mergermarket m&a trend report: q1 2014

Mergermarket Q1 2014 trend report 1 www.mergermarket.com

Mergermarket M&A Trend Report: Q1 2014

Mergermarket Q1 2014 trend report www.mergermarket.com

April 2014Including league tables of financial advisors


Contents

Global overview Press contacts:

EMEA: Flora Wilke T: +44 207 010 6348

Americas: Chrissy Carney T: +1 646 378 3118

Asia-Pacific: Flora Wilke T: +44 207 010 6348

Deal submission contacts:

EMEA: Nancy Honsinger T: +44 207 010 6227

CEE: Zaynab Dost T: +44 207010 6129

Americas: Raquel Mozzer T: +1 212 574 7866

Asia-Pacific: John Capulong Tel: +852 2158 9723

Europe: Overview

US: Overview

Asia-Pacific (excl. Japan): Overview

Emerging Markets: Overview

CriteriaWhat Mergermarket can do for you

Appendix: Financial advisor league tables

Appendix: Europe financial advisor league tables

Appendix: Americas financial advisor league tables

Appendix: Asia-Pacific (excl. Japan) financial advisor league tables

Appendix: Japan financial advisor league tables

Appendix: Africa & Middle East financial advisor league tables

Japan: Overview

Africa & Middle East: Overview

South Korea: Miran Lim T: +852 2158 9709

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mailto:Nancy.Honsinger%40mergermarket.com%0A?subject=

mailto:Zaynab.Dost%40mergermarket.com?subject=

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mailto:miran.lim%40mergermarket.com?subject=


Global: Q1 2014 snapshot versus Q1 2013

8.4%

US M&A value

Lead sector: Telecommunications

DomesticInboundOutbound

US$ 277.8bn

Lead advisor: Morgan Stanley US$ 172.9bn

US$ 196.4bnUS$ 81.4bn

US$ 71.8bn

US$ 49.9bn

55.9%22%

883.6%353.5%

372.3%

Europe M&A value


DomesticInboundOutbound

US$ 160.6bn

Lead advisor: Morgan Stanley US$ 93.4bn

US$ 100.3bnUS$ 60.3bn

US$ 23bn

US$ 67.6bn

19.2%

22.5%

195.2%

267%

13.9%

29.7%

InboundOutbound

Asia-Pacific (excl. Japan) M&A value

Lead sector: Real Estate

Domestic

US$ 101.6bn

Lead advisor: Goldman Sachs US$ 18.3bn

US$ 78.1bnUS$ 23.5bn

US$ 19.7bn

US$ 14.4bn

36.3%

29.5%

70.7%

64.7%

1,415%

18.8%Global M&A value


DomesticTotal cross-border

Lead advisor: Morgan Stanley

US$ 599.1bn

US$ 343.7bnUS$ 255.3bn

US$ 101bnUS$ 216.1bn

32.2%

16%

133.3%

66.7%

244.3%


Global: Overview of Q1 2014

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2007 2008 2009 2010 2011 2012 2013 2014

Valu

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Dea

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S$bn

)

European M&A US M&A Asia-Pacific (excl. Japan M&A) RoW M&A Number of Deals

Num

ber o

f Dea

ls

• Global M&A was valued at US$ 599.1bn in Q1 2014, up 33.2% from Q1 2013 (US$ 449.6bn)

• 2014 was the most active start to the year since 2011 (US$ 613.5bn)

• Q1 2014 global M&A increased 5.7% over Q4 2013 (US5$ 566.6bn)

• Eight mega-deals in Q1 (worth US$ 166.3bn) were the most deals above US$ 10bn in any Q1 since 13 were announced in Q1 2006 (worth US$ 315.4bn)

• The mega-deals accounted for a 27.8% share of global M&A compared to Q1 2013’s US$ 89.2bn-worth of mega-deals having a 19.8% share

• The average deal size in Q1 2014 was US$ 374.4m, the highest Q1 average since 2009 (US$ 381.5m) and 33% greater than in Q1 2013 (US$ 281.5m)

• TMT M&A (US$ 176.1bn ) had the highest share of global M&A at 29.4%, the highest valued Q1 since 2006 (US$ 188.9bn)

• Technology M&A (US$ 54.3bn) saw the highest value for an opening quarter on Mergermarket record, up 55.1% compared to Q1 2013 (US$ 35bn) and 23.1% from Q4 2013 (US$ 44.1bn)

• Pharma, Medical & Biotech M&A (US$ 63.2bn) was over four times the Q1 2013 value (US$ 14.2bn)

• Global cross-border activity registered the fourth quarterly increase by value in Q1 2014 with deals valued at US$ 255.3bn, 7.9% over Q4 2013 (US$ 236.7bn) and 66.7% higher deal value compared to Q1 2013 (US$ 153.2bn)

• Private equity exits reached the highest valued opening quarter on Mergermarket record (since 2001) at US$ 111.9bn. The average deal size of exits reached the highest value on Mergermarket record for any start to the year in Q1 2014 at US$ 589.1m, 60.8% higher than the peak for this period in 2008 (US$ 366.3m)

• Trade sale exits (US$ 84.8bn) were up 203.4% from Q1 2013 (US$ 27.9bn) and saw a 21.9% increase from Q4 2013 (US$ 69.5bn)

• Global buyouts in Q1 2014 (US$ 83.8bn) saw a second consecutive quarterly increase, up 29.8% from Q4 2013 (US$ 64.6bn) but down 9% compared to Q1 2013 (US$ 92.1bn)

mega-trend graph

Page 1

7 deals $175bn

3 deals $140bn

7 deals $209.8bn

7 deals $116.3bn

5 deals $83.1bn

4 deals $84.2bn

4 deals $89.2bn

8 deals $166.3bn

$320.8m

$266.4m

$381.5m

$300.8m

$356.5m

$288m $281.5m

$374.4m

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Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014

Aver

age

deal

size

(US$

m)

Valu

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meg

a-de

als (

US$b

n)

Total value of mega-deals in Q1 Average deal size of all deals in Q1 (US$m)

Regional M&A trend

Average deal size and mega-deal trend

Q1 2014 M&A trends


Global: Overview of Q1 2014Industry breakdown

Top deals

Private equity exits trend: Trade Sales vs. Secondary Buyouts

14.5%

24.0%

9.5%

3.2% 7.8% 6.1%

9.6%

25.3%

12.7%

13.8%

10.5%

10.6%

9.1% 3.5%

16.9%

23.0%

Consumer: US$ 75.9bn (US$ 65.1bn)

Energy, Mining & Utilities: US$ 82.7bn (US$ 107.9bn)

Industrials & Chemicals: US$ 63bn (US$ 42.8bn)

Pharma, Medical & Biotech: US$ 63.2bn (US$ 14.2bn)

Technology: US$ 54.3bn (US$ 35bn)

Media: US$ 20.8bn (US$ 27.4bn)

Telecommunications: US$ 101bn (US$ 43.3bn)

Other: US$ 137.9bn (US$ 113.9bn)

Q1 2013

Q1 2014

0%

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2007 2008 2009 2010 2011 2012 2013 2014

Perc

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SBOs (Value) Trade Sales (Value) Trade Sales (% of total exits) SBOs (% of total exits)

Announced

DateBidder Company

Bidder

GeographyTarget Company

Target

Geography

Target

SectorSeller Company

Deal Value

(US$bn)

13-Feb-14 Comcast Corporation USA Time Warner Cable Inc USA Telecommunications 68.5

18-Feb-14 Actavis Inc Ireland (Republic) Forest Laboratories Inc USA Pharma, Medical & Biotech

24.2

19-Feb-14 Facebook Inc USA WhatsApp Inc USA Technology Sequoia Capital 16.0

13-Jan-14 Suntory Holdings Limited Japan Beam Inc USA Consumer 15.4

27-Jan-14 Liberty Global Plc USA Ziggo BV (71.5% Stake)

Netherlands Media 11.0


Europe: Overview of Q1 2014

• European deal making during Q1 2014 saw values increase 19.2% with deals valued at US$ 160.6bn compared to US$ 134.8bn in Q1 2013

• Deal value increased for a second consecutive quarter, up 2.7% from Q4 2013 (US$ 156.4bn)

• The region’s average deal size was US$ 371.8m, up 46.2% from Q4 (US$ 254.3m) and 29.9% from Q1 2013 (US$ 286.2m)

• The Nordic and Germanic regions accounted for over a third of European M&A an-nounced in Q1 2014, with 17.9% and 18.7% shares of the market, respectively

• Telecommunications M&A led the region’s activity by deal value in Q1, accounting for US$ 23bn-worth of deals (14.3% share) despite being down 29.7% compared to Q1 2013’s total of US$ 32.7bn (24.3% share)

• Inbound values increased 13.9% in Q1 (US$ 60.3bn) and accounted for 37.5% of total European M&A: North America’s share of inbound investments decreased to 68.7% (US$ 41.4bn) from 81% (US$ 42.9bn) in Q1 2013 but Asia-Pacific (excl. Japan) investment increased 82.7% in Q1 2014 (US$ 7bn) from US$ 3.8bn

• Outbound M&A increased 195.2% during Q1 2014 (US$ 67.6bn) compared to Q1 2013 (US$ 22.9bn): the majority of investment is still being aimed at North America, up 289.6% to US$ 53bn from Q1 2013 (US$ 13.6bn)

• European buyout values (US$ 18.5bn) were 2.8% shy from Q1 2013 (US$ 19.1bn) but dropped 21% from Q4 2013 (US$ 23.5bn). They marked only the second time on Mergermarket record to see values lower than in the Asia Pacific (excl. Japan) region (the other time being Q2 2009)

• Morgan Stanley (US$ 93.4bn) ranked number one in the financial advisor league table by value, up 267% by value from fifth position in Q1 2013 (US$ 25.5bn)

• Greenhill & Co entered into the top 20 European advisors with deals valued at US$ 24.7bn into tenth position from 120th this time in 2013

• Six firms entered the top 20 from positions lower than 40 in Q1 2013

M&A trend Q1 2014 M&A trends

265.2 295.7

121.6 127.4

183.8 171.4 134.8

160.6

583.4

204.1

78.2 114.6

241.6

186.5 200.0

384.7

287.4

79.0

154.9

165.4

111.0 149.1

286.4

217.1

188.2

241.9

134.7 250.8

156.4

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Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value


Europe: Overview of Q1 2014Industry breakdown

Top deals

Inbound share to total European M&A

9.2%

19.4%

6.3%

4.2% 1.5%

4.7%

24.3%

30.5%

11.5%

12.7%

14.1%

6.5%

2.6%

8.4% 14.3%

30.0%



Industrials & Chemicals: US$ 22.6bn (US$ 8.5bn)


Technology: US$ 4.2bn (US$ 2bn)


Telecommunications: US$ 23bn (US$ 32.7bn)


Q1 2013

Q1 2014

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2007 2008 2009 2010 2011 2012 2013 2014

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&A v

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Inbound M&A Value Total European M&A Value Inbound share to total Europe M&A value

Announced

DateBidder Company

Bidder


Target

Geography

Target


Deal Value

(US$bn)

27-Jan-14 Liberty Global Plc USA Ziggo BV (71.5% Stake) Netherlands Media 11.0

20-Feb-14 Oi SA Brazil Portugal Telecom SGPS SA Portugal Telecommunications 10.6

17-Mar-14 Vodafone Group Plc United Kingdom Grupo Corporativo ONO SA Spain Telecommunications Providence Equity Partners LLC; CCMP Capital Advisors LLC;

Quadrangle Group LLC; Thomas H. Lee Partners LP; and Caisse

de Depot et Placement du Quebec

10.0

21-Feb-14 Volkswagen AG Germany Scania AB (37.4% Stake) Sweden Industrials & Chemicals

9.1

11-Feb-14 L'Oreal SA France L'Oreal SA (8% Stake) France Consumer 7.9


US: Overview of Q1 2014

• US M&A saw deals valued at US$ 277.8bn soaring 55.9% above Q1 2013 (US$ 178.2bn) and 24.3% over Q4 2013 (US$ 223.5bn)

• Q1 2014 marked the highest valued first-quarter since Q1 2007 (US$ 361.4bn)

• The jump can be attributed to the announcement of four mega-deals worth a com-bined total of US$ 124.2bn during the first three months of the year

• The average deal size in the US stood at US$ 632.8m in Q1 2014, the highest Q1 average since the beginning of 2009 and 35.3% higher than Q1 2013’s US$ 467.7m

• The Technology sector (US$ 38.1bn) beat all previous Q1 values and saw the high-est quarterly value in over seven years (Q3 2006 valued at US$ 40.3bn). A second consecutive Q1 increase saw values jump 40.6% compared to Q1 2013 (US$ 27.1bn)

• Energy, Mining & Utilities M&A has declined year-on-year since 2012. Registering only US$ 15.6bn-worth of deals in Q1 2014, it was the lowest valued quarter since Q3 2009 (US$ 13.3bn) and saw a 57% decrease from Q1 2013 (US$ 36.3bn).

• Foreign investors have regained confidence as evidenced by Q1 2014’s inbound value (US$ 81.4bn) being the second highest quarter since Q3 2007, more than quadruple Q1 2013 values (US$ 17.2bn)

• The average deal size for inbound deals was US$ 865.6m owing to three of the top deals from Europe and one from Japan amounting to US$ 47.7bn altogether, a leap from the US$ 475.2m average in the whole of 2013

• Outbound M&A in Q1 registered US$ 49.9bn-worth of deals – 30.2% higher than Q4 2013 (US$ 38.4bn) but a decrease of 8.4% from Q1 2013 (US$ 54.5bn)

• The US saw private equity exit values increase for four quarters up to the highest value since Q2 2007 (US$ 73.4bn) at US$ 71.3bn in Q1 2014, also up from US$ 56.3bn in Q4 2013

• Morgan Stanley jumped from 11th position in Q1 2013 (US$ 38.1bn) to lead the US’s financial advisor league table by value with US$ 172.9bn-worth of deals

• Allen & Company (US$ 84.8bn) and Perella Weinberg Partners (US$ 11.3bn) both entered into the top 20 financial advisors league table by value


361.4

145.4 198.9

146.6

247.5

126.6 178.2

277.8

500.8

266.2 186.2

178.5

186.3

189.6 171.2

255.6

263.3

98.0 153.1

207.3

233.9

327.3

228.7

77.7

204.8 243.8

179.4 312.3

223.5

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US: Overview of Q1 2014Industry breakdown

Top deals

Mega-deal and Q1 average deal size trend

21.8%

20.4%

8.3% 2.0% 15.2%

10.9%

4.1%

17.4%

12.0% 5.6%

10.3%

17.6%

13.7% 1.8%

25.8%

13.1% Consumer: US$ 33.4bn (US$ 38.8bn)




Technology: US$ 38.1bn (US$ 27.1bn)

Media: US$ 5bn (US$ 19.5bn)

Telecommunications: US$ 71.8bn (US$ 7.3bn)

Other: US$ 36.4bn (US$ 31bn)

Q1 2013

Q1 2014

mega-trend graph

Page 1

$361.4bn

$145.4bn

$198.9bn

$146.6bn

$247.5bn

$126.6bn

$178.2bn

$275.6bn $508.3m

$262.9m

$782.9m

$391.9m

$521.1m

$311.1m

$467.7m

$632.8m

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Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014

Aver

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(US$

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Valu

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Total value of deals in Q1 Average deal size of deals in Q1 (US$m)

Announced

DateBidder Company

Bidder


Target

Geography

Target


Deal Value

(US$bn)

13-Feb-14 Comcast Corporation USA Time Warner Cable Inc US Telecommunications 68.5

18-Feb-14 Actavis Inc Ireland (Republic) Forest Laboratories Inc US Pharma, Medical & Biotech

24.2

19-Feb-14 Facebook Inc USA WhatsApp Inc US Technology Sequoia Capital 16.0

13-Jan-14 Suntory Holdings Limited Japan Beam Inc US Consumer 15.4

06-Mar-14 Albertsons LLC USA Safeway Inc US Consumer 7.9


Asia-Pacific (excl. Japan): Overview of Q1 2014

• The start of 2014 produced the highest Q1 value on Mergermarket record (since 2001)

• Deal values during Q1 2014 saw US$ 101.6bn-worth of deals, up 36.3% from US$ 74.5bn in Q1 2013

• After three consecutive quarterly increases by value through 2013, Q1 2014 value was down 14.5% from US$ 118.9bn in Q4 2013

• Real Estate M&A was the most active sector by value with US$ 19.7bn-worth of deals having a 19.4% market share, far from Q1 2013’s US$ 1.3bn

• Total TMT M&A increased 53% from last year with US$ 12.7bn-worth of deals compared to US$ 8.3bn

• Inbound M&A into Asia-Pacific (excl. Japan) saw the highest quarterly share since Q3 2012 (28.1% with US$ 29.4bn-worth of deals), with deals valued at US$ 23.5bn and accounting for 23.2% of overall Asian targeted M&A in Q1 2014

• South Korea saw the highest value of inward investment (US$ 9.1bn) after the announce-ment of the largest South Korean inbound deal on Mergermarket record

• Outbound M&A saw US$ 14.4bn-worth of transactions, the lowest valued quarter since Q4 2009 (US$ 11.1bn). Q1’s outbound value was a hefty 31.4% drop from Q4’s US$ 21bn and also down of 18.8% from Q1 2013 (US$ 17.8bn)

• Private equity exits totalled US$ 10.2bn in Q1 2014, up 66.5% from Q4 2013 (US$ 6.1bn) and 49.7% higher than Q1 2013 (US$ 6.8bn)

• Buyout value was up 212.1% to US$ 19.1bn during Q1 2014 from US$ 6.1bn in Q1 2013, the highest value since Q1 2007 (US$ 19.3bn). The majority of this activity targeted China with US$ 5.6bn-worth of buyouts contributing almost a third (29.3%)

• Goldman Sachs topped the financial advisor league table by value with deals valued at US$ 18.3bn, up 70.7% from Q1 2013

• Haitong Securities jumped from 28th position to lead China’s financial advisor league table by value in Q1 2014 with deal value increasing ten times over US$ 865m to US$ 11bn

• In South Korea’s financial advisor league table by value, Deutsche Bank topped the table from 10th place in Q1 2013 (US$ 486m) with deals valued at US$ 8bn)


85.1 74.7

45.8

65.5

89.8 82.0

74.5

101.6

90.7

126.0

76.8 71.8

79.4 80.7

107.7

75.4 56.7

65.9

92.7

113.9

104.7

108.6

92.2 90.2

105.8

133.2 74.2 86.0

118.9

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Asia-Pacific (excl. Japan): Overview of Q1 2014Industry breakdown

Top deals

The share of inbound and private equity deal value to total Asia-Pacific M&A

8.3%

29.8%

20.3% 4.7%

5.8% 1.7%

3.6% 1.7%

24.0%

16.0%

17.6%

9.2%

2.5%

8.2% 2.3% 2.1%

19.4%

22.9%







Telecommunications: US$ 2.1bn (US$ 2.7bn)

Real Estate: US$ 19.7bn (US$ 1.3bn)


Q1 2013

Q1 2014

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Inbound Buyouts Domestic excl. Buyouts

Announced

DateBidder Company

Bidder


Target

Geography

Target


Deal Value

(US$bn)

18-Mar-14 Shanghai Jinfeng Investment Co Ltd

China Shanghai Greenland (Group) Co Ltd

China Real Estate An investor group led by Shanghai Gelinlan Investment

Management Ltd

10.6

20-Jan-14 Anheuser-Busch InBev NV Belgium Oriental Brewery Co Ltd South Korea Consumer Kohlberg Kravis Roberts & Co LP; and Affinity Equity Partners

5.8

21-Mar-14 Temasek Holdings Pte Ltd Singapore A.S. Watson & Co Limited (24.95% Stake)

Hong Kong Consumer Hutchison Whampoa Limited 5.7

31-Mar-14 Samsung SDI Co Ltd South Korea Cheil Industries Inc South Korea Industrials & Chemicals

3.4

07-Feb-14 Baytex Energy Corp China China Minzu Securities Co Ltd China Energy, Mining & Utilities

2.2


Japan: Overview of Q1 2014

• Japan’s M&A activity was valued at US$ 8.5bn in Q1 2014 and edged passed Q1 2013 (US$ 8.1bn) by 5.1%

• Q1 2014 increased 15.6% following Q4’s lull (US$ 7.4bn) from Q3 (US$ 13bn)

• All of Japan’s top deals were domestic with the highest valued being Yahoo Japan’s acquisition of eAccess for US$ 3.2bn, which accounted for 37.6% of Japan’s total

• The TMT sector leaped over six times above the value in Q1 2013 to US$ 4.5bn from US$ 0.7bn. The jump led to a 52.3% market share versus 8.6% last year

• The Consumer sector’s activity was the only sector to increase the number of deal announcements compared to Q1 2013 - the 25 deals valued at US$ 1.4bn repre-sented 14 extra deals but a 6.7% decrease by value to from US$ 1.5bn

• After a six-year high set in 2013 (US$ 13.3bn), Japanese inbound M&A during Q1 2014 saw deals valued at US$ 115m sink to the lowest quarterly value on Merger-market record (since 2001)

• Outbound M&A in Q1 recovered from Q4 2013 (US$ 13.1bn) with a total of US$ 18.6bn-worth of deals, up 41.6%. It was also more than 3.5x Q1 2013 (US$ 5.4bn)

• Morgan Stanley remained the lead advisor by value with US$ 19.1bn-worth of deals, 250.4% higher than the US$ 5.5bn accumulated in Q1 2013

• Local firm Sumitomo Mitsui Financial Group moved from eighth position to lead the financial advisor league table by deal count with 17 deals versus 7 in Q1 2013

• International firms PwC, UBS Investment Bank, Credit Suisse and Moelis & Com-pany entered into the top 20 financial advisor league table by value


26.1

17.3

10.6 13.9

11.8 14.9

8.1 8.5

18.0

10.8 14.0

7.3

17.2

26.3

15.3

11.9

15.5

24.1

33.2

32.7

13.9

13.0

32.2

12.2

29.7

6.8

21.5

16.3

7.4

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Japan: Overview of Q1 2014Industry breakdown

Top deals

Cross-border breakdown

11.1%

18.5%

25.9% 32.1%

2.5%

8.6%

3.5% 16.3%

4.7%

4.7%

2.3%

52.3%

16.3% Business Services: US$ 0.3bn (US$ 0.9bn)


Energy, Mining & Utilities: US$ -bn (US$ -bn)




TMT: US$ 4.5bn (US$ 0.7bn)

Transport: US$ 1.4bn (US$ 0.1bn)

Q1 2013

Q1 2014

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2007 2008 2009 2010 2011 2012 2013 2014

Num

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Inbound M&A Value Outbound M&A Value Inbound Number of Deals Outbound Number of Deals

Announced

DateBidder Company

Bidder


Target

Geography

Target


Deal Value

(US$bn)

27-Mar-14 Yahoo Japan Corporation Japan eAccess Limited (33.29% Stake) Japan Telecommunications Softbank Corporation 3.2

16-Jan-14 Kokusai Kogyo Holdings Co Ltd Japan Kokusai Kogyo Co Ltd (55% Stake)

Japan Transportation Cerberus Capital Management 1.3

31-Jan-14 H2O Retailing Corporation Japan Izumiya Co Ltd Japan Consumer 1.1

30-Jan-14 Japan Industrial Partners Inc Japan NEC Biglobe Ltd Japan Technology NEC Corporation; and Daiwa Securities Group

0.9

28-Jan-14 Toyota Tsusho Corporation Japan Tomen Electronics Corp (59.84% Stake)

Japan Technology 0.3


Africa & the Middle East: Overview of Q1 2014

• M&A targeting African & Middle Eastern companies dipped 50.4% to US$ 6.3bn compared to Q1 2013 (US$ 12.7bn)

• Following a string of double digit billion-dollar quarters in 2013, Q1 dropped 60.4% from US$ 15.9bn in Q4 2013, single digit billion dollar quarter since Q1 2012 (US$ 8.8bn)

• Q1 2014 marked the lowest valued quarter in almost five years (Q2 2009 - US$ 4bn)

• The top three deals, with a combined value of US$ 3bn, accounted for almost half of the region’s M&A value

• Energy, Mining & Utilities remained the most active sector with deals valued at US$ 1.6bn (26.2% share) but dropped 70.9% compared to Q1 2013 (US$ 5.5bn)

• The Consumer sector isaw a massive 700% increase compared to Q1 2013, with 15 deals valued at US$ 0.8bn compared to six deals valued at US$ 0.1bn

• Investments in the technology sector were up 71.4% at US$ 1.2bn, from US$ 0.7bn in Q1 2013

• Outbound M&A from the region leaped 75% from the start of 2013 (US$ 4bn) with deals valued at US$ 7bn - up 62.8% from Q4 2013 (US$ 4.3bn), marking the highest value since Q2 2011 (US$ 11.2bn)

• At US$ 6.5bn, almost all (92.4%) outbound investments targeted the Energy, Mining & Utilities sector - over ten times the amount seen in Q1 2013 (US$ 0.5bn)

• Inbound activity in Q1 2014 saw US$ 2.7bn-worth of deals accounting for 42.9% of total activity, down 69.3% compared to US$ 8.8bn registered in Q1 2013 (69.1% of total activity)

• While the Energy, Mining & Utilities sector soared for outbound deals, inbound investment dropped 93% to US$ 353m from US$ 5.1bn in Q1 2013

• Bank of America Merrill Lynch UBS Investment jumped from Q1 2013 positions above 15 to the first and second position, respectively: Bank of America Merrill Lynch saw deal values increase 532.2% to US$ 3bn from US$ 473m in Q1 2013


19.9

13.1

5.3

25.3

19.8

8.8

12.7

6.3

12.6

12.9

4.0

8.0

6.6

13.4

21.6

20.0

10.0

15.4

8.2 12.1

10.0

14.8

34.6

14.6

7.8

12.8

7.0

19.9

15.9

0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013 2014

Valu

e of

Dea

ls (U

S$bn

)



Africa & the Middle East: Overview of Q1 2014Industry breakdown

Top deals


0.8%

43.3%

0.8% 5.5%

5.5%

44.1%

13.1%

26.2%

3.3%

3.3%

19.7%

0.0%

9.8%

24.6%






Media: US$ 0bn (US$ 0bn)

Telecommunications: US$ 0.6bn (US$ 0bn)


Q1 2013

Q1 2014

0

10

20

30

40

50

60

0

5

10

15

20

25

30

35

40


2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f Dea

ls

Valu

e of

Dea

ls (U

S$bn

)


Announced

DateBidder Company

Bidder


Target

Geography

Target


Deal Value

(US$bn)

04-Feb-14 Sonangol EP Angola Angola Block 15/06 (15% Stake) Angola Energy, Mining & Utilities

Total SA 0.8

20-Jan-14 Qatari Diar Real Estate Investment Company

Qatar Barwa Bank PQSC (37.34% Stake)

Qatar Financial Services Barwa Real Estate Company QSC 0.7

20-Jan-14 Emirates Central Cooling Systems Corporation

United Arab Emirates

Palm Utilities United Arab Emirates

Energy, Mining & Utilities

Istithmar World Capital 0.5

03-Mar-14 Goldman Sachs; African Infrastructure Investment

Managers (Pty) Limited; and IFC Global Infrastructure Fund

USA IHS Holdings Limited Nigeria Telecommunications 0.5

07-Mar-14 Redefine Properties International Limited

South Africa Annuity Properties Limited South Africa Real Estate 0.3


Emerging Markets: Overview of Q1 2014

• The emerging markets had a stronger start to 2014 compared to last year, highlighted by a 9% increase during Q1 2014 to US$ 101.9bn from Q1 2013 (US$ 93.5bn)

• After a slight pick up from Q3 (US$ 128.2bn) to Q4 2013 (US$ 150.6bn), Q1 was unable to keep up the momentum, declining 32.4% from Q4

• Despite unpredictable conditions in each BRIC country undermining the confidence needed to boost M&A activity in 2014, BRIC M&A totaled US$ 64bn in Q1 2014, up 23.2% from Q1 2013 (US$ 52bn).

• The LatAm countries also showed resilience with US$ 25.9bn-worth of deals in Q1, an in-crease of 45.7% compared to Q1 2013 (US$ 17.8bn)

• The average deal size of deals targeting emerging markets dropped to US$ 200.1m in Q1 2014 after three quarters of the average being above US$ 221m

• The TMT sector was resilient to a drop in M&A in the region: an extra 30 Technology deals resulted in 81 deals worth US$ 8.9bn in Q1 2014, up 128.2% from US$ 3.9bn. An addition-al five Media deals saw 22 transactions worth US$ 1.6bn, up 6.7% from US$ 1.5bn. The Telecommunications sector increased 16.7% by value to US$ 4.9bn from US$ 4.2bn

• The gap between Consumer and the traditionally dominant Energy, Mining & Utilities sec-tor is narrowing – Consumer M&A accounted for 13.9% of total emerging market values, just shy of Energy, Mining & Utilities’ 16.3% (compared to 2013’s splits of 11.4% and 32.6%, respectively)

• Inbound M&A values increased 35.5% to US$ 35.6bn from US$ 26.3bn in Q1 2013 but dropped 12% compared to Q4 2013 (US$ 40.5bn). Europe claimed the highest share (US$ 14.2bn) at 39.9%, up 27% by value compared to Q1 2013 (US$ 11.2bn). Meanwhile, deal making from North America, decreased to a 25.6% share after values decreased 18% to US$ 9.1bn from US$ 11.1bn last year

• Emerging market countries have been seeking growth opportunities outside of domestic markets, with total outbound investments valued at US$ 29.7bn, a 66.1% increase over Q4 2013 (US$ 17.9bn), and 14% higher than Q1 2013 (US$ 26bn)

• Morgan Stanley claimed the top spot in the Emerging Markets financial advisors league table by value with US$ 27.7bn-worth of deals


86.8 104.8

57.1

129.4 142.3

103.3 93.5 101.9

124.3 110.6

86.0

92.5

108.4 138.2

132.9

89.8

49.2

75.7

101.1

138.2

85.0

128.2

151.2

123.5

110.7

179.8

94.6

198.8 150.6

0

100

200

300

400

500

600

2007 2008 2009 2010 2011 2012 2013 2014

Val

ue

of

Dea

ls (

US

$bn

)



Emerging Markets: Overview of Q1 2014Industry breakdown

Top deals


1.8% 32.6%

11.4%

13.9% 13.2%

4.2%

4.5%

3.3% 1.6%

13.5%

18.3%

16.3%

13.9%

13.7%

12.0%

8.7%

4.8%

2.0% 1.6%

8.7%

Real Estate: US$ 18.603bn (US$ 1.7bn)

Energy, Mining & Utilities : US$ 16.6bn (US$ 30.4bn)


Industrials & Chemicals: US$ 14bn (US$ 13bn)

Financial Services: US$ 12.2bn (US$ 12.3bn)

Technology : US$ 8.9bn (US$ 3.9bn)

Telecommunciations: US$ 4.9bn (US$ 4.2bn)

Pharma, Medical & Biotech: US$ 2bn (US$ 3.1bn)

Media : US$ 1.6bn (US$ 1.5bn)


Q1 2013

Q1 2014

0

50

100

150

200

250

300

0

10

20

30

40

50

60

70

80

90


2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f Dea

ls

Valu

e of

Dea

ls (U

S$bn

)


Announced

DateBidder Company

Bidder


Target

Geography

Target


Deal Value

(US$bn)

18-Mar-14 Shanghai Jinfeng Investment Co Ltd

China Shanghai Greenland (Group) Co Ltd

China Real Estate An investor group led by Shanghai Gelinlan Investment

Management Ltd

10.6

20-Jan-14 Anheuser-Busch InBev NV Belgium Oriental Brewery Co Ltd South Korea Consumer Kohlberg Kravis Roberts & Co LP and Affinity Equity Partners

5.8

31-Mar-14 Samsung SDI Co Ltd South Korea Cheil Industries Inc South Korea Industrials & Chemicals

3.4

29-Jan-14 Corpbanca SA Chile Banco Itau Chile SA Chile Financial Services Itau Unibanco Holding SA 2.2

11-Jan-14 Founder Securities Co Ltd China China Minzu Securities Co Ltd China Financial Services Beijing Zhengquan Holding Co Ltd

2.2


Appendix: Financial advisor league tables and analysisLeague Table of Financial Advisors to M&A by Value: Global including regional comparisons

Ranking Q1 2014 Q1 2013 Q1 2014 regional ranking

Q1 2014

Q1 2013 Company Name Value

(US$bn)Deal

CountValue

(US$bn)% Val.

Change

Europe Rank

US Rank

Asia Rank

Japan Rank

Africa & Middle

East

1 5 Morgan Stanley 216.1 54 62.8 244.3% 1 1 2 1 -2 1 JPMorgan 178.0 51 134.0 32.8% 2 2 13 10 143 2 Goldman Sachs 135.6 72 129.5 4.8% 4 5 1 8 34 6 Barclays 124.1 45 58.9 110.7% 8 3 27 - 275 7 Citi 122.4 37 57.0 114.8% 9 4 4 35 56 3 Bank of America Merrill Lynch 114.0 48 89.9 26.8% 3 7 6 34 17 10 Centerview Partners 89.6 8 48.1 86.3% 42 6 - 3 -8 62 Allen & Company 84.8 5 2.8 2,884% - 8 - - -9 4 Credit Suisse 69.5 38 73.9 -5.9% 14 10 7 2 3610 - Paul J. Taubman 68.5 1 - - - 9 - - -11 12 Deutsche Bank 68.1 31 41.3 64.8% 5 11 5 - 712 8 Lazard 47.5 49 50.4 -5.8% 7 13 3 19 -13 16 Rothschild 34.8 39 25.6 36.2% 6 21 18 36 3914 20 Greenhill & Co 32.5 6 11.0 196.0% 10 12 65 - -15 11 UBS Investment Bank 29.6 23 43.4 -31.8% 13 15 11 13 2

Morgan Stanley ranks number one in the financial advisor league tables by value for the first Q1 on Mergermarket record (since 2001)

Morgan Stanley advised on 36.1% of total M&A values and ranked first in Europe and the US in Q1 2014

The firm worked on all mega-deals (above US$ 10bn) so far in Q1 2014 excluding the Shanghai Greenland/ Shanghai Jinfeng Investment deal

The last quarter Morgan Stanley ranked first was in Q2 2012 with 71 deals valued at US$ 144.3bn

Morgan Stanley was the leading advisor for annual values in 2010 after mandates on 292 deals were valued at US$ 491bn

Barclays ranked 4th globally, up from 6th position in Q1 2013. The firm only entered the top five rankings in the US league tables (3rd position)

Goldman Sachs does not appear as one of the top two global financial advisors by value during a first quarter for the first time since 2003 when it ranked fifth

The value of M&A worked on by boutique firms in the top 20 rankings of financial advisors during Q1 2014 totalled US$ 275.4bn and represented 46% of global advisory mandates, up from 41.8% in Q1 2013 from US$ 188bn-worth of deals

League table analysis


Total M&A value and volumeQuarterly M&A growth comparison

Appendix: Global financial advisor league tablesLeague table of financial advisors to M&A by value: Global

Ranking Q1 2014 Q1 2013Q1

2014Q1

2013 Company Name Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 5 Morgan Stanley 216,114 54 62,767 244.3%2 1 JPMorgan 178,030 51 134,028 32.8%3 2 Goldman Sachs 135,648 72 129,468 4.8%4 6 Barclays 124,060 45 58,891 110.7%5 7 Citi 122,366 37 56,957 114.8%6 3 Bank of America Merrill Lynch 114,040 48 89,927 26.8%7 10 Centerview Partners 89,593 8 48,079 86.3%8 62 Allen & Company 84,777 5 2,841 2,884.1%9 4 Credit Suisse 69,545 38 73,911 -5.9%10 - Paul J. Taubman 68,492 1 - -11 12 Deutsche Bank 68,051 31 41,295 64.8%12 8 Lazard 47,482 49 50,396 -5.8%13 16 Rothschild 34,838 39 25,580 36.2%14 20 Greenhill & Co 32,524 6 10,987 196.0%15 11 UBS Investment Bank 29,627 23 43,447 -31.8%

16 81 Mizuho Financial Group 27,781 16 2,000 1,289%

17 24 BNP Paribas 26,582 20 8,952 196.9%

18 17 RBC Capital Markets 21,078 23 24,048 -12.4%

19 52 EY 15,330 44 3,478 340.8%

20 124 ABN AMRO Bank 15,129 11 557 2,616%

League table of financial advisors to M&A by volume: Global


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 13,420 88 90 -22 3 Goldman Sachs 135,648 72 65 73 4 Morgan Stanley 216,114 54 61 -74 7 Deloitte 2,501 52 53 -15 5 JPMorgan 178,030 51 56 -56 8 Lazard 47,482 49 51 -27 14 Bank of America Merrill Lynch 114,040 48 34 148 10 Barclays 124,060 45 40 59 6 EY 15,330 44 53 -910 2 KPMG 5,488 41 72 -3111 9 Rothschild 34,838 39 51 -1212 13 Credit Suisse 69,545 38 36 213 11 Citi 122,366 37 40 -314 16 Deutsche Bank 68,051 31 27 415 15 UBS Investment Bank 29,627 23 31 -8

16 27 RBC Capital Markets 21,078 23 18 5

17 19 Houlihan Lokey 2,552 21 25 -4

18 31 BNP Paribas 26,582 20 17 3

19 34 Lincoln International 412 19 17 220 20 Evercore Partners 12,093 18 24 -6



Appendix: Global financial advisor league tables

Mid-market league tables based on deals valued between US$ 251m - US$ 1bn

League table of financial advisors to mid-market M&A by value: Global


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 3 Goldman Sachs 14,099 26 8,545 65.0%2 1 Morgan Stanley 13,189 22 10,399 26.8%3 7 Lazard 9,752 17 5,864 66.3%4 5 Barclays 9,525 15 6,056 57.3%5 9 Citi 5,806 10 5,274 10.1%6 2 JPMorgan 5,533 11 9,090 -39.1%7 4 Rothschild 4,829 12 7,683 -37.1%8 6 Bank of America Merrill Lynch 4,815 7 6,012 -19.9%9 14 Credit Suisse 4,588 7 3,146 45.8%10 11 HSBC 4,561 6 4,730 -3.6%11 13 PwC 4,102 8 3,472 18.1%12 12 Deutsche Bank 4,083 7 3,943 3.6%13 119 Jefferies 3,491 6 265 1,217%14 21 Evercore Partners 3,403 5 2,054 65.7%15 48 Wells Fargo Securities 3,377 6 883 282.4%

16 20 EY 3,127 7 2,109 48.3%

17 22 RBC Capital Markets 3,113 6 2,020 54.1%

18 30 Banco Itau BBA 3,113 5 1,390 124.0%

19 8 UBS Investment Bank 3,006 5 5,795 -48.1%

20 29 Somerley 2,721 4 1,394 95.2%

League table of financial advisors to mid-market M&A by volume: Global


2014Q1


Deal Count

Deal Count

Count Change

1 2 Goldman Sachs 14,099 26 16 102 4 Morgan Stanley 13,189 22 21 13 5 Lazard 9,752 17 12 54 9 Barclays 9,525 15 10 55 3 Rothschild 4,829 12 16 -46 1 JPMorgan 5,533 11 19 -87 7 Citi 5,806 10 12 -28 6 PwC 4,102 8 8 09 23 Bank of America Merrill Lynch 4,815 7 11 -410 11 Credit Suisse 4,588 7 5 211 8 Deutsche Bank 4,083 7 9 -212 15 EY 3,127 7 5 213 10 HSBC 4,561 6 9 -314 22 Jefferies 3,491 6 1 515 19 Wells Fargo Securities 3,377 6 2 4

16 18 RBC Capital Markets 3,113 6 5 1

17 41 Evercore Partners 3,403 5 4 1

18 20 Banco Itau BBA 3,113 5 2 3

19 21 UBS Investment Bank 3,006 5 10 -520 29 Canaccord Genuity 1,949 5 4 1



Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: Europe


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 5 Morgan Stanley 93,427 23 25,460 267.0%2 2 JPMorgan 83,395 25 53,280 56.5%3 10 Bank of America Merrill Lynch 78,846 19 10,056 684.1%4 1 Goldman Sachs 74,052 18 63,723 16.2%5 8 Deutsche Bank 60,092 22 14,894 303.5%6 7 Rothschild 31,626 32 16,900 87%7 12 Lazard 30,165 24 9,292 224.6%8 6 Barclays 28,132 21 19,463 44.5%9 9 Citi 26,797 15 14,296 87.4%10 120 Greenhill & Co 24,653 4 137 17,895%11 - Mizuho Financial Group 24,244 2 - -12 13 BNP Paribas 23,718 18 8,952 164.9%13 22 UBS Investment Bank 22,187 13 4,993 344.4%14 3 Credit Suisse 18,561 16 33,598 -44.8%15 77 ABN AMRO Bank 15,129 11 557 2,616%

16 40 EY 14,254 37 2,836 402.6%

17 15 PwC 11,624 66 7,717 50.6%

18 56 Perella Weinberg Partners 10,999 2 1,539 614.7%

19 80 Santander Global Banking and Markets 10,632 2 430 2,373%

20= 52 Banco BTG Pactual 10,574 1 1,668 533.9%

20= 53 Banco Espirito Santo de Investimento 10,574 1 1,648 541.6%

League table of financial advisors to M&A by volume: Europe


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 11,624 66 61 52 5 EY 14,254 37 37 03 4 Deloitte 1,731 33 38 -54 3 Rothschild 31,626 32 43 -115 2 KPMG 3,264 30 54 -246 7 JPMorgan 83,395 25 25 07 13 Lazard 30,165 24 18 68 8 Morgan Stanley 93,427 23 25 -29 22 Deutsche Bank 60,092 22 11 1110 10 Barclays 28,132 21 23 -211 23 Bank of America Merrill Lynch 78,846 19 11 812 6 Goldman Sachs 74,052 18 31 -1313 14 BNP Paribas 23,718 18 17 114 17 Credit Suisse 18,561 16 16 015 18 Citi 26,797 15 16 -1

16 20 UBS Investment Bank 22,187 13 14 -1

17 27 Canaccord Genuity 1,587 13 9 4

18 9 M&A International 320 13 25 -12

19 45 ABN AMRO Bank 15,129 11 5 620 29 Lincoln International 142 11 9 2



Appendix: Europe financial advisor league tables


League table of financial advisors to mid-market M&A by value: Europe


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 4 Barclays 5,927 9 3,790 56.4%2 1 Morgan Stanley 5,276 7 6,026 -12.4%3 8 Lazard 5,229 10 2,393 118.5%4 3 Goldman Sachs 3,885 7 4,130 -5.9%5 2 Rothschild 3,776 9 5,765 -34.5%6 12 HSBC 3,764 5 1,802 109%7 7 PwC 3,130 6 2,481 26.2%8 9 Bank of America Merrill Lynch 2,742 4 2,348 16.8%9 17 JPMorgan 2,719 5 1,472 84.7%10 11 EY 2,511 6 1,817 38.2%11 - Jefferies 2,473 4 - -12 13 Citi 2,037 3 1,795 13.5%13 40 UniCredit Group 1,812 3 500 262.4%14 - Wells Fargo Securities 1,727 3 - -15 22 Deutsche Bank 1,702 3 1,004 69.5%

16 14 BNP Paribas 1,611 2 1,727 -6.7%

17 - Messier, Maris et Associes 1,564 2 - -

18 15 KPMG 1,515 2 1,626 -6.8%

19 - Jamieson Corporate Finance 1,484 2 - -


League table of financial advisors to mid-market M&A by volume: Europe


2014Q1


Deal Count

Deal Count

Count Change

1 6 Lazard 5,229 10 5 52 4 Barclays 5,927 9 6 33 1 Rothschild 3,776 9 13 -44 2 Morgan Stanley 5,276 7 12 -55 3 Goldman Sachs 3,885 7 7 06 5 PwC 3,130 6 5 17 12 EY 2,511 6 4 28 15 HSBC 3,764 5 3 29 17 JPMorgan 2,719 5 3 210 10 Bank of America Merrill Lynch 2,742 4 4 011 - Jefferies 2,473 4 - -12 18 Canaccord Genuity 1,359 4 3 113 44 Deloitte 1,271 4 1 314 33 Rabobank 1,236 4 1 315 13 Citi 2,037 3 4 -1

16 41 UniCredit Group 1,812 3 1 2

17 - Wells Fargo Securities 1,727 3 - -

18 22 Deutsche Bank 1,702 3 2 1

19 - Banca IMI/Intesa Sanpaolo 1,186 3 - -20 14 BNP Paribas 1,611 2 4 -2


Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: UK


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 2 JPMorgan Cazenove 24,546 10 29,076 -15.6%2 15 Bank of America Merrill Lynch 24,322 10 1,875 1,197%3 1 Goldman Sachs 19,261 8 30,631 -37.1%4 5 Deutsche Bank 16,622 6 4,441 274.3%5 8 Barclays 11,657 11 3,514 231.7%6 9 Morgan Stanley 11,572 4 3,132 269.5%7 7 UBS Investment Bank 10,511 3 3,681 185.5%8 3 Credit Suisse 6,805 4 26,180 -74.0%9 33 RBC Capital Markets 6,550 3 651 906.1%

10= - Dean Bradley Osborne 4,400 1 - - 10= 4 LionTree Advisors 4,400 1 25,748 -82.9% 10= - Raine Group 4,400 1 - -

13 12 Rothschild 4,391 12 2,345 87.2%14 19 Citi 2,875 4 1,351 112.8%15 - IFBC 2,851 1 - -

League table of financial advisors to M&A by volume: UK


2014Q1


Deal Count

Deal Count

Count Change

1 2 PwC 1,695 13 18 -52 7 Rothschild 4,391 12 10 23 12 Canaccord Genuity 1,534 12 7 54 14 Barclays 11,657 11 6 55 6 JPMorgan Cazenove 24,546 10 10 06 21 Bank of America Merrill Lynch 24,322 10 4 67 5 EY 1,399 9 11 -28 4 Goldman Sachs 19,261 8 11 -39 8 Deloitte 495 8 10 -210 17 Cenkos Securities 996 7 5 211 1 KPMG 201 7 19 -1212 20 Deutsche Bank 16,622 6 4 213 39 HSBC 1,807 6 2 414 25 Investec 256 6 4 215 15 Clearwater Corporate Finance 75 6 6 0

League table of financial advisors to M&A by value: Ireland


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 6 Goldman Sachs 24,747 2 1,739 1,323%2 - Morgan Stanley 24,349 2 - -

3= 4 Bank of America Merrill Lynch 24,244 1 1,739 1,294% 3= - Greenhill & Co 24,244 1 - - 3= 11 JPMorgan 24,244 1 160 15,053% 3= - Mizuho Financial Group 24,244 1 - -

7 10 Barclays 3,521 2 160 2,101%8 5 Deutsche Bank 3,199 2 1,739 84.0%9 - Lazard 2,362 4 - -10 - RBC Capital Markets 1,521 1 - -11 1 Centerview Partners 1,199 1 3,249 -63.1%12 2 Citi 951 2 3,249 -70.7%13 - JMP Securities 660 1 - -

14= - Arma Partners 624 1 - - 14= - PwC 624 1 - -

League table of financial advisors to M&A by volume: Ireland


2014Q1


Deal Count

Deal Count

Count Change

1 - Lazard 2,362 4 - -2 8 Goldman Sachs 24,747 2 1 13 - Morgan Stanley 24,349 2 - -4 11 Barclays 3,521 2 1 15 7 Deutsche Bank 3,199 2 1 16 5 Citi 951 2 1 17 2 Rothschild 57 2 2 0

8= 1 Bank of America Merrill Lynch 24,244 1 2 -1 8= - Greenhill & Co 24,244 1 - - 8= 12 JPMorgan 24,244 1 1 0 8= - Mizuho Financial Group 24,244 1 - -12 - RBC Capital Markets 1,521 1 - -13 4 Centerview Partners 1,199 1 1 014 - JMP Securities 660 1 - -

15= - Arma Partners 624 1 - -

15= - PwC 624 1 -

Mergermarket Q1 2014 trend reportt 24 www.mergermarket.com

Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: Germany


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 10 Goldman Sachs 23,834 3 1,336 1,684%2 5 Morgan Stanley 19,171 6 2,669 618.3%3 28 Rothschild 16,418 7 120 13,582%4 3 Deutsche Bank 12,621 4 3,966 218.2%5 12 EY 11,572 11 1,196 867.6%

6= - Lenner & Partners 9,148 1 - - 6= - SEB 9,148 1 - -

8 2 Citi 8,317 3 5,050 64.7%9 1 JPMorgan 4,857 2 7,475 -35.0%10 - UBS Investment Bank 2,991 2 - -11 18 ABN AMRO Bank 2,657 3 452 487.8%12 7 Barclays 2,641 3 2,051 28.8%13 - Gleacher Shacklock 2,408 1 - -14 - FIH Partners 2,344 1 - -15 - Mediobanca 1,246 1 - -

League table of financial advisors to M&A by volume: Germany


2014Q1


Deal Count

Deal Count

Count Change

1 5 PwC 743 12 6 62 1 EY 11,572 11 8 33 2 KPMG 777 8 7 14 18 Rothschild 16,418 7 3 45 14 Morgan Stanley 19,171 6 3 36 13 Deutsche Bank 12,621 4 3 17 17 Deloitte 278 4 3 18 - Warth & Klein Grant Thornton 24 4 - -

9= 74 goetzpartners - 4 1 3 9= - Macquarie Group - 4 - - 9= 6 Perspektiv - 4 6 -212 10 Goldman Sachs 23,834 3 4 -113 9 Citi 8,317 3 4 -114 44 ABN AMRO Bank 2,657 3 1 215 37 Barclays 2,641 3 1 2

League table of financial advisors to M&A by value: Germanic


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 11 Goldman Sachs 31,985 6 1,336 2,294%2 10 Rothschild 24,948 9 1,620 1,440%3 4 Morgan Stanley 21,101 7 3,751 463%4 6 Credit Suisse 15,226 9 2,138 612.2%5 1 JPMorgan 14,757 6 7,475 97.4%6 3 Deutsche Bank 14,551 5 3,966 266.9%7 12 EY 11,594 15 1,304 789.1%8 22 Lazard 9,362 4 347 2,598%

9= - Lenner & Partners 9,148 1 - - 9= - SEB 9,148 1 - -11 2 Citi 8,504 4 5,050 68.4%12 23 BNP Paribas 8,190 4 284 2,784%13 13 Bank of America Merrill Lynch 7,251 2 1,260 475.5%14 9 Barclays 6,181 6 2,051 201.4%15 51 UBS Investment Bank 5,821 6 13 44,677%

League table of financial advisors to M&A by volume: Germanic


2014Q1


Deal Count

Deal Count

Count Change

1 4 PwC 3,022 17 7 102 1 EY 11,594 15 12 33 2 KPMG 777 12 11 14 7 Rothschild 24,948 9 6 35 6 Credit Suisse 15,226 9 6 36 8 Deloitte 576 8 6 27 5 Morgan Stanley 21,101 7 6 18 13 Goldman Sachs 31,985 6 5 19 12 JPMorgan 14,757 6 5 110 51 Barclays 6,181 6 1 511 35 UBS Investment Bank 5,821 6 2 412 21 Deutsche Bank 14,551 5 3 213 15 Lazard 9,362 4 5 -114 20 Citi 8,504 4 4 015 16 BNP Paribas 8,190 4 5 -1


Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: Benelux


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 2 Morgan Stanley 23,889 4 11,754 103.2%2 25 ABN AMRO Bank 15,129 11 557 2,616%3 7 Bank of America Merrill Lynch 13,838 3 3,711 272.9%

4= 3 JPMorgan 10,999 1 8,966 22.7% 4= - Perella Weinberg Partners 10,999 1 - -

6 57 EY 9,434 3 - -7 38 Deutsche Bank 8,417 3 105 7,916%8 1 Goldman Sachs 7,638 2 18,430 -59%9 18 Rothschild 7,120 3 1,918 271.2%10 8 Lazard 6,150 2 3,223 91%11 6 Citi 5,800 1 3,904 48.6%12 69 HSBC 2,378 3 - -13 - FIH Partners 2,344 1 - -14 - Mediobanca 1,246 1 - -15 - Banca IMI/Intesa Sanpaolo 898 2 - -

League table of financial advisors to M&A by volume: Benelux


2014Q1


Deal Count

Deal Count

Count Change

1 12 ABN AMRO Bank 15,129 11 5 62 4 Deloitte 670 7 10 -33 1 Rabobank 266 5 12 -74 2 PwC 5 5 10 -55 7 Morgan Stanley 23,889 4 7 -36 3 ING 309 4 10 -67 8 KPMG 66 4 7 -38 - NIBC Bank - 4 - -9 18 Bank of America Merrill Lynch 13,838 3 2 110 29 EY 9,434 3 2 111 46 Deutsche Bank 8,417 3 1 212 6 Rothschild 7,120 3 8 -513 69 HSBC 2,378 3 1 214 39 Kempen & Co 52 3 1 215 13 M&A International - 3 5 -2

League table of financial advisors to M&A by value: France


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 1 BNP Paribas 15,448 12 3,140 392.0%2 40 Lazard 14,968 8 30 49,793%3 5 Rothschild 11,190 12 1,425 685.3%4 - Zaoui & Co 10,396 2 - -5 2 Credit Suisse 10,249 4 1,714 498.0%6 84 Morgan Stanley 7,674 6 0 -7 - Deutsche Bank 4,725 5 - -8 22 Credit Agricole 3,018 7 152 1,886%9 14 Societe Generale 2,895 8 495 484.8%10 10 Bank of America Merrill Lynch 2,218 3 765 189.9%11 7 HSBC 1,783 2 1,020 74.8%12 - Messier, Maris et Associes 1,611 3 - -13 9 Barclays 1,406 3 765 83.8%14 - China International Capital 1,103 1 - -15 - Halcyon Capital 1,103 1 - -

League table of financial advisors to M&A by volume: France


2014Q1


Deal Count

Deal Count

Count Change

1 3 BNP Paribas 15,448 12 7 52 1 Rothschild 11,190 12 11 13 11 PwC 508 11 4 74 7 Lazard 14,968 8 5 35 8 Societe Generale 2,895 8 4 46 16 Credit Agricole 3,018 7 3 47 27 EY 740 7 2 58 84 Morgan Stanley 7,674 6 1 59 - Deutsche Bank 4,725 5 - -10 12 Credit Suisse 10,249 4 3 111 35 JPMorgan 886 4 1 312 19 Leonardo & Co 402 4 3 113 10 KPMG 26 4 4 014 36 Bank of America Merrill Lynch 2,218 3 1 215 - Messier, Maris et Associes 1,611 3 - -


Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: Iberia


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 13 Morgan Stanley 21,959 3 1,024 2,044%2 7 Bank of America Merrill Lynch 20,601 2 1,809 1,039%3 - Deutsche Bank 18,353 2 - -4 10 JPMorgan 11,385 2 1,553 633.1%5 2 Barclays 11,129 2 4,178 166.4%6 26 BNP Paribas 10,785 3 124 8,598%

7= - Banco BTG Pactual 10,574 1 - - 7= 8 Banco Espirito Santo de Investimento 10,574 1 1,641 544.4% 7= 18 Santander Global Banking and

Markets10,574 1 430 2,359%

10= 1 Goldman Sachs 10,027 1 8,509 17.8% 10= 16 UBS Investment Bank 10,027 1 587

12 - Citi 8,326 1 - -13 4 PwC 1,632 10 3,828 -57.4%14 9 Caixa Banco de Investimento 1,372 2 1,578 -13.1%15 6 Banco Bilbao Vizcaya Argentaria 1,217 6 2,470 -50.7%

League table of financial advisors to M&A by volume: Iberia


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 1,632 10 13 -32 9 EY 564 9 4 53 4 Banco Bilbao Vizcaya Argentaria 1,217 6 8 -24 6 Deloitte 416 5 6 -15 8 Morgan Stanley 21,959 3 4 -16 28 BNP Paribas 10,785 3 1 27 - Montalban Atlas Capital 325 3 - -8 15 Sabadell Corporate Finance 151 3 2 19 16 Bank of America Merrill Lynch 20,601 2 1 110 - Deutsche Bank 18,353 2 - -11 17 JPMorgan 11,385 2 1 112 2 Barclays 11,129 2 8 -613 13 Caixa Banco de Investimento 1,372 2 2 014 7 KPMG 903 2 5 -315 - Lazard 577 2 - -

League table of financial advisors to M&A by value: Spain


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 - Deutsche Bank 18,353 2 - - 2= 7 Bank of America Merrill Lynch 10,027 1 1,809 454.3% 2= 1 Goldman Sachs 10,027 1 8,509 17.8% 2= 8 JPMorgan 10,027 1 1,553 545.7% 2= 9 Morgan Stanley 10,027 1 1,024 879.2% 2= 12 UBS Investment Bank 10,027 1 587 1,608%

7 - Citi 8,326 1 - -8 4 PwC 1,632 10 3,828 -57.4%9 6 Banco Bilbao Vizcaya Argentaria 1,217 6 2,347 -48%10 14 KPMG 903 2 307 194.1%11 23 EY 564 9 108 422.2%12 13 Deloitte 416 5 471 -11.7%13 3 Rothschild 397 1 3,898 -89.8%14 - Montalban Atlas Capital 325 3 - -15 22 BNP Paribas 211 2 124 70.2%

League table of financial advisors to M&A by volume: Spain


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 1,632 10 13 -32 9 EY 564 9 4 53 5 Banco Bilbao Vizcaya Argentaria 1,217 6 7 -14 6 Deloitte 416 5 6 -15 - Montalban Atlas Capital 325 3 - -6 12 Sabadell Corporate Finance 151 3 2 17 - Deutsche Bank 18,353 2 - -8 8 KPMG 903 2 4 -29 24 BNP Paribas 211 2 1 1

10= 13 Bank of America Merrill Lynch 10,027 1 1 0 10= 10 Goldman Sachs 10,027 1 3 -2 10= 14 JPMorgan 10,027 1 1 0 10= 7 Morgan Stanley 10,027 1 4 -3 10= 17 UBS Investment Bank 10,027 1 1 0

15 - Citi 8,326 1 - -


Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: Italy


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 14 Lazard 7,154 5 3,622 97.5%2 1 Goldman Sachs 4,486 3 7,785 -42.4%3 - Bank of America Merrill Lynch 4,323 2 - -4 6 BNP Paribas 3,656 4 4,714 -22.4%

5= 5 Deutsche Bank 3,650 1 5,458 -33.1% 5= - Evercore Partners 3,650 1 - - 5= 13 JPMorgan 3,650 1 3,815 -4%

8 - Morgan Stanley 2,737 1 - -9 3 UniCredit Group 1,998 6 6,342 -68.5%10 24 KPMG 1,672 3 53 3,055%11 2 Banca IMI/Intesa Sanpaolo 1,567 5 7,592 -79.4%12 7 Leonardo & Co 905 3 4,004 -77.4%13 28 PwC 709 3 - -14 8 Mediobanca 652 2 3,970 -83.6%15 - Finexsi 652 1 - -

League table of financial advisors to M&A by volume: Italy


2014Q1


Deal Count

Deal Count

Count Change

1 1 UniCredit Group 1,998 6 8 -22 9 Lazard 7,154 5 3 23 2 Banca IMI/Intesa Sanpaolo 1,567 5 6 -14 7 BNP Paribas 3,656 4 3 15 6 Goldman Sachs 4,486 3 3 06 4 KPMG 1,672 3 5 -27 12 Leonardo & Co 905 3 2 18 10 PwC 709 3 3 09 - Ethica Corporate Finance 116 3 - -10 - Bank of America Merrill Lynch 4,323 2 - -11 13 Mediobanca 652 2 2 012 - Nomura Holdings 340 2 - -13 5 Vitale & Associati 191 2 4 -214 3 Rothschild 115 2 5 -315 16 Altium Capital 59 2 2 0

League table of financial advisors to M&A by value: Nordic


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 - Deutsche Bank 17,567 5 - -2 4 Nordea Corporate Finance 10,480 4 4,362 140.3%3 10 SEB 10,210 3 2,011 408%4 2 Morgan Stanley 9,888 2 6,610 49.6%5 - Lenner & Partners 9,616 3 - -6 26 JPMorgan 9,355 4 300 3,018%7 16 Rothschild 9,148 4 683 1,239%8 1 Goldman Sachs 9,148 1 6,783 34.9%9 - UBS Investment Bank 5,755 2 - -10 11 PwC 5,216 21 1524 242.3%

11= - Infima 3,158 1 - - 11= - MHS Corporate Finance 3,158 1 - -

13 - Access Partners 2,846 3 - -14 3 Handelsbanken Capital Markets 2,800 5 5,553 -49.6%15 15 EY 2,631 4 734 258.4%

League table of financial advisors to M&A by volume: Nordic


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 5,216 21 12 92 6 ABG Sundal Collier Holding 1,741 8 5 33 26 Deloitte 150 6 2 44 - Advizer - 6 - -5 - Deutsche Bank 17,567 5 - -6 3 Handelsbanken Capital Markets 2,800 5 7 -27 22 FIH Partners 2,447 5 2 38 21 Carnegie Investment Bank 494 5 2 39 5 KPMG 141 5 5 010 4 Nordea Corporate Finance 10,480 4 5 -111 44 JPMorgan 9,355 4 1 312 19 Rothschild 9,148 4 2 213 2 EY 2,631 4 8 -414 18 SEB 10,210 3 2 115 - Lenner & Partners 9,616 3 - -


Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: Sweden


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 7 SEB 10,178 2 2,011 406.1%2 4 Morgan Stanley 9,888 2 3,550 178.5%3 - Lenner & Partners 9,616 3 - -4 - Deutsche Bank 9,322 2 - -5 12 Rothschild 9,148 4 363 2,420%6 2 Goldman Sachs 9,148 1 3,883 135.6%7 1 Handelsbanken Capital Markets 2,753 3 5,373 -48.8%8 - Access Partners 2,597 2 - -

9= 3 Nordea Corporate Finance 2,597 1 3,865 -32.8% 9= - UBS Investment Bank 2,597 1 - -11 - Simmons & Company International 740 1 - -12 23 EY 205 1 - -13 33 Carnegie Investment Bank 177 1 - -14 - Lazard 174 1 - -15 - Pareto Securities 97 2 - -

League table of financial advisors to M&A by volume: Sweden


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 65 13 7 62 20 Rothschild 9,148 4 1 33 - Lenner & Partners 9,616 3 - -4 2 Handelsbanken Capital Markets 2,753 3 4 -15 26 KPMG 42 3 1 26 8 SEB 10,178 2 2 07 14 Morgan Stanley 9,888 2 1 18 - Deutsche Bank 9,322 2 - -9 - Access Partners 2,597 2 - -10 - Pareto Securities 97 2 - -11 5 ABG Sundal Collier Holding 89 2 3 -112 - Deloitte 45 2 - -

13= - FIH Partners - 2 - - 13= - M&A International - 2 - -

15 7 Goldman Sachs 9,148 1 2 -1

League table of financial advisors to M&A by value: Denmark


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 8 Nordea Corporate Finance 7,593 2 347 2,088%2 11 PwC 5,056 9 180 2,709%3 10 JPMorgan 4,520 2 300 1,407%

4= - Infima 3,158 1 - - 4= - MHS Corporate Finance 3,158 1 - - 4= - UBS Investment Bank 3,158 1 - -

7 16 FIH Partners 2,447 5 137 1,686% 8= 22 ABN AMRO Bank 2,344 1 - - 8= - Deutsche Bank 2,344 1 - - 8= 6 EY 2,344 1 538 335.7%11 - ABG Sundal Collier Holding 1,362 2 - -

12= 4 Citi 1,050 1 577 82.0% 12= - RBC Capital Markets 1,050 1 - -

14 - Access Partners 249 1 - -15 12 Carnegie Investment Bank 133 2 180 -26.1%

League table of financial advisors to M&A by volume: Denmark


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 5,056 9 4 52 - Advizer - 6 - -3 6 FIH Partners 2,447 5 2 34 8 Deloitte 51 4 2 25 15 Nordea Corporate Finance 7,593 2 1 16 17 JPMorgan 4,520 2 1 17 - ABG Sundal Collier Holding 1,362 2 - -8 4 Carnegie Investment Bank 133 2 2 09 5 Handelsbanken Capital Markets 115 2 2 0

10= - Infima 3,158 1 - - 10= - MHS Corporate Finance 3,158 1 - - 10= - UBS Investment Bank 3,158 1 - - 13= 22 ABN AMRO Bank 2,344 1 1 0 13= - Deutsche Bank 2,344 1 - - 13= 3 EY 2,344 1 2 -1


Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: Norway


2014Q1


Deal Count

Value (US$m)

% Val. Change

1= - Deutsche Bank 1,315 1 - - 1= - William Blair & Company 1,315 1 - -

3 10 ABG Sundal Collier Holding 290 5 99 192.9%4 - Nordea Corporate Finance 290 1 - -5 - Credit Suisse 249 2 - -6 - JPMorgan 249 1 - -7 18 Arctic Securities 204 2 10 1,940%8 - Marko Partners 204 1 - -9 - Carnegie Investment Bank 184 2 - -

10= - Deloitte 99 1 - - 10= - KPMG 99 1 - -

12 8 EY 82 2 196 -58.2%13 - Alpha Corporate Finance 75 2 - -14 - Investec 75 1 - -15 28 Handelsbanken Capital Markets 23 1 - -

League table of financial advisors to M&A by volume: Norway


2014Q1


Deal Count

Deal Count

Count Change

1 1 ABG Sundal Collier Holding 290 5 5 02 2 PwC 21 3 4 -13 - Credit Suisse 249 2 - -4 7 Arctic Securities 204 2 2 05 - Carnegie Investment Bank 184 2 - -6 3 EY 82 2 3 -17 - Alpha Corporate Finance 75 2 - -8 - ICECAPITAL Securities - 2 - -

9= - Deutsche Bank 1,315 1 - - 9= - William Blair & Company 1,315 1 - -11 - Nordea Corporate Finance 290 1 - -12 - JPMorgan 249 1 - -13 - Marko Partners 204 1 - -

14= - Deloitte 99 1 - - 14= - KPMG 99 1 - -

League table of financial advisors to M&A by value: Finland


2014Q1


Deal Count

Value (US$m)

% Val. Change

1= - Deutsche Bank 4,586 1 - -1= - JPMorgan 4,586 1 - -3= - Access Partners 2,846 2 - -3= 1 Nordea Corporate Finance 2,846 2 610 366.6%5 6 Handelsbanken Capital Markets 2,662 2 75 3,449%6 - UBS Investment Bank 2,597 1 - -7 4 SEB 1,030 1 118 772.9%8 2 PwC 139 3 497 -72.0%

9= - Greenhill & Co 76 1 - -9= - Raymond James & Associates 76 1 - -

League table of financial advisors to M&A by volume: Finland


2014Q1


Deal Count

Deal Count

Count Change

1 3 PwC 139 3 2 1 2= - Access Partners 2,846 2 - - 2= 2 Nordea Corporate Finance 2,846 2 2 0

4 10 Handelsbanken Capital Markets 2,662 2 1 1 5= - Globalscope Partners - 2 - - 5= 11 ICECAPITAL Securities - 2 1 1 5= 20 MCF Corporate Finance - 2 1 1 5= - PCA Corporate Finance - 2 - - 5= 24 Translink Corporate Finance - 2 1 1 10= - Deutsche Bank 4,586 1 - - 10= - JPMorgan 4,586 1 - -


Appendix: Europe financial advisor league tablesLeague table of financial advisors to M&A by value: CEE


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 6 KPMG 1,273 6 2,634 -51.7% 2= 16 Credit Suisse 1,129 1 1,115 1.3% 2= 10 Deutsche Bank 1,129 1 1,839 -38.6% 4= 8 Barclays 1,000 1 2,051 -51.2% 4= - Jamieson Corporate Finance 1,000 1 - -

6 - Banca IMI/Intesa Sanpaolo 929 3 - - 7= 11 Goldman Sachs 548 1 1,786 -69.3% 7= 24 UniCredit Group 548 1 192 185.4%

9 28 Sberbank CIB 405 1 77 426.0%10 30 EY 400 2 54 641%11 - Jefferies 400 1 - -12 25 Blackstone Group 304 1 113 169.0%13 23 Deloitte 266 3 207 29%14 56 Rabobank 266 1 - -

15= - Access Partners 249 1 - -

15= - Nordea Corporate Finance 249 1 -

League table of financial advisors to M&A by volume: CEE


2014Q1


Deal Count

Deal Count

Count Change

1 1 KPMG 1,273 6 8 -22 - Macquarie Group 20 4 - -3 - Banca IMI/Intesa Sanpaolo 929 3 - -4 2 Deloitte 266 3 5 -25 3 EY 400 2 5 -36 9 Citi 129 2 3 -17 18 Otkritie Financial Corporation 120 2 2 08 - UBS Investment Bank 100 2 - -9 - Patria Finance 51 2 - -10 55 Porta Finance 36 2 1 111 - Ascendant 14 2 - -

12= 27 Credit Suisse 1,129 1 1 0 12= 15 Deutsche Bank 1,129 1 2 -1 14= 22 Barclays 1,000 1 1 0 14= - Jamieson Corporate Finance 1,000 1 - -

League table of financial advisors to M&A by value: Russia


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 11 KPMG 1,041 1 346 200.9%2 - Barclays 1,000 1 - -3 - Banca IMI/Intesa Sanpaolo 828 2 - -

4= 16 Goldman Sachs 548 1 105 421.9% 4= - UniCredit Group 548 1 - -

6 18 Sberbank CIB 405 1 77 426.0%7 - Blackstone Group 304 1 - -8 - Appeal Strategy & Finance 166 1 - -9 14 Citi 129 2 165 -21.8%10 17 Otkritie Financial Corporation 120 2 77 55.8%

League table of financial advisors to M&A by volume: Russia


2014Q1


Deal Count

Deal Count

Count Change

1 - Banca IMI/Intesa Sanpaolo 828 2 - -2 16 Citi 129 2 1 13 4 Otkritie Financial Corporation 120 2 2 04 13 KPMG 1,041 1 1 0

5 - Barclays 1,000 1 - - 6= 18 Goldman Sachs 548 1 1 0 6= - UniCredit Group 548 1 - -

8 19 Sberbank CIB 405 1 1 09 - Blackstone Group 304 1 - -10 - Appeal Strategy & Finance 166 1 - -



Appendix: Americas financial advisor league tablesLeague table of financial advisors to M&A by value: Americas


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 11 Morgan Stanley 186,709 41 39,905 367.9%2 1 JPMorgan 162,005 35 105,444 53.6%3 9 Barclays 120,442 37 43,089 179.5%4 5 Citi 116,298 24 49,324 135.8%5 2 Goldman Sachs 102,592 55 101,456 1.1%6 3 Bank of America Merrill Lynch 100,185 39 89,118 12.4%7 7 Centerview Partners 89,593 8 48,079 86.3%8 71 Allen & Company 84,777 5 631 13,335%9 - Paul J. Taubman 68,492 1 - -10 4 Credit Suisse 52,578 22 65,628 -19.9%11 15 Deutsche Bank 44,258 16 29,627 49.4%12 17 Greenhill & Co 32,191 5 10,850 196.7%13 8 Lazard 30,225 32 46,456 -34.9%14 - Mizuho Financial Group 24,478 3 - -15 16 RBC Capital Markets 21,078 23 23,397 -9.9%


17 35 Banco BTG Pactual 12,277 5 2,692 356.1%

18 31 BNP Paribas 12,271 6 3,159 288.4%

19 13 Evercore Partners 11,447 17 37,946 -69.8%


League table of financial advisors to M&A by volume: Americas


2014Q1


Deal Count

Deal Count

Count Change

1 2 Goldman Sachs 102,592 55 39 162 4 Morgan Stanley 186,709 41 33 83 5 Bank of America Merrill Lynch 100,185 39 29 104 10 Barclays 120,442 37 21 165 3 JPMorgan 162,005 35 34 16 1 Lazard 30,225 32 40 -87 7 Citi 116,298 24 25 -18 19 RBC Capital Markets 21,078 23 16 79 6 Credit Suisse 52,578 22 27 -510 9 PwC 4,557 21 23 -211 11 Evercore Partners 11,447 17 21 -412 12 Houlihan Lokey 2,188 17 21 -413 16 Deutsche Bank 44,258 16 17 -114 8 Stifel/KBW 2,188 16 24 -815 25 Wells Fargo Securities 8,358 15 11 4

16 20 Jefferies 4,895 15 15 0

17 47 Harris Williams & Co 2,080 15 6 9

18 21 Deloitte 738 15 15 0

19 23 Sandler O'Neill & Partners 957 14 13 120 31 Lincoln International 380 14 9 5



Appendix: Americas financial advisor league tablesLeague table of financial advisors to M&A by value: US


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 11 Morgan Stanley 172,913 36 38,131 353.5%2 1 JPMorgan 160,199 32 102,794 55.8%3 9 Barclays 106,818 33 41,038 160.3%4 5 Citi 106,631 21 49,089 117.2%5 2 Goldman Sachs 97,767 52 88,536 10.4%6 7 Centerview Partners 88,115 7 48,079 83.3%7 3 Bank of America Merrill Lynch 86,640 34 86,993 -0.4%8 55 Allen & Company 84,777 5 631 13,335%9 - Paul J. Taubman 68,492 1 - -10 4 Credit Suisse 48,175 19 64,577 -25.4%11 15 Deutsche Bank 35,932 15 27,888 28.8%12 17 Greenhill & Co 32,191 5 10,850 196.7%13 8 Lazard 30,225 32 46,059 -34.4%14 - Mizuho Financial Group 24,478 3 - -15 12 UBS Investment Bank 19,735 9 35,527 -44.5%

16 16 RBC Capital Markets 16,332 17 21,857 -25.3%

17 14 Evercore Partners 11,392 16 33,244 -65.7%


19 - ABN AMRO Bank 11,272 2 - -

20 13 Wells Fargo Securities 8,358 15 35,171 -76.2%

League table of financial advisors to M&A by volume: US


2014Q1


Deal Count

Deal Count

Count Change

1 2 Goldman Sachs 97,767 52 33 192 4 Morgan Stanley 172,913 36 30 63 5 Bank of America Merrill Lynch 86,640 34 26 84 9 Barclays 106,818 33 20 135 3 JPMorgan 160,199 32 31 16 1 Lazard 30,225 32 37 -57 7 Citi 106,631 21 24 -38 6 Credit Suisse 48,175 19 24 -59 23 RBC Capital Markets 16,332 17 11 610 11 Houlihan Lokey 2,188 17 19 -211 10 Evercore Partners 11,392 16 19 -312 19 PwC 4,494 16 13 313 8 Stifel/KBW 2,188 16 24 -814 15 Deutsche Bank 35,932 15 16 -115 22 Wells Fargo Securities 8,358 15 11 4

16 41 Harris Williams & Co 2,080 15 6 9

17 18 Jefferies 4,895 14 15 -1

18 20 Sandler O'Neill & Partners 957 14 13 1

19 21 Deloitte 680 14 12 220 28 Lincoln International 380 14 9 5



Appendix: Americas financial advisor league tables


League table of financial advisors to mid-market M&A by value: US


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 2 Morgan Stanley 10,243 17 4,954 106.8%2 1 Goldman Sachs 9,407 18 6,129 53.5%3 6 Barclays 6,548 11 3,566 83.6%4 5 Lazard 6,449 11 4,048 59.3%5 11 Credit Suisse 4,177 6 1,718 143.1%6 7 Citi 3,913 6 2,896 35.1%7 55 Jefferies 3,491 6 265 1,217%8 21 Wells Fargo Securities 3,068 5 883 247.5%9 13 Evercore Partners 2,757 4 1,533 79.8%10 19 RBC Capital Markets 2,523 5 1,036 143.5%11 4 JPMorgan 2,482 5 4,355 -43.0%12 3 Bank of America Merrill Lynch 2,355 4 4,920 -52.1%13 12 Rothschild 2,347 7 1,692 38.7%14 - Harris Williams & Co 2,080 4 - -15 - Banco Itau BBA 1,985 3 - -

16 20 PwC 1,913 3 1,013 88.8%

17 - KPMG 1,803 2 - -

18 25 Centerview Partners 1,725 2 768 124.6%

19 - Blackstone Group 1,697 2 - -

20 14 Deutsche Bank 1,595 3 1,498 6.5%

League table of financial advisors to mid-market M&A by volume: US


2014Q1


Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 9,407 18 11 72 3 Morgan Stanley 10,243 17 9 83 7 Barclays 6,548 11 5 64 5 Lazard 6,449 11 8 35 13 Rothschild 2,347 7 3 46 12 Credit Suisse 4,177 6 3 37 6 Citi 3,913 6 6 08 55 Jefferies 3,491 6 1 59 21 Wells Fargo Securities 3,068 5 2 310 20 RBC Capital Markets 2,523 5 2 311 2 JPMorgan 2,482 5 10 -512 14 Evercore Partners 2,757 4 3 113 4 Bank of America Merrill Lynch 2,355 4 8 -414 - Harris Williams & Co 2,080 4 - -15 18 Houlihan Lokey 1,493 4 2 2

16 - Banco Itau BBA 1,985 3 - -

17 16 PwC 1,913 3 3 0

18 10 Deutsche Bank 1,595 3 4 -1

19 25 William Blair & Company 1,307 3 2 120 - Rabobank 970 3 - -


Appendix: Americas financial advisor league tablesLeague table of financial advisors to M&A by value: Canada


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 22 Scotiabank 8,793 7 813 981.5%2 9 BMO Capital Markets 7,697 7 2,562 200.4%3 10 Barclays 7,269 5 2,222 227.1%4 15 RBC Capital Markets 5,272 8 1,780 196.2%5 8 Goldman Sachs 4,473 4 2,839 57.6%6 11 GMP Securities 4,125 6 2,170 90.1%7 24 CIBC World Markets 2,796 8 588 375.5%8 6 JPMorgan 2,281 4 3,209 -29%9 51 Credit Suisse 2,204 1 28 7,771%10 3 TD Securities 2,041 6 5,090 -59.9%11 - BNP Paribas 1,597 2 - -12 - Centerview Partners 1,478 1 - -13 - Desjardins Financial Security 1,469 1 - -14 19 Citi 1,341 2 988 35.7%15 20 Robert W. Baird & Co 1,200 1 973 23.3%

League table of financial advisors to M&A by volume: Canada


2014Q1


Deal Count

Deal Count

Count Change

1 4 RBC Capital Markets 5,272 8 6 22 21 CIBC World Markets 2,796 8 2 63 11 Scotiabank 8,793 7 3 44 1 BMO Capital Markets 7,697 7 8 -15 3 GMP Securities 4,125 6 6 06 6 TD Securities 2,041 6 5 17 17 Barclays 7,269 5 2 38 16 Goldman Sachs 4,473 4 2 29 7 JPMorgan 2,281 4 5 -110 22 National Bank Financial 933 4 2 211 47 FirstEnergy Capital 381 4 1 312 58 Peters & Co 730 3 1 213 32 Evercore Partners 340 3 1 2

14= 34 KPMG - 3 1 2 14= 14 PwC - 3 3 0

League table of financial advisors to M&A by value: US North East


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 2 JPMorgan 128,459 17 49,596 159.0%2 8 Morgan Stanley 121,590 19 27,325 345.0%3 12 Barclays 88,503 16 5,297 1,571%4 9 Citi 80,469 11 16,117 399.3%5 3 Centerview Partners 71,488 5 47,311 51.1%

6= 45 Allen & Company 68,492 1 444 15,326% 6= - Paul J. Taubman 68,492 1 - -

8 5 Goldman Sachs 65,901 32 37,751 74.6%9 1 Bank of America Merrill Lynch 52,315 17 61,036 -14.3%10 13 Deutsche Bank 24,929 9 4,892 409.6%

11= 19 Greenhill & Co 24,244 1 3,300 634.7% 11= - Mizuho Financial Group 24,244 1 - -

13 11 UBS Investment Bank 17,805 7 10,630 67.5%14 4 Lazard 15,246 16 38,482 -60.4%15 10 Credit Suisse 14,921 11 10,823 37.9%

League table of financial advisors to M&A by volume: US North East


2014Q1


Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 65,901 32 18 142 5 Morgan Stanley 121,590 19 14 53 6 JPMorgan 128,459 17 12 54 3 Bank of America Merrill Lynch 52,315 17 16 15 12 Barclays 88,503 16 8 86 2 Lazard 15,246 16 17 -17 7 Citi 80,469 11 12 -18 4 Credit Suisse 14,921 11 15 -49 21 Wells Fargo Securities 2,716 10 6 410 13 Deutsche Bank 24,929 9 8 111 14 Evercore Partners 6,642 9 8 112 17 PwC 2,154 9 7 213 16 Houlihan Lokey 1,534 9 7 214 32 Harris Williams & Co 1,750 8 4 415 9 UBS Investment Bank 17,805 7 9 -2


Appendix: Americas financial advisor league tablesLeague table of financial advisors to M&A by value: US Mid-West


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 11 Credit Suisse 25,396 8 4,337 485.6%2 9 Morgan Stanley 20,192 8 5,233 285.9%3 6 Centerview Partners 16,248 2 27,362 -41%4 7 Goldman Sachs 15,300 13 7,424 106.1%5 8 Barclays 14,049 13 5,442 158.2%6 1 JPMorgan 10,694 8 33,939 -68.5%7 2 Lazard 10,049 8 33,035 -69.6%8 3 Bank of America Merrill Lynch 9,319 10 32,508 -71.3%9 29 Evercore Partners 7,501 7 529 1,318%10 10 Citi 6,628 6 5,000 32.6%11 30 RBC Capital Markets 5,484 4 508 979.5%12 31 Deutsche Bank 4,597 2 420 994.5%13 4 Wells Fargo Securities 3,556 7 28,245 -87.4%14 16 Jefferies 1,758 4 2,070 -15.1%15 17 BNP Paribas 1,597 2 2,019 -21%

League table of financial advisors to M&A by volume: US Mid-West


2014Q1


Deal Count

Deal Count

Count Change

1 4 Goldman Sachs 15,300 13 8 52 6 Barclays 14,049 13 6 73 8 Bank of America Merrill Lynch 9,319 10 5 54 11 Credit Suisse 25,396 8 4 45 5 Morgan Stanley 20,192 8 7 16 2 JPMorgan 10,694 8 10 -27 1 Lazard 10,049 8 14 -68 9 Evercore Partners 7,501 7 5 29 20 Wells Fargo Securities 3,556 7 3 410 15 Robert W. Baird & Co 1,532 7 4 311 7 Citi 6,628 6 6 012 12 Houlihan Lokey 574 6 4 213 16 PwC 308 6 4 214 37 Harris Williams & Co - 5 2 315 23 RBC Capital Markets 5,484 4 3 1

League table of financial advisors to M&A by value: US South


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 5 Goldman Sachs 24,278 23 26,349 -7.9%2 7 JPMorgan 22,993 14 25,179 -8.7%3 4 Barclays 19,688 14 30,433 -35.3%4 1 Citi 13,821 9 36,791 -62.4%5 6 Bank of America Merrill Lynch 13,581 12 26,298 -48.4%6 20 Morgan Stanley 11,398 12 4,623 146.5%7 2 Credit Suisse 9,839 5 34,709 -71.7%8 10 RBC Capital Markets 9,587 9 21,082 -54.5%9 9 Deutsche Bank 8,125 5 22,696 -64.2%10 3 Evercore Partners 5,341 8 32,718 -83.7%11 15 Wells Fargo Securities 4,650 8 5,949 -21.8%12 13 Lazard 4,136 13 8,860 -53.3%13 12 Moelis & Company 3,823 6 11,226 -65.9%14 8 UBS Investment Bank 3,227 2 25,046 -87.1%

15= 58 BMO Capital Markets 2,850 1 100 2,750%

15= - Scotiabank 2,850 1 - -

League table of financial advisors to M&A by volume: US South


2014Q1


Deal Count

Deal Count

Count Change

1 5 Goldman Sachs 24,278 23 13 102 8 JPMorgan 22,993 14 10 43 11 Barclays 19,688 14 8 64 1 Lazard 4,136 13 15 -25 9 Bank of America Merrill Lynch 13,581 12 9 36 10 Morgan Stanley 11,398 12 9 37 7 Houlihan Lokey 580 10 11 -18 2 Citi 13,821 9 13 -49 30 RBC Capital Markets 9,587 9 3 610 6 Stifel/KBW 868 9 12 -311 4 Evercore Partners 5,341 8 13 -512 14 Wells Fargo Securities 4,650 8 7 113 22 Simmons & Company International 1,296 7 6 114 44 Harris Williams & Co 700 7 2 515 34 Raymond James & Associates 245 7 3 4


Appendix: Americas financial advisor league tablesLeague table of financial advisors to M&A by value: US West


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 6 Morgan Stanley 30,963 12 8,995 244.2%2 17 Bank of America Merrill Lynch 29,129 11 3,091 842.4%3 1 Goldman Sachs 21,555 13 33,177 -35.0%4 4 JPMorgan 18,217 5 27,185 -33.0%5 25 Allen & Company 16,285 3 631 2,481%6 7 Citi 15,667 3 7,514 108.5%7 2 Credit Suisse 14,164 8 31,349 -54.8%8 - ABN AMRO Bank 11,272 2 - -9 78 Perella Weinberg Partners 11,244 2 29 38,672%10 9 Lazard 8,084 8 5,523 46%11 11 Greenhill & Co 7,871 3 5,040 56.2%12 37 Wells Fargo Securities 2,932 2 305 861.3%

13= - CS Capital Advisors 2,780 1 - - 13= 8 Moelis & Company 2,780 1 6,302 -55.9%

15 - Gleacher Shacklock 2,408 1 - -

League table of financial advisors to M&A by volume: US West


2014Q1


Deal Count

Deal Count

Count Change

1 2 Goldman Sachs 21,555 13 12 12 1 Morgan Stanley 30,963 12 13 -13 7 Bank of America Merrill Lynch 29,129 11 8 34 45 Harris Williams & Co 880 9 2 75 18 Credit Suisse 14,164 8 4 46 3 Lazard 8,084 8 11 -37 19 Piper Jaffray & Co 208 7 4 38 27 Jefferies 1,266 6 3 39 5 JPMorgan 18,217 5 9 -410 9 Barclays 2,023 5 7 -211 25 RBC Capital Markets 1,976 5 3 212 6 Houlihan Lokey 1,033 5 9 -413 123 Lincoln International 74 5 1 414 22 Evercore Partners 1,614 4 3 115 - Financo 896 4 - -

League table of financial advisors to M&A by value: Central & South America


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 5 Morgan Stanley 14,489 5 3,205 352.1%2 2 Bank of America Merrill Lynch 13,506 5 4,709 186.8%3 6 Banco BTG Pactual 12,267 4 2,692 356%4 25 Barclays 11,514 4 198 5,715%5 - Santander Global Banking and Markets 10,802 4 - -6 - BNP Paribas 10,574 2 - -7 - Banco Espirito Santo de Investimento 10,574 1 - -

8= - Citi 8,326 1 - - 8= 21 Deutsche Bank 8,326 1 305 2,630%10 10 Banco Itau BBA 5,708 10 1,579 261.5%11 12 Credit Suisse 3,065 3 1,216 152.1%12 1 Goldman Sachs 2,736 3 5,190 -47.3%13 51 RBC Capital Markets 2,707 4 - -

14= - Centerview Partners 1,478 1 - - 14= - CIBC World Markets 1,478 1 - -

League table of financial advisors to M&A by volume: Central & South America


2014Q1


Deal Count

Deal Count

Count Change

1 3 Banco Itau BBA 5,708 10 5 52 14 Morgan Stanley 14,489 5 2 33 13 Bank of America Merrill Lynch 13,506 5 2 34 1 Banco BTG Pactual 12,267 4 10 -65 19 Barclays 11,514 4 2 26 - Santander Global Banking and Markets 10,802 4 - -7 51 RBC Capital Markets 2,707 4 1 38 10 Credit Suisse 3,065 3 3 09 4 Goldman Sachs 2,736 3 4 -110 2 PwC 63 3 6 -311 - BNP Paribas 10,574 2 - -12 8 Banco Bilbao Vizcaya Argentaria 972 2 3 -113 - Nomura Holdings 340 2 - -14 - Banco Espirito Santo de Investimento 10,574 1 - -

15= - Citi 8,326 1 - -

15= 25 Deutsche Bank 8,326 1 1 0



Appendix: Asia-Pacific financial advisor league tablesLeague table of financial advisors to M&A by value: Asia-Pacific (excl. Japan)


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 2 Goldman Sachs 18,297 15 10,720 70.7%2 1 Morgan Stanley 14,562 10 10,858 34.1%3 57 Lazard 13,574 10 481 2,722%4 26 Citi 12,690 14 1,625 680.9%5 29 Deutsche Bank 12,458 11 1,441 764.5%6 19 Bank of America Merrill Lynch 12,381 8 2,466 402%7 55 Credit Suisse 12,322 10 504 2,345%8 41 Haitong Securities 11,001 5 865 1,171.8%9 11 HSBC 10,155 8 3,507 189.6%10 77 DBS Bank 9,858 7 235 4,095%11 6 UBS Investment Bank 8,641 9 5,066 70.6%12 27 Somerley 4,871 6 1,569 210.5%13 4 JPMorgan 4,612 7 8,413 -45.2%14 30 PwC 4,043 21 1,407 187.3%15 42 Southwest Securities Company 2,882 7 820 251.5%

16 - United Overseas Bank 2,597 2 - -

17 - Societe Generale 2,426 2 - -

18 7 Rothschild 2,417 7 4,893 -50.6%

19 82 M&A International 2,313 3 176 1,241%

20 - Scotiabank 2,204 1 - -

League table of financial advisors to M&A by volume: Asia-Pacific (excl. Japan)


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 4,043 21 23 -22 15 Deloitte 804 16 7 93 4 Goldman Sachs 18,297 15 14 14 13 Citi 12,690 14 8 65 28 Deutsche Bank 12,458 11 4 76 3 Morgan Stanley 14,562 10 15 -57 30 Lazard 13,574 10 4 68 37 Credit Suisse 12,322 10 3 79 14 UBS Investment Bank 8,641 9 7 210 25 Bank of America Merrill Lynch 12,381 8 4 411 9 HSBC 10,155 8 9 -112 41 DBS Bank 9,858 7 3 413 6 JPMorgan 4,612 7 12 -514 55 Southwest Securities Company 2,882 7 2 515 7 Rothschild 2,417 7 12 -5

16 2 EY 1,056 7 16 -9

17 8 Macquarie Group 614 7 10 -3

18 20 Somerley 4,871 6 5 1

19 54 Haitong Securities 11,001 5 2 320 10 CITIC Securities 522 5 8 -3



Appendix: Asia-Pacific financial advisor league tables


League table of financial advisors to mid-market M&A by value: Asia-Pacific (excl. Japan)


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 28 Goldman Sachs 4,059 7 686 491.7%2 8 Deutsche Bank 2,863 5 1,441 98.7%3 10 Somerley 2,721 4 1,394 95.2%4 15 Citi 2,687 5 1,160 131.6%5 - Lazard 2,162 3 - -6 12 Standard Chartered 1,989 3 1,278 56%7 3 Morgan Stanley 1,873 4 3,270 -42.7%8 - DBS Bank 1,864 3 - -9 6 UBS Investment Bank 1,232 2 2,392 -48.5%10 - Credit Suisse 1,161 2 - -11 23 Barclays 985 2 967 1.9%12 18 PwC 972 2 991 -1.9%13 - MIDF Amanah Investment Bank 879 2 - -14 2 HSBC 797 1 3,477 -77.1%15 - Reorient Financial Markets 784 1 - -

16 - Guotai Junan Securities 782 2 - -

17= 30 Bank of America Merrill Lynch 765 1 619 23.6%

17= - Simonis Storm Securities 765 1 - -

17= - Standard Bank Group 765 1 - -

20= - Blackstone Group 750 1 - -

20= - Jefferies 750 1 -

League table of financial advisors to mid-market M&A by volume: Asia-Pacific (excl. Japan)


2014Q1


Deal Count

Deal Count

Count Change

1 21 Goldman Sachs 4,059 7 2 52 8 Deutsche Bank 2,863 5 3 23 12 Citi 2,687 5 3 24 14 Somerley 2,721 4 2 25 3 Morgan Stanley 1,873 4 6 -26 - Lazard 2,162 3 - -7 15 Standard Chartered 1,989 3 2 18 - DBS Bank 1,864 3 - -9 6 UBS Investment Bank 1,232 2 4 -210 - Credit Suisse 1,161 2 - -11 19 Barclays 985 2 2 012 13 PwC 972 2 3 -113 - MIDF Amanah Investment Bank 879 2 - -14 - Guotai Junan Securities 782 2 - -15 2 HSBC 797 1 6 -5

16 - Reorient Financial Markets 784 1 - -

17= 22 Bank of America Merrill Lynch 765 1 2 -1


17= - Standard Bank Group 765 1 - - 20= - Blackstone Group 750 1 - -

20= - Jefferies 750 1 -


Appendix: Asia-Pacific financial advisor league tablesLeague table of financial advisors to M&A by value: Asia (excl. Japan & Australasia)


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 2 Morgan Stanley 14,562 10 10,052 44.9%2 29 Deutsche Bank 12,303 10 1,441 753.8%3 1 Goldman Sachs 12,215 9 10,126 20.6%4 65 Lazard 12,111 8 296 3,992%5 27 Citi 11,312 12 1,507 651%6 39 Haitong Securities 11,001 5 865 1,171%7 10 HSBC 10,155 8 3,507 189.6%8 16 Bank of America Merrill Lynch 10,149 6 2,466 311.6%9 52 Credit Suisse 10,118 9 504 1,908%10 72 DBS Bank 9,858 7 235 4,095%11 22 Somerley 4,871 6 1,569 210.5%12 6 UBS Investment Bank 3,903 3 5,066 -23.0%13 33 PwC 3,881 15 1,000 288.1%14 4 JPMorgan 3,495 5 8,413 -58.5%15 40 Southwest Securities Company 2,882 7 820 251.5%

League table of financial advisors to M&A by volume: Asia (excl. Japan & Australasia)


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 3,881 15 19 -42 20 Deloitte 772 14 5 93 13 Citi 11,312 12 7 54 2 Morgan Stanley 14,562 10 13 -35 24 Deutsche Bank 12,303 10 4 66 6 Goldman Sachs 12,215 9 9 07 32 Credit Suisse 10,118 9 3 68 57 Lazard 12,111 8 2 69 7 HSBC 10,155 8 9 -110 35 DBS Bank 9,858 7 3 411 49 Southwest Securities Company 2,882 7 2 512 23 Bank of America Merrill Lynch 10,149 6 4 213 16 Somerley 4,871 6 5 114 5 Rothschild 2,417 6 10 -415 4 EY 911 6 11 -5

League table of financial advisors to M&A by value: Australasia


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 7 Goldman Sachs 6,608 7 699 845.4%2 9 UBS Investment Bank 4,738 6 525 802.5%3 - Bank of America Merrill Lynch 2,232 2 - -

4= - Credit Suisse 2,204 1 - - 4= - Scotiabank 2,204 1 - -

6 16 Lazard 1,989 3 185 975.1%7 22 Citi 1,378 2 118 1,068%8 54 JPMorgan 1,307 3 - -9 - Deutsche Bank 952 2 - -10 - HSBC 797 1 - -

11= 5 Morgan Stanley 566 1 806 -30% 11= - Pareto Securities 566 1 - - 11= 15 Standard Chartered 566 1 191 196.3% 14= - CIMB Group 526 1 - - 14= - DBS Bank 526 1 - -

League table of financial advisors to M&A by volume: Australasia


2014Q1


Deal Count

Deal Count

Count Change

1 5 PwC 496 9 4 52 3 Goldman Sachs 6,608 7 6 13 11 UBS Investment Bank 4,738 6 2 44 1 Macquarie Group 250 4 7 -35 13 Lazard 1,989 3 2 16 54 JPMorgan 1,307 3 1 27 18 Gresham Advisory Partners 508 3 1 28 15 Deloitte 44 3 2 19 - Bank of America Merrill Lynch 2,232 2 - -10 25 Citi 1,378 2 1 111 - Deutsche Bank 952 2 - -12 - Oaktower Partnership 218 2 - -13 - Moore Stephens International 66 2 - -14 14 Rothschild 61 2 2 015 8 BDO 47 2 3 -1


Appendix: Asia-Pacific financial advisor league tablesLeague table of financial advisors to M&A by value: Greater China


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 28 Haitong Securities 11,001 5 865 1,172%2 5 Goldman Sachs 10,422 5 3,807 174%3 12 Bank of America Merrill Lynch 10,149 6 1,831 454.3%4 10 HSBC 9,979 7 2,375 320.2%5 53 Credit Suisse 6,785 5 202 3,259%6 - DBS Bank 5,666 1 - -7 7 Morgan Stanley 5,516 6 2,688 105%8 15 Somerley 4,871 6 1,569 210.5%9 - Lazard 4,845 4 - -10 32 Citi 4,692 6 562 734.9%11 26 Deutsche Bank 3,716 5 955 289.1%12 3 JPMorgan 3,275 4 4,632 -29.3%13 29 Southwest Securities Company 2,882 7 820 251.5%14 57 M&A International 2,313 2 130 1,679%15 - Societe Generale 2,206 1 - -

League table of financial advisors to M&A by volume: Greater China


2014Q1


Deal Count

Deal Count

Count Change

1 - Deloitte 632 9 - -2 6 HSBC 9,979 7 5 23 26 Southwest Securities Company 2,882 7 2 54 42 Bank of America Merrill Lynch 10,149 6 1 55 14 Morgan Stanley 5,516 6 3 36 7 Somerley 4,871 6 5 17 27 Citi 4,692 6 2 48 25 Haitong Securities 11,001 5 2 39 8 Goldman Sachs 10,422 5 4 110 61 Credit Suisse 6,785 5 1 411 23 Deutsche Bank 3,716 5 2 312 1 CITIC Securities 522 5 8 -313 76 GF Securities 443 5 1 414 - Shenyin & Wanguo Securities 399 5 - -15 - Lazard 4,845 4 - -

League table of financial advisors to M&A by value: India


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 20 EY 911 6 69 1,220%2 - Motilal Oswal Investment Advisors 544 2 - -3 9 Standard Chartered 496 1 537 -7.6%4 4 Macquarie Group 364 2 688 -47.1%

5= - Greenhill & Co 333 1 - -5= - VTB Capital 333 1 - -7 5 Rothschild 305 2 599 -49.1%

8= 11 Barclays 275 1 190 44.7% 8= - Rabobank 275 1 - -10 - Antique Capital Markets 115 2 - -

11= 14 Arden Partners 104 1 151 -31.1% 11= - Investec 104 1 - -

13 40 Citi 100 1 - -14 36 Signal Hill Capital 69 1 10 590.0%15 38 ICICI Securities 56 1 6 833.3%

League table of financial advisors to M&A by volume: India


2014Q1


Deal Count

Deal Count

Count Change

1 1 EY 911 6 8 -22 39 Ambit Corporate Finance 42 3 1 23 - Motilal Oswal Investment Advisors 544 2 - -4 6 Macquarie Group 364 2 2 05 2 Rothschild 305 2 3 -16 - Antique Capital Markets 115 2 - -7 12 Jefferies 30 2 1 18 - Mape Advisory Group 20 2 - -9 33 Deloitte 19 2 1 110 17 Standard Chartered 496 1 1 0

11= - Greenhill & Co 333 1 - - 11= - VTB Capital 333 1 - - 13= 18 Barclays 275 1 1 0 13= - Rabobank 275 1 - - 15= 20 Arden Partners 104 1 1 0

15= - Investec 104 1 -


Appendix: Asia-Pacific financial advisor league tablesLeague table of financial advisors to M&A by value: South East Asia


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 21 DBS Bank 9,858 7 235 4,0495%2 5 Goldman Sachs 7,459 5 2,900 157.2%3 7 HSBC 5,761 2 1,132 408.9%4 12 Bank of America Merrill Lynch 5,666 1 635 792.3%5 19 Credit Suisse 3,157 3 302 945%6 - United Overseas Bank 2,597 2 - -7 9 Rothschild 2,051 3 836 145.3%8 6 Standard Chartered 1,989 3 1,478 35%9 4 Morgan Stanley 1,316 2 3,199 -59%10 - MIDF Amanah Investment Bank 879 2 - -

11= - Blackstone Group 750 1 - - 11= - Jefferies 750 1 - -

13 1 CIMB Group 694 4 4,107 -83.1%14 13 Deutsche Bank 690 3 505 36.6%15 - ANZ Bank 601 1 - -

League table of financial advisors to M&A by volume: South East Asia


2014Q1


Deal Count

Deal Count

Count Change

1 9 DBS Bank 9,858 7 3 42 20 Goldman Sachs 7,459 5 1 43 1 CIMB Group 694 4 7 -34 2 RHB Investment Bank 457 4 5 -15 17 Credit Suisse 3,157 3 2 16 7 Rothschild 2,051 3 3 07 5 Standard Chartered 1,989 3 3 08 22 Deutsche Bank 690 3 1 29 6 HSBC 5,761 2 3 -110 - United Overseas Bank 2,597 2 - -11 12 Morgan Stanley 1,316 2 2 012 - MIDF Amanah Investment Bank 879 2 - -13 16 Citi 350 2 2 014 - Moelis & Company 165 2 - -15 11 PwC 29 2 3 -1

League table of financial advisors to M&A by value: South Korea


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 10 Deutsche Bank 7,992 3 486 1,544%2 4 Morgan Stanley 7,730 2 2,017 283.2%3 12 Citi 6,333 4 390 1,524%4 - Lazard 5,800 1 - -5 7 PwC 2,825 9 893 216%6 17 UBS Investment Bank 1,930 1 115 1,578%7 14 Deloitte 532 6 186 186.0%8 3 Woori Investment & Securities 327 1 3,051 -89.3%9 - KB Investment & Securities 262 1 - -10 - Macquarie Group 113 1 - -

League table of financial advisors to M&A by volume: South Korea


2014Q1


Deal Count

Deal Count

Count Change

1 1 PwC 2,825 9 11 -22 8 Deloitte 532 6 2 43 14 Citi 6,333 4 1 34 12 Deutsche Bank 7,992 3 1 25 2 Morgan Stanley 7,730 2 6 -46 19 Daewoo Securities 36 2 1 17 - Lazard 5,800 1 - -8 18 UBS Investment Bank 1,930 1 1 09 6 Woori Investment & Securities 327 1 4 -310 - KB Investment & Securities 262 1 - -



Appendix: Japan financial advisor league tablesLeague table of financial advisors to M&A by value: Japan


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 1 Morgan Stanley 19,096 5 5,450 250.4%2 21 Credit Suisse 15,502 3 202 7,574%3 - Centerview Partners 15,428 1 - -4 2 Nomura Holdings 4,631 9 3,999 15.8%5 13 Daiwa Securities Group 4,169 3 472 783.3%6 10 Sumitomo Mitsui Financial Group 3,864 17 1,466 163.6%7 9 Mizuho Financial Group 3,537 15 2,000 76.9%8 4 Goldman Sachs 2,318 3 2,713 -15%9 11 KPMG 2,013 2 901 123.4%10 3 JPMorgan 485 2 3,396 -85.7%11 6 Houlihan Lokey 234 2 2,59012 24 PwC 224 5 15413 53 UBS Investment Bank 205 2 -14 18 Deloitte 181 5 25015 - Ohana & Co 135 1 -

16 20 GCA Savvian Group 127 3 222 -42.8%

17 - China Renaissance Partners 120 1 - -

18 28 Moelis & Company 117 2 93 25.8%

19 19 Lazard 105 2 223 -52.9%

20 - Raymond James & Associates 63 1 - -

League table of financial advisors to M&A by volume: Japan


2014Q1


Deal Count

Deal Count

Count Change

1 8 Sumitomo Mitsui Financial Group 3,864 17 7 102 1 Mizuho Financial Group 3,537 15 26 -113 2 Nomura Holdings 4,631 9 18 -94 3 Morgan Stanley 19,096 5 15 -105 4 PwC 224 5 11 -66 10 Deloitte 181 5 5 07 9 Frontier Management 40 4 7 -38 18 Credit Suisse 15,502 3 2 19 6 Daiwa Securities Group 4,169 3 9 -610 15 Goldman Sachs 2,318 3 2 111 7 GCA Savvian Group 127 3 812 5 KPMG 2,013 2 1013 11 JPMorgan 485 2 314 23 Houlihan Lokey 234 2 115 53 UBS Investment Bank 205 2 1

16 31 Moelis & Company 117 2 1 1

17 17 Lazard 105 2 2 0

18 - Tokyo Kyodo Accounting Office 19 2 - -

19 - Centerview Partners 15,428 1 - -20 - Ohana & Co 135 1 - -



Appendix: Africa & Middle East financial advisor league tablesLeague table of financial advisors to M&A by value: Africa & Middle East


2014Q1


Deal Count

Value (US$m)

% Val. Change

1 17 Bank of America Merrill Lynch 2,991 4 473 532.3%2 16 UBS Investment Bank 1,511 1 500 202.2%3 3 Goldman Sachs 1,063 3 2,629 -59.6%4 - KPMG 960 2 - -5 2 Citi 928 3 2,660 -65.1%6 26 Standard Bank Group 875 2 200 337.5%

7= 18 Deutsche Bank 765 1 450 70.0% 7= - Simonis Storm Securities 765 1 - -

9 51 Investec 676 4 - -10 21 EY 636 2 328 93.9%11 - Java Capital 384 2 - -12 33 Canaccord Genuity 380 2 150 153.3%13 - Sasfin Bank 264 1 - -14 15 JPMorgan 249 2 500 -50.2%

15= - GIB Capital 235 1 - -

15= - Moelis & Company 235 1 - -

17 - Leonardo & Co 190 1 - -

18 - EFG-Hermes Holding 150 1 - -

19 30 PwC 147 2 172 -14.5%

20 12 Rand Merchant Bank 135 2 592 -77.2%

League table of financial advisors to M&A by volume: Africa & Middle East


2014Q1


Deal Count

Deal Count

Count Change

1 28 Bank of America Merrill Lynch 2,991 4 1 32 51 Investec 676 4 1 33 5 Goldman Sachs 1,063 3 3 04 4 Citi 928 3 3 05 - KPMG 960 2 - -6 3 Standard Bank Group 875 2 4 -27 2 EY 636 2 4 -28 - Java Capital 384 2 - -9 38 Canaccord Genuity 380 2 1 110 26 JPMorgan 249 2 1 111 14 PwC 147 2 2 012 6 Rand Merchant Bank 135 2 3 -113 12 Nedbank Capital 7 2 2 0

14= 11 HSBC - 2 2 0 14= - Perella Weinberg Partners - 2 - -

16 27 UBS Investment Bank 1,511 1 1 0

17= 29 Deutsche Bank 765 1 1 0


19 - Sasfin Bank 264 1 - - 20= - GIB Capital 235 1 - -

20= - Moelis & Company 235 1 - -


Criteria

All data is based on transactions over US$ 5m and is based on the Mergermarket’s M&A deals database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$ 100m. Click here for the full deal criteria

M&A Trends and Top Deals: correct as of 10am, 31-Mar-2014 Based on the dominant geography or dominant sector of the target according to Mergermarket’s deals database. The trend graphs are based on transactions announced in the given time periods

Financial advisor league tables: correct as of 10am, 31-Mar-2014 Based on the dominant geography of any of the target, bidder or seller according to Mergermarket’s deal database

Dates Q1 2014 : 01-Jan-14 to 30-Mar-14 Industry consolidations: OTHER in Global, Europe, US & Emerging Markets: Leisure, Defence, Agriculture, Construction, Financial Services, Business Services, Real Estate, Other OTHER in Asia-Pacific (excl. Japan): Leisure, Business Services, Financial Services, Defence, Other

Cross-Border Inbound: deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X

Small-cap: deals valued under US$ 250m Mid-market: Global/regional deals valued between US$ 251m - US$ 1bn Large-cap: deals valued between US$ 1bn - US$ 10bn Mega-deal: deals above the value of US$ 10bn Average deal size: excludes deals with a non-disclosed value

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mergermarket m&a trend report: q1 2014

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