD21)

19.5

99

▼▲

23,101.6-5

Zaoui & Co 1131,327.7

10 22,015.113,635.3

8.6

▼

▲

-41.76

▼5.1115.0

-0.9

143

4.13.2

4.8

3.9

5113,555.0

3.917*3.9

4.5

3.9

14

10,431.4

12,915.823

-

16

0.1-12

+1

28

-7.5

-1015.1

18.3

22.3

44.6

7.8

80.5

▼

63.3

Market

▼ 12.3

▼

4.3

▼-

1.2

105.9

38.8

102.2

Advisor

▲

5.9

Sh (%)# of Deals

+5

-10

-2

▲

123.0

* tie

Industry % Change from Last Quarter ▲

0.824Societe Generale22*

145.5

33.0

78.5

30.5

▲

▼ RBC Capital Markets

▼

▼

▲


RBC Capital Markets 2.432

6,954.1

25 5,328.3

0.0204*12 -13.5 ▼ 352.7

Leerink Partners LLC0 230.3

3.2 -

Fees

+7

-1

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

t e

10

Greenhill & Co, LLC Deutsche Bank

Macquarie Group

0.2

10.5▲

13.49.1

13.2▲10.8

10.8▲

1 0.01.6

114

751

+3

0.1

0.053

▲ +14

-10.1▲

-4

▲ 0.1

+22+1

0.00.0▲ 3

3.8 ▲

4.4

5

36▼

▼4.56

▲-32.5 ▼

11 4,437.60

0.91.2

UBS

131114 6,135.7

8,788.4

1114

+12-2

▲

1.4

6.3▼

▲+1 9.2 ▲26

+2

▲

Credit Suisse38Ernst & Young LLP

11▲

5512 8.89.0

1.1

4▲11,545.910

9.79,517.26.611.8

14.73

63 89,888.4

16,240.0▲ 87*+3

0.5

0.3

7

+3

17.213,422.8

0.65▲

17.310

419,685.6

Nomura 9-3

1.09Zaoui & Co

▼7

11+2

16 17.4 ▲

▼21.5 20.2

-6.4

11.9

22,221.8 24.3

31.1

▲-3

▼

-0▼

▲

▲

+5+4

5

0.8▲ 0.8

1.4

▲1.2

▲ 1.1

-14.325.12.9

Morgan Stanley

1026 ▲

-123,725.7

326.0

18

HSBC Holdings PLC

RothschildBank of America Merrill Lynch 4

Barclays 78 749

6

28

3

Credit Suisse 11

Deutsche Bank

15,781.2

10

3215,922.9

Citi

UBS

Moelis & Co

24,161.167

52 26.4

Sh (%)Market

9.7

0.9

▲10.3

3.0 ▲

2,308.81-11.5

1,720.72.5

21

3.6

24

Oakley Capital Ltd

Mizuho Financial Group3.1

3,321.83.3

2.92,613.5

20

3.2

7.7

41 2.2-

2,823.5

3,432.64,128.3

3,002.4

▼

3.84.5

-37.2

18

6,699.41

17▲

7.3

113*

22432310*

-


9,404.512

Lazard 7,008.4

Macquarie Group 9,605.2

232

16

Numis

10.5Morgan Stanley

15

1314

-

JP Morgan

108

Santander19

19

12*Nomura

RBC Capital Markets

51

Willis Capital Markets

Industry Total 91 372 11,505.0

100 01.71.9

2▲▲

1.7

10.8

3

▲

▼▲

▲ 33.3

1.8

-9.5

3.0

21

4.6

28,389.2


US$m

22,953.4

12,210.6

2014 Rank Share Ch.Sh (%)Fees

N+1

34

56

18

9

231,515.7

13

7BarclaysRothschild

20

24

HSBC Holdings PLC

Evercore Partners

8

1.3

22

10

3.822*17

1,674.6 1.7

3,674.8

1.8

1,567.2

3,233.9 3.3

32

82

2,364.4

271,239.9

1.6

97 840 6

▲1.11.3 ▲

100 0

03.3

+412.1

942 5

1.1▲+1

10.621.7

1.2

22.2

1.8

23.2

61.4

92.410.3

2.2

15.6

▲-

20.3

▼

-

▼

-

30.4

Change in

12.5

74.0+7▲

-

+3

Advisor

31.3

9.896.9 2.2

Jan 1 – Mar 31

Share Ch.

Any UK Involvement Announced (AD32)

3.3

Imputed Fees (US$m)Market

▲1.9

7.9▲▲2.2▲

3.4

1.36.5

▲1.33.2

0.0 ▼3.7

0.8

0.1 ▼▲

2.40.5

0.1

▼

3.9

▲

0.10.0

▲0.41.5 ▲

0.2

▼0.3

▲

▼ 1.5▼▼

2.7

1.7

0.2

▲1.2▲

▲-

▲

14.4

4.8

▲ 17.60.4

9.8 1.010.9

▲

0.3

▲

▲

3

Sh (%) # of Deals

▼

9

▼

1.2

▼

8

1.0

+3-1

+11

Change in

▲2.4

+1

1

Deals

12

BNP Paribas SAScotiabank

▲

0.1

0.0

5

25+17 100 0

-5 ▼

0.1

▲

▲

+3

0.6

+5

+11

▼

+4

▲+4

▲▲

0

0


▲

0.10.0

0.1

0+5

-10-1

-10.1

-3

7.2

0.1

26.6▲

0.113.5

-63.1

0.10.1

3

8

-40.4 ▼-50.1

0.0

2.3

1.5

1.8▲

▼

▼

23.6

4.8

3.2

+9884

6

10

▲

EMEA Rankings

Rank Value

Any UK Involvement Completed (AF39)

2015 Rank

45.1

# ofMarket Market

45,533.5Sh (%)

▲ 0.1

2014 Rank

1039.0

DealsShare Ch.Market


2015 RankFinancial Advisor

Rank Value

0.1


Sh (%)

0.2 ▲11

# of Deals

▼16

23.6

0.2

0.3

▲

2120.4 ▲

0.2-48.5 15

-

30.930,381.6 31.1

20.9

13.5

7,065.8

16.6

27.827,174.0

3.8

1,756.01.4

▲

▲

0.6

0.5

2.06.2

2.2

▼

▲

0.20.7

1.91.3

0.2

-

▲

▲

0.3

2.32.5

▼1.1

1.2

▲

▼

0.6

▲

Jan 1 – Mar 31

Market

-00.1

220,416.5

54

2.4

0.1

+1

6

1

24

0.2

RBC Capital MarketsBank of America Merrill Lynch

+14 ▲0.22

▲

▼1

-1

0.5

0.30 -0.1

# ofMarket Market

Cenkos Securities PLC0.3

Blackstone Group LP1.9

25

2,713.2Standard Chartered PLCDeloittePricewaterhouseCoopers▲

▲+20 -

Industry Total


15 -71.5

2146*

3

19

-

6.1

46.5

▲

JP Morgan

Citi

-

3,743.8-

-75.2

Smith Square Partners LLP

4,340.9

US$m

23,101.6

13,170.0

Goldman Sachs & Co 1Financial Advisor

30,265.44

1Goldman Sachs & Co 2 5 38,160.5

12

Lazard

16

* tie

Zaoui & Co Credit Agricole CIB

Credit Agricole CIB

1.3 +4

Market

▼3

-42.2

▲9

1

5.13

2

5.8-2.4

-17.3%

Market

▼

Jan 1 – Mar 31

Market

-20.8%


Any French Involvement Completed (AF40)

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

751

-43.7%

1.5

-0.5

-34.52.3


Rothschild 52*

5.8-

16

22Morgan Stanley

21

5*

5*

23*

Barclays 20

6

▲

-67

-5

7

1

30.1

1

1.0%21.6% ▲

BNP Paribas SA

2014 Rank

Goldman Sachs & Co


Rothschild 3

Industry Total

2



91,372.1 100.0

3

Share Ch. Deals

4 9 2

▼

-19.0%

18

-18.8

Market

52.0

0.1 +1

0.41

▼

2,085.0

3

52*1,649.5

1,251.0

25

13

9,292.7

13*

▲- 19

18

13.5%

▲

Deutsche Bank

▼

Evercore Partners

Natixis

15

11Industrial & Comm Bank China

13*

Blackstone Group LP4

00.43

▼

12

Barber Hauler Capital Advisers▼

Bucephale Finance

▼▼▲ 4 Lazard

Market

▲ 21

2014 RankFinancial Advisor

▼

97,840.6

32.7US$m

▼▲2.8%

8,005.5Sh (%)

100.0

MarketShare Ch.

-14.21

8.9

3

7

2▲

▼

6.7

9.1

8.0

9.110.2

12.6

8.5

6.78.0

▼

▼ 91

4.4

0.9JP MorganDC Advisory

360.0

1.0

8.8 2.7

▼

▲1.31.3

7.7

▲2.1

▲0.2

0.1

▼1.71.5

3.20.1

▲▼

▲

▲

3.0

0.4

▲1.4

▲

1.5

1.31.7 ▼0.4

▼

▲3.0

1.0

0.61.4

▼

▲▲0.1

4.8 ▲

▼

▲

▲1.6

Sh (%)

942.5

Change in

32.2 9.8 ▲

15.1%

AdvisorImputed Fees (US$m)

Market

▲▼

Deals FeesSh (%)▼

5.911.0

0.71.8

-9Share Ch.

-14.4

+2▼-3

40.43

51221.8

+3

12.9-7.3

21.021.8

16.2

▲-1.7 ▼

13.1

+10.4

-4

▼ 0.7

▼

-1-2

5

00.10.1▲

-19.0

0.7

112.0 ▲

5

24,483.8

566.2

2

24.2%

1.51.5

343.9


1.4

14.2%

Industry Total

360.0

1,072.8-3.3

+1 22

-45.3%

▲

BNP Paribas SA

1.1-2

▲

▼-4

0.5Credit Suisse

-0

-1

+30.1

0.5 +1

+1

-6

# of

0.4

▼

0.32.9

Market

-2

1

3

0.4

16

1

1

6

8▼1

-37.611-50.3

0.1

▲

-46.1

▲

▲

7

▲

▼1

▲▼

1▲

5

▼15

5.2▲

▲

0.1

8

9*Davy

Societe Generale

7,493.8

7

-

7,369.6-

Morgan Stanley

UBS

9*

18

Goodbody Stockbrokers

16*

9*

7,822.627.0

5 28.26 7,497.5

3713*

▼

PricewaterhouseCoopers 298

-30.6%Industry % Change from Last Quarter* tie

▼

Industry Total25

Mediobanca

UniCredit

27,741.8

24

22*


Cushman & Wakefield Inc

21

Lazard

28

1719Leonardo & Co

-

RBC Capital Markets -

-5.2

16*5

20

22*-

4,450.4

2.1

1.61.6

893.0

5,425.75,187.6

JP Morgan

Banca IMI (Intesa Sanpaolo) 22*

Guotai Junan Securities

Deutsche Bank

-

12

▲26.6

26.6▼

Industrial & Comm Bank China

13

5.2 5.2

14 2

-8*

0.1 -3

-18.6

19.6▼

-26.4-23.0

▲

Goldman Sachs & Co

3,660.7 15.0

8* 52*

-

13.1Citi14.9

5*20

43

▲

8

2,501.0

5,138.1

15.3

13.1

-8.5

▼5

# of

▲

▼

2015 Rank

+17


100.0

▼

Jan 1 – Mar 31

+9


Sh (%)Change in

1.0# of Deals

884

-35.0

24.4HSBC Holdings PLC

33.58,667.7

28.4 -19.1

27.0

31.2

Credit Suisse

▼7,864.5

14,432.1

9*

▲▼

-27.847,496.1

27.0

7.526.6

26.6

26.6

26.6

7,369.6

7,369.6

1,428.216.0

1.0

-3.4

1,428.23.22.72.4

3.2746.9

18.7

660.7

396.3

7,369.6

592.4-1

1.4

453.0

1.4 ▲

1.6453.00.3453.0

1

0.1

1.6+1 ▲

1 -0.1 00.1

-5.5%

+83

23*

1

732▲

15▼

+87

-53.0% ▼

100.0100.0

-8.0% ▼

1,428.2

11.2

Societe Generale

▲

+1


▲

-


+5

1

8.5

▲

2,735.1

Rank Value

5,348.5

▲33

211.0

▲

0.30.1

0.70.6

▲

1

1,965.0

10.2

2

▼Messier & Associes

▲9.1

0.1 ▲+1 -▲ Mediobanca 170.1+1

-8-8

0.100.8

0.71.0

▼

▲

100.0

-28.6%

2.9-0.0 0.0

▼HSBC Holdings PLCCallisto

▼0.1

0.4

1,093.14.44.5

-

▼

6.6+1

+1 ▲

1.4

0.1

-

▼

▼

▲

-

1.4

.0▲

6.9

11.54.4

▲

▼

1.44.5▲

▲0.2

3.5

.2

.5

4.40.3

328.3

2.0

0.0

▼

1.59.9

5.7

▲3.0

7.711.8

2.43.6

5.0

-

▼1.0

▲

▼

11.3

15.314.4

▲-4 11.7▼

+4▼

3.436.1

0.9

6.1

4.7

13.6▲▼

3.6

4.21 1

2015 Rank # of Deals

Rank Value

▲▼

Bank of America Merrill Lynch1510

▼

Any French Involvement Announced (AD33)

-25.6%

US$m

-13.86.1

Sh (%)Financial Advisor

Industry Total

669

-1-3

0.2%▲▼▲

+20

▲

▲+1

0.1▲

0.1

-1

-1

1

0.4

0.1

11.3

1▲

+2

0.1

0.3+1

+1

2

▼

▲

0.3

-0.83,215.03,087.6

3,732.9

2.3%

-2,232.5

5

9.1

9

2,232.5

3,975.2

43,215.0253,647.7

1

10

▼

+2


PricewaterhouseCoopers Rothschild

+111

--

.0

.0 0.00.5

-▲▲

-

2.950 -

0.6

1

0.6

0.0-

Kotak Mahindra Bank LtdErnst & Young LLP

0.0+1

1.53 ▼▲

-11

0.5+1

0.0

-5.80.00.121

-3.9

1722*

▼40.3- ▲

200.1

52.3

.9

69.6

1817

0.0-3.9

▲

-

14

1.4

19-5.9

▼+1

1 ▲

1.2

11

1.83.2

▼-

1.13.1

1.6

8.2 4.5

21

0.60.6

-4

-1.0

-4

1.5

0.3

5.84.1

1.52.9

-9

+3+1

2.9

2.9

0.6

3.5

0.6 ▲

0.6▼

▲▲

-9

-1

0.6

▲-11.8

1

2.7

0.0

-19*

16

Globalscope

CitiFineurop SpA

10*

▼5

-10.5

5.2

9.5▼

6.8 5.2

0.0

-10.5

Barclays ▲

US$m

▲

1+1

1

0.6

3.2

0.61

▼

▲ .5

▲

▼

▼-

0.0-

0.00.0

0.40.7

265.3

7

.0

.0

-

33.116

+1

Mediobanca▼

HSBC Holdings PLC

▼▲

5

23*

▲

-

▲

2015 Rank

1

19*

+12

4.00.5

Market

57.84+1

▼-41.9

Any Spanish Involvement Completed (AF41)

1.2

MarketShare Ch.

10.0

Any Spanish Involvement Announced (AD34)

162.1

-

21

4

-

271.518

17.4881.6

# of Deals per Advisor# of

+1

15.315.3

4Goldman Sachs & Co

▲▲

10.9

1

550.2

8

9

Lazard

▲+1

PricewaterhouseCoopers1 -

Banca IMI (Intesa Sanpaolo)▲

5*

-45.7

2.32.32.3


15,381.2

9*-63.0

7.5

1

▼

▼▲

▼

-39.5-19.1

-30.2▲▼

▼

-3.11,348.0

6.6

1.23-

2.3

16

1,348.0

-

1.8

0.0

20396.3

Globalscope

190.2

1.818

KPMG 22* .0

SantanderCushman & Wakefield Inc

.0

Industry Total

0.0

Aguirre Newman SA22*22*

Leonardo & Co

.0Industry Total

1

19*-10.3

10

19*

746.5

136.1

8

17.5

5*

100 033 918 0

Jan 1 – Mar 31

▲

Share Ch.Market

▲45.4 ▲45.4

▲16.216.3-29.0

48.1 48.10.5

+2

+6

313

4

+3

92.0

2.5

201

1

1

0.5

41.2

2

--3

1.5

0.5

KPMG

1

7

▲

0.513

-2

2.00.5

-2

Leonardo & Co

▲

+1-6

23

▼

0.5

0.5

▼18

▼

▲

+11▼▼

▲

Rothschild

5,542.3

2,225.5

21Goldman Sachs & Co

9.914.0

8

7 16.35

2,529.84,565.9

13* 7,196.1

6

4

-

Rank Value2014 Rank

7

CitiMoelis & Co

LazardMorgan Stanley

8

16,318.3

Financial Advisor

2-3

HSBC Holdings PLC19,605.4

2015 Rank

10.9DealsFinancial Advisor

Market

▲1.51US$m



UBS

Change in Rank Value per Advisor (US$m)

MarketSh (%)

1.5

# of

3Sh (%) Deals

-1.9

5,532.0

13.50

+2

3 1.5

-36.04.5

21.2

14*Deutsche Bank

Bank of America Merrill Lynch 91011*11*13

Mediobanca

NomuraSociete Generale

BBVA

0

Santander

-

606.2

2.3

1.5+2

Banca IMI (Intesa Sanpaolo)16

775.1 +1

BBVA 17 5Evercore Partners

114* -

619.0 ▼

▲

1.8 -44.8▲768.3

310.5

UBSEvercore Partners

15-0.5775.1

1,228.5 3.6

Ernst & Young LLP▲1.0

12*0.5

-9


11RBC Capital Markets▼

4.0 ▼-1

BDO 12*▼-11

# of Deals

4.0

9*

36

-

▲

▲

▼

4,759.4

13* 0

1.7Morgan Stanley

18.5

2014 Rank

20.81,050.4

Rank Value

▲Sh (%)

937.2 18.520.8

775.1

12.0

20.8

775.1 15.3

▼▼

481.2

31

1,052.8

▲

▲

2

▲

.0

3

8.4

14.8

265.317

5.4 5.4

-15

0.0

2.7

▼

▼-1

-1.3 -

6

0.6

▲

5.2

0.0

341.7

2.0.5

-6

172

+1

.5

.5

.2

+1+1

0.20.2

100.0-38 70.4

0.7

▼▲

▲0.70.7

▼

▲

0.7

1.61.40.7

2.5 ▲

0.7

▲1.80.7

2.8

1.2

▲4.1

0.2

2.5

▲▲

2.2

▲

0.0

8.9

6.2

6.7

3.6 5.16.3

3.25.1

FeesMarket

Jan 1 – Mar 31

Share Ch.

EMEA Rankings

0

▼

4.0

▲1.6

1.00.2

▲4.4

▲

4.7▼

0.0.0

6.1

▼

▲

▲

21 +11

1.20.6

5 ▼▼

-6

▲0

2-1

1.2 ▲+2

4.6

MarketSh (%)

▲▲

4.40.0

▲6.7

4.05.3

Advisor

▼ 7.5 16.5

Imputed Fees (US$m)Change in

--

# of Deals▲

MarketSh (%)

2.8

1

0.6

100.05,062.6

Rothschild Citi

Mediobanca


▲0.5 +1 ▲ 1.9 0.5 0.4

-1

▼

CBRE Holding SAS 25* 46* 226.5

0.50.2

0.2

0.2


-47.6%

4

1.67

▼

Sh (%)Market

-9

0.2

0.914

0.7

1.1

41 +1

0.2

3

0.25

1.6

1.8

30.9

-12.8-6.5

0.5 0.5

-1.1

100.0

▼

-19

▼-11.2%

1

1

4.0▲

-6.1▼

-

14

1

-4.9

-21.71

-3.2

▼▼

1

▲5.95.9

▼490.1 1.1

2.7 2.3

▲1.1

1.122

0.91.1

6.7

▲

▲

2.9▼

7.0

15.9

▲ 192,661.6

37*2.9

-4.42

▲

2

▼▼

1.3

0.4▼

21

1,300.0-3.1

11▲

▼▼

78

▼

34

14,088.1

▲12.0 ▲

▲-42.3

▲

23.021.923.0

8-8.024.6

13,033.1

▼

▼13,988.1

22.9-

28.7

Bank of America Merrill LynchRothschild

22313

3

51.821 7 23,530.7

US$mDeutsche Bank

Sh (%)

0.5

23

▲

▼

Houlihan Lokey28

Ernst & Young LLP

-

566.4

0.60.5

2015 Rank


▲+61.8

0.7

▲

0.9

# of DealsChange in Advisor

-66.7%

0

-6

▲

▼+3

25.4

7.8▲

-2 11.7▼

+2-2

+2 ▲

19.8

-1

+1

▼+2

+1

12.3

▲

28.6

+2 ▲

▼

26.6

▼

▲

1.0▲

0.2.71.7

0.5

13.13.5 0.8

0.9

Fees

6.4

1.3

2.9

0.3

1.1

0.4

52.6▼

0.21.7

▲ 4.76.8

0.3

3.2

0.4

+1-1

-1-2

+1

▲

4.7

1.2

▼

▼0.9

▼

▲

Market

20.5

2014 Rank US$m

47.2%

1

Industry Total

Rank Value

▼

Any German Involvement Announced (AD35)

▲Industry % Change from Last Quarter -14.6%

2015 Rank

1Financial AdvisorDeutsche Bank

Sh (%)

UBSGoldman Sachs & Co

2



Morgan Stanley

12JP Morgan

5

3,817.217.5

2,977.343 16.0

114

15.5

3,261.8

5.3 5.3

2,645.2

8.79.2

989.8

+2▼

Puhl GmbH & Co KG-1

▲2 -72

▲

41

9,954.8▲

-44.5 ▼

0.2

Kempen and Co NV0.4

6

5.9

8,914.46,988.4

19.6

1,389.5

7.7

15.411.6

3,164.2

0.2

-14

▲

8.9

3.2

0.20.9

0.2

▲0.1

435

0.2

-4.2%

▲11.5

Ernst & Young LLP

10,431.4

31.4

2014 Rank

-

4

Change in

+2

Deloitte

Financial Advisor

18

▼


100.033,918.0

0.8

Market

0.6▲▼-4

# of DealsDeals▼-39.5

▲

Credit Suisse

▼11

414.2

9.2

BNP Paribas SA

Morgan Stanley

JP Morgan-1

Barclays

13.8

+1▼0.8

Gaw Capital Partners

0.4

971.0

-41.8 ▼0.7

▼-6.8

1.2-44.5

-41.8

1.3

10

12-

727.05.23.993.1

13

3Barclays 11

Nomura

2.6

8.7- 1,713.07

Lazard 41*98

10.1 ▲

Sumitomo Mitsui Finl Grp Inc

52,873.7

▼Citi

▲26 10.9

1,611.041*

2,028.2

▼

3.45.0 ▲

1.9

3.9

2.8

▲ 0.7▲

▲4.220.90.9

2

16.3Guggenheim Securities LLCGaw Capital Partners

1441*

▼7.06.6

1.3

Evercore PartnersGlobal M&A

+2

Bank of America Merrill Lynch 17*-

13* 220.1226.5

1.5

Qatalyst Partners 17* 220.1

Mediobanca

CBRE Holding SAS 1615Deloitte

41*

10

1920

0.6

▲

-6.8- 2

9.28.7

126.4

▲

109.0

1.2

▲

-36

10.6William Blair & Co

102.041*

-

0.6

-GP Bullhound LtdWilliam Blair & Co

77.024

Development Bank of Japan Inc 22*102.022*

8

102.0

18,595.3

2.6

▼-48.3%-67.6% ▼

Greenhill & Co, LLC 21

50.0Industry Total

-4.1490.1

-

280.0

-

156.841*

-4.1

5.3

▼

-45.2%

0.8

-

1.2243.6

566.4

-28.9

Jan 1 – Mar 31

+2

▼

201

Market

▼-10.3%

-23


1.0Goldman Sachs & Co

-4-3

▲1.2

▼

3

0.2

▲

25*

▼

0.2

2

5

24 0.8

10.4

1.52.6

# of

-16.0 4

Sh (%)

▼

MarketShare Ch.

4

+1

30.2

▼

504

10.2

1

▼-6.7%

1.6 ▼

48.6%Industry % Change from Last Quarter

+1101.0

418.0

0.6

▲▼

2.10.5

.3

100.0

9.1%-34.0%

0.1

▲

▼2.0

▲0.0

0.2

▼▲

▼1.90.73.2

▼▲0.4▲

▼

1.70.4

-24.0%

45,389.1

-7270.2

-35.7%

▲

-36

▲

Lazard1.30.3

281.2▲0.4▲ 8 226.5

385.0

+2

0

▲+1

Industry Total

+1 24

▲+1

Jefferies LLCAon Corp

-

+1▼

-

Greenhill & Co, LLC▼

-1

-1▲

480.9

1

0.4

+1

▲2019

0.4

17

▲▲

10.2

+12,661.6

2▲


15*

▲

0.2

15*

53

910

Bain & Co▲

+4

▼-18.1% ▼▼

6.52.7

12.6▲

27.03.9

▲-

25.3+1

3.5 ▲

▼▲1.7

11.2▲▲

▲

1.9

6.1

▲

1.70.97.1

0.3

▲

▲1.9

Imputed Fees (US$m)

6.1Sh (%)

MarketMarket

-78.2%

Share Ch.


25

Jan 1 – Mar 31

-85.1%

Market

Industry % Change from Last Quarter▼-76.1%

Share Ch.# of

Deals

Any German Involvement Completed (AF42)

818,187.3

Rank ValueRank Value per Advisor (US$m)

-0.031.040.1

12

23.0

1

6*10,431.4

3,495.9

30.8

6*

▲-10.2

+1

▼

6▼

1

11

▲

0.4

43

1,201.8

14 3,037.2

0.6

0.2- Nomura

5

2122

13

8

46*

5,253.6

UBS

▲ 2

* tie


Nomura Citi

M&A International

.1-

.5 0.6

1113

▼-▲

+1+10

0.70.70.72.0

-3

▲-

▲-1.20.00.00.0

▼

-24*

1.4.0.0

23 --

0.00.00.0

▲

▼

Altium Capital Limited

19-

30*

▲▼

8

6

0.1

▲

▲

+2

-1

Change in

Banca IMI (Intesa Sanpaolo)Mediobanca

N+1

▲

▼

3▲

▲

Lazard

1,127.1

▲

30*


▼

459.0623.6

9


Mizuho Financial Group

7

164.2

HSBC Holdings PLC

7.1

7.0

Deutsche Bank1,341.5

13

▲

136.1150.9

4

0.9-17.5

100 0

CFI

18*9

30*

-Commerzbank AGBarclays 16

223.3

--1

2

-29.1

3

56.3

6 567 4

68.5 0.7 ▼

0-2

-

1.3

0.7

▲

Ernst & Young LLP 80.9+2 ▲

+2-1

▲

1.2▲

1.3

0.7

+180.9

12

▼

0.7 ▲

1.2

19.015.6

7.5 -14.4

2.8

▼▼

1.72.3

2.8+2

-

10*Leonardo & CoUBS

10*

6

▲+1

Market

21.4

18.745.6

50.448.0 -6

5

Market

2

17

13*-

▼-0.517150.9

25


US$m Sh (%)Market Market

EMEA Rankings

Deals Fees Share Ch.

0.2 ▼

.61.4

▲

▲

2.1

Sh (%)

Imputed Fees (US$m)

# of Deals

2.10.4

8.8

.3

0.5

-1.3

-

▲1.8

-

▼

3.0

-0.6

Advisor

2.6

.2-0.0

▲

0.1-

10.5

3.6

1.8

-

-0.2

▼

0.10.1

-

▲

▲1.6

▲

1.8

3.0

1.81.2

0

+1

.1

-▲

-

▲1.4

1.3

1.5

2.4100 0

▼

▼

84 2

.4

3.8

5.6

▼

0.3

▲

▼

8.1

0

1.6

5.2

▲+1

0.1Deals

0.7

5

152

5.3

1.3

Jan 1 – Mar 31

1

▼

Sh (%)

-14.6

9.5

▲1.3▼▼


-18.42

1,195.6

1

17.2

Financial Advisor

1.3

-3

▼

2.0▲

▲

+1

-1.8

Jan 1 – Mar 31

1.10.1 1

0.6

0.611

2

4,763.8

5

▼▼▲

8.0▲

6,319.0

2

45.611,417.2

12,605.7

5*3 11,417.3JP Morgan

1112,002.72

Mediobanca

2015 Rank


30*Goldman Sachs & Co

5,346.6

Share Ch.Sh (%)


Lazard

Financial Advisor

4

1

US$m

Any Italian Involvement Announced (AD36)

UBS

Rothschild

Rank Value

6 37*

Leonardo & Co

4,763.8

28*7

7* 35*

1,999.4

Deutsche Bank

3,897.4Credit Suisse

8

14Piper Jaffray Cos

UniCredit

9 30*1011

1,472.3

10 922.7161,228.115 18

9

1213

453.0

Equita SIM SpA 884.417*Citi 884.417*

12

Banca IMI (Intesa Sanpaolo)4.95.2

3.5

58.3 0.2

35* 3.5

Industry Total

Deloitte

Societe GeneraleAltium Capital Limited

35*M&A International

-19*26

22*

25

56.3

25.3

-

-11.7

1.8

- 5.9

3.73.5

0.2 0.6

0.1

KPMG

22*

-Klecha & Co-24Growin Partners Inc

19*

21

Credit Agricole CIB

35*

5.9

19.0

453.0

56.3 0.2

-15.12.3

9.9 9.52,472.2

4

# of

▲ Goldman Sachs & Co

Market2014 Rank


6.29▲

-18.2

▲▼

▲

2.8

215.4 ▲

▼

19.0 5-20.9

1.1

2.34

1.1

12

3.4

3.41.1

▼

▼

▲

0.6

1

3

6

1.1

▼ 3

+1+10.6

▲

0

12

▲

1.7

0.6

+1

0

▲

--

+2 ▲

-

▲

Industry Total

44.20.9

▼

-30*

Rothschild

Marsh Pty LtdIMAP

0.7

24*

21

56.30.9 1KPMG 56.318* 240.918*Deloitte

0

1

177

▲

0.9

0.8

▲0.5

780.9 1.2

1.2

0.9

0.7

2.3

-22.3

▲1

1

2.5

2.1

0.9

▲

22 2.0

2.3

32

12.1

16

58.3

13* ▲

2

11

1.21.0

▲-

8.4

-2

1.2▼

-1

-3

5.7▼▲

5.6

7.1

6.88.4

7

2.0

9.6

-5▼

▼-3

4.5

0.11.4 5.05.1▼

▲

▼▼ 0.3

0.34.4

▲7.0

6.5

0.7

▲

▼-9.9

0.2

▲

▲▲

▲0.10.1

1625 014 0 100 0

1.81.8

-0.21.8

28.311.8

0.2

13*

+4

2

+2

-4-3

3.46

-9 ▼

1.73

-7

1.7

6

6

+1

10.5

-25.7

21

+4

18.2

5▲

17.2

20.4

3.4

1,614.7▼

24.6 -22.7

+3

▼

-1

▲

MarketMarket

4.6

4.4-4

▼▲3.9

+10.7

-1▼▼1.3

-60.7▲

0.2 ▲26.9

-214.32

▼

36.4Share Ch.

3

0.7

2

Any Italian Involvement Completed (AF43)

1.3

# of

▲20.4

22,389.836.21,765.6

-7.7

5.1 +3

▲5

+25

45.4

43 ▲

Sh (%)Market Rank Value2015

RankChange in


1,302.1

1,883.6

HSBC Holdings PLC

30*

2014 Rank

4# of Deals

JP Morgan1

PricewaterhouseCoopers M&A International▲

+43

▲

▲

▲

34

▼

▼18.6

100.0

899.120.4

37

Rank Value

22

47*

▼

8.3

▼

0.7

1.2

0.5

▲

-23.0

▲▼

1.4-2.31.9

-32.1

0

Sh (%)

Carnegie

▲

+1

0.6

-0.1

▲

-70.1%

1

3

4.6

6.4

-3 ▼

-

0.9

23

Danske BankCiti

2,845.42,797.034

SEB

1*50*

Lazard

50*

24

1933

Morgan Stanley

Catella AB

Mooreland Partners LLC

16*

7*

12

Rothschild

1423.0-

22

Lenner & Partners


202.3

9

NordeaProvidence Capital Inc

Carnegie

65.9

13

11

Deutsche Bank

7Deloitte

0.7 -22.9

1*

1* 1

65 5

281*

2014 Rank

3

4

1.2175.0

262

-

6,954.16,954.1

103.4

330.7 2.2

0.7125.1 0.9

184.01.4

103.4

171.6

16*16*

-

--

7*

14

ABG Sundal Collier

DNB ASA

Goldman Sachs & CoClairfield International

15Kepler Equities

21

23

LarrainVial SA

Moelis & Co

Industry Total


Ernst & Young LLP20 39

390

Mid-Capital24 19*

1.614,785.7

25

48.4

15.50

1.0+2

▼

0.3

1.0

1Advium Corporate Finance-100

1,287.0

11

11.6

▲

5.9

▲1▲

1,494.3 2

6,567.4

0.8

5.19.2

Advisor Market

-

0.9

▲

Share Ch.▲

0.5

▲

▲2.54.0

1.31.93.3

0.02.9

▲

1.75.2

2.5

8.3

4.95.1

▼

1.0

1.2 ▲

▼1.01.0

▲

0.5

0.10.3

0.8▼11.7

▲

0.2

0.4

3.8

▲

1.4▲

▲

▲3.3

Jan 1 – Mar 31

1.4

-54.4%

# of Deals

1.6

5.1

▼

100.0

Imputed Fees (US$m)Market

Sh (%)

▼


84.20

-22.1%

# of

152

▲

+2

1*

13.5

7.6

1

▲

11.4

-US$m

▼

1,512.3

-72.2%

47*

8*

+1

-

5

▲

9.6901.6

844.5890.1890.1890.1

8.08.0

0

3

▲

-4

+1

1.1

18*0.4

-31

2202.9 3

2.11.1

2.5

▲

6.0

-▲▼

5.2

1.5

0.9

1.3 ▲

1.0

2.2

1.04.5 ▲

0.9

9.12.7

▲

▲9.3

8.0

5

1

4.5

37.6

▲

▲

0.2▲

1.0-3 1.7100.0179.4

▼0.8

1.8

▼

1.5 ▲

▼

-2.5

2

▲0.2

-4.1

0.0 -0.6

▼

▼

0.4

0.2

-1.2

0.7

0.4

9

▲

Clairfield International▲

0.4

0.8


▲

Deutsche Bank

+1-4

4

1*0.3

JP Morgan0.3

Pangea Property Partners AB 3-

13.7

-47.5%Industry % Change from Same Period Last Year

UBS


Financial Advisor1,512.3

Sh (%)

0+13

51.0

0.5

-▲

▼

0.3

2-

0.6

20.4

▼ 0.8

4 1.01 0.3

2

▲

0.8

2

1.8

▲1.21.2

▼

-10.6▲8

3,386.6

19.2

10 276.315

18.9

3,018.022.9

▲47.046.3

6,954.147.0

▼

1Deals

47.0

47.0

Sh (%)7.2 ▲

▲

Sh (%)# of

Share Ch.

Industry Total

Financial Advisor


2015 Rank

Any Nordic Involvement Announced (AD37)


6,954.1 47.0

Market

▲

103.4

US$m

20.6-2.7

0.9

▼

0.8

▼0.5

29

-43.2%

100.0

-30

26

-61.4%Industry % Change from Last Quarter

▼

0.1

-31.3%-20.4% ▼

1.3

+2

1

14

0.80.5

4

+3-16

0

-22.0%▼

53.7Nordea

▲

1.5▼

0.5

31

85.0

0.5

-1

-397

13.5

8.1

-

1,059.46

5.7

18 6*17

-

23*

14*3

▲2.4

626.0

0.5

20

8*

13

-3

8*

+1

ABG Sundal Collier▼

0

▲

-20.3

LazardChina International Capital Co

3.6▲

# of Deals

+2

▲

-

SEB

Nomura

▼+1 ▲

+1

13.7▼

▼▼

Rank Value per Advisor (US$m)Rank Value

▲

FeesDealsChange in 2015

RankMarket

Any Nordic Involvement Completed (AF44)

0.0%


-20.6%


-

Market

Industry Total

MarketMarket2014 Rank Share Ch.

177

181.7%

Jan 1 – Mar 31

Change in

-16

84.2% -8.3%

Market

25,014.0 100.0

▲▲

23*23*

175.0

3.5

153.9

2

390.0

121.4

90.0--

0.7

11.4

▲

13.7

6

▲0.40.4

▲

▼-85.1 ▲

▼ 1.434

+2-30.4

-

Bank of America Merrill Lynch 524.9

4.0-11.0 3

441.5-3.8

Ernst & Young LLP

16

▲

.8

▼▲

--3

0.41.1

+1

▼4.0

1.7

▲0.98.3 1.5

2.2

2.24.6

1.10.4

-6.0 0.7▼

2.7

Rothschild 1.1524.910*

19 47* 301.7 .51▼

0.4 -2▲2.7 ▼+1

▲ 0.7 2.6▼ 2 6.8

+2▲▲

111.7 1.01.4

10.4

90.0 0.40.80.8

1.6

▲▲

0.7

▼

0.8

0.40.8

-6.7

0.3▲

-4

+1+1

▼4.9

0.8▲

-99

-25.8%

▲1

100.0

-54.1%▼-57.1%▼

-38.6% ▼

Industry Total 11,073.2

-1

▲

-

+2

-2-6

▼

+1

25 -36.185.0

Mooreland Partners LLC 21PricewaterhouseCoopers

Arctic Securities ASA

Jefferies LLCGoldman Sachs & Co

DNB ASA

CIBC World Markets Inc

Deloitte

22

648.212 28

0.3

▲▼

FTI Consulting Inc

114

284

1▼

▼

8.1

-31.0

+2

1.71.7

+1 ▲▼

1.88.1

0.47.9

▼

4.7 ▲

8.00.4

1.1

0+1

0

2

0

1.1

8.0 ▲

3

▲

4.7 14.74.4482.8

-22.1%

14*13

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

Greenhill & Co, LLC Centerview Partners LLC

+11

▲

3▼

# of

▲ 3▲ 1

25.0

1,505.0

2,900.0

5.36.1

0.4

0.7 -2-2-1-3

1.40.4

+1

9.0

10.0

6.2

5.1

4.2


6.1-54.2

9.0

5.2

4.9

9.0

8.0

1,428.2

-

1,787.0

5.3

Bourne Partners LLC

5.9

RBC Capital Markets

EFG Hermes Brokerage UAE LLC

4.2

0.1

6.9

5.21,505.0

8

-20*

4.91,341.5

5.2

5.21,508.2

1,929.9

1,759.2

4.6

6.7

--

23

1,994.5

24*

-

1,543.3-

4

56*

24*

HSBC Holdings PLC-

Rabobank NVJP Morgan

Citi43*

Nomura

22

18

Blackstone Group LP

Industry Total

18

20*

Mediobanca

19


30

17

Industrial & Comm Bank China

1516KPMG

2010*10*

Zaoui & Co

Lazard

6.5

2,613.5Oakley Capital Ltd

14

2,613.5-

7*

9

5

13 2,318.42,613.5

-

Societe GeneraleBNP Paribas SA

9.0

▲

3,997.4

Financial Advisor2014 Rank

10*

6 4

10.0 12

5

13*7* 11 3,997.4

4

4,314.1

5,669.5

5,190.89

Morgan Stanley

Goldman Sachs & Co

5,578.93Deutsche Bank

6,830.8

Barclays7

0.9

0.6

▼-2

▲

▲

+1

0.3


Goldman Sachs & Co

-1

# of Deals1.8 +4

▼

1.5 -1


▲

Market

5

Market

▲1.5

10,431.4

JP Morgan6

▲

-46.2 ▼

0.9

▼ +1

7*

5

10,431.4Puhl GmbH & Co KG

10,431.4▲

51

2

▼

0.3+2-1 Barclays

▲

Credit Suisse

▼10

7*Kempen and Co NV

4

▼

10.4

Market

6.4

1.2

▲0.3 ▲

5.1

1.6▼

6

1

▲

▲

▼▼

▼

23.6

.2

0.4

0.0

▲

+18.9 1.8

0.4

0.34.4

0.1

+2

▼0.9▼

1.8

2.5

12.0

1.9

15.7▼

1.54.8

7.3

1.99.5

▲

+10

▲

0.5▲

▲-

2.4

4.2

Market

51.1

4.9

▲

48.7

31.720.8

1.4

▲

▼

0.0

▲

▼3.6

.6

▲

9.9

Sh (%)8.2 4.8

AdvisorFees Share Ch.

1-29.7 6

14.5

▼10,485.4

4 -▲

21.4

▲

▼2.1

40.75.5

35

2.3

7.8

1.34.7

1.0

0.4

0.31.5

3.2

1.01.3

▲

▲

▼

-▲

0.3

▲

▲▼

1.9

▼7

2.1 ▼

-11.2

-6

▲

▼

3.9 -2

-50.9▲

▼

▲

▲

1,200.0

-40.9▲

1▲

1

1

▲▲

1

33528 906 5

1,200.0 ▲▲ 1

4.24.2

2▲

00.3▲

+1

▲+1

0.3

47

+20.3

02.1

2

3 0

1,341.5-

00.3+1 2.92.921

Industrial & Comm Bank China-

Industry Total

Mediobanca1,400.0

Banca IMI (Intesa Sanpaolo)

1,428.2

1,543.3 3.21,543.3KPMG

1,543.3

▲2.9

3.1▲

EFG Hermes Brokerage UAE LLC

-

15

14*16*

-

16*-

16*3

2322

-

20

1,127.1

-19

-25*24

-23.8 0.9-

2,713.224

5.55.52,670.3

4,798.5

7*

1,508.2

LazardHSBC Holdings PLC

9.822

1.2

26

+1Rabobank NV

3.2

9.0

+1

▼▼

-23.8

1.8

0.3▲3

1.23

27.6

13.8

Deals

19.6-19.6

14.918.0

▼

19.3-44.1

-61.413.8

Sh (%)

▼

Share Ch.Market

▼5

61

32


23.67Deutsche Bank6-21.5 ▼

Rank ValueUS$m

EMEA Rankings

Sh (%)

2


Jan 1 – Mar 31Any Benelux Involvement Announced (AD40)


2015 Rank

7,971.5-40.2

Financial Advisor

155

5.2

5.5▲

Market# of Deals per Advisor

-

40.627.1

▲

4.9▲4.0

Jan 1 – Mar 31

2014 Rank US$m


Any Benelux Involvement Completed (AF47)

Change in Sh (%)

Rank Value MarketShare Ch.

21,248.7 43.4# of DealsSh (%)

▲▲ 2.1

11.3

21.3

35.9

21.3

31.2

18,141.2

15,282.0

14* 37.017,569.9

0.4

1121.2

528.7

+10.40.7

1 +12

▲ 6.9 ▲

0.4

+10.9

+2 5.7

▲

▲

1.42 0.72.7

0.70.4

2.3 2.3

10.9

▲0.8 0.8

1.6 ▲1.2

1.61.2

4.5▲2.5

49 015 11.7

▲ +2 ▲

+1

1

28412

1.7

▲2.5

Jones Lang LaSalle Inc▲100 099100 0 493 2

1

▲

1,225.0

3.7▲▲▲

7.8

817.1

0.6

-0.6

UBS

▲▲

+1


Moelis & Co-

100 0

3.2

7.2Citi

14-13

5.2 2.9

30.55 14,969.4

-

3,508.0

21.3

12 33

5,522.411

0.3

-

0.3

-

Morgan Stanley▼

-3

+2

-0

Change in

2

2015 Rank

1


Rothschild

1 0.4▲

8.8▼

27.7

▲

+2

▲

112.2

+2

▲

▲

11.30.7

▲

-23.8

1

0

+2

21.4

+4

1

5

▲

▲

7

▲

6Deals

▲

-18.0

6.4

# of

21.3

2

0

2

1,893.3

▲

1.1-21.8

0.4

4

2.518.0

-5.1

3.1

Houlihan Lokey

1.9

2.7

1.81.8

4.6

3.2▼

▲

▲1.13

+1

0.416

EMEA Inv. Announced M&A Target Sector by Value ($bil)


▼

Industry Total

Industry % Change from Last Quarter-53.1%-44.7% -28.3% -3.8%

-155

▼

* tie

Industry % Change from Same Period Last Year ▼

49,015.1

87.9%

284

▼-6.9% Industry % Change from Same Period Last Year

Jan 1 – Mar 31 2015

▼ Industry % Change from Last Quarter▲

▼ -21.8%

100.0

49.1%▼

▲

-99100.0

-4.1%

493.2100.0

Quarterly EMEA Cross Border Volume

-25.5% ▼

$37.1

$24.8

$24.4

$22.0$21.5

$20.3

$20.3

$19.8

$15.9$10.0

$9.0 $8.2

Industrials Energy and Power Real Estate

Materials Healthcare Telecommunications

Financials Media and Entertainment High Technology

Retail Consumer Products and Services Consumer Staples

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

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

2007 2008 2009 2010 2011 2012 2013 2014 15

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


Lazard 9,944.8 2* 27.0 2

Bank of America Merrill Lynch 223.82,767.5 3

3Credit Suisse

2


Deutsche Bank3,242.2

Energy and Power

3,379.3 21.8

28.5

Morgan Stanley2,430.6

25.3

Jan 1 - Mar 31 2015

2

14.8

4

33.3

2*

4

1

2

22

27.0

20.3

3

3

315.7

27.0

2

807 1

2

1,622

1,590

802

Announced M&A activity with Asian involvement witnessed a record high as deal value grossed US$229.6 billion, a 78% increase overthe US$128.4 billion recorded in the same period last year. China remained the most targeted nation in the region - reaching US$90.9billion from 1,024 deals. Companies in the Telecommunications sector were the most targeted, with US$61.9 billion accumulated from 46deals.

The announced acquisition by Cheung Kong (Holdings) Ltd of the remaining 50% interest in Hutchison Whampoa Ltd, valued at US$45.4billion, surpassed the prior record-holding Asia Pacific deal - CITIC Pacific’s acquisition of its state-owned parent, CITIC Group, valued atUS$42.2 billion in 2014. Asian buy-side financial sponsor M&A activity reached US$14.5 billion, a 12% increase over US$13.0 billion in the first quarter of 2014.Companies in the High Technology sector were the most targeted by sponsors, followed by Real Estate and Financials. Imputed Fees earned for the region were estimated at US$501.3 million, a 14.2% decrease from US$584.2 million recorded in the sameperiod last year, according to Thomson Reuters/Freeman Consulting. The top earner was Citi, with US$39.6 million, followed by CreditSuisse with US$32.0 million and Deutsche Bank and Bank of America Merrill Lynch, each with US$22.3 million.

China cross-border activity accrued US$28.8 billion, a 25% increase from the US$23.1 billion accumulated in the first quarter of 2014.Outbound investment volume reached US$23.5 billion, where companies in the Industrials sector were the most targeted.

Australian announced M&A activity increased by 88%, reaching US$37.1 billion; Australia’s cross border activity recorded US$24 billion,with outbound activity contributing US$15 billion of this total.

33.5

9,944.8

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

3.0

Huatai Securities Co Ltd

2*

DBS Group Holdings

89,655.2 Industrials32,288.0 Credit Suisse

CITICHigh Technology

4101,541.1

10,674.5 10,746.7 JP Morgan

UBSFinancials 1,201

No. Deals

12,579.9 1

Rank Val US$m142,367.4

ShareMkt.

Rank

39.22

Real Estate3Somerley

9,944.8

88,269.6 3,450.3

1,300.0

JP Morgan 1

Rothschild

1

600.0 1

Mediobanca

1 71,364.6 75,666.2

1

A Record Start For Asian M&A I Imputed Fees Down 14% I Australian M&A Up 88%

10,494.8


Asia Pacific (ex-Japan) M&A

6.76.4

China / China

Financials / Other Financials

Energy and Power / PowerReal Estate / Other Real Estate

Acquiror / Target Nation

Pending CITIC Ltd (10%)Israel / Singapore

China / Netherlands

Jan 1 - Mar 31 2015

Hong Kong / Hong Kong

Industrials / Automobiles & Components

3,242.2


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

Hutchison Whampoa Ltd (50%)Acquiror

Pending

Asian Completed M&A by Region - Imputed Fees

5,924.0Hong Kong / Hong KongChia Tai Bright Investment

Italy / Italy 7,913.8

4,433.3Energy and Power / Power


Philips-LED Components Bus (80.1%) Investor Group Industrials / Other Industrials

1/7/2015 Kenon Holdings Ltd (100%)1/20/2015

3/31/2015

1/6/2015

Pending

Pending3/22/2015 Intended

Pending

Cheung Kong(Holdings)Ltd

2/17/2015 Pending

1/23/2015Bidco SpAPirelli & C SpA (73.8%)

45,410.81/9/2015

China Cross Border Announced M&A

1/20/2015 CITIC Ltd (11.8%)

O2 PLC (100%) Hong Kong / United Kingdom

Rank Date Date Effective Target (% Sought/Acquired) Target Macro / Mid IndustryRank Value (US$m)

China Erzhong Group(Deyang) (100%)

Telecommunications / Telecommunications Services

2,900.0Sinomach

Chia Tai Bright Investment Hong Kong / Hong Kong

Hutchison Whampoa Ltd

2,971.7

15,381.2

ShareholdersIndustrials / Machinery

2/6/2015 Intended Kaisa Group Holdings Ltd (50.8%) Sunac China Holdings Ltd China / China 2,792.0Pending Longtan Hydropower Dvlp Co Ltd (100%) Guangxi Guiguan Elec Power Co China / China 2,767.51/30/2015

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.1

$0.2

$0.2

$0.3

$0.3

$0.4

$0.4

$0.5

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 15

Rothschild Northeast Securities Co Ltd

Financial Advisor



Deals Sh (%)Market

0.60.8

Ernst & Young LLP1.6

0.12.8

4.1 ▲ 0.60.1

Industry TotalGrant SamuelMalayan Banking Bhd 5.9 1.2

RHB

0.5

GCA Savvian Group Corp

Asia (ex-Japan) Rankings

DBS Group Holdings 2 2,430.6

Jan 1 - Mar 31Any Asia (ex-Japan) Involvement Announced (AD25)

25 1.1 -10.1 - ▲1,841.9 ▲0.2 0.22▲

0.21 183100 0

▲ 2 +1 ▲+225

0.22.01.8 .9▲1.8

1.210.0

1.924-152.0

PricewaterhouseCoopers 22 15 3,004.2

0.2-

▼-7.31.1Haitong Securities Co Ltd 24 6 2,455.9Tudor Pickering & Co LLC

851▲1.3 0.7 ▲2.0+1Zaoui & Co 23 44 2.0▲ 10.02,900.0

▲+1 ▲ 14.4 2.92,360.9 2.4 5 2.69.0

23 ▲2.00 2,000.0 0.1▲

2.60.4

▲2.3-3.4 ▲▼ 3 0.3 +2

▲0.81.81.1 ▲

▲ Gram Capital▲DBS Group Holdings

-▲2,606.2

0.55▼ 2▲ 0.4

0.2 ▼+5China Securities Co Ltd 20 48 4,104.7 1.8

0.2Citi 4,370.2 ▼1.90.33.6

1.7-419 34,854.6 Industrial & Comm Bank China2.1 2.1 3.43,426.2 -2.2

UBS 7-10 3.1 ▼8.6 1.3▲2.10.3 12

-5.1▼+8

Credit Suisse 1717.9-918Guotai Junan Securities

5,795.7 2.5 -2.5-

0.3-1▼▼ 25

17 +23,919.0▲ 18

▲▲4.13.9 3.9

0.6▲ 6.7 1.21.34

2.8-20.1 116

120*0.3 4.1-

0.1Deutsche Bank 16 7 7,148.7 3.1 114* ▲▼

2.1 ▲ 2.5-10.1 0.5 ▼12.80

0.5 ▲1

▼▲

▼Mediobanca 15 - 9,944.8 4.3 ▲4.3Morgan Stanley 14

0.0 -12 41 6,063.2 6.1 5.4

0.4Lazard

▲ 3 0.1 15 1.30.1 -5 ▼ CITIC

9,956.2

▼30 10,957.2

4.3 -7.6

4.9

▲

12 4 11,133.4-1.6 ▼813

+1113 ▼ 1.8

▲4.9

0.83-3.94,929.4

▲+5 ▲ 9.5▼

-2 ▼1.99

1.9 ▲22.3▲0.1▲ .5

4.54Nomura 11 3.31921 6.410 27 13,915.9 6.1 5.1

0.33 +3

32.0-

Deutsche Bank5.3 ▼ ▲ 0.3 -66.9

7.67,611.7 6.40.8 0 -▲ 0.3▼

0

39 15,381.214,281.0

0.3-4.7

6,852.2- 10 6.9Credit Suisse 90.3 +1

Moelis & Co 8Bank of America Merrill Lynch 9 8 9

RBC Capital Markets1▼-2.0

8.18,100.0▲7 4

▲8.1 ▲ 1 1.4 1.4▲

0.1 +1 ▲ 6.8▲+1 ▲ 1.0 0.20.28,100.0Wells Fargo & Co 7*

-0.5

7*0.0 -5 ▼8.1 ▲

5 0.40.118.1

▼▼-4.8 22.317.65 ▼▼-5.4

+7

▼0.4 -84.5 1.13.5 3.9

▼-4CITIC 40 16,087.6 7.0

8,210.5-

6-711 0.57

6 0.38.2

5 8,226.9 8.2Bank of America Merrill Lynch 3

2UBS 5 36 27,966.7 12.2-32 0.214 8,666.2

11.4 +3BarclaysGoldman Sachs & Co▲

▲ ▼▲8122.1 ▲

513.519.8 4

3▲4.2 0.8▲ 8.7▲▲

2.311.7+6 2.4

▲0.61.2 +10 ▲ 3.1 0.68.7

10,586.20.6 2.578,711.9 8.6

▲12.5▲

0.8▲522.722.2 0.49

2010.1

▲ 2Huatai Securities Co Ltd 10.6 7.8 14

US$m2015 Rank

2014 Rank Sh (%) Deals

HSBC Holdings PLC 1 10 62,960.5 1019.419,379.61 ▲

MarketChange in Advisor

▲7.9 5.239.6+2Share Ch.Sh (%)

MarketUS$m

MarketMarket Market# of Deals FeesSh (%)

Market

24.7

Financial Advisor Sh (%)27.4 ▲

▲

# ofRank ValueRank Value per Advisor (US$m)

MarketShare Ch.

Change in # of Deals

# ofShare Ch.

Somerley

4.1

15

10.46.3 12

3.4 ▲12,259.7

▼

4.12

5

0.5 14*ICICI Bank LtdEvercore Partners

4,068.7

8

11

Goldman Sachs & Co 3 5 50,772.0

▲ +20.6

Citi

Imputed Fees (US$m)

▲

19.8

JP Morgan 6

45,486.4


2014 Rank

Rank Value


Mizuho Financial Group -34.8▼

2 20 56,660.6 +3

3.9

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


12

Anglo Chinese Corp Finance 4 148*

23,918.5

2,827.6

-19

0.50.7

6-5.10.38

-7.6

0.7

2.8

17

2.8+6

▼ 2.217

61

4,068.7

▼-

Anglo Chinese Corp Finance▼

19

▼

120*

▼ China International Capital Co9

3,125.7

11-47 6,410.5

0.40.2

11

0.2▼

1.4

-2.2

-2+3

▲5.6 ▲

100 0

-2

▲

3,032.7

+157

▲

11

21 64

7

-5 ▼4

1.3

▼

6.7

▼

▲5.9

▲6.2

1.3

+2

+14

14*

22

▲

▲2021 10*

4,068.724

100 014 1

1,985.2

2 325 1 183 501 3 100 0Industry Total 229 603 9

Deutsche Bank Lazard


Industry Total

0.80.0

12.62.5Fifth Third Bancorp

▼

2.7

▼

0.40.2

▲78.4%

-119,320.2 ▼

0

Rank Value


Financial Advisor

12


31

Macquarie Group 1 7US$m

Rank Value

1

11.4


▲


US$m

3.7% ▲

6*

Goldman Sachs & Co5

Bank of America Merrill Lynch4

Gresham Partners

9

-49.0

-12.1

UBS 2

26*

5

-

2

19

94.4

557.0

-5.0

2.1 10.3

▲▲

0.3

8

-1

653.8▲ 9

▲

Citi-16.2

4.9

5.9▲

▲

▼6.2

-2.511.0

8.0

34

5.25.204

1.0 -6.010

719.0

# of

8

1

23

0.5

3.6

1.4

2

4

Change in

▼Fees# of Deals Sh (%)27.9

Advisor

-5

▼


-28.0%

Share Ch.

Imputed Fees (US$m)

DealsMarketSh (%)

2015 Rank

MarketMarket2014 Rank

36.6% ▲

Sh (%)

Jan 1 - Mar 31

-27.6%▼

Any Australian Involvement Completed (AF31)

▼-


▼11.41.4

-9 12.41.8▼-4

▼4.0▲3.017.3

Market

7.7

Share Ch.Market

▼-14.2%0.0%

-1,183100.0

606.2 1.6

0.9

▲

0.91.0 ▼

1.6

25

88.1%Industry % Change from Last Quarter

Industry Total

▲

1,833.5

40.3

Greenhill & Co, LLC 12

Jones Lang LaSalle Inc

14Cenkos Securities PLCAzure Capital

BBVA

Mitsubishi UFJ Financial Group

JB North & Co Pty LtdBank of China Ltd


37,140.6

24 378.0-

339.9

1.621*

606.2

100.0

Santander

-28.5%

100.0

927.9 ▲

2.91.9

7.2%

Change in

▼

38.552.0 ▼

# of

+157

Jan 1 - Mar 31

MarketDealsSh (%)

6

# of Deals


Share Ch.43.9

2015 Rank

2014 Rank

MarketSh (%)

Any Australian Involvement Announced (AD24)

3-1 ▼

Market

1.0

Rothschild 11

Moelis & Co

213

2.63.5-

-

10Citi

6,021.2 6.3

18.3

6,021.26*

8Lazard 66*

4,960.5

6,021.2

▲

8,374.4

6,083.96,803.7

13.4

▲▲

14,305.6

16.2

-16.7▲ 1.6

3

16.42.5

0.3

0.3

16.21

4,073.6

▼▲

16.213.616.4

3.722.68

Goldman Sachs & Co

-0▼


Financial Advisor

Credit Suisse-1

1.2

▲

1

11

0.9

-2.8%

100,014.1

▲7.1

-4

0.5▲

▲

1.0

3.8

▲

▼0.5

5.8

▼

▲▲ 1.8▲

3

+10.9

0.1+1 ▲

9.1-1 ▼ 5.6

▲

0.4

▲

1.1

1.7 ▲

▼

7.1

2.5

2.5

▲

3.6

-3

4.0▼ 2.0

1.4 ▼

▲

4.4

-37.7%

8.0

2.3

-1-10

▲

161.2

1.4

2.30.8

3.4

0.9+2

+1

+1

1.6

▼

3.6

▲▲

▼

65.7

▲

▼

5 6.1

▼

▼ 2▲▼

+1

1

▲0.9

▼

0.52.3

1

4.9.2

3

0.9

+2

▼

0.5

0.9-30.9

▲

0.9

+1

1.4

0.5

▼9.0% -33.2%-27.5% -29.2%

▲

69.2

▼0.3

10.3

Miro Advisors Pty Ltd

-0.2

0.60.3

RothschildJP Morgan

67 1,210.8

854.5Mitsubishi UFJ Financial Group 8

1,256.46

4

8.15

11

4

1,905.2 17.914

17.711.8

UBS 2 2,415.9 22.631,931.63

Grant Samuel

-14.415.6

1 3,277.2 30.72

1,907.818.117.9 -1 ▼ 5.5

2,325

-17.4 ▼-10.7

▲5 +5

-3

▼▲

-20.3 +1

1

0+2

1

131.2

1.81.5157.3

190.3

▼

1

-6.78.0

▲

+1

12

11

27 1.4KPMG 13

7

1.651.3

-

▲ 16

▲

0.60.7

17* -

21

1.1131.2

58.2

115.6

0.50.4

0.6

▲

22

21

Maxit Capital LP

▼

52.9

-0.0

▲1.2

1.1

▲0.6

1.2

-

▲

2.1762.0 2.1

1

+1

1

26

1.2-

1.3Greenhill & Co, LLC 22*

17*

134.0▲

- 2.6▲ 15+1

14▲2.3 0.3

▲

China International Capital Co 2.12.3-15

16* -854.5762.0

16*

Barclays14 -2

19*16*

1.4 226*

-

-

762.0720.0720.0

2.12.11.9 1

606.2 1.6

▲

1Evercore PartnersMorgan Stanley

▲1.1-

21*

-- 190.3

-21*19*

1.6

1.9

▲▲▼

1.6

3523-6 24Greenstone Partners

0.6

0.3

+20.6▼

+1

+1

+1

▲▲

Clarus Securities Inc.

20▲

Deutsche Bank

PricewaterhouseCoopersStrutt & Parker LLP

BDO

1,521.4 3.3

Moelis & Co▲3.5

+21,305.4 0.3

4.1

960.5 1.0

Macquarie Group7 12 472.0

144.9 1.4▲

+6+1

▲+1

▼▲

▲

2.3▲-10.5

0.5.9

0.2▲

0.2

▲

1.2

0.1

0.5 0.6

▲

▲

▲

0.5

0.10.2

▲

+1

▲

0.60.6

0.90.2

▲0.2

▼▲

▼

-

.6

1.5

100.0

0.31

5

2

1

-11.6

2.2

0.6

2

11

0.8

3

-18.5%▼

-55.4%▼

100.0

-11.8% ▼

▲20-

+1 .9.2

.4

.1▼

1.5

▼

0.1.4

▲

1,183 501.3

2-

▲

0.2

0.5

-00.6▲

0.5

-500.4

.825 45.6 ▲

-33.4%

1.4▲

+1-▲

▼

2

Deloitte

134.0 0.3 ▲ ▲10,671.6 221

1.3


Akira Partners LLPIndustry Total-42

25

▼

-


1.2

100.0

1.5+1

Industry Total


229,603.9

PricewaterhouseCoopers 1.5

314

+1

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

▼

Greenhill & Co, LLC

Financial Advisor

14.81

14.818.2

UBS5

Any New Zealand Involvement Completed (AF46)

▼-93.6%

Goldman Sachs & Co


PricewaterhouseCoopersStirling Coleman Capital Ltd

BarclaysBank of America Merrill Lynch

▲

563.884.3

▲

Share Ch.2015 Rank

756.4%

▲10.2


▲4,665.9

2014 Rank

Asia (ex-Japan) Buyside Financial Sponsor Activity


MarketShare Ch.Sh (%)

1▲▲18.2

Deals

Change in

# of Deals

5

▲0

+1

3.0

Market

Jan 1 - Mar 31

▲1

3.0

-63.3%-26.7%

1

1


133 -12

2.5 6.4 ▲84.3

4,665.9

90 4%

Haitong Securities Co Ltd- 6.4

100.0

1 6.484.3

6.4▲

▲

11.0Industry Total

JP Morgan4,665.9

-

US$mGoldman Sachs & CoFinancial Advisor

▲▼

65.3

1.4

14.8

Industry Total

▲11.8

▼

-2.0- 6.2

-2.3.0 0.0

# of

2*


2*▲▲

22.2

Rank Value

+1

# of Deals

▲

▲Deals

3.7

2

Market # of

84.3 3.7

Sh (%)Sh (%)85.5

84.3

-

Jan 1 - Mar 31



+1Macquarie GroupSh (%)

Asia (ex-Japan) Rankings

Rank Value

1 -

MarketUS$m

2* 14.82.71.4

100.0

3

Share Ch.▲7.4

MarketAdvisor

17.9

MarketFees

+1110.2 11.0 ▲

1 +1 19.27.6+1

39.5

▼

1 1*-- 19.2

45.2

Imputed Fees (US$m)

3.0

▲

+1▼

Change in Market

-43.0

14.8

▲84.3

Sh (%)29.7

13.7

-59 7%-15.6%

27

▼

▲4.3

0 0%

▲


+1

3.0

-5

186.2%

Industry % Change from Same Period Last Year -60.4%

▲

▲+1

3.7

▼

2.5

2*

Market

2*

▲

100.0

80.4

-

5,535.5

4,731.2

441.4

▼

6 4

Any New Zealand Inv Announced (AD39)

-

2015 Rank

65.3

4

2014 Rank

$6.0 $3.1$9.6

$0.9 $3.5 $6.0 $8.9 $5.9$13.0 $14.5$7.4

$4.0

$3.9$3.9

$6.6

$13.3

$8.2

$17.9

$4.4$3.9

$5.1 $3.3

$8.1

$11.0

$6.6

$31.7

$7.4$2.3

$2.8

$17.3$5.9

$3.1

$9.6

$18.3

2.3%

3.1%

7.8% 9.3%

10.3%

8.0%

11.1%

7.7%

14.5%

8.5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% 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

▲* tie

90.4% -Industry % Change from Last Quarter

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

▼

Australian Cross Border Announced M&A

-59.7% 0.0%

27%

16%

14%9%

7%

6%

6%

5%4%

3%2%

Telecommunications Industrials Financials

High Technology Real Estate Materials

Energy and Power Healthcare Media and Entertainment

Consumer Products and Services Consumer Staples Retail


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


DeloitteSEB

Morgan StanleyBank of America Merrill LynchSumitomo Mitsui Finl Grp Inc

* tie

1

2,773.6

13,005.1

Lazard

Materials


Japan M&AJapanese Outbound At Record High | Financial Sector Drives JP Activity | Domestic Deals Lowest since 1998

6,021.2

6,122.6 1

88.9

Rank Val US$m

Gresham Partners 2*47.1

35.7

6,021.2 2*

Mitsubishi UFJ Morgan Stanley46.5

Industrials

Lazard


60.771.9

No. DealsRank

15,166.9 23*

Share

Japan Deals Intelligence

10,357.2 12,263.9

17,062.8 1

UBS

FinancialsMizuho Financial Group

The value of announced M&A activity with Japanese involvement increased 21.2% over first quarter 2015, recordingUS$51.1 billion in value, marking the highest first quarter volume since 2005 (US$71.1 billion).

Despite the weak yen, Japanese outbound activity reached a record high, grossing US$36.9 billion from 155 deals, a65.6% increase over the US$22.3 billion recorded during the same period last year. Eight out of the Top 10 deals forthe Japanese market’s overall activity during the first quarter were outbound transactions. More than half of theoutbound deals were targeted to Asia-Pacific, with 52.3% market share worth US$19.2 billion from 67 deals; followed byEU with 24.5% market share, recording US$9 billion from 37 deals; and the US at 23.2% market share, recordingUS$8.6 billion from 49 deals.

The Financial sector led Japanese M&A activity, with 52 deals totaling US$17.1 billion. The concurrent acquisitions byChia Tai Bright Investment (jointly owned by Itochu and Charoen Pokphand Group) of a combined 21.8% stake inCITIC Ltd. for an aggregate US$10.4 billion drove the sector and represented the largest investment made by aJapanese-controlled entity into China on record

Japanese domestic deals declined 29.4% from the comparable period in 2014, recording a total of US$11.5 billion invalue from 553 deals, which was the lowest first quarter volume since 1998 (US$3.2 billion)

According to Thomson Reuters/Freeman consulting, total estimated fees generated from completed Japaneseinvolvement deals totaled US$327.1 million, a 36.1% decrease compared to the same period last year.

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Mar 31 2015Mkt.

Nomura

1 46.3

2

52 9 4

4

4

2 2 2

46.3

114

1

1

1

3,625.6 2

2,321.7

162

2

7,761.9 High Technology

3,608.6

62 3* 35.7 1

3,056.8

3*

32

2,773.6

2,213.3 1 2 76.0

8.8 6

46.7

72.4

Bank of America Merrill LynchCITICSomerleyJP Morgan

60.73* 60.7

269.5

3* 60.7 2

10,357.2 10,357.2 10,357.2 10,357.2

3* 60.73*

CITIC Ltd (11.8%) Chia Tai Bright Investment Hong Kong / Hong Kong 5,924.0

Target Macro / Mid Industry


China Food Investment Corp (%)

1/20/2015

Pending1/20/2015

2/10/2015

Pending

PendingPending

2/26/2015

2/18/2015

Intended

AcquirorTarget (% Sought/Acquired)Rank Date Date EffectiveTop Ten Japanese Involvement Announced Deals

3,000.0

Any Japanese Involvement Announced M&A

Higo Bank Ltd (100%) Kagoshima Bank Ltd1/22/2015

Acquiror / Target NationJapan Post Co Ltd

Chia Tai Bright InvestmentMizuho Bank Ltd

Japan / Australia

Completed

Pending

3/11/2015

3/27/20152/23/2015 Pending

PendingPending

3/3/2015Domino Printing Sciences PLC (100%)

Toll Holdings Ltd (100%) 6,021.2

Industrials / Machinery

High Technology / Software

1,478.2Brother Industries Ltd

Materials / ChemicalsFinancials / Banks

Japan / United States

DMG MORI GmbH Germany / GermanyIndustrials / Machinery

Consumer Products and Services / Professional Services

2,773.6

1,793.7

Industrials / Transportation & Infrastructure

Any Japanese Involvement by Market

China Food Investment Corp

DMG Mori Seiki AG (75.7%) 1,611.0

Japan / United States

1,353.0Japan / United Kingdom

Japan / Japan

2,213.3Japan / Sweden

Japan / JapanPolypore International Inc (100%)

Canon IncAsahi Kasei Corp

4,433.3Hong Kong / Hong Kong

Rank Value (US$m)

CITIC Ltd (10%)Royal Bk of Scotland-Portfolio (100%)Axis AB (100%)

Financials / Other FinancialsFinancials / Credit Institutions

Jan 1 - Mar 31 2015

$26.9$50.3

$34.0 $23.5$35.2 $38.8 $37.0

$25.6$42.1 $51.1

$51.8$31.1

$37.1

$21.6$19.2

$45.9 $40.1

$32.9

$32.4

$22.5$28.7 $47.6

$42.4$50.3

$50.2$42.4

$39.8$24.4

$48.5$51.9 $28.7

$38.8$30.2

$50.5$59.4

$35.2 $30.4

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

# 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 YTD

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Domestic Inbound Outbound Outbound Inbound Domestic

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

18

Imputed Fees (US$m)

Financial Advisor

Gresham Partners

▲ +4 714.8660.2

44.9


Development Bank of Japan Inc

-2

-4 12

Jan 1 - Mar 31

Centerview Partners LLCSumitomo Mitsui Finl Grp Inc

0.4+21.5

1.12120

4.30.31.3▲

7.32.3

0 -

0.8

3

718 721.7Equita SIM SpA2

- Mitsubishi UFJ Financial Group

▲0.9

16

-

586.0

2.8

265.0

▼▼

6

▼Mizuho Financial Group 1,492.7

▲

2.1▼

-4.316

Moelis & Co2.5

866.5 ▲1.7

▼▲

+4+2

-34 0.5

Credit Suisse

2,974.4

3

5.3

Nomura

Rothschild

17414.5

2.1

17

23*265.02 0.3

▲ +2 265.00.3▲ ▲

65*

-1.3 ▼ 14

-2.9

Any Japanese Involvement Completed (AF23)

▲

0.9

7

10 1,072.2 2.1 ▼Scotiabank▲

Carlyle Group LP0 3 0 90 9+2 25 ▲53

239 7▲Qatalyst Partners 25 1 4 ▲1 4

Mediobanca 23* - 866.5 1.7▲2.1

1.722 - 1,062.2

Goldman Sachs & CoGreenhill & Co, LLC

212.1

▼PricewaterhouseCoopersUBS 1.5

2.44

9

22*3▼

▲ 0.4 +30.5 ▲

3.1 2.12.4

16-5.7

+1▲ JP Morgan▲ 1.6

- 2,477.5

HSBC Holdings PLC 20 -PricewaterhouseCoopers 19 14 1,564.0

1,200.0

4.918 63* 1,585.5 3.1

-12 0.3 +1 2.33.1

2.4

▼-1.2

▲Daiwa Securities Group Inc▲ -11.2

791.9

-13.0

5.47.4-0.9 2.2 +59.87.515 8

3

2.60

5.538

1,544.8▼

6.0+8

KPMG1.00.3

▼29-8.010

6.3

0.1 +1

-6+5 12

13 6.11,740.1▲

Deutsche Bank1,785.321 11

4.7

0.8

10.911.1 +111.13,154.5

▲▼

35* 14.4

▼0.3

-16.7

3.018

▲

2 0.5

1

0.314.4 +114.4 0.3▲

16*4,068.7

42

0.3

0.51

-17.5- ▲

9

0.8

▲▲

20.3 +22

0.66

+2 ▲

Ernst & Young LLP▲GCA Savvian Group Corp▼Evercore Partners

-6

1

-14.3

54,068.7

▲15.5

4.410▲ 1.3

+1Nomura

4,546.42

5

-6.8

+316.1

+3

Goldman Sachs & Co8



8

▲6*

4

1

5.714.4

SEB

9

-

13*

4

JP Morgan

1

▲

-

45

4,399.18

Mitsubishi UFJ Morgan StanleyCiti

4.2163

4,075.3

Lazard

497.8

8.54,337.7 -9.711

▲

▲

4

2,773.6

85.5 ▲ 6

22.1

5.4

▲20.3

11.8

2,981.42,875.1

5.8

19.29,779.8

7

6,021.26,520.7

22

-▼

102,201.52,290.9

36.3

20.320.319.2

8.110.54

▲

+3ICICI Bank Ltd

1.4

0.6

-111

-125+1

7.8 -22.9 ▼▼

0.7

0.7

▼

▼

2.2

0 3

1.0

2.3

1.2

2.2

▲▲

▲▼

1.20.7

▼

3.0

▼

1.6

2.7

0.7

0.8

▼

31.5

1.6

▲

0.90.1

0.1

6.6

▼

9.6

▲2.3

▼▲

▲5.4

56.1 17.2

▲▲12.0

6.4

4.6 1.4

▲

17

1

110.1

▲

19 15

0 3

▼0.5▲▲

0 3

0.3 +1

0.90.3 ▼

-10.9-12.1

1.04▲

3.9▲

-4

+1 9

2.4

3.022*

▲0.9

22*9 ▼ 1

18

453.1

0.319▼

1

0.8

0.9

-7.5 0.8

▼

3

▼13

▼▼

0.83.4

2.8▼

-

▼1.0

3.9

3.9

0

12.8

2.5

7.8

3.9

-8

-15▲

▼

▼

2.2

▼

3.2

▼

0.9

6.1

6.1

1.1

3.7

2.4

▲

▼

▲

▼

.8

▲

▲

-

19.9

2.8

0.2

20.1

0.8

▼

0.9

8.6

9.6

3.6

7.9

4

7.1

-4

-12

▲

▼

-2

-6

5.3

3.3

-9

3▼▲ 0.8

5▼-9▲

-91.3+9 ▲

+3 ▲▲

0.8

12

5.92 6,918.9 24.4

13,331.239.2

▲2.1

12.4 ▼47.1Sh (%) Share Ch.


US$mRank Value

DealsMarket Change in

Sh (%)MarketMarketMarket

Fees# of Deals# of

Financial Advisor Share Ch.


Japan Rankings

Share Ch.Market MarketAdvisor

Sh (%)

11.8-25.2

Bank of America Merrill Lynch1112.8 ▼ +4

1

0.5Rothschild ▲Deutsche Bank

Mitsubishi UFJ Morgan Stanley

14KPMGDeloitteCiti

Daiwa Securities Group Inc

4,207.0

10,357.2

5

11,294.810,357.2

12

2,711.216

3

5.3

63*

101

5.6

8.2

17

15

8

9

13

Somerley

UBS

CITIC 6* -

Sumitomo Mitsui Finl Grp Inc

6*

24

▲▲

▲

27.7

6

15.322.2

20.3

33.3

1325

Market2013 Rank

▲

22,230.217,583.6

US$m

11,423.7

Rank ValueSh (%)

22.414,114.8

3320.446

▲▲34.4

5

Sh (%)Change in

Rank Value per Advisor (US$m)Market

26.8 6

43.5+2

Deals2013 Rank

Jan 1 - Mar 31

# of Deals# of 2014

Rank

Any Japanese Involvement Announced (AD19)


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

28,317.0

Japanese Involvement Announced M&A Target Industry by Value

718.7 2 Carlyle Group LP0.3 0.90.9+2 25100.0

▲

▲▼▲ 0.9%

2.2%▲

▲40.7%

* tie

67.7%21.2%

▲

239.7▲ -

-29.9%

Industry Total +7Qatalyst Partners 25 - 1.4 ▲

100.0 77951,053.31.4 0.3

htt // th

327.1

▼

100.0

▼

▲1386

0.30.3

0.2%-36.1%

Industry Total

Japanese Target Completed M&A Fees

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

-26.9%

-142▲+1 .9

-20.1% ▼ ▲

33.4%

25.5%

15.2%

6.0%

5.6%

5.4%

Financials Industrials High Technology

Materials Consumer Products and Services Real Estate

Consumer Staples Healthcare Retail

Media and Entertainment Energy and Power Telecommunications

$278.4$192.8 $230.8

$103.7

$238.8 $216.1 $183.0 $222.3 $229.0$110.5

$275.8

$272.2 $185.7

$153.2

$252.9

$141.6 $208.7 $124.1 $80.8

$201.1

$237.5

$173.9

$146.1

$148.4

$111.1

$226.9$196.0

$139.2

209.7 265.4

179.5

246.3

191.9

157.1

242.9

214.6

143.8

0

500

1000

1500

2000

2500

3000

$0

$200

$400

$600

$800

$1,000

$1,200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

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


Industry Total

.04,271.1

11,524.38,773.5

0.04.5

12.39.3

+2+2+1-1

▲▲▲▼

2222

2.62.62.62.6

10*10*10*10*

--

23*9*

+3 ▲ 37.6 0.0

Prairie Capital Advisors IncQatalyst PartnersLazardBank of America Merrill Lynch

- 13,791.7

Wallbanck Brothers Sec (HK) 17* - 3 1.4

298.9.0

1,118.44.4

123.0

▲-▲

0.30.01.20.00.1

+30

+1+2+1

2222

2.62.6

▲▲23*

Cormark Securities IncSheshunoff & Co IncRaymond James Financial IncRoss Glanville and Associates

5*10*10*10*10*

-20.8%-37.2%

▼-45.8%

Industry % Change from Same Period Last Year-36.7%

76

Morgan StanleyHoulihan LokeyBank of America Merrill Lynch

-


Fairness Opinion Provider US$m Sh (%)

Based on Number of TransactionsBased on Number of Transactions

14

DealsMarket

Jan 1 – Mar 31 Jan 1 – Mar 31Any Americas Involvement Announced Fairness Opinion

Jan 1 – Mar 31Any US Involvement Announced Fairness Opinion

Rank Value (US$m)# of Deals per AdvisorBased on Number of Transactions

Change in # of Market# of Deals per Advisor

Market2015 Rank

Rank Value (US$m)


Rank Value (US$m)MarketRank ValueChange in


Southwest Securities Co Ltd


▼

-

3.2

-46.8%

▼ -46.2%

Cormark Securities IncBank of America Merrill Lynch 8*

2*

8*

8*

8*Lazard


4* 19*

41*

4*4*

4

3

3

-

4.8-6

▲Sh (%) # of Deals

12

4*

2015 Rank

2014 Rank

JP MorganFairness Opinion Provider

1 4*Sandler O'Neill Partners

19.46.5

+8

+1

4*

+3-+2

0

14*

2*

8*8*

-

▲+114*

▼6.5

-2

3.22

8* 0

4.84.8

▲

3.2

▼

3 4.8

3 ▲

3.2

▲10.2

191.6

5.0+2

▲19*8*- +2

11,524.3 13.53.2

0 -.0 0.0.0 0.0

▲-

▲-1

4,271.1

222 +2

8,773.53.2

▼


▼

-20


▼-49.1%

2

BMO Capital Markets +25* 9*

3

5.32* 17*0

# of Deals

21 1 16

Fairness Opinion Provider2014 Rank

# ofDeals Sh (%)

2014 Rank

31.4

Rank Value

JP MorganSh (%)

Sandler O'Neill Partners

Deals07.2

2015 Rank

JP Morgan

Rank Value

52,499.713US$mSh (%)

Duff & Phelps

# of Market Change in

1 5# of Deals

-1.3

MarketSh (%)

1.117.1 +8 ▲

2* 1* 4 5.3 -6

55.92* 6* 4 5.3

4

1,064.20 -

▲3

▲

4.0

3 +34.0

93.2112.44.0

204.91,502.7

▼

-▲

CITICChinalion Securities Co Ltd

+2

China Securities Co LtdGuotai Junan Securities

23*Industrial Securities Co Ltd

3Simmons & Co InternationalDA Davidson & Co Inc

0.1+1

-

Shenwan Hongyuan Group Co Ltd

28* ▲

5*

Moelis & Co

4.0

5.50.1

Sinolink Securities Co Ltd

Duff & Phelps

13*

13*

4Sandler O'Neill Partners

9*

13*

5*1.4

3

CMS Ltd.

17*

+2

17*

0

13*

17*

730.4 0.4

93.2

1.8-▲

01,064.2

01.4

11*

3

GF SecuritiesBMO Capital Markets

11*4

1.8

44

+1

17*

-

0.3

▲+5

5

4.0Sterne Agee & Leach Inc5*

2.62.6

0.4

0.617*23*

-

Qatalyst Partners

100.093,921.7

3

1,502.7735.5

204.9 0.1814.4

Duff & Phelps

DA Davidson & Co Inc

Sterne Agee & Leach IncSheshunoff & Co IncPrairie Capital Advisors Inc

0.21.60.1

Houlihan Lokey

Simmons & Co International5*3.0

0.1

0.3 ▲78.0

0.3

17*0.1

135.62.3

6* 28* 3.2

▲ 1,093.4

7 ▲+7-

6* -

47* 59* 28* 58

4 9*3 11*

+7

+66 2.7

57

+114.195.0

3.2 +88 3.6 +4

494.3

0.6▲▲

1.8 +5

-47*

-

▲1.8

-

▼

17*

▲

+3

28*

9,870.8

5 2.3

2,375.2

2.3

▼

6.3

▲

4,854.6

▲

New Times Securities Co Ltd

569.7

0.59*2.39*

0.8

Huaxi Securities Co Ltd

2*+3+4-5

▲

Houlihan Lokey

0.6

5,368.9

US$m55,967.6

2.71,114.2

▲586.3


50,779.0 59.31,064.2 1.2

204.9 0.21,420.4 0.8110.1

112.4 0.193.2

0.2

78.0 0.1135.6 0.2

100.0-17

-21.5% ▼

62

▼

17* - 3 1.4 -4

Fairness Opinion Rankings†

Cormark Securities IncDA Davidson & Co IncSimmons & Co International

17*17*17*17*

3333

1.41.41.41.4

+3+1+3+2

▲▲▲▲

701.2298.9112.4

78.0

0.40.20.10.0

Bruce McKnight Mineral AdvisorEvans & Evans IncGoldman Sachs & Co

7.7 10*10*10*

--

6*

222

2.62.62.6

+2+2-2

▲▲▼

4.47.1

6,131.6

0.00.06.5

Industry Total

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

0.31.4+1+1

▲▲

.0232.0

Sealand Securities Co Ltd 1.4 0.0China Investment Sec Co Ltd

15*15*

25*25*

22

Deloitte

-29.7%-29.7% -32.1%

178,230.6 100.0


24.0

+1 417.64.2

Headwaters MBCenterview Partners LLC

4*

+3

+1

Jan 1 – Mar 31

▲ 730.4 0.9

# of Deals per AdvisorBased on Number of Transactions

1,420.4

- 3 2.1

1 4.2 0 - 13*

US$mMarket

701.22.1

5*

# of2014 Rank

# of

Based on Number of Transactions

5*

Huaxi Securities Co Ltd

Rank Value (US$m)

3


+19222

Liberum Capital

Sberbank CIB

Rothschild

2015 Rank

1

Shenwan Hongyuan Group Co LtdSinolink Securities Co Ltd

CITICBarclays

1

Zheshang Securities Co LtdABG Sundal Collier

14*

-

Fairness Opinion ProviderJP MorganBank of America Merrill Lynch

Evercore Partners

14*+3 ▲ 37.6

4* - 4.2 0.2New Times Securities Co Ltd 12*

* tie

- 2 1.4 +2▲

China Merchants Securities Co2 1.4Morgan Stanley

1

Chinalion Securities Co Ltd

Deals

4 ▲

Change in

5*

3

CMS Ltd.

-

Industrial Securities Co Ltd

China Securities Co LtdSouthwest Securities Co Ltd

12* -

8.3

+29,710.3

4.2

# of Deals

Wallbanck Brothers Sec (HK)


11

4.8

Sh (%)

34.9▲

1.53

5*6,673.2

y g


Based on Number of Transactions

▲

9.4%

417.6 6.9Fairness Opinion Provider # of Deals

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

Fairness Opinion Provider

Rank Value (US$m)Rank Value

Jan 1 – Mar 31

Sh (%)

2

Market2014 Rank

Change in Deals

4Sh (%)

3*12.5 +316.7

▲

US$mRank Value

5*

1

2015 Rank

-

Jan 1 – Mar 31Any EMEA Inv Announced Fairness Opinion

14.2

4*4* -3

1-

2

4.2

4.21

8,613.0 30.9▲ 990.3 3.6

4.21

▲ 48.4

- +14*

- 4.2▲4*

5*22.0 0.1

14* +1

▲ 21.1 0.1

85.7+1

5.1▲ 0.9

3▲

0.7

3 2.12,773.6 10.0▲ 0.1

+2196.5549.5

61.1

▼-53.9% ▼

-15*

15* 13*

Haitong Securities Co Ltd 15* 2

-

▲ 115.6 0.42.8

▲ .0780.2▲

+1

-


-33.3%

100.0-1224

Industry % Change from Last Quarter -45.5% ▼ -44.0%Industry % Change from Same Period Last Year

Industry Total

▼

27,857.7

Rank Value

3.02,375.2▲

+8 6.21.4

+7▲

▲+74,854.6

9

586.38

+57

Market

1,114.2

Sh (%)Sh (%)

+4

0.7

1.8

▲5,368.9

▲

▲4.94.9

▲

5

569.7+4+3

4.26

▲

494.3+6

2.8

3.513* 3.525* 5

- 5 3.5

Industry % Change from Same Period Last Year 59.6%

GF Securities

12*15*

+2

5* 4

Industry % Change from Last Quarter -23.2% ▼ 21.5%

Industry Total 100.0

▲

142

+2

735.5

Change in Market

-

- 1 20.0 +1Deals

2014 Rank

# of Market# of DealsSh (%)

1 20.0▲

US$m

1 20.0 +1+1 ▲

▲

-65.4%

-7

1 1 20.0 -6 ▼

825.72*

▼

0.0

1*JP Morgan

6.90.6

Industry % Change from Last Quarter 400.0% ▲

1.4

179.2%▲

+53

▲

+1

78,257.7

▲

▲

1.4+1

8*

4

7

11

Deloitte

+5

1,093.4

8*

6.3

-0.90.7

5 6,065.1 100.0

▲

Industry Total

Industry % Change from Same Period Last Year -58.3%

7.81*1*

2015 Rank

14 +119.92

Any Japan Inv Announced Fairness Opinion

-

13*

5.6

Market

Any Asia Pacific Inv Announced Fairness Opinion

-1*

7

-

0.3

5*0

Mizuho Financial GroupEvercore Partners

8*1.0814.4

▲

37.0

+1 ▲ 1,348.0

898.6 3.20

▲

-

+1 10,307.4

4.2

-

- 1

▲+1

1,428.2

-29.6

1,793.7 29.6

1 20.0 +11 13.6

2,773.6 45.7254.6 4.2

1,793.720.0

▲Bank of America Merrill Lynch 1*Daiwa Securities Group Inc 1* -

4.2 +14*

Strutt & Parker LLP 4* - 1 4.2 +14*

Goldman Sachs & Co 4* - 1 4.2 +1Duff & Phelps 4* - 1 4.2 +1 0.0

Founder Securities Co Ltd 15* - 2Essence Securities Co Ltd

Guoyuan Securities Co Ltd 15* - 2 1.41.4 ▲ 209.9 0.3

▲ 230.1 0.30 -

-4 ▼

106.0 0.1Donghai Securities Co Ltd 15* 25* 2 1.4

2

†Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.

2,301.3 2.9

0.3

2 1.4

Sterne Agee & Leach Inc 17* 28* 3 1.4 +3 ▲ 135.6 0.1

0


-

-

-

-

-


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.

AmericasRobert LevineTel: +1 646 223 5682

Announced league tables include all deals that were announced between January 1, 2014 and March 31, 2015 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on March 31, 2015.

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

Tel: +852 3761 1852

E-mail: [email protected]


Asia-PacificKelvin Bian

Kaori Motohashi

EMEA

Tel: +44 (0) 20 7542 3558


Japan

Redina Doda

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.

-

-

-

-

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.

E-mail: [email protected]: +813 6441 1338Kaori Motohashi

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.

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”.

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

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.

© 2015 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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