mergers & acquisition review

MERGERS & ACQUISITIONS REVIEWREUTERS / Brendan McDermid

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

Full Year 2014

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFull Year 2014 | 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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WORLDWIDE M&A UP 47%, STRONGEST YEAR FOR DEAL MAKING SINCE 2007 - Powered by a resurgenceof deals over $5 billion, the value of worldwide M&A totaled US$3.5 trillion during full year 2014, a 47% increasefrom comparable 2013 levels and the strongest annual period for worldwide deal making since 2007. Ninety-fivedeals with a value greater than $5 billion were announced during full year 2014, more than double the value andnumber of large-cap deals announced during 2013.

NUMBER OF DEALS UP 6%; QUARTERLY M&A UP 7% - Just over 40,400 worldwide deals were announcedduring full year 2014, a 6% increase compared to last year. Fourth quarter 2014 M&A totaled US$922.5 billion, a7% increase from the third quarter of this year and the strongest closing quarter for deal making since the fourthquarter of 2006.

EUROPEAN M&A UP 55%; BEST YEAR FOR ASIA PACIFIC M&A ON RECORD - M&A activity for Europeantargets totaled US$869.8 billion during full year 2014, an increase of 55% compared to the level of activity seenduring full year 2013. With US$716.2 billion in announced deals during full year 2014, Asia Pacific M&A registeredthe strongest annual period for deal making in the region since records began in 1980.

MEDIA, HEALTHCARE & ENERGY M&A REGISTER STRONG GAINS - Deal making in the Media andEntertainment sector totaled $US308.5 billion during full year 2014, more than double 2013 levels, while Healthcareand Energy & Power M&A increased 94% and 66%, respectively. With just over US$162 billion in announced

WW M&A Up 47% l Strong Gains for Cross-Border and Large Cap Deals Drive Strongest Full Year Period Since '07 l Goldman Sachs Top Advisor

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

Full Year 2014 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

gy , p y jdeals during full year 2014, the Telecommuncations sector was the only industry to see year-over-year percentagedeclines, down 37% compared to full year 2013.

CROSS BORDER M&A MORE THAN DOUBLES – Cross Border M&A activity totaled US$1.3 trillion during fullyear 2014, accounting for 37% of overall M&A volume and a 78% increase over full year 2013 levels. Cross borderM&A accounted for 31% of total M&A activity during full year 2013.

COMPLETED ADVISORY FEES UP 12% - According to estimates from Thomson Reuters/Freeman Consulting,M&A advisory fees from completed transactions totaled US$26.7 billion during full year 2014, a 12% increase fromthe comparable period in 2013.

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

$73.8$153.5

$203.3

$78.4$22.9 $32.0 $65.9 $64.9

$115.4 $154.6

$114.2

$176.4

$318.5

$83.2

$24.8$60.7

$88.2 $76.9

$80.2

$131.0$75.8

$160.6

$164.0

$56.3

$36.2

$78.9

$70.6 $93.3$81.9

$148.2$97.4

$280.8

$114.4

$35.7

$52.6

$91.4

$106.3 $94.0

$114.6

$128.1

13.5%

21.3% 19.4%

8.8%

6.8%

10.8%

13.2%12.9%

16.6%

21.9%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% 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

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

$146.7$280.9

$405.5$258.3

$113.4 $175.6 $234.7 $171.9 $133.1$242.9

$241.3

$273.6

$641.4

$363.1

$110.7$204.0

$247.4$272.2

$166.4

$403.4$262.8

$254.1

$371.7

$326.3

$148.5

$269.8$204.4 $203.4

$183.0

$320.9$249.5

$405.5

$430.8

$154.2

$168.3

$262.3 $199.2 $251.9

$238.3

$318.7

33.7%

33.6%

44.8%

38.3%

27.1%

37.5%35.3% 35.3%

30.5%

36.9%

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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2005 2006 2007 2008 2009 2010 2011 2012 2013 20142005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1

Western Europe

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

Full Year 2014 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions

1,670

1/1/2014 -12/31/2014

716 182 2

1,092,565.3

49,796.2

Worldwide12,783

No. Deals

1/1/2014 -12/31/2014 1/1/2013 - 12/31/2013

21416,390.4

18,672.4198279

2,423

Target Region/Nation

Mexico

456,405.9177,115.7

120

21,797.9

8,104.6

1,010,313.0

75,204.7

1,769,458.9

23,450.4

1,197,547.0

Rank Val US$m

82,252.3United States

No. Deals

Rank Val US$m

2,134,447.2

Caribbean

14,278.8

Brazil

110,825.1

Worldwide 40,4623,485,270.7

1,5162,040

Germany

North America

820,835.2

France

Chile 18,813.0

Asia Pacific

United Kingdom

Middle East

27,980.5Sub-Saharan Africa

165,464.1

North Africa

Canada

Western Europe48,941.9

869,777.1

64,931.0

49,346.9

Americas19,143.8

10 755

251

11,472

Central America

South America

1,530,081.7

930498

130

1,640,906.9

93,017.9

9,802

-21.6449 380 3 9 439

93,406.059 4

78,117.6438

Europe

141

Africa/Middle East

12,488.9643

1,286

561,575.4

Middle East

54.913,523478

22,200.16,479.8

28,849.4

1,410

Eastern Europe

1,529

13,118

94,309.648,811.1

73,213.6

9,72810,435105,169.63,088

-3.0Europe

▲

▲

460

79.8

-48.1

3,390

107

2,213

▼239.0

▼

▲United Kingdom87.8

▼-53.5

77,786.283,595.5France▲

522,475.8

▲Germany 1,238

Eastern Europe

120,056.21,900

Asia Pacific 411 677 8

2,467482,083.4 8,179

5 559

2,104

33 4

147,307.310,932

43,989.049,169.5

5 553

▼-58.2

▲

8,804

629,390.7

58.2

11,271▼

▲

74299

91,785.8

2,753

34.5

308 639 2

829

584,067.7 -7.261,591.9

57

11,235.1

51,366.0

83

763

7,476.719,164.2

▼Sub-Saharan AfricaNorth Africa

-32.0

380 14,273.7

335▼ 316

▲

19,194.6

13,029.71,107

Peru-16.9 ▼ 46,353.3

-1.8Africa/Middle East

1,685

17,495.7570

34.7 Canada 106,175.7▲91,145.5

Brazil 44,414.6

▲

152

10,7549,069

▲-0.9

132.1▼

▲

1,124 23.7

29,09629,508

Caribbean202.6

▲

51.4

47.847.4

1,074,541.3 26.2

-65.820962

15.110,395

6,326.7

2,364,416.0

Rank Val US$m

9212,24938,038

No. Deals

821,356,000.8▲

180Central America▼

10,489▲

Americas

38,788.26,351.0

-23.5 Mexico1,244,569.7

16050.2 9,509

▼9,272

2,456,669.5

Rank Val US$m

% Change in Rank Value

South America

8,217

718

-30.1141

Target Region/Nation

North America

84

94,112.3

No. Deals

13,261.17,024.5

11,467.5 34,825.3

1,138,394.0

416

1,292United States 885,756.2

3,879.5

▲7,911

▲

-33.5▼▼▲

▲▼

31,432.385249,533.6

41.3

-9.8351.0

446 ▲

-67.127.0

12.8

10.6

84.0

▼

28.51,361

1/1/2013 - 12/31/2013

979,868.5 ▲▲

▲▲

% Change in Rank Value

▼▲

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

1,988

1,157

▲

▲1,406

▲90.030.8

8.416.6%

11.3%

10.7%

9.8%9.1%

8.9%

8.4%

7.7%

6.0%

4.7%3.8%3.2%

South East Asia

11/27/2014

United States / United States 19,467.7

716,182.2

7/1/2014

14,579.2

Actavis PLC

Rank Date Date Effective

Singapore

1,460

Pending

Australia

South Korea

2,115

81,180.3

87,180.2

2/13/2014

Asia-Pacific90,950.6

35,698.3

10,755

Pending

42.7926

Target (% Sought/Acquired)

55.1

Malaysia

4/7/2014Pending

Pending

11/17/2014

11/26/2014

5/18/2014

8/10/2014Pending

11/17/2014

12/15/2014

27,737.4

EE Ltd (100%)23,123.13/11/2014

United States / United StatesActavis PLC2/18/2014Pending United States / United States

10/6/2014

Numericable Group SA

WhatsApp Inc (100%)Pending 19,551.3

General Electric-Energy Assets

Facebook Inc

CITIC Pacific Ltd

Reynolds American Inc

BT Group PLC

39,544.6Switzerland / France

Allergan Inc (100%)

38,477.9

42,247.5

France / France

Halliburton Co

United States / United StatesTime Warner Cable Inc (100%)

United States / United StatesLorillard Inc (100%)

SFR (100%)

Kinder Morgan Energy Partners (88.31%)

23,615.6

Holcim Ltd

▼680

Forest Laboratories Inc (100%)

77,795.6

7/15/2014

DirecTV Inc (100%)66,404.458,551.1

United States / United States

Kinder Morgan Inc

▼

Baker Hughes Inc (100%)

Investor Group

70,677.1AT&T Inc

1,447


Lafarge SA (100%)


Hong Kong / China

4,520

1,229

1,095

▼

Covidien PLC (100%)8/25/2014

30,312.5South AsiaCentral Asia -40.5

1,828450

45,138.7

▼

Australasia

3,5651,058

207,005.4

1,032

3,250.9 Papua New Guin▲▲

South Asia 16,876.2

186.4

▲

202

24,649.7

▲

32,687.81,609

312

175

526 Malaysia

▲75,759.7

60,580.1

7.2

3681,745

12,462.4

51.1

30,141.6

2,125

21,247.5

285,278.2

8,672.8

5,239

41,920.3

5106,435

64

North AsiaChina 390,411.8

507,738.9

64,999.1

Top Fifteen Worldwide Announced Deals

47,922.1

6,693.0

4/16/2014

165,915.7

6,652.364,921.5Japan

62

▲

13,597.5

449,380.3 9,439

1,336

121.7

43.9

1,52959.4

South East Asia

10.583,055.5

▲Australasia

▲91,015.9

1,07584,009.2

881

Asia-Pacific 411,677.81,042▲82,274.5

67,186.3

Central Asia58,569.8

50

Rank Value (US$m)

Japan

Acquiror

Australia

653

▲

-16.5

▲88.678.0 ▲

-16.9

743

-0.6

North Asia

70,510.155

167,837.2

58.8-31.5

1,366

297

51,894.2ChinaSouth Korea

2,576

26,063.6

258,647.0 2,756

Singapore6,739.0

▲48.9111,406.4

21,010.1

704

40912,221.5

1,549

-44.954.1

-26.2

5,559 33.4

51,217.2

24.1

761,190.4 1,145

209.8

257

65.65,553 ▲

62.21,0241,185

308,639.254,961.8

▲

▼

Jan 1 - Dec 31 2014

Medtronic Inc

Pending

6/15/2014

2/19/2014United Kingdom / United Kingdom

Comcast CorpAcquiror / Target Nation

CITIC Ltd (100%)United States / Ireland-Rep

Consumer Staples / TobaccoHealthcare / Pharmaceuticals

United States / France

Energy and Power / Oil & Gas

Materials / Construction Materials

1,811.0

▲

▼▲▲

▲▼

Target Macro / Mid Industry

4,912.5New Zealand

Alstom SA-Energy Businesses (100%)17,457.917,124.2

9/14/20144/30/2014

PendingPending

Sinopec Sales Co Ltd (30%) China / China

Media and Entertainment / CableMedia and Entertainment / Cable

Healthcare / Pharmaceuticals

Healthcare / Healthcare Equipment & SuppliesFinancials / Asset Management

Energy and Power / Oil & Gas

Energy and Power / Oil & GasIndustrials / Machinery

Telecommunications / Telecommunications ServicesTelecommunications / Wireless

High Technology / Internet Software & Services

Energy and Power Healthcare

Real Estate Financials

Industrials Media and Entertainment

High Technology Materials

Consumer Staples Telecommunications

Retail Consumer Products and Services

Government and Agencies

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2

UBS

95,783.432Societe Generale

HSBC Holdings PLC 20Wells Fargo & Co

▲120,977.3

2 381 543 9

2.93.4

2.7

RBC Capital Markets

Centerview Partners LLC

▲

1621

▲

2

Credit Suisse7

1411

19

17

Jefferies LLC

Rothschild

BNP Paribas SA 13213,355.1

Deutsche Bank 8

19

12

15

4.60.2

1714 18 125,394.7

Worldwide Announced (AD1)

▲1.2

▼

1.611.7

159,653.8

427,542.4

▲1.6

▲▲

9

13

582,735.4 16.7472,057.6

5

Morgan StanleyGoldman Sachs & Co

31,009,123.7

2013 Rank

Morgan Stanley12

16

Bank of America Merrill LynchJP Morgan+20

▲743,510.5

Market

+24

2.0

2.894,635.8

0.52.794,553.21.6

0 4

▲

▼▲

9+41

2.7164

63▼▲

-0.90.0

0.5+130.259 0.1

387.9

71▼0 7 ▲293 5 1 1 0 1▲8220

0 2-1067 0.2 ▲

0 2▲0.3

2066.162,649.8

62 482 72.62 5

509.4+19▲ 13Moelis & Co

21Credit Agricole CIB

▲0.2 ▼▼

-16 75,628.4▲1.9

Evercore Partners0.4

+19

+130.5

▲ Wells Fargo & Co

▼-1.952

193.380,682.618

111

14 91,862.5

3.11.9 -

0.4

+26

▲1.5

333.1 ▲0.1-13

▲▼ 1.9502.1

+4135

▼ 35137

▼0.11.3

0.5

0.0▼

-1 ▼-1.717

99,325.5-1.8

Centerview Partners LLC+1 ▲ 3.716RBC Capital Markets

▼

19128,551.3 -2.514

13

▼BNP Paribas SA▲ 15

4.0

Rothschild 5.2109,498.4 4.5

115.3128,906.7

530.0487.10.4 ▲

1.0 -226▼

2.0

12▼

0.00.3

1212.0

+7-30 ▼

0.2 ▲

0.4 ▲

0.1-

+80.8

▼

274.5

45.2Paul J Taubman 5.3

▲

0.01

▲▲

126Jefferies LLC

8

0.0130,298.365 5.6

1.8▲

0.2-5.3

9.65.1

-5.4▼

0.712

▼ -

--+1-2

0.0-0.9

▼+2 3.2

817.7214 -4

▼839.6499.5 0.1850.0

▲-2.713.5

▼

▼3.9

+9

▲▲ 0.39.8 244▲ UBS ▼▲ 148

239,457.3▼ 0.8

0.0408,370.43.7▼ +24484,685.5 221

▲0.4▲

3.20.5 -27

▲-

1.9

+28 933.00.80.7

▼197237

0.7-0.8

13.6Citi 16.666

7

▲ 3

334,217.7▼▲

7Deutsche Bank

544,170.7▲0.7

2 583,984.6 ▼

-0.6▲

23.80.81.0

+5

987.9

2014 Rank

Rank Value per Advisor (US$m)

1,165.41,521.2

226 -4

▲

▼

▲

0.0 -2.9

5.5 ▲

Sh (%)

# of Deals per Advisor


+70.4616,519.9

▲ ▲

-2.925.1

Fees362

Rank Value MarketShare Ch.

2 326.7 ▼655,651.9

Sh (%)▲

MarketMarketUS$m DealsShare Ch.Sh (%)


19.745

▲▲ Barclays 4

5

21.5-1.6

13.5

20.9

2.8

298

446

-0.7

29.0 1US$m

2.2

+25328

181

8.8

0.8

0.70.6

118,072.8

22

Perella Weinberg Partners LP

Evercore Partners

21

18

259

-5.3

▲

3.5

▲

3.6

▲

2796Allen & Co Inc 99,944.8

1.2

283,396.2

19.5681,155.6

LazardBarclays

Bank of America Merrill Lynch

6

3

Citi45

▼259

# of

22.2

354▼

▲

▼

10

12.3

21.3

7 10

8

5.1

4 729,973.0

Rank ValueFinancial Advisor

296-1.0

1Goldman Sachs & Co# of Deals+50

Jan 1 - Dec 31

749,413.5 -0.3 0.9

2014 Rank


1.11 ▲Sh ($)

Change in Market

Jan 1 - Dec 31

Worldwide Rankings

2013 RankFinancial Advisor

JP Morgan

15

-0.8

-2.4

407,837.09

229,411.3 1.76

0.4

151

9

135 0.3

236,858.6

12136,714.4

10

▲0.1 -

0.6

131

0.6

0.40.6

330,444.7109-3 Lazard

▲▲0.4

+9+70.3

+68

8.1

6.1300

44

16

1.3

▼

32 0.1

+51

0.7

245

0.6

-21

+17+6

▲

-2

Guggenheim Securities LLC

8+40

11+43Credit Suisse

+431.0302 1,476.9

Change in

1.2# of Deals

Market Advisor

▲ 2,014.7 ▲Share Ch.Sh (%)

7.6Deals

# of

Worldwide Completed (AF1)

MarketImputed Fees (US$m)

0.6

Market

3.1

3.5

4.4

0.35.7 0.3

▲

242258

6.6

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

* tie

Goldman Sachs & Co

Jan 1 - Dec 31 2014

44

Goldman Sachs & Co

Goldman Sachs & Co2

23

373,703.31

190,677.2JP Morgan

10.1Morgan Stanley12.0

Barclays

Somerley Ltd

241,357.5

37,764.2


Industry Total†

Wells Fargo & Co

25Zaoui & Co

2.3

80,077.1

2.381,543.93522CITIC19

▲+3

1.32.3 -3.2

80,165.2-0.4

2.3

80,051.1▲▲

78,457.32.32.3

▼+3

440

▼0.1

63

3,090

9

Top WW Announced M&A Advisors by Target Industry

47.4%

463,485,270.7

1.7

Rank

▲

0.0

No. Deals

▲▼18.1%

15.1%

100.0

578,609.9

167,608.0

▲

40,462

ShareMkt.

▲

Jan 1 - Dec 31

Energy and Power

22Macquarie Group

▲▲

Industry % Change from Same Period Last Year

Somerley Ltd 2324

▲

25Industry Total+2,424

▼

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

-4.3%▲

2540.0 +9 Nomura0.1 +4

▲

Ernst & Young LLP2,456,669.5

327317

55,801.537

61,513.4

56,092.656,683.9

2.5

2.3 1.1 ▲-2.1

0.9

▲2.3 ▼

+412

▲▲1.4%

29,508

11.7%

26,656.00.0

-

-3 0.2-22

41.1▼100.0

▼-

0.20.10.80.4 ▼ 206.7

26.4230.4109 255.9

-8 ▼

71

0.1+17

0.01.8▲ ▲▼-0.7

-▲293.5 1.1

1.00.1▲0.0

82 0.21.1

0.220 62,482.7 2.521 +19▲ Wells Fargo & Co+26

Citi

21

24

6.9%

Paul J Taubman

28.5

315,703.5

1Morgan StanleyJP Morgan

375,227.45,523

22.722.72

68

25 42 71,757.1

Rank Val US$m

2

Industrials

71,603.4

61.5

1

339,961.036,288.3

96,754.9

392,553.3Healthcare

FinancialsDeutsche Bank

182,572.9

44,832.8

135,718.2


157,051.7

Real Estate

Goldman Sachs & Co

Industry % Change from Last Quarter

63100.0

23 12-

1

91,180.0

Bank of America Merrill Lynch 70,707.4 3

19 9.73

52

3,078

32,560

36 34.6

58

25

22.4

4,448

55 26.822.1

36

27

Industry % Change from Last Quarter 8.0%

Goldman Sachs & CoDeutsche Bank

48.6

21

27.1

-1.1%6.4%

65 31.629.0

2.3128

▲

23

665.8

476.6 514.5405.1 440.6 377.6

279.9358.2

283.1191.6 172.7

161.8

202.1 91.9

143.3 111.3

75.9 125.0

69.4 118.3

91.8 56.7

70.7 70.7

70.7

70.7

67.2

67.2

67.2

66.4

66.4 66.4 58.6

58.6

47.9

47.9

$0

$200

$400

$600

$800

$1,000

$1,200

Goldman Sachs & Co

Morgan Stanley

JP Morgan Bank of America

Merrill Lynch

Citi Barclays Lazard Deutsche Bank

Credit Suisse UBS Rothschild

Ran

k Va

lue

(US

$bil)

Covidien/MedtronicKinderMorgan Energy Parters/KinderMorgan IncAllergan/ActavisDirecTV/AT&TTime Warner Cable/Comcast Corp Other Top 15 DealsAll Other Transactions


3

Jan 1 - Dec 312014 UP

2014 DOWN 2013


EMEAAmericas

Worldwide M&A Matrix

Canada

11.2x

Exit Multiple Matrix - Average Rank Value / EBITDA

19.8x

Japan

13.0x

Asia ex. JapanEurope

12.1x

10.7x

9.7x

5.9x

9.8x11.9x

18.4x

14.2x

11.5x

USA

12.6x26.9x

15.5x14.6x

Telecommunications

Real Estate

Media and Entertainment

Retail

11.4x

12.2x

13.0x

6.3x

10.0x

12.7x

10.9x

14.6x

--

-

12.8x

Industrials

14.5x

World

16.6x

UK

15.5x

10.7x

10.0x23.1x

10.7x 11.1x15.3x

10.7x

6.4x

11.8x10.6x11.1x

24.0x

13.7x 12.2x10.6x12.2x

-

13.4x12.0x

25.2x 24.3x 13.0x16.1x 14.6x

19.3x

7.0x

19.3x

14.6x14.7x15.5x

10.8x12.4x8.6x

-

12.7x12.7x 9.5x

16.3x 12.4x

13.4x13.4x16.7x

11.4x9.6x11.4x

9.0x5.7x 5.7x

14.5x

10.1x

12.9x

9.1x

9.9x

11.9x10.7x

14.2x11.1x 11.9x

9.5x

12.0x

9.2x

15.5x 15.5x16.7x

12.5x

13.3x 11.7x

13.7x

8.1x

5.9x16.4x7.6x 9.8x7.6x25.7x

16.6x14.0x

12.2x13.8x 15.6x

6.5x 11.9x10.8x

11.1x17.1x

19.8x21.5x

10.3x11.8x

10.8x

13.7x

8.5x

10.6x

11.6x16.5x

10.6x 9.2x

15.0x

13.1x

6.0x 12.4x11.2x

11.3x14.5x16.6x

13.7x

14.4x 12.7x

9.0x18.2x 9.0x8.6x

14.0x

13.0x

13.3x 9.6x

8.1x9.3x

11.1x

Materials

12.0x

9.2x

11.4x

8.1x10.2x

16.6x11.0x

18.3x

11.2x

11.8x

16.4x

10.9x

13.7x

32.6x19.9x

10.3x 11.0x12.0x

11.7x 13.8x 12.6x 11.4x

9.6x

30.2x

10.8x 9.9x

11.9x 10.0x

25.7x

9.6x

20.6x 26.9x11.3x

11.5x

13.3x

18.9x

13.0x

12.9x

12.8x

18.5x

8.5x

14.7x

Energy and Power

14.6x

12.0x

Healthcare

13.7x

High Technology

12.7x

10.6x

13.1x

Consumer Staples

Consumer Products and Services

* 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 - Dec 31

26.127.6

37.7

World

35.2Consumer Staples

30.229.2

35.5

36.4

26.2

30.3

Canada

14.5

23.438.2 21.7

29.5 45.0

20.9 18.0 22.0

24.5

25.034.0 23.8 27.3

12.124.6

27.8

25.7

26.5

26.1

25.6

32.425.6

39.0 24.5

27.0

22.9

33.6 22.1 - -

22.020.9

29.4

34.6

34.327.5 21.9

9.421.811.0

4.7

25

33.79.4

26.7

23.0

34.9

21.7

28.4

2014 UP 2014 DOWN

27.9

12.5x

Retail

31.2

39.7

21.740.7 23.9

30.2

28.7

45.0

23.2

21.5

14.7

32.6

25.219.730.0

23.7

20.0

24.7

25.1

27.6

33.8


32.2

Telecommunications 24.5

Materials

24.5

34.9

25.7

33.0

Average Industry Total

29.9

24.2

High Technology

Industrials

33.2

21.9

35.0

28.5

28.4

23.3

Healthcare

Consumer Products and Services

40.1

24.3

22.826.9

Financials

Energy and Power

EMEA

38.5

30.4

36.0

38.7

33.5

43.6

41.6

24.3

32.637.4

29.8

14.3x

36.9

Americas

33.3

37.3

20.5

52.5

USA

23.9

Average Industry Total

41.0

19.445.131.4

35.437.2

41.9

12.8x14.2x 11.5x

20.7

21.5

24.0 23.7

19.8

23.7

14.7

0.3

30.7

24.120.022.326.2

37.2

84.8

0.3

29.2

34.2

11.4x

20.0

Asia ex. Japan

11.5x

24.2

34.8

13.0x

34.5

26.2

31.9

53.317.3

37.2

39.8

25.225.7

25.329.5

-

25.6

-27.1

48.223.825.9

32.219.8

24.0

27.7

25.5

24.123.7

36.8

26.6

20.7

23.9

37.6

26.025.5

Europe

11.8x

33.8

-

39.5

16.3

34.8

32.8

15.8

24.039.1

18.0

31.9

34.033.3

-

-

32.2

36.4

30.2

36.8

13.2 13.2

30.2

24.1

17.7

40.5

18.7

32.0

48.8

21.3

45.3 42.0

14.9 23.1

28.2

18.3

25.6

25.8 23.6

21.7

41.3

28.1

28.543.2

14.730.5 24.6

21.0

22.9

19.1

27.4

27.0

Japan

13.184.8 23.4

12.1x 13.1x16.0x 13.1x10.3x12.1x 12.9x 11.5x

2013

44.9 53.3

UK

32.6

Real Estate

15.6x


4


Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan


* 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

102005 2006 2007 2008 2009 2010 2011 2012 2013 2014

5

6

7

8

9

10

Ran

k

Citi

Barclays

Lazard

Deutsche Bank

Credit Suisse

UBS


5

Real EstateWells Fargo & Co 22,478.0 1

Citi 16,764.1 3

US Announced Advisors by Target Industry Jan 1 - Dec 31 2014Americas Deals Intelligence

Energy and Power

Healthcare


High Technology

Barclays


Rank Val (US$m)338,364.7 151,204.1136,640.6Citi

Goldman Sachs & Co

JP MorganBarclays

Goldman Sachs & CoBank of America Merrill LynchJP Morgan

Morgan Stanley

100,307.4237,431.8 154,125.2136,630.7129,662.0

207,809.6 100,711.096,709.7

99,793.1 89,076.2

12

1

Rank

123

Mkt.

803

No. Deals

40.431 38

20

762 54.63

2

20

759

23.731

14

22.9

1,79027

Share

44.7

42.9346.5

29.6

167,621.7 39,727.238,375.029,353.8

23

1Morgan Stanley

40

906 64.9

27

16

Americas M&AFull Year 2014 | Mergers & Acquisitions | Financial Advisors

Americas M&A Increase 51% From Full Year 2013 | Energy & Power Volume Drives US Activity | Canadian Activity Rises 39%

25 57.6

Driven by deal making over $5 billion, Americas volume increased 51% over totals reached last year, accruing US$2.1trillion in activity from 15,734 announced deals. Estimated fees generated from completed deals in the Americas totaledUS$19 billion, a 17.4% increase from fees earned in 2013.

US Targeted M&A also posted significant gains, rising 51.5% over announced M&A in 2013. US-targeted volume accrueda total of US$1.5 trillion in 2014, driven by 9,814 deals.

The Energy & Power sector led the US market in 2014, with deal volume totaling US$338.4 billion, accounting for a 22.1%market share. Healthcare followed, accruing US$237.4 billion for a 15.5% share of the market. Media & Entertainmentrounded out the top 3 sectors, with US$207.8 billion and a 13.6% share of the market.

Accumulating US$204 billion in transaction value, announced Canadian Involvement activity rose by 38.6% over the totalsreached in 2013. Completed Canadian Involvement also rose, to US$188.6 billion from 1,962 deals, a 26.5% increasefrom completed activity in 2013.

Asia ex. Japan targets enjoyed the highest average exit multiples in 2014 (16.0x), followed by the US (15.6x). Allindustries saw modest increases in multiples compared to 2013, with the biggest increases coming in Materials, whichrose to 14.6x from 11.0x in 2013.

48.5

23 17.5

14 6 16.8

22.5 16 Goldman Sachs & Co 17,552.4 2 17.6

US Target Announced M&A Target Industry by Value (US$ bil) Jan 1 – Dec 31 2014

Acquiror / Target NationTop Ten US-Target Announced Deals

Target Macro / Mid IndustryJan 1 – Dec 31 2014

11/26/201466,404.4United States / United States

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

Pending70,677.1

9/22/2014

PendingKinder Morgan Energy Partners (88.31%)

2/18/2014

Baker Hughes Inc (100%)

Facebook Inc

AT&T Inc

Date Effective

11/17/2014 Allergan Inc (100%)

Pending Time Warner Cable Inc (100%)2/13/2014Rank Date

5/18/2014 DirecTV Inc (100%)

11/17/2014

Forest Laboratories Inc (100%)

Pending Sigma-Aldrich Corp (100%)

8/10/2014Pending

7/1/2014

Halliburton Co

Actavis PLCUnited States / United States

United States / United StatesKinder Morgan IncUnited States / United States

27,737.438,477.9

Germany / United States

67,186.3

19,467.7United States / United States16,449.2

United States / United StatesActavis PLC 23,615.6

Merck KGaA

Pending

WhatsApp Inc (100%)

US Buyside Financial Sponsor Activity

Suntory Holdings Ltd

2/19/2014

15,687.5

10/6/2014


1/13/2014 4/30/2014 Beam Inc (100%) Japan / United States

7/15/2014

Comcast Corp

Reynolds American IncLorillard Inc (100%)

Media and Entertainment / CableHealthcare / Cable

Healthcare / TobaccoUnited States / United States

58,551.1Energy and Power / Pharmaceuticals

Energy and Power / Oil & GasConsumer Staples / Oil & Gas

/ Food and Beverage

High Technology / PharmaceuticalsMaterials / Internet Software & Services

Consumer Staples / Chemicals

22.1%

15.5%

13.6% 11.0%

6.5%

6.5%

5.8%

5.4%5.3%

Energy and Power Healthcare Media and Entertainment High Technology

Real Estate Consumer Staples Industrials Materials

Financials Retail Consumer Products and Services Telecommunications

Government and Agencies35.3

60.6 112.7

17.5 6.4 27.1 28.4 76.0 83.9

41.8

110.1

192.4

28.9 9.4

34.2 33.9 34.7

33.2 57.2

34.0

86.1

91.3

18.5

13.6

28.2 26.7

53.5

43.7

63.7

43.4

170.8

27.4

24.4

39.4 64.3

56.0

60.3

46.5

42.8%

55.4% 53.0%

27.6%

39.5%42.9%

45.9%

52.5% 54.4%

44.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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


6

Centerview Partners LLC 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)2013 Rank

# ofShare Ch.

▲0.4Sh (%)

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

560,853.5 ▼34.6

Rank Value Market2014 Rank

Market

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

257

# ofFinancial Advisor

Market

+56Sh (%)Sh (%) # of Deals Fees

1,633.0 8.6Share Ch.

2.0# of Deals

2014 Rank

2013 Rank

Change in

2.1 ▲

MarketSh (%)US$m

+221 497,392.526.3 -3.0

Goldman Sachs & Co 1 738,300.5 0.32

1JP Morgan

▲1 ▼31.4Goldman Sachs & Co▲326 -2.1

3 3 546,338.621.4JP Morgan 2 +33 ▲

Morgan Stanley▲1,195.1 0.3▼ 199

1,147.56.3▲

410,920.3 25.9 1.5▲ 19327.4 -3.4433,560.0

34+3623.1

1.6 +43228+14 ▲

2185 1.2-3.4

1.2▼

Citi 4 7 493,272.6Bank of America Merrill Lynch

▲0.5+25

25.9 5.91.5 ▲▲ 6.0

▲5 4 484,430.5

0.5

22.7 -2.1

3Barclays 511.6

▲ Bank of America Merrill Lynch 5 ▲ 168

25.6

▼▲ 182 ▲ 4.41.3 +44 ▲ 826.3410,446.6 167

0.54 399,261.1 25.2 1.9 1.3 +3 ▲Barclays 6 5 457,544.1 21.4

232-0.2 ▼ 196

Morgan Stanley1.2

964.4 ▼1.5 +26 5.1+61 ▲ ▲2.8Citi 6 6 0.0▲ 754.2

12 213,087.6 ▼ 324.0▲298,860.2

7Lazard 7 11 299,249.4-153 1.2 +27 4.0

▲4.7 ▲14.0

18.9-7 ▼147 0.9 UBS ▲

Credit Suisse 8 8 274,815.8 12.9 2.8 0.1▼2.0 531.213.5 6.0 1.7 0.20.5 -2170

8 189,536.7 12.0 -1.5 0.9 -2-1.0

▼ 111168 1.1 +13 ▲ Deutsche Bank 8

10 13 213,267.4 10.0

▲Deutsche Bank 9 10 268,028.9 12.6

2.8 ▲ 42152

10+9 ▲Credit Suisse2.5 ▲ 9

0.3+43 ▲ ▲ 641.1

9 144,813.97 146,605.3 1.1 +15

9.1 -3.3▼ 1459.3 -5.7 3.4 0.0▼ 139 ▼

Jefferies LLC 11 18 119,363.3 5.6 Guggenheim Securities LLC 113.0 0.21.1 -17 ▼ 571.0

▲ 11 0.2 0.340 136,681.8 8.6 7.7 0.1 -3 ▼ 44.6 ▼UBS 12 6 114,398.4 5.4

119 0.8 +18 ▲-9.7 ▼ 88 0.62.1 ▲

Paul J Taubman 12-13 ▼ - 130,298.3 0.0 0.0▲ 1.0▲ 1 0.0 +1 -RBC Capital Markets 13 15 110,891.6 5.2

8.2 8.2+5 ▲140 0.9 16 127,753.8Jefferies LLC 13 ▲

Allen & Co Inc 14 76 99,944.8 4.7 4.4 ▲-0.2 ▼ 8.1 3.1 2.3 0.30.9 +9 ▲ 444.7▲ 110

1.0 -10 2.5 0.3▼ 478.4Centerview Partners LLC 15RBC Capital Markets 14

▼ 325.6 -3.511 95,347.69 0.1 +2 ▲ ▼ 1266.0 -2.0 ▼

Rothschild 15 21 91,769.1 4.3 2.1 ▲ ▲327.3140 0.9106 0.7

Evercore Partners 16 14 84,996.30.3 +2

4.5 -2.54.0▲

-1.7 ▼+18 ▲+37 ▲ Evercore Partners 16

1.7 0.413 71,829.010 89,204.8

▼Perella Weinberg Partners LP 17 42 83,436.0 3.9 2.8 ▲

▼ 119Wells Fargo & Co 17

2.5 0.10.9 +17 ▲ 471.2▼ 70 1.5 0.114 62,482.7 3.9 -1.5 0.5 +18 ▲ 291.5 ▲

Wells Fargo & Co 18 17 81,543.9 3.827 0.2 +1 ▲

-0.7 ▼ 81 0.5 Moelis & Co 18+25 ▲ 15 54,617.1 1.8 0.5▲ 343.6▼ 90 0.7 +16 ▲Paul J Taubman 19 12 80,077.1 3.8

3.5 -1.6+3 ▲4 0.0 18 40,431.1Greenhill & Co, LLC 19 ▼

Greenhill & Co, LLC 20 23 48,010.4 2.3 0.3 ▲-5.4 ▼ 2.6 -1.8 0.7 0.20.1 -13 ▼ 127.8▼ 17

0.4 -3 0.9 0.3▼ 173.9Rothschild 21BMO Capital Markets 20

▼ 772.2 -2.619 37,451.230 0.2 +5 ▲ ▼ 532.4 -1.4 ▼

Houlihan Lokey 21 34 37,732.5 1.8 0.7 ▲ ▼187.830 0.2

173 1.1Tudor Pickering & Co LLC 22 46 36,231.6

0.6 -142.2 0.81.7

▼1.0 ▲

+38 ▲+11 ▲ Scotiabank 22

1.0 0.429 35,087.917 35,354.7

▲BMO Capital Markets 23 32 35,828.5 1.7 0.5 ▲

▲ 33Ernst & Young LLP 23

1.0 0.40.3 +10 ▲ 194.0▲ 68 0.1 0.054 32,034.5 2.0 1.4 0.5 +14 ▲ 15.1 -

Moelis & Co 24 16 35,295.0 1.756 0.4 -1 ▼

-3.7 ▼ 96 0.6 Macquarie Group 24+10 ▲ 34 29,938.3 0.7 0.0▲ 131.6▲ 52 0.4 +11 -Ernst & Young LLP 25 35 35,088.7 1.6

1.9 0.8+6 ▲ ▲0.5 ▲ 70 0.4 44 28,890.6Tudor Pickering & Co LLC 25 301.8 1.0 0.5 0.10.2 +12 ▲ 95.3▲

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

Deutsche Bank Jefferies LLC

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

77

92

5.1 ▲

29

▲

+27

17+22 16

9,814


Wells Fargo & Co

Mizuho Financial Group

+33

▲+17+3

Mizuho Financial Group

89

-12

▼

24,335.0 0.101.5

+736

▼

2.01.9

104

1.0

▲

▲0.1

▼ 0.80.9

2356,635.4

0.4

Moelis & Co

▲

197,538.1

▲

RBC Capital Markets0.2

50,685.6

Greenhill & Co, LLC

4 3

▼76

-14.0

16 -1.9

-12.0

-1.218


20 43,119.6

2.1 0.7

20

93

▲18

7

20

39,333.6+1

Tudor Pickering & Co LLC

1,138,394.0

+530

1.5

▲0.1

Goldman Sachs & Co 1

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

RBC Capital Markets

Bank of America Merrill Lynch 3

Wells Fargo & Co 16

151129

172.8

JP Morgan 2 2 437,180.9

Citi 4

4.5 -2.4

g , ,gIndustry Total100.0 +86715,734 100.0Industry Total† +2971,584,124.3 12,7712,136,344.0

▼ -2.0%Industry % Change from Same Period Last Year 50.6% ▲ 5.8% ▲

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

▼ 7.9%

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

Industry % Change from Last Quarter -3.2%▲

100.0

-5.6% ▼▲

Imputed Fees (US$m)

▲

18,983.9

Industry % Change from Same Period Last Year 26.1%

US Target Completed (AF2) Jan 1 – Dec 31

2.4% ▲ 17.4% ▲Industry % Change from Last Quarter 47.8%

Sh (%)2013 Rank

Market

US Target Announced (AD2) Jan 1 – Dec 31

MarketRank Value Market2014 Rank Fees

# of Change in 2014 Rank

2013 Rank

Rank Value Market Change in Market# of Deals

Market

36.5 -3.3 ▼US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

1,166.02.1 +48 ▲ Goldman Sachs & Co

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

1 558,300.4 0.18.6156 1.91 1209 ▼28.6 -8.7

+12 ▲385,671.0 33.9 -3.9 ▼▲

3JP Morgan+12▼

+243 413,250.1 27.0 -7.41.5

4.8▲ 1208.75▲959.1 7.1▲

0.10.1654.2

1.732.3 1392 -4.7 ▼367,979.0 ▲

9 407,412.9

+2831.3

▲▼ 1.3

▲1.5 +32 ▲Barclays

14.1 ▲ 1.3 +40127 1.5 +13 ▲26.6 Morgan Stanley 345,243.8 30.3 4.4 1213.829.7Barclays 5 5 378,584.6 337,697.35 4 113 1.4 +7

▲6.6 0.95.4 0.6 ▼

894.1

-3.924.7 -1.4 737.4▼ 1.4 Bank of America Merrill Lynch+47142 ▲

138 Citi 6▲

1.4Morgan Stanley 6 4 351,314.7 23.0 0.27 223,814.8 19.7 2.8 ▲ 567.3▲ 1.3 ▲Lazard 7 11 209,605.1 13.7 2.6 ▲

▼ 4.20.9 -3 UBS 1.9

+22+16 ▲ 10311▼ 0.40.6 017.4 8.8 ▲ 251.548 ▲

Credit Suisse 8 12 199,888.8 13.1-7

11.9 10.6 ▼0.5▲ 8 ▼ 28.40.1 -6 0.2Centerview Partners LLC 9 13 183,121.9

1036

▼

135,143.711.5

▲0.912.0 Paul J Taubman+4

10 17-9

Guggenheim Securities LLC 8 31▲▲

112 1.1▲

▲130,298.3 +1 ▲0.01

1.010.2 ▲11.5 ▲ -1.0 0.0

▼0.22.5343.7 ▲0.0

-8.2 ▼ 0.196 1.2 +26 472.2 3.5▲115,511.810 +104.4 ▲ 85153,088.3 10.0 -1.4 89

11 19 111,990.2 +20 ▲ Credit Suisse▲ 9.22.512 8

7.3 3.5 95 104,595.20.1

1199,944.8 +2 ▼101,189.9 8.9 -4.3 ▼ 0.8666.253 6.5

81

Jefferies LLC0.2▲ Deutsche BankAllen & Co Inc 12

6

UBS 13 6 88,883.9 52 ▼0.5 -5▼▲ 8

0.0-185.8 6.3Lazard+5

10▼

▼▲

-6.4 ▼+968,516.9

342.4372.8

▼4 0.2▲ 14 1213 71,129.1

Evercore Partners 15 14 77,733.5

2.73.1

1.0▲6.0Evercore Partners

▼

▼Paul J Taubman 14 8 80,077.1 5.2 -2.3 ▼

0.7

2.229 ▲-2.1-7.7

-7.3 ▼Centerview Partners LLC 151.114

-3.447,690.2

423.5930.4 +1 295.81.1

▼654.1 17

▲0.39 63,653.6 5.6▲▲63,277.7-0.0-2.5 ▼ ▲

▲ 2.10.84.266,751.4 4.4

2.03.5283.2

16 83 266.7+15▼+11

0.9 +10 ▲▲

0.6311.5 2.30.113

Moelis & Co 20 15 32,026.6

1.0 +1319 15 37,279.1 3.3 ▼-2.8▲19 32 103.1▼34,231.6 2.2 Greenhill & Co, LLCTudor Pickering & Co LLC ▼ 13 0.21.2 0.4▲ 0.3 +10 0.820▼ ▲0.92.1 -5.0 +884 34 28,890.6 2.5 1.3 0.4 +12 ▲

▲ 0.1 ▼10.195.3▲

0.10.7 0.1

▼25,266.1 2.2▼ -114 0.1 21▼Guggenheim Securities LLC 21 7 31,826.4 2.1184.2

12-0.826 31,741.1 1.4

2.0 0.70.2 ▲

5522

Allen & Co Inc 23▲

Houlihan Lokey 23 27 31,025.3+1Stifel/KBW 22 Qatalyst Partners0.9 -5 0.2

0.7▲1.619,867.71.618,981.6 1.7

1531.4

▲3 0.0 -3 ▼ 0.1 ▲0.4

0.154.71.4 ▲

▼ 1120,979.2 1.8▲

281.8

50Ernst & Young LLP

24Sandler O'Neill Partners11▲ +5 ▲▲ 0.1

0.2 ▲1.2 ▲ 90.652 0.6 +16-▲ 0.0 0.03.9

13,609.8 100.0+3▲1.5

+306

28.5% ▲

25 0.1

Industry % Change from Same Period Last Year▲

16,792.7 8

3.9%

132100.0

▲▲22.5%▲

8.5%-4.7%

8,217

46.1%

Industry Total

Industry % Change from Last Quarter-13.8% -2.1%8.1%

100.01,530,533.7

24 64

▲

23,098.5

51.5%

25 58 -

+29

1.2

▲

▼

Industry TotalErnst & Young LLP


* tie

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

Deutsche Bank Guggenheim Securities LLC

Industry TotalScotiabank

100 0 +5241 396 767 6 10 675▲ 16 0.8 0.8 ▲

16 877 0 100 025 39 21,127.1 1.5 0.6

1.10.1 +4 ▲ 126.4

12 0.1 +2 ▲ 186.7 1.10.9 ▲

Qatalyst Partners 24 30 21,178.6 1.5 0.2 ▲ ▲148.91.7 -3.1 ▼ 54 0.923 18 23,882.1 0.5 -15 ▼

20 0.2 +8 ▲ 12.5 0.1▲

Mizuho Financial Group 22 20 25,734.4 1.8 -0.7 ▼ 0.1 ▲95.31.2 ▲ 30 0.6 0.6

20Tudor Pickering & Co LLC 21

0.130,662.1 2.22.1

1.6 ▲▲37 28,890.6

▼ 127.817 0.2 -1349

0.3 +12

0.80.1 ▲57 0.5 +8 ▲ 13.70.8 ▲

2.0 2.0 ▲Greenhill & Co, LLC 19 17 40,431.1 2.9 -2.2 ▼

-1.7 ▼0.8 +15 ▲ 342.3-2.0 ▼ 89

1.7 ▲70 0.7 +18 ▲ 291.5 1.72.0 ▲94 0.9 +7 ▲

▲RBC Capital Markets 16 15 64,155.1 4.6 -1.0 ▼ 343.7 2.0

1.910 87,829.5 6.3 -4.3 1.9327.0▼2.6 2.61.0 +7 ▲ 443.8

3.4 ▲7 116,803.2 1.1 +14 ▲ 566.68.4 -8.0 ▼ 1192.5

▲31 0.3 +2 ▲3.4

▲105 1.0 +10 ▲ 2.5425.40.0 0.0 -

Jefferies LLC 12 16 125,877.4 9.0 3.7 ▲▲ 1.09.3 9.3 ▲ 1- 130,298.3

40.6 0.2136,302.7 9.8 8.8 ▲0.0 +1

0.2 ▲10 0.1 -4 ▼536.7 3.2 3.2 ▲130 1.2 -4 ▼

2.9 2.9 ▲Lazard 9 9 137,408.8 9.8 -2.7 ▼

1.8 1.8 ▲-1.3 ▼ 100 0.9 +4 ▲ 483.6

▼ 297.914.8 6.5 ▲ 6419.2 2.4

206,346.9 0.611 -14▲6 268,388.6 ▲136 1.3 +19 ▲ 689.4 4.1 4.1

▲777.9 ▲

148+35

Bank of America Merrill Lynch 5 4 366,735.9 26.36.9 ▲3.2

5.24.6

2.0 1.4 0▲ 5.2

173 1.6 ▲ 6.4+244 5 392,478.2 154 1.4

Sh (%)Market

Share Ch.Market# of

9.1232 1,527.82.2

Change in

+1 005-5

MarketDeals Sh (%) # of Deals Fees

Goldman Sachs & Co 1 1 465,859.2

25Guggenheim Securities LLC 0.1-10.01.7

32,042.6

Advisor

-3.0 ▼ 182 1.7-1.5 ▲

Share Ch.

+41 ▲

Industry Total 1 896 479 40.70.531,856.9 1.7Stifel/KBW

12 803

28.1

UBSCiti 6

▲15 -1

▲▲

57

95100 0

1.7 ▲0.6▼

Tudor Pickering & Co LLC 1.1-4.435,145.0

Greenhill & Co, LLC 2036

Ernst & Young LLP 23 31Moelis & Co 22

32

2147,674.136,231.6

1.9

201.9

14

2.648,433.5

4.7

▲Perella Weinberg Partners LP0.7 ▲19 21

80,077.1 4.2

0.1RBC Capital Markets 17 88,228.3

18

Wells Fargo & Co 15

17

81,543.9

74,221.711

▲

▲

12 109,630.66

15

5.0

4.316

14

22.422.8

5

▼-11.0

425,050.512

1.5

Allen & Co Inc 13 66 99,944.8 5.3 ▲

169 1.3 +40

UBS11 18

5.8119,117.0

822.5

456,854.25

2

64.5 ▲

▼

14.9

7 24.1

4.3

2.8-6.4

3.9

-1.816Paul J Taubman

71Rothschild2.5

Evercore Partners 81,355.0 1.081

▼

▲

0.4

▼

0.2 ▲0.2

-0.9

1,081.4

-

▲6.4

1,126.2

▲ 4.6▲

884.7

6.7+22 9.1▼

-3.1▼-1.1

▲▼-7.2 202

+50180 1.4203

+5

▲

+8

7


137▲

+18

29

93

0.6

0.2 +1

+25

Change in

+28

+23

26

+17

294Deals # of Deals

▲▲

+19 2

# of

1.3

122

-5

Market

2.3Sh (%)

1.6Barclays

▲1.1

+4▲

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

Rank Value

11.54

-3.2 ▼

MarketFinancial AdvisorGoldman Sachs & Co 1

27.1

2013 Rank

26.0Bank of America Merrill LynchJP Morgan 3 2 493,028.0

US$m2014 Rank

1 671,135.73 514,434.1


35.4

Citi

168 30.0▲

6.7JP Morgan

Rank Value MarketImputed Fees (US$m)

0.6 +140.2 Ernst & Young LLP

Rothschild▼ ▼

3024

12 71,559.1 5.1

17

▲

Wells Fargo & Co0.0

▲

+3

104

Jefferies LLC9

18

11411.1

Centerview Partners LLC 910

41 0.313210,929.9211,892.1 11.2

0.3

Morgan Stanley

Lazard 7

431,500.2

108

4

283,320.5Barclays

Credit Suisse 139

6.3137

▲2.9

Paul J Taubman

Deutsche Bank▲+9

1.1

62,482.7 4.53.9

1314 54,535.9▲

▲▲

Moelis & Co

▼-2.5

4

▲

▼

▼

▲

0.7+1

30

+37

Americas Rankings

100+2 Credit Suisse

14+11

1.1

2013 Rank

▲

▲

Jan 1 – Dec 31

12.2230,656.9

Any US Involvement Completed (AF48)

▲

US$m▼

Share Ch.-2.3

MarketFinancial Advisor

Market

8

35

163,227.5

11

392,872.73

Sh (%)


+11

+23

11.7

10

2

▲▲ Centerview Partners LLC

15

▲

▲

▼

Evercore Partners

418,487.63

33.4

28.1


1.6 Morgan Stanley

2014 Rank

+52


Sh (%)

8▲

13▲

0.6

9 0.1

0.9

0.8

8 31,951.4

Bank of America Merrill Lynch Lazard

▲

Houlihan LokeyTudor Pickering & Co LLC

26.5%

UBS2.42

1.4▲

▲0

20

0.3

11

Industry Total

10 -2▲

0.4Macquarie Group

1

10,592.4 5.2 -0.9

▲3.28

-4.73.6

2,617

▲

0.1+238

+115.6

1,962Industry Total204,046.4

3.0

+2 ▲

▲ 120.2 ▲

0.0 +20.1-1.1

2.5▼

▲ 0.222.00.2

4.8▲ 30.6 1.2

0.2

-19.9%▲▼

0.1%▼

+1 2,590.6

▲ 5.3%-9.2%15.5%


2.7 0.12

-8.8%

▼

100.0

23 +1▲3,721.925▲ ▲

GMP Capital Corp-

100.0

2.12.0

▲0.1▲

0.02.9▼▲ 0.20.0 -3

12

▲1

0.644,732.4▲

2.0

3.52.9

26

11 0.4 3,972.8

XMS Capital Partners LLC

24

22 - 5,400.0▲

3.821

7,203.6-

+33.52.7

6,609.120 ▲

▲35.70.0 ▲

0.30.3+10.0

▼

8.40.6▼

19 - 60.411 0.32.30.0▼Credit Suisse

21 26 7,084.3 3.5 ▲+5▲

▲0.1 +925 2.0▲ 51.1 0.911

National Bank of Canada Fin'l 18 34 9,750.55.2

4.813 9,869.816

19 14 9,527.8 4.7 ▼0.80.1 -2 -3.2▲ 18▼

National Bank of Canada Fin'l4.7

17▼ Canaccord Genuity

8,767.1

0.1 1.5 ▼0.0 0.1

▼-1+4

1.8 0.5 ▲1.7

▲

1.238.4▼▲ 44.9

22

US$mAdvisor# of

▼Fees235.1▼0.2

0.1

▲

32,155.2

▲


55.6%

Share Ch.

18.2

▲

▲

100.0

▲20.0% ▲

-6.9% 12.0%

+5241,396,767.6

▼

10,675

Industry % Change from Same Period Last Year 28.7% 5.2%

16,877.0 100.0

Industry % Change from Same Period Last Year 54.3% ▲

+1,005Industry Total 1,896,479.4 12,803

-1.7% ▼

100.0

8.5% ▲

23.4

7

18.1

35

26

Credit Suisse

3021

1.9

▲57

8-0.9

11.7

1.02.0

# of

2.2


* tie

20 9 7,254.4

▲

3.4%

▼1.0

Tudor Pickering & Co LLCHoulihan Lokey

5,400.0 2.75,902.918

Industry % Change from Same Period Last Year 38.6% ▲

Maxit Capital LP

-9.5%

23-2 19

0.5

100.0

▼▲

45.622 11,971.2Evercore Partners

▲

16▲ 12 6.3 11

TD Securities Inc

Sh (%)MarketMarket

Financial Advisor

17.1

▼

▲

5.1

188,632.2

-1.5

0.1


1.2▼-1.5

CIBC World Markets Inc

▲

+6

-1.0-1

+11

9,657.3

Rank Value

11,959.8

1.0

-

▲

Deutsche Bank

0

+9

▲19.6 23

21▲

8 25,951.6

44,439.625

▲

BMO Capital Markets

5Morgan StanleyBarclays

2

4JP MorganRBC Capital Markets

31.3

47,716.8

Deutsche Bank 67Scotiabank

21

112

Sh (%)16.2

+5

3 30,621.8 15.021.8

47,731.623.4 0.8

1 27.4Goldman Sachs & Co 55,969.9Sh (%)

2014 Rank

109.9

Rank Value

6Financial Advisor Deals

Market

+18

Market# of Deals

▲-5.8▲

Barclays-21

+1131.31.3

▼ Industry % Change from Last Quarter

2013 Rank


Any Canadian Involvement Announced (AD42)

Rank Value per Advisor (US$m)Market

Any Canadian Involvement Completed (AF49)

-11.5%

2013 Rank

Jan 1 – Dec 31

Share Ch.


US$m Sh (%) Share Ch.

▲

Market# of Deals

Change in MarketImputed Fees (US$m)

48 1.29.14.2

1.4▲▼

6.52.6

167.4

1 59,106.620.9

+12▲▲

DealsMarket

21

2014 Rank

0.1▼2 28-9.00.1

Sh (%)

Jan 1 – Dec 31

+14 16.3

RBC Capital Markets

34

▼1


2-5Goldman Sachs & Co

0.13.386.214.4 ▲

▲5.4▲

1318

0.0 -65

8+830,027.4 15.9 78.8 3.0▲0.1

2.6+6 ▲

▲-2

5Citi 0.00.1

7 27,553.2 14.614.8

▲

142

512.7

TD Securities Inc

25,332.7 12.424,089.5 26,445.1▼ 6Morgan Stanley

11

6.54.3 35

-5-3

BMO Capital Markets1.3

32.34.2

10

53-

Macquarie Group

▼

1.6108.4▲1934

8 3.89

98.524,079.3

Evercore Partners 16 15

8

7 18,290.9

9Citi 1310


27,930.06Scotiabank▲ JP Morgan▼

25

▼

3.4

▼▼0.1

0.0102.1

▼

▲0.9

▲

▲

1.6

▲

-▲

67.75.9

▼

-8.714.0

-1.9

0.1

▼

▼

26

0.6-2

152.6▼

7

39,430.4

30,720.1

6.812.8

▲ ▲

+1▲11.321,376.2▼

14 9

▲

42.50.0

0.2-2 ▼ 115.116,760.70.30.09 1.69.510

4.4

20

59.3-4

17,845.4 1.4 ▲9

+1

+20.1

▲

▼0.5+15 ▲7.7Wells Fargo & Co

12

-17.1 -10.74

▼ 41

13,441.54.7 ▲

2

6.4

8.9

2.30.0 0.1

▼ 38 0.1 ▼ 109.1 4.2-1 ▼13 14,585.323 ▼6.0 3.02.0

14,912.3

▼

12,062.719

+171.1-5

▲

▼

2.9

1.9 ▲

-3.9

0.75.9 0.5

3▲ 15

11

22+1

Industry Total

51

14

6,609.1 0.03.2

0

3.9

▲

5.50.1

25XMS Capital Partners LLC+86

-

Rothschild 24-

6,119.1

BNP Paribas SA

23 22

1023,829.3

1215,678.9

2

17,013.0

23,707.6 ▼

▲9.0

11.6 0.50.3

+10.811.8

1.9-4

Change in

0.9▼

+8

9

0.3

0.1▲

▼

7.7

6.6 6.2

-1.8

▲

▼

Canaccord Genuity 17

▼

0.3

46

4.3

-6.0

15

8.3

Nomura14

413LazardCIBC World Markets IncWells Fargo & Co 7.3

16

14

▼

13,384.424


8

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Dec 31 2014

1,223

11 3

6 2

13 23,546.4

1

24.42

15.3

25.3

26,069.1 19.0

1

No. Deals

2

172,272.2

44.376,233.1

959 1

Mkt.ShareRank Val US$m

93,618.1

Rank

Goldman Sachs & Co 54.3

3

3

17

22

8

153,841.8

17.016

20.8

5

39.2

28.7

29,288.5 1,194

21,013.3 68.9

21

12

45,047.2

3

16

4

35,471.4

134,985.5

28.6

61,592.8


EMEA M&AEMEA Announced M&A Increases 36% | Healthcare Highest Valued Sector | Financial Sponsor Activity Rises

JP Morgan

Healthcare

Goldman Sachs & Co

49,261.9

Real Estate

14

EMEA Deals Intelligence

Industrials


Deutsche Bank

Perella Weinberg Partners LP157,070.2

15

52,641.6

34,203.1

3

1,365

33.5

2,620

MaterialsGoldman Sachs & Co

UBS

149.315,038.6 Morgan Stanley

14,277.8 46.8

140,350.0

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 -Dec 31 2014

29,169.6

3

Energy and Power


Announced M&A activity with EMEA involvement totaled US$1.3 trillion in 2014, up 35.5% compared to the US$976.4 billionreached for the same period last year. The largest deals between Covidien/Medtronic, Lafarge/Holcim and SFR/Numericablerepresented 8.4% of volume in the full year 2014.

EMEA fees accumulated on deals completed in 2014 increased 8.8%, totaling US$10.6 billion compared to the US$9.6 billionaccrued for last year, according to estimates from Thomson Reuters/Freeman Consulting.

The Healthcare sector led the EMEA marketplace, with 959 deals totaling a combined US$172.2 billion, including theCovidien/Medtronic deal valued at US$47.9 billion. Industrials accrued US$157 billion, and Real Estate totaled US$153.8billion worth of activity.

Financial sponsors were more active this year compared to the previous two years. EMEA-targeted buyside financial sponsoractivity reached US$177.6 billion in 2014, up from the US$117.5 billion reported last year. This marked the highest yearly totalsince the pre-crisis levels in 2008. The largest target deal with buy-side financial sponsor involvement is the $23.1 billionSFR/Numericable deal, which completed in November.

Acquirors listed on the London Stock Exchange were EMEA's most acquisitive companies this year, with a combined total ofUS$105 8 billion in offers

Rothschild

10

JP MorganDeutsche Bank

Lazard

2

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

12/16/2014 Completed Talisman Energy Inc (100%)

16,449.2

Healthcare / Pharmaceuticals

17,124.2United Kingdom / United Kingdom

Repsol SA

Telecommunications / Wireless

Healthcare / PharmaceuticalsGermany / United States

47,922.1

Materials / Chemicals

13,317.6 Industrials / Automobiles & Components

19,551.3Industrials / Machinery

23,123.1

Merck KGaA

ZF Friedrichshafen AGEnergy and Power / Oil & Gas12,797.7

United States / France

14,200.0

4/30/2014

Completed Merck & Co-Consumer Care Bus (100%)

* Undisclosed

16,000.0

Completed

Alstom SA-Energy Businesses (100%)

Lafarge SA (100%)

Pending

Pending

BT Group PLCNumericable Group SASFR (100%)3/11/2014

12/15/2014

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

Jan 1 – Dec 31 2014

6/15/2014 Medtronic IncHolcim Ltd

Covidien PLC (100%)Target Macro / Mid Industry

Healthcare / Healthcare Equipment & Supplies

EE Ltd (100%)

Top Ten EMEA Involvement Announced Deals

y g q p p ( $ )

4/7/2014Telecommunications / Telecommunications Services

Rank Date Acquiror / Target NationAcquirorPending

Switzerland / FranceUnited States / Ireland-Rep

Pending

GlaxoSmithKline PLC-Oncology (100%) Switzerland / United KingdomGermany / United States

TRW Automotive Holdings Corp (100%)Bayer AGNovartis AG

Spain / CanadaGermany / United States

Pending Sigma-Aldrich Corp (100%)Pending General Electric-Energy Assets

5/6/20144/22/2014

France / FranceMaterials / Construction Materials39,544.6

9/15/2014

Completed9/22/2014

g p ( y p y)

$33.4

$76.0 $74.4

$27.1 $15.5 $21.9 $18.4 $25.7$49.7

$61.1

$45.5$85.4

$44.0

$9.1$16.2

$38.3$19.9

$33.3

$44.4

$37.1

$60.3

$54.7

$28.2

$14.6

$37.4

$23.9

$18.8

$24.1

$29.9

$46.0

$90.8$62.7

$24.9

$19.2

$26.3$22.3

$24.7

$34.4

$53.7

17.6%

19.7% 16.7%

10.2%

7.6%

13.3%14.2%

9.6%

18.4%

19.0%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% 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$105.8

$72.4

$70.8

$49.9

$29.2

$28.2

$25.6$21.4

$17.8 $17.8

London

Frankfurt

Euronext Paris

Swiss Stock Exchange

New York

Zurich

Nasdaq

Madrid

OMX Stockholm

BMFBOVESPA


9

Credit Suisse

RBC Capital Markets 25 46 23,299.0 1.8 25 0.11 306 533 6 100 0

▲0.8

24,763.21.924,493.6

34,128.31716

3547,670.5

25,225.926,363.9

41 ▲

15

57,502.5 4.4

6.180,383.080,051.1-

5.064,704.726

0.1

▲

▼

▲

+675

+90.0

▲

+12

0.1 -18

16 999+2

0.1

0.3

-7

+4

0.10.1 -5

0.5

0.127 ▼

▼

20SEB

Macquarie Group

ABN AMRO Bank

▲

2324

PricewaterhouseCoopers22

29

Industry Total25

▼0.2

-

126.8

82.6

65.4 0.2

0.8

0.0▲

▲▲

449.5

0.8

0.5

32.2 0.3

483.4

0.2

31.5

4.2

83.4

283.8

0.1

1.1

2.7

1.2

▲▲

-14▼

1.40.80.0

12 ▼ 111

2.0

10.512.8

146,721.2 ▲▲

10

132,711.514.4

-3.0- 12.8

106,827.6

13.1130,298.3

10611

15.368215,538.4155,180.7

-4.7 0.3

0.4

+10 Barclays

Citi

11

7

-Lazard 9

10▲

▲ Paul J Taubman

22.8

272,410.021.822.7

20.9

298,460.6

284,750.30.3 30.4

25.122.1

▲0.3 ▲

57

256,615.7 19.6UBS 224,616.1

▼

21.2+13+13

▲ Deutsche Bank -4.26 10.7

▲

4

3.5

4.5

3.5

1.9

▲1.4

-

0.4

0.1

0.1▲

1.7 ▲

4.522.0

0.32.4

▲

0.0

0.0

0.1

0.1

0.6

0.1

62.5116.3

37.3

-▲

-24

-▲

0.4

0.3

▼

▲

▲

0.6 -5

-1

0.654.2

+3680.0

0.4-

-

0.0

-

-100 0

-30.1 0.1+1

▼▲

21,543.5

23,851.1 2.4

42,430.125,260.0

23,638.5

-15

0

18

1.4

34

32280

+10

1.9

56

-

13▼

0.2

-60.115 ▲

2570.2

0.4 ▼0.1

▲

+6

+8

33

193

13 755 10 677 6

-

1 016 481 02.0

2.1

19,970.720,128.6 ▼

▲

▼2.3

0.0-0.4 ▼28

42 1.0100 0

2.0

▼97

3

-1.5

▲

▼

5.0

+12

0.5

88

369.2

0.458

-90.9

3.4

-

0.9

0.0

▲

▼197.3

254.2

0.2-▲

7.9▼

▲

0.6

▼

▲▼

Change in Market

▼

1.70.1

2014 Rank

EMEA Rankings

AdvisorShare Ch.


MarketSh (%) # of Deals

Any EMEA Involvement Completed (AF53)

# of Deals per AdvisorMarket

Imputed Fees (US$m)# of2013

RankMarketMarket


▲Share Ch.

Rank Value# of

0.9▲▲ 1.1

2014 Rank

Jan 1 – Dec 31

841.3 ▲Sh (%)

▼-8

11.6 ▲

+49.4

32.08.4 130

US$m154 +2

-2

JP Morgan 51

4Bank of America Merrill Lynch3

5.4575.80.6

▲

374.4

325,499.9 538.3123

0.7309,467.1

32.1Financial Advisor# of Deals

174 Goldman Sachs & Co21

162 +260.4+1▼ 0.4 37.4

▼▲▲

326,281.6 32.1▲

477.0-

+5-22

0.4▲+29

Morgan Stanley

255,054.6

365.3▲

0.7▼▼

▼

190

1.10.7

+28

0.5

+11

0.8

4

▼156102110

+2+1

91,781.2

1

101

0.0

▲

138

12 ▲ 68

9+3

▲

0

Guggenheim Securities LLC

7.27.5

13.0

-7.5+53

94,489.4

11.51688150,059.1

▲▼

4.4▲98,433.3

+1215.6

▲5.2

3.7

6.3

550.00.2

-22▲

0.3▲▲

0.66.6

2540.2

47

▼ 120

6.2 2.2

SEB

Industry Total

Nomura18

Macquarie Group 2221

Santander 23 21

PricewaterhouseCoopers20

36

24

2.6

6.1

2.0

1.91.9

0.7

2.8

-1.2

-0.7

-0.9

0.52.9

0.4

17

▼▼

326-636

215

-1KPMG

▼

▼0.1

+14

▲▲

▲

579 Societe Generale

▲Ernst & Young LLP+9

-12 Perella Weinberg Partners LP 19

2.1▲▼

3.70.0

19

2.00.2


0.836 ▼▼ -2.223

6.162,285.8

3725

75

4.8

4.2

18

47,505.8

14Credit Suisse

21

▲ 1615 4.5

1.8▲2.4

Moelis & Co

9.0Credit Agricole CIB 33

1718

▲-

3247

4.7

5.555,656.348,449.5

22

2.5

9.3

2.1

▲3.4

▼

2.3

▲▲

-7.2▲

12

5

6

10

15.1

4

10

297,047.95

13

2

8

Citi 6Lazard

JP MorganMorgan Stanley

Bank of America Merrill LynchDeutsche Bank

0153,844.3179,737.4

▼▲

13.8 96

-1611511.8

Change in

380,377.9

Market

94,558.7

▲

+16

129

-8.6

-10.4Rothschild

7

9

11

Societe Generale

12

14

Rothschild 914

BNP Paribas SA 11

Ernst & Young LLP

Perella Weinberg Partners LP 13

15

4

12Barclays

19

17

23


UBS

196,975.7

33


HSBC Holdings PLC16Zaoui & Co

11.0

14710.9

9.9163

138117

-6.8▲

346,807.2 -7.2 ▼


203,421.0

Rank Value Market

419,831.8 -3.0

▲

26.51Goldman Sachs & Co

2013Rank US$m Sh (%)FeesDealsShare Ch.

MarketSh (%)Sh (%) DealsFinancial Advisor

Jan 1 – Dec 31

2

-4.5BNP Paribas SA


▼

Any EMEA Involvement Announced (AD47)

Credit Suisse Guggenheim Securities LLC


2.957▲

2000.5

26

20

5.6%

1,306,533.6

193,448.6194,933.4


419,587.4

Rothschild

9

Financial Advisor

100.0

33.7Sh (%)

▲2.7

35

14

16

3.84.6

17

15

57,502.5

5.9

18

149,297.5153,492.1

-3.2

0.2

Market

▲

6.1

▲

Market

0.7 27

40

33-1.4

▲

-0.8

3.4%

24

-

98,433.3

1564,704.7 5.2

18

2313

47,383.0

23,205.5

16

179,080.2

73,796.080,051.1

1.7

94,489.45.4

7.4

7.6

-10.6

▲

▼

▲

4.6 ▲

▼

▼

15.5

2.8

6.4 6.4

7.9

+521

14.412.312.0

▲Industry % Change from Last Quarter

100.0 +321

▲

SEB

1,244,891.0

▼

38.3%

-0.8

▲▲

11

55,656.3

92

0.5

3.4

20

+6

▲

0.6

0.6

10,304.3 100.0

-

11.5%

-0.00.178.4

.20.5

▼

▲0.1

0.0

▲

▼0.9

-

▼

-

31.5

0.20.437.3

0.8

0.2 ▼

▲

20.4

▲

▲

22

0.9

+2

0.1

34

▼-2

+675

1.1

Change in

▲

16,999

0.0%

▼+2

Sh (%)

4.1%

# of

▲

Deals

Jan 1 – Dec 31


170

▲

▲

1.0

1.6

+9

316-8

0.5

-21

0.7

-6

0.3

0.1

+16

-130.1

BNP Paribas SA

10

▲

▼

▼

▼

Credit Suisse

22

+8+17

+13

+1

1

▲

▲-22

4

13

ABN AMRO Bank

▼▲

2▲


Credit Agricole CIB

▲

Rothschild

Societe Generale

+29+20


▲

# of Deals Financial Advisor

Industry Total

Goldman Sachs & Co

2013Rank

2

Moelis & Co

Deutsche BankUBS

+2


12

35

6

Change in

Jan 1 – Dec 31

836.1

-

+4

▲

▲

▼

+1

-3

+11

345.2

0.2

+368

Sh (%)

0.5 ▼

▼

▼

+1

-15

▼

+2

+13-2 ▼

▲

-3+4 ▲

+13

-11

▲

0.5 ▲▼

1.9

▼99

56

▲

183

2.1

0.9▲

95▼

▲

1.4

▲

0.8-4.7

0.7

-8.2 ▼

61

0.8

3

1.231.0

-1.27

2.1

1.8

0.6

0.3

▼18

0.1▲

0.4

34

▲

58

# of Market

0.01.2151

0.8▼187

Rank Value

▲

11.3321,065.6

9.2

Market

▲

213,949.8

Share Ch.152

Deals

▲

▲

15.6

25.9

21.922.6

0.7253,112.4

326,091.6119129

1.21.0

▲107

1

107

32.9▲

10.7

413.614.9

0.0

-16

+2

-27

-11

13.3▲

-3.5

10.7

13.4

84

+2

▲

13

13

0.11.4

+8

+8

0.4

0.118

274256 -15

17

31

2.02.1

▲

12,993

2.5%▼ 15.2%39.4%▼

▼

▲

0.0-0.4

▲-3.3%

0.4

0.3

▲

1.6

▲

▲

0.1

0.1

0.2

-

▲

▲▼

▼

▲

Imputed Fees (US$m)

▲

Share Ch.

▲

4.3

3.5

3.5

0.2

0.2

0.1

1.9

0.5

4.5

-

1.2

2.3

4.5 1.30.2

2.7

0.3

0.2

▲

▲

54.2

116.3

▲

0.0

0.30.2

1.1

61.4

126.8

100.0

10.8%

▲

▲

-

0.8

▲

Market

0.1

5.1

34.2%

Market

2.7%12.5%

13,755


▼

Any European Involvement Completed (AF3)

-2.8%▲12.2%

10,677.61,016,481.0

-0.1%

17

11.5 ▲

0.6

▼ 110

0.39

55

12

2.133,147.3

17

11

1.9%

-8.9

Santander

19

Santander

23

▲17

Industry Total 15,80325

SEBPerella Weinberg Partners LP

5

1

19

10.2


47,468.3

100.0

US$m

220,740.4

303,201.2

▲

38.9Sh (%)

▲

33.4

2014 Rank

380,178.6



Industry Total 100.0977,048.1

2.6

29 2.1

35 2.019,099.1

13.4%

42,430.1

23,638.5

25,260.075

▲

2147

2.5

20,123.3-0.1

4.3

20,911.9

32

23,851.1-2.22.4

2.421 19 26,187.72122 24,699.4 2.0

6

10

111413

57

9

Nomura

Centerview Partners LLCCredit Agricole CIB

PricewaterhouseCoopers

Ernst & Young LLP

Societe GeneraleZaoui & CoHSBC Holdings PLC

UBSBNP Paribas SA

Bank of America Merrill Lynch6

12

10

Barclays 8LazardCiti

1

5 4

Goldman Sachs & Co

Industry Total

Deutsche Bank


▼Share Ch.

Rank Value

▲

1

35.5%

23.8

Market2013Rank

2295,847.7


3

US$m

344,847.9

2014 Rank

▼▼

-4.810.4-7.2

▲

-7.1

286,533.332


4

20.9159

260,731.8256,152.4 20.6

283,847.9▲▼ 110

143

+9

1.0159

+301340.7

151,964.38

9.4 +9

Bank of America Merrill Lynch▲0.8

0.8Barclays

120

247▲

412

145,392.96▲

Lazard

7Citi

89

14

111-1

▲

▲82

0.1▼

0.7

▲2.0▼0.2

+91.3

0.4Ernst & Young LLP

27.7

22.8

Any European Involvement Announced (AD21)

23.0

132,711.5▲ 119

▲▼

130,298.3-104

Paul J Taubman10 104,685.3

92,262.6

13.3

▲

▼

2.422

▼9.499.1

-5.1

36

4.7-7.4

6.4

5.0

3388,763.2

2.2183.6

5.7

4.9

14

48,449.5

62,285.88

25

1516

0.1-16

15.7

3.9

+51

▲

▼

22.0

31.3

▲

275.0

238.2

466.9

62.5

467.6

442.0

▼

356.8

▲

▲

▲

Market

▲ 8.1

▼

5.6574.5

357.6

520.6

Advisor

▼

178.5 1.7

Sh (%)# of Deals

▼


* tie

Industry % Change from Last Quarter ▲

240.2 ▲▲ KPMG-50.4Macquarie Group

24RBC Capital Markets1.937

23 2.024,493.6

25 23,004.6

0.24148 1.0 281.9

PricewaterhouseCoopers-18

Fees

-4

+27


t e

10

UBS Rothschild

ABN AMRO Bank

Credit Agricole CIB 5 0 1 +2 ▲25* 80 10 025 1 2 7 2 5

0.0

▲ 126.2

▼

5.8▲

10.06.2

-38.9▲8.8

▼1.0

3 290

2.72.7

372 779 3

3 0.0

8▲ 0.0

-1

0.0

0.21

52

▼ 0

+4

2-4

+20.0▲16,369.3

+352.5

0.00.0▲ 12

-1.4 ▼

0.1

3.4

3.4

14

714▲

▲

-30.1

3.4

0.9 ▲

56 12,708.7-3

0.60.4

Societe Generale

13-

BNP Paribas SA14 12,725.1

21,202.0

1429

+3-4

-

0.1▲

5.7

3.4▼

▼+3 1.2 ▲18

0

▲1Citi

11▲

3430

0.1

2.4

3

12.5▼29,187.910

6.624,543.8-9.1

914.9

973 66

23,101.6

130,298.3▲ 4+35

▲

-14

11.946,231.4

0.831

8Deutsche Bank 9

+13

1.041UBS

▲38

1.1

5

449 15.8 ▲

▲19.6 -26.4

17.1

5.0

+10 Barclays

+10

▲

▲+7▲

1.1

-20.0

▼1.2

+3

10+23

+1146 Morgan Stanley1.4

80,421.6 21.7 ▲

1.86754

33.0-17.9

▼30.6 ▼ 1.7

1172,410.4

-21.822.797,863.7

626.5

Lazard13


Morgan StanleyBarclays 4

Deutsche Bank 78 16

3

6

-

55,239.5

10

558,583.1

Rothschild

JP Morgan1

2

Sh (%)Market

5.12.1

▲5.6

-0.63.1 ▼

10,288.812.9

21

3.4

24


Greenhill & Co, LLC3.2

12,506.73.3

2.910,854.2

20

1.0

5.2

14 -0.412

11,823.0

12,887.416,081.8

12,039.9 2.5

▲

3.54.4

3.9

18

18,775.527

17▲

3.5

52

222023

217*

163

ABN AMRO Bank

20,543.112

RBC Capital Markets 19,323.6

Robey Warshaw LLP 21,434.8

2810

16

Macquarie Group

5.8Credit Suisse

15

1314

-

Ernst & Young LLP

33

Centerview Partners LLC19

19

-Societe Generale

BNP Paribas SA

17

BBVA 10,186.22.8

10,025.1 2.72.8

2.3 1▲▲

0.8

5

▲

▲▲

▼ 19

▲

73

4.1

-25.1

42

113,075.442

122,161.3

83,815.4

37,144.9

Share Ch.2013Rank

Any UK Involvement Announced (AD32)

Santander

32

56

18

1111.6

10,032.0

6

7Paul J TaubmanGuggenheim Securities LLC

20

24

Lazard

Robey Warshaw LLP

2322

15

3.14817

10,290.2 2.810,186.2

11,035.2

2.7

2.8

3.0

-

62

10,854.2

72

100 010,025.1

▲2.42.3 ▲

+38.5

-239.2

3 432 6

1.9-0

Share Ch.

12.86.3

74.6

175.4

0.3

26.8

14.0

163.4

▲

95.5

--

106.9

▼

▲

▼

▼

▼140.7

Change in

83.2

175.9-16▼

▼

-13

231.2

▲

6.7

4.8250.0 0.8

Jan 1 – Dec 31


Sh (%)Advisor

Fees

Imputed Fees (US$m)Market

1.3

▲1.2

5.1▲

7.3

▼

0.0

1.40.4

▼2.44.1

3.10.0 -

1.1

2.81.1 ▼

▲5.1

0.20.8

▲

0.7

0.2

▲0.2

▼2.2

▼

0.9

▲

0.20.1

0.4

▲0.3

▲

38.4

8.8

▼ 11.70.3

30.6▲ 1.1

18.71.1 0.3

▲

0.1

▼

-▲

-▲

100 00.2

0.5

▲

21

Sh (%) # of Deals

▲

16

▼8

1.4

▼

22

▲

0.4

+3-2

▲▲

+16

Change in

Moelis & Co

Greenhill & Co, LLCPerella Weinberg Partners LP

▲

-1 ▼

0.0

0.0

0

+15613

+4

▼

+3

+2

▲

+8

-7

▲▼

-11

0.10.2

+1

0.00.0

0.0

-60

-9-3

7.8

19.9

0.10.1

4.4

0.1

16.6▲

0.0-18.435.0

0.114.1 35

▲

▲

15.0 29

1

32.8

▲

▲

-5.12.9

2.7

1.4▲

+1

Houlihan Lokey

28

31

▼

Any UK Involvement Completed (AF39)

EMEA RankingsJan 1 – Dec 31

Market# of Deals per Advisor

▲33.6

# ofMarket Market

192,930.7Sh (%)

▲49.2

Deals0.2

Share Ch.Market


2014 RankFinancial Advisor

Rank Value2014 Rank


-9

Sh (%)

0.2 ▼36

# of Deals

▲4753 ▲

48.2181,819.3 48.8

35.2

0.1

0.0

▲

235.2 ▲

25

35.0

45.0167,678.542.0

131,332.4

159

2.9

3.011,299.4

-

10,341.433

19

.9 ▼1.5

0.6

0.00.0

0.3

0.3

0.4

0.1

0.2 ▲

0.4

▲

▲

0.2

▲

▼

▲

▼

▲0.9

▲

1.2

0.4

0.1

▼-2

22

3

7

3

-

0.00.1

Industry Total

-47 ▼0.2

0.0

+1-3-2

▲8

+5

0.2

0.5+8 ▲0.2

▼

Deals

3

# of

Zaoui & Co 11

Market MarketUS$m

2013Rank

0.1

Santander2.8

25*

HSBC Holdings PLC11,299.4 ▲

FTI Consulting IncBBVACredit Agricole CIB▲

▼


5 183,524.4

2.3

Ernst & Young LLP

15

43,206.0

16

18.5

51.8

▼

2.7

0.6

21220*

37▼

11,370.119

12,513.0

US$m

Citi

Goldman Sachs & Co 1Financial Advisor


JP Morgan

Rank Value

156,476.4

179,815.84

1Goldman Sachs & Co 2

Credit Agricole CIB

* tie

Deutsche Bank Barclays

Santander

5 0.1 +2 ▲25 80 10,025.1 2.7 2.5

0.4 +1

Market

1

5-0.3

▲1

5

4.223

9

1.822

▲▼

Market

▼

Jan 1 – Dec 31

Market

17.7%


Any French Involvement Completed (AF40)

▲

Market

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

3,290

31.2%22.8% -11.2%

372,779.3

0.8

11

2

7,566.7

5,658.94.4

4.2

2.2 -4.9

JP Morgan

Lazard 3

4.4

7

10.0%

25

-

-3

4

6

▼

+1354

+5

Lazard

2013Rank

BNP Paribas SA


Rothschild 3

Industry Total

2



369,979.1

10.0% ▲

100.0

Market

▲ 8558

Share Ch. Deals

▲

4 1 35

▲

-6.3%

7

25.8

Market

51.9

10

520.60.4 +1

1.916

-5

2.9

5.67.1

16.822,729.4

35

121,793.0

22Macquarie Group

21

16Zaoui & Co


36

23

Ernst & Young LLP

▲UBSPerella Weinberg Partners LP 14

▼▲ 19

20

Societe Generale

15

11Citi

13

▲

12

▼Goldman Sachs & Co

▼

Credit Suisse▲▲ 21 Morgan Stanley

14+2

2013RankFinancial Advisor

▲

100.0

39,908.1 29.4

53.3US$m Sh (%)

17.09.4

18

17.6

18

16

12▲

▲

147*

-

18

Rothschild

27.1

0.5

14.1

7.1

8.219.8

2.23.03.1

27.4%

4

▲

▼1.6Leonardo & Co

HSBC Holdings PLC

0.1

2.7 0.2

▲

▼0.40.5

0.2

-0.8

▲0.2

0.8

▲0.00.4

0.00.7

-▲

▼

▼

0.8

1.1

▲8.1

▼

0.4

0.30.6 ▲1.8

▼

▲0.1

0.4

0.41.6

▲

▼▲0.3

0.8 ▲

▲

▲

▼1.4

Sh (%)

3,432.6

Change in

5.4

100.0

138.8 7.8 ▲

4.4%

AdvisorDeals FeesSh (%)

▲3.4

3.4

2.41.9

+4Share Ch.

13.8

4.859.9

1.2

1.4

3.89.4

0.2

14.516.4

▲35.1

+5▲+14

212.254

6046

12

16.9

-4.510.0

33.340.1

31.8

▲20.4 ▲

42

-50.7

+7

▲ 0.5

▲

▲+1+5

-1.1

-2

19.7 -20.70.4▲ 11

11.1

1.7

135,615.9

3,875.8

26 3,560.53,618.7

4,211.121

2.72.6

4,074.62.3

+5 16Industry Total

2,947.0

Industry % Change from Last Quarter32.1%26.2%

▲

BNP Paribas SA

0.2+2

▲

▲+6

0.51.7

0.8 +3

Credit Agricole CIB

21

-7

+11

-10.4 Bank of America Merrill Lynch

▲

# of

▼

0.6

▲

16

2.1

1.33.1

Market

12

48

6

14

6

2

21

7

5▲-3.9

-2.9

▲

2.4

▼

▲

17

▲

▲2

▼▲

17

4

▼20.0

8.5▼

▲

0.9

10UBS

Zaoui & Co

74,194.7

9

26.5

22.7

22

59,166.521

157Credit Suisse

Citi

11

18

HSBC Holdings PLC

17

98

106,255.141.5

5 43.26 102,054.2

108.2%

245,729.8

-22.4%Industry % Change from Last Quarter* tie

▼

Industry Total


392019Itau Unibanco 46*

2525

Mediobanca

Ernst & Young LLP

41516

14

24Leonardo & Co

21

JP Morgan

30

Natixis 1320

49,219.3

3.0

1.6

Centerview Partners LLC 16

89.6

7,440.7

-

1.7


Sycomore Corporate Finance SAS 23


Credit Agricole CIB

28

10

2244

Barclays

13

15.2 -1.7

3.0

-0.311,971.317,211.9 7.0

4.9

20.5

15

31.4

22.1

21.4▲

8.39.3

▲▲

▲

54,329.3

▲5

927.8Deutsche Bank28.2▲

8

45,100.8

1.00.8

1+11 4

3

▼

10

# of

▲

+156


▲

Jan 1 – Dec 31

+363


Sh (%)Change in

1.9# of Deals

3,977

23.8

26.2Goldman Sachs & Co

49.6114,054.2

44.4 10.0

31.9

46.4

Societe Generale

▲109,053.3

127,597.0

12

▲▲

29.91178,426.9

52,595.8

5.424.1

26.9

20.2

23.4

55,686.8

66,121.230.2

▲

0.8

50,352.1

37,410.320.0

-5.4

4.4

23,568.3

3,368.4

65,108.9

7,277.7-1

1.4

4,090.1

-0.8 ▼

1.13,875.8▼

0.63,551.824

0.3+2 ▲

26 ▲0.9 +70.1

7.7%

+535

24

9

2,771▲

45▼

▲5.8%

+576

24.4% ▲

100.0

1.5

100.0

6,013.9

25.6

ATTIJARIWAFA BANK (MIDDLE EAST

▲

26.4

+5

Moelis & Co

▲+3

▲Share Ch.

72,253.6

+24

6

1944

8 34,775.4

2014 Rank

Rank Value

0.2

0.6

▼▲

9

9,674.6

8.0

66-16.9

▲12

24,687.5

10

▲26,912.419.1

8.3

18.2

7

▲2

▲

0.6 ▲0 18- Natixis 170.1-1

+3-3

0.1+50.3

0.20.6

▲

▲

100.0

-11.3%

27.7▼0.0 0.3

0.9

-

▲

0.0

▼Sycomore Corporate Finance SASNomura

▲0.2

0.2▲

.0▲

6.0-7

0 -

0.31.1143.4▲

▲0.9

▲

▲

▼

▲

20.1

1,771.7

0.3

0.0

▲

4.646.8

10.7

▼

▼

81.92.6

50.726.2

2.91.5

5.6

Imputed Fees (US$m)

▲

▼

▲45.8

▼

▲

85.4

45.295.0

+2 99.6▲

▲▲

+10153.2

Market

2.6

▲▲

8.7# of Deals

▲

2.6

1 3

2014 Rank

Rank Value

▲

Any French Involvement Announced (AD33)

▲▼79.1%

Industry Total

Morgan Stanley52

US$m

21.524.4

Sh (%)Financial Advisor

2,485

+1+4

19.7%▲▼▲

+2+4

▼

▲+5

0.2

2.7

▲

0.5

+2

+1

13

▲▼

+1

0.2

0.1

6

5.0%

-11

+5

3

▲

▲

26

0.50.425,926.6

43,063.7

36,689.835,835.9

42,560.6

537,722.5938,277.8

4

0.9

-1


11

Morgan Stanley Santander

5.30.8

+9-1 BDO

568

1121

2,337.52,282.1 -1.1 ▼

▲▼ 1.3

9.4

+10

87+1 ▲

0.5▲

5.8

1

2.3 ▼-12.9

2.1

252

2.5

6524

01.920

23▲

2.3

3.53.121

-3.6 ▼3,881.640 ▲

20

3.53.8N+1

4,382.6Barclays

64

21.5

10,446.8

1817

1.59.110.8

19 8,472.0

▲

▲

14*

11.2

12.1

▲ ▲+1

1 ▼

0.331

0.10.1

+2

24.3

2.8

1.6

0.87.2

2.922.3

8.54.7

0.1

15.91.8

1.9 2.7▲23.3

-81.1

-1

-11-12

1.3

0.8

1.8

1.5

▼

1.2▲

▼▲

+12

-17

0.2

▲10.8

4

12.1

22

16

Credit SuisseDeloitte

NomuraKPMG

1017

▲12

18.8

15.9

22.0▲

19.9 8.7

3.1

20.9

Any Spanish Involvement Completed (AF41)

▲

2014 Rank

14

▲

US$m

▲

2-3

2.0

54

0.1

10.8

1.716

849 4

▲23.0

9.2

10.9▲ 10.6

▲

20

▲

▲

▲▲

-0.6 ▼

-

17

617,544.0

12

7.57.1

10.811.2

11,391.5

37

6,992.418

-11

10,399.99

+6

Morgan Stanley▲

JP MorganBank of America Merrill Lynch

▼▲

JP Morgan-4

Market

41.71 42,334.8

2014 Rank

10+4

▼4UBS 23.529.827,661.6

10

2

# of Deals per Advisor# ofMarketMarket

Share Ch.30.5

Any Spanish Involvement Announced (AD34)

11,247.9

1

7

27

26

29.128.5 19.3

53

20,548.8

4

8-10-2

▲

8

▲

▲

18.9 -8.6▲▼

22.1

- 12.3

1.31.4

9

915 ▲

3.9

6.2-5.13.0

10,025.1

▲

▲

▲▲

▲

▲

-9.314,320.2

16.2

4.53114

9.9

4

11,398.9

23

13

▲

9.9

19.5

46

▲

9.9

3.4

164,600.6

Banco BTG Pactual SA

194.3

4.918

BDO 22 3,588.6

Macquarie Group

3,442.0

Industry Total

3.4

Mediobanca2425

Deloitte

100 0

6,327.31.5

1

214.4

10

20

23,414.9

11,247.9

100 0101 554 9

Jan 1 – Dec 31

16

Share Ch.Market


32,492.719.3

Deals


▼▲

32.0 ▲23.8 1.0

+3

+7

141117

6▼

Deutsche Bank

▲

BNP Paribas SA

Citi▼0.6

567

1 054

1

12

8.5

9-7.8 ▼

17

24133

1.6

0.5

Societe Generale

2+13

1.1

▲▼

▲

0.7710

+4

0.97.1

-4

Lazard

Barclays

▲

+4+3

+107

▲75

0.2 -

+10

▼

Societe Generale14.7

UBS

16,463.9

7Nomura

-0.8

5Citi

20.1

10,446.8 10.3

19,830.920,151.9

-1.2

14

12

18 24,123.3Bank of America Merrill Lynch

13.5620

21.223,488.6

7

SantanderDeutsche Bank

8

3 -3.3

40.7

23.1

41,319.7

5

215

Rank Value2013Rank

-3.2

3

Goldman Sachs & CoFinancial Advisor DealsFinancial Advisor

Market

▼1.71US$m


Change in Rank Value per Advisor (US$m)

4

6

Sh (%)

1.3

# of

18Sh (%)

23.8 17.1

21,536.3

19.8+13

+2

8 0.8

16.71.1

0.9


BNP Paribas SA 910111213

Robey Warshaw LLP

KPMG

BBVA

Credit Agricole CIB

+1

Robey Warshaw LLP

24

4,969.5

9.5

0.9+7

PricewaterhouseCoopers6,261.2169,611.8 +30

Rothschild 17 5Lazard

90

▲

15 12

5,587.8 ▼

▼

5.5

▲-

0.3

ABN AMRO BankHSBC Holdings PLC

14*▲0.1

-16.7▲

PricewaterhouseCoopers▲1.6

131.5

+2

ING14,746.911.2 ▼

+2BBVA 12

11Rothschild▼

▲

-10-9

# of Deals

14.1

25

17

▼

▲

▼

▼

20,413.7

2 -14.2

+21.9Goldman Sachs & Co

33.7

2013Rank

34.333,146.9

Rank Value

▲

▲

25.2

Sh (%)

31,315.1 27.035.7

27,070.0

14.8▲

12.3

6,571.2

+7

16

21.4

44.9

26,463.3

1815

41,733.1

▼

+119

▼

-9

4.7

0.4▲

-99

▲▼

20,405.1

4,227.8

10,025.1

4.6

12.1

6.8

4.6

18,523.0

8.010.1

+23

▲+10

13.4

48.1

3.3

+15+7

0.40.4

100 0

2.5▲

1.3 ▼

▲

▲5.7

▲0.11.72.7

0.8

▼

▼

1.2

3.21.1

▼0.40.5

0.9

0.1 ▼

▲0.6

0.00.31.6

2.5

▼3.5

1.5

0.8

▼▼

2.6

4.8

11.5

3.4

37.6 4.440.7

44.02.2

FeesMarket

Jan 1 – Dec 31

Share Ch.

EMEA Rankings

▲

+2

▲

0.6

▲1.0

2.9

▼

▲

29.1▲

7.664.7

1.0

2.1

-

▲

▼▲

0.9

14

109 -3

11

1.11.0

▼▼

+2

▲0

8-1

1.1 ▲+7

5.2

MarketSh (%)

▲▼

97.54.8

▼0.6

0.418.1

Advisor

▲ 2.1 0.8

Imputed Fees (US$m)Change in

-▲

# of Deals▲

MarketSh (%)

5.3

72 7.8

1.6

Industry Total3,588.6 3.9

▼4,401.7

92792 909 3▲

519

-15.125

Ernst & Young LLP Lazard


-6

▲

0.10.6

0.2

1.0


9.4%

161.8

+8

321.31.527

+1

2.5

1.01718

1

-14.7-6.1

0.1

7

0.23

1.0

3.7

100.0

5.3 3.9

+54

▼-17.2%

-

▼

84.5%▲

▲

11

1

7.8-

2.6▲

▼4,633.2 3.0

3,959.8

8

4

2.6

2.83

-9.7

▲

▲

5.4▼

7.7

5.4▲ 7

9,056.2

30

-

7.549

2.62.8

0.4

0.224

11

▼▼

4.1

0.1▼10

5.9

7.6

-11.2

▲5.97.0 4

1▲

▼▼

17

12.2

4.023

3445

55,516.0

▲7.7 ▲

▲

▲14.4

▲

524.4

4.6

47,912.5

▲

▲49,655.5

17.89

Goldman Sachs & Co

Deutsche BankMorgan Stanley

1123

31.4

-4.0-0.0

38.021 1

3

2.6

23*

▼

▼

BNP Paribas SA8

Moelis & Co

-

4,244.8

▲

6,274.5

2.62.6

2014 Rank


▲+111.3

0.9

▼

1.9

# of DealsChange in

849.4

48.5

+9

+12

+10

▲

▲-6

▲▼

-4 22.0▼

+6+4+4 ▲

+8

160.4

63.8

+2

▼+1

0

3.05.2

69.0

▼

▲

31.7-

AdvisorFees

▲

▲4.2

▲

12.7

4.6

0.8

153.3

76.2

0.46.28.3

▼

86.0

0.5

90.9▲

1.9.7

1.0

45.025.7 1.6

0.31.5

2.7

0.0

0+7

+3-4

+1

1.20.5

▲

▲

▲

19.9

24.7

▲

▲-

Market

40.8

2013Rank US$m

50.3%

2

Industry Total

Rank Value

▲

Any German Involvement Announced (AD35)

▲Industry % Change from Last Quarter


Industry % Change from Same Period Last Year114.4%

2014 Rank

1Financial AdvisorDeutsche Bank

Bank of America Merrill LynchGoldman Sachs & Co

2

Citi

4Morgan Stanley

5

91,966.739.9

79,975.643 35.5

81

29.3

90,023.9

15.3 -3.9

60,302.3

4.916.7

34,558.3

740,057.1

22-2

▲Ernst & Young LLP

+4▼

19 +6

8,265.0

▼

10

32,500.8▲

-4.2 ▼

1.0

Citi0.9

-5.6

46 7.4

17,351.917,184.9

11.4

8,482.4

7.8

▲3.0

▲

11.310.8

0.6

+31 ▲

▲0.4

0.10.1

1 0.1

-1,786

0.2

3.1%

▲

57,886.8US$m

100.0

21.322.5

41.9%

Sh (%)Rank Value

32.6


92*

92*


100.0101,554.9

Change in

+151.7

Market

1.4▲▲+8

# of DealsDeals

▼

JP Morgan

Sh (%)▲8.7

▼11

4

11.6

-1▲0.8

Greenhill & Co, LLC

23*

0.8

26,605.6

-1.2 ▼3.3

▼-18.9

4.0-4.2

-1.210

12-

18,976.611.8

8.457.5

13

10UBS 11

Lazard

7.3

15.819 37,638.27

Rothschild 798

10.8 ▲

Barclays

366,067.3

▼JP Morgan

▲

26.7

11.966 19.3

35,631.612

43,430.7

UBS

Barclays-10-6

▲2.40.4 1.3 ▼

0.50.3 -

1.8

0.80 -

▲ 0.1▲

▼0.05.00.2

3.0 3

12.8Puhl GmbH & Co KGGuggenheim Securities LLC

1436

▲4.47.3

PricewaterhouseCoopersZaoui & Co

-3

Nordea 17-

96* 9,056.29,230.0

4.9

Qatalyst Partners 18 8,265.0

Credit Suisse

SEB 1615Kempen and Co NV

32

1920

2.8

▼

-18.9

▲

20

11.94.9

7,333.4-3.9

+119

1

50

4▲

-5.2

4.9

2.7

-Bain & CoMacquarie Group

Aon Corp

221.9Macquarie Group

5,967.227--

2,661.624*

Greenhill & Co, LLC

225,547.8

7.3

▲

4,208.823

3.0

Industry % Change from Last Quarter75.0%

-23.5%

101.0

BNP Paribas SA 21

2,661.6Industry Total

4.7

6,267.35,967.2

1116,449.2

18

11,149.3

-

7,730.2-

▼

13.9%

3.4

-

4.110,586.7

16,929.7 -5.2

-15.7

Jan 1 – Dec 31

-5

▲

1,054

Market

▲11.3%

+107

Bank of America Merrill Lynch+1

SEB

Development Bank of Japan Inc▲

18


30

0.6

▲

0.02

14

34

1826 1.2

4.97.3

# of

-2.2 18

Sh (%)

▼

MarketShare Ch.

38


0.5

+2

10.0

▲

2,222

10.0

11

▲

+1191▲ -

1,646.5

0.1

▲▲

0.00.1

-100.0

31.8%94.4%

▲

▲1.3

-0.0

0.0

▼▲

▲0.50.12.7

-▲0.4-

▼

1.80.0

+10.0 ▲

▲

0.0

261.5%

▲1.21.2

5.7%0.2%

▲

Sumitomo Mitsui Finl Grp Inc3,959.8+1

-

152,400.7Industry Total

▲

▼

Qatalyst Partners-

+1

Nordea

92*

+13,959.8

+8

-5

▲-4

▲+4

23*

+11

0.1

+1

▼2019

1.5

▲▲

10.1

-311,247.9

2.3

2▲

Rothschild

10

ABN AMRO Bank

54▼

▲

11,833.811,659.4

12

22

15

616,430.04

9

+119

▲27.9%54.8%

9.7112.0

3.7

▲

100.0

6.81.2

1.2 ▲

▲▲0.7

0.9

5.5▼

▲▲

▲

3.9

▲

1.90.72.6

0.1

▲

▲1.7


9.3Sh (%) Share Ch.


24*

Market

Jan 1 – Dec 31

Industry Total

2013Rank

▲30.4%

MarketFinancial Advisor

Industry % Change from Last Quarter14.7%

▲▲

92792,909.3

▲

Sh (%)Market

Share Ch.# of

Deals

Any German Involvement Completed (AF42)

2456,158.136.436.9

12

26.3

13

634,243.1

128

▲

14

+1

▲-30.5

+2

▼

ING

17Credit Suisse016

▲

0.5

53

8,024.8

14 11,550.2

0.0 ▲

0.2▼ Acxit Capital Management GmbH

5

2122

13

8

HSBC Holdings PLC

* tie


12

Credit Suisse BNP Paribas SA

Credit Suisse

▼

8.94.1

12.4 1.4

21

124

▲▲▲

+1+7+2

0.30.21.90.6

+2

▲▲

▲3.32.41.91.6

▲▲▲▲

241,212.9

985.5940.2

3.32.41.91.8

-

▲

UBS

--

3420

-

▲▼

8

ING

Change in

RothschildGoldman Sachs & Co

Leonardo & Co

▲

▲

Credit Agricole CIB

11


▼

Barclays-3▲

UniCredit

7

1,675.8

1.4-5

17.3▼▼

5Banca IMI (Intesa Sanpaolo)

9,961.3

▲+6

8,911.89,239.5

VICTORIAPARTNERS GmbH

7

8,221.3

Morgan Stanley

6,193.36,708.4

410,631.811,128.8

610

3,441.4

-11.33.6

31-0.5

2,606.9

51 443 2

13KPMGCiti 16

2223

23

0.3▼

+2

1.4 -

+1+1

▲

0.6

0.8

▼

Evercore Partners 5,374.9+10 ▲

-20

▼

10.5 ▲3.6

0.2

+14,586.3

12

▲8

9

6

10MediobancaJP Morgan

1

Market

16.3

5.5

15.815.7

+2

113.71.2

▼

3▲

▼1.0 5

-2 13

17

1425

▼-14.846,733.1

-

20.7


US$m Sh (%)Market Market Market

Any Italian Involvement Announced (AD36)


Fees

EMEA Rankings

Deals

100 0

Share Ch.

1.91.5 ▼

15.52.1

▼

▼

4.423.1

2.3

Sh (%)

Imputed Fees (US$m)

# of Deals

8.2

▲

42.1

0.61.7

0.7

4.3

5.0

2.0

3.2

▲

1.20.6

0.6

5.8

▲1.2

▼0.3

▼

0.80.1

Advisor

27.8

2.2▲0.8

0.6

▲

▼0.6

▲

2.1

▲1.9

17.126.5

-1

+2

10.3

5.9

1.5▲

1.1

▼3.63.8

0.3

▲0.1

+27

5.0

100 0

13.7

5.4

▲

▲

732 7

14.6

0.6

1.7

▲

0.7

▼8.9

1.4

-10

▲

▲

65.3

2.7Deals

0.3

2

638

3.3

▼

-7.1

1.3

Jan 1 – Dec 31

▼

Sh (%)

-0.318.0

▲

6.96.7

▲

2.0

12


-10.3

5.5

30.4

19

1.6

+4

▼

0.3▼

▼

-15.0

2

-10.2

Jan 1 – Dec 31

0.1

-5.5

10,795.9

2

0.3

0.314

2

15,037.1

1

8,907.3

5

▼▲▲

15.3▲

20.511,505.9

17,266.8

63Lazard

12

26.815,048.92

30.726.8

Morgan StanleyShare Ch.Sh (%)


Market2013Rank

Citi

1Deutsche Bank

9,159.9

Barclays

Financial Advisor

4

7

UniCredit

Goldman Sachs & Co

Rank Value

6 1427


8,896.4

159

8 4

8,578.1

Banca IMI (Intesa Sanpaolo)

JP Morgan

12

Rothschild

18

14Stifel/KBW

Mediobanca

9 1110

7.1

8,825.3

11

6,074.1

10 4,992.016

14.2

8,681.1

13

3,125.6

UBS 3,966.918Evercore Partners 3,650.017

5,368.015

24*

8

3.0

1920

3821

9.610.7

6.5

Industry Total


Macquarie GroupCredit Agricole CIB

35Ernst & Young LLP

34

22

25

5

7.2

1,890.3

19.2

21

-6.7

5.6

- 10.8

8.9

1.8

▲

▲▲

▲

2,812.3

2.2

5.0

1,675.81,212.9

3.4

6.5Leonardo & Co

23

-VICTORIAPARTNERS GmbH-24ING

33

KPMG

10.8

15.9

2,814.5

1,930.6 3.4

-10.4-12.6

15.5

5.0

7.8

3

2

▼

Financial AdvisorSh (%)Market

1.7 +8

# of

-8.8

-14.24.1

5.613▲

8.2

▼▼

360.8 ▲

▲

-7.8 32

+9+2

81.08

3.5

18

0.6

4.1

▼

▲

▼

0.1

39

7

5

0.3

▼ 21

0+55.0

▲

+9

12

▲

0.9

0.1

+2

+1

▲

▲▲

+1 ▲

▲

-

Industry Total

1,824.95.1

▲

62*40*


Vitale & Associati SpAJefferies LLC

3.6

25

21

1

2,812.35.5 1Macquarie Group 2,814.518 -

+1

5

777

▲

6.7

10.5

▲5.5

183,521.6 4.0

8.9

5.1

5.3

13.1

-8.8

▲2

31

16.0

12.0

6.1

13

6.0

▼

14 1.3

13.0

821

7-13.6

3,439.3

15 ▲

4

329

11

▼+5

5.5

+11

28.3▲

-8

+1

23.0▲

1.03.4

40.0

3.14.1

30

▼-9

24.4

1.03.9 0.53.5▼

▲

▲

▼▲ 0.4

1.32.6

▼30.3▼

▲

▲

▲3.4

2.9

0.11

100 0

4.42.0

4.6

2.23.03.1

56 172 1 +29

▲1.0

32

0

27

+1

+4+4

▲

▲

1.29

-8

2.7

12,520.8

4.6 +17

-0.3

-20.9

103440

-11

▼▼

▼▼

19.4

21.6

5.1

11,541.5▼

22.4

MarketMarket

4.7

75.7

-41.1

0--3.3

04.9▼

+2

-1.3

7.7 ▲24.3

+2725.98

Share Ch.

38

1.1

32

Any Italian Involvement Completed (AF43)

2.0

# of

-11

▼-11.8

▲ 2

-14.3

929 ▼

-4

▲


Lazard 15,655.718.3US$m

Change in Rank Value2014 Rank

6,002.8

7,948.0

40

BNP Paribas SA

3

2013Rank

9# of Deals

Deutsche Bank1

Carnegie Carnegie

▼

▲

▲

428

▲1

8.4

0.3 57

3.2▲

▼

▲

▼

51,443.2

186

78.0

2.7

3.6

2.3

▲

-1.1

▲▲

3.03.7

▲

-2.1

0

Sh (%)

JP Morgan

-

-2

2.4

▲

213.2%

1

13

6.8

7.8

+10 ▲

▲

1.4

13

Goldman Sachs & CoJP Morgan

13,244.912,549.15

Citi

41

Morgan Stanley

21

113*

1955

Nordea

UBS

ABG Sundal Collier

16*

20

12

14

62,174.924

22


5,363.0

9

Handelsbanken Capital MarketsPricewaterhouseCoopers


2,622.4

MHS Corporate

Deutsche Bank

7Rothschild

2.7 2.7

2SEB 3

2013Rank

8

23

1 4

65 7

6.2

3,151.3

9,197.1 7.9

2.73,722.5 3.2

4,544.14.6

3,151.3

-2.5

1612

104

3.94,218.34,167.8

1013

Global M&A

Arctic Securities ASA16*18

-

Ernst & Young LLPBarclays

Scotiabank

DNB ASALazard

15Infima AS

21

23

DeloitteIndustry Total


Access Partners20 26

1,875

24 64*2,027.1

116,360.525

2,245.5

2,100.0+2

0

-353

1.50

▲

0.612▲

4.5

▼14▲

25,044.9 32

22

21,853.8

11

21.3

▲

0.1

100.0

3.3104.6

Advisor Market

▼

0.8

▲

Share Ch.▲

5.5

▲

▲0.50.5

0.01.03.2

0.12.7

▲

1.30.5

1.4

0.7

0.40.8

0.4 ▲

▲1.42.4

▼

0.6

▼

0.1

1.2

▲

1.2

0.1

▲0.2

+27

Jan 1 – Dec 31

0.7

▼

15.5

9.1

▲

100.0

Imputed Fees (US$m)Market

Sh (%)

▲7.7%

# of Deals


732.7

23.4%

# of

638

▲

-4

1

12

▼

89.1

1US$m

▲

30,133.6

281.2%

Rank Value

9

8

+10

▲

5

▼

15.215,455.5

5,129.4 5.0

5.4

15,651.96

14,558.9

6,075.66,535.9

13,095.5

5.9

+63

0.6-1

9

2-11.3 6

1.14.5

▲

36.3

▼-▼

31.0

1.8

1.5

2.6 -

0.4

30.1

7.115.7 ▼

1.2

9.120.1

▼

1.6

15.2▲-0.6

3.2

11

12

51.1

4-2.0

▲

0.1

1.0

▲

▲

▼

▼1.01.1

▲

1.4+3 16.1100.01,146.1

▲

1.3%

0.510.8

▲

6.11.0

▲

1.5

2

-▼-0.7

-7.5

1.7 0.9

▼

2.2

1.9

2.1

2.7

2.1

23

▲

Rothschild▼

-0.2

1.0


▼

Nordea

1.4 -17+3

4

20.7

Deutsche Bank0.7

SEB 3

6.4

31.0

-8.7%Industry % Change from Same Period Last Year

Goldman Sachs & Co


Financial Advisor31,856.9

Sh (%)

100.7

▼▲+2

-314-▼

▲

1.9

15

▼ 0.7

1 0.16 0.3

26

12

11.6

▲

1.0

11

0.3

▼-0.63.6

2.4

13,443.5

8

15,599.8

11.4

1011 34

7,209.327

10.8

2,826.5

-

▼

24,342.021,795.2

13.4

▼-11.07.9

19,880.918.7

▲

13Deals

17.1

20.9

Sh (%)10.2 ▲

Sh (%)# of

Share Ch.

Industry Total

Financial Advisor


2014 Rank

Any Nordic Involvement Announced (AD37)


25,799.8 22.2

Market

▲

3,144.3

US$m

-3.34.8

3.2

▼

▲

0.2

▲0.1

46

5.4%

100.0

42107*

3

32.1% 43.3%▲1.8%

-15.8% ▼Industry % Change from Last Quarter

1867

▲

1.8

-30.3%

0.30.5

-5

14

29

0.70.8

14

+10+15

-3

▲

5.2%▼

Morgan StanleyCiti

1.50-2

2,488.1Bank of America Merrill Lynch

▲

0.6▼

24677

14387

24.4

14.2

▲

3.4

18 -17

33

22

4

0.4

20

9

13

+5

10

+1

0.6

UBS▲

-1

▲

+6

DNB ASA

▲

+8

▲

▼

ICECAPITAL Securities Ltd

ABG Sundal Collier

29.3▲

▲▲

Rank Value per Advisor (US$m)Rank Value

▼

# of Deals FeesDealsChange in 2014

RankMarket

Any Nordic Involvement Completed (AF44)

4.4%


1.1%


▲

Market

Industry Total

MarketMarket2013Rank Share Ch.

777

Market

100.056,172.1

▲-67.4%

Jan 1 – Dec 31

Change in

+29

1.5% 3.9%▼

2324

▼-0.4

2,507.7

2.6

2,501.3

8

2,657.7

132.4

-3.7

2.3

2026.5

0.4

▲

5.4

15

▲1.01.4

▼

-0-3.6 ▼

▲ 0.171

-23.33,506.6

Infima AS

▲3.6 0 14

80-

▲

Lazard 3,326.7

2.72.6 2

2,787.93.1


15*

▲

.8

▲▲

▲+2

0.90.1

+7

▲13.5

27.4

▼0.24.4 0.4

1.2

4.40.4

0.40.9

3.1 0.1▲

2.5

MHS Corporate 0.13,151.3-

19 0.425 2,581.6 5.011▲

0.8 +2▼-0.2 ▲-4

▲ 0.2 8.3▼ 6 18.7

0▼

2,100.00.62,170.7 2.1

1.6

30.1

1,989.57

1.9

2.4

▲▲

0.4

▼

2.0

0.5

-

0.2 ▼

2.12.0 ▲

+6

-4+1

▲

26 -0.6-5.41,818.7 1.8

▼

-258

-15.6%

Industry Total 102,861.2 1,399100.0

▲

+1

+2

▲

▲

+4

-8-

Evercore PartnersCredit Suisse

Scotiabank

25

Danske Bank

BNP Paribas SA 21Global M&A

Barclays 4,649.412 5

0.1

-▼

12

1.5

19

11▼

▼

1

21

15.0 ▲

-4

00.8

9.1

0.913.0

-2

13.917.5

+4 ▲

0.30.5

6.2 ▲▲

+10

-

1.5 ▲

12.70.8

+1+1

+51

▼

3.23.13.13,151.3

-

15*-

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

13

BNP Paribas SA Barclays▲

6▲

▼ 27▼ 13

1127.5

6,897.6

45,754.3

6.06.6

1.7

1.2 -1-6

+5+3

15.5

24.4

6.7

1.8

2.7

ING

-2.68.7

19.4

5.6

-7.1

18.4

13.5

6,616.1

-

12,579.2

6.0

Mediobanca

-7.8

BDT & Co LLC


1.8

-9.1

12.6

5.09,395.3

130*

1321

3.55,439.5

3.7

5.610,535.0

23,479.1

12,335.8

2.9

12.5

8017

23

23,536.4

25

25

11,300.0-

23

22

24

Rothschild7

Societe GeneraleCredit Agricole CIB

Kempen and Co NV15


22

18

Deloitte

Industry Total

10

20

Leonardo & Co

19

Barclays

18

17

Puhl GmbH & Co KG

1516ABN AMRO Bank

61211

Credit Suisse

Goldman Sachs & Co

6.7

34,544.0UBS

14

36,318.012

7

16

13 25,193.929,119.9

119

CitiPerella Weinberg Partners LP

-0.8

▲

49,449.4

Financial Advisor2013Rank

10

6 19

13.7 1321

5

498 5 46,449.8

4

52,698.1

76,313.8

63,109.53

Lazard

Morgan Stanley

73,902.74Bank of America Merrill Lynch

78,680.8

JP Morgan1

1.7

1.3

▲+3

▼

▼

-5

-20.8

Goldman Sachs & Co

UBS

+13

# of Deals1.7 +4

▼

1.31.21.6

-4

12.3 ▲

0.4

▼▼

# of

33,031.1Lazard

42,165.1▲

7

8

34,491.3

Citi

▲Perella Weinberg Partners LP

-1

Deutsche Bank

4

▲+3

-5

Market

7

29,526.0

9

▼10

▼

0.7-11-2

6.6

Market

▲

3

14

8.9

0.81.3

2

▲

1.0

24.2

3.0

1.3

▼4.9 ▲

0.4

4.6

-

▼

▲▲

▼

41.4

4.3

1.5

0.3

22.4

▼1.3▼

0.2-3

3.7 0.21.0

0.320.4

31.5▲

0.12.7

1.8

2.336.0▼

-4-3

▼

0.7▼

▼▼

1.6

2.2

Share Ch.Sh (%)

5.8

Market

102.1

2.333.8

136.989.1

2.4

▼

▼

0.1

▼

▲1.4

45.3

▲

+6

7.3 0.5

AdvisorFees


8-8.6 20

12.7

▼43,698.4

21 ▼▲

30.8

▲

▲1.5

140.219.8

1819

70.2

75.822.4

1.1

0.5

1.10.3

2.1

1.52.8

▼

▲

▼

▼▲

0.7

▲

▼▲

0.1

▼7

▲27

0.3 ▼

+140.4

-2

1 ▲

▲

16.8 +2

-80.4▲

▲

▲

3,328.6

6.6▲

4▲

3

1

▲▲

22

1 573187 378 2

5,000.0 -▲ 5

-3.31.7

9▼

-60.1▼

+3

▼0

0.3

-20.3+7

64

+10.2

+31.7

+4

Industry Total

Mediobanca5,606.5

Itau Unibanco

5,937.8KPMG

23

97

▲3.3

7.7▲

HSBC Holdings PLC+3ING

9.513,967.5 9.919,488.9

3.0

Rothschild

4.0

RBS

213,328.674

Deloitte 1940

45

15

2116

37

10,949.2

1713,421.6

11

2264

20

2,626.6

1518

202524

28,555.330

20.2

2519.527,603.6

ABN AMRO BankSociete Generale

20.813

15.8 1.2

-0.2 1.35

▼BNP Paribas SA

6-4

8.7

+1

▼▲

25.9

1.3

253

47.3

24.8

Deals

11

40.74.9

28.133.7

▲

39.411.8

20 8

42.0

Sh (%)11.4

▲

Share Ch.Market

▲19

88,680.521

319


36.71Morgan Stanley27▲

Rank ValueUS$m

EMEA Rankings

Sh (%)

2


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

Deutsche Bank

2014 Rank Financial Advisor

655

0.5

5.0▼▲

▼

111.377.4

▲

1.1▲0.1

Market# of Deals per Advisor

Any Benelux Involvement Completed (AF47)

Change in

Jan 1 – Dec 31

2013Rank US$m


Imputed Fees (US$m)

23Sh (%)

Rank Value MarketShare Ch.

69,167.7 48.8Deals # of DealsSh (%)

▲▲ 1.8

21.2

24.3

45.3

29.8

44.0

67,999.6

62,280.9

4 48.064,130.5

0.7

7810.9

1817.6

+10

+42.61.1

33 014

▲ 37.6 ▲

0.2

-10.4

+4 4.2

▲

▲

1.65 0.42.4

0.50.2

1.9 1.3

90.3

▼0.2 0.8

0.4 ▲0.2

0.50.3

6.2▼2.1

141 724 0-1.1

▲ +3 ▲

-3

2

1 25636

1.8

▲1.9

Banco BTG Pactual SA▲100 0401100 0 1 536 2

▼

2,932.8

2.7▼▲▲

7.7

2,527.8

26.4

1.2 4.2

0.6

▼0.1

Credit Agricole CIB

▼

30,098.6

▼

100 0

13.8

20.6

40.05 56,680.4

6

29,218.9

23.3

12 12Credit Suisse

145113

0.8

▲-3

14

▼


1.4

▲

0.9

▲

Market Change in

JP Morgan

▲▲ 2

2014 Rank

1

▲17.9

▲11 0.9

▲

+2

▼

1624.2

-2

▲

▲

0.51.5

▲

22.7▲

7.7

▲7.0

24.1

21

-8

+2

21.1

-3

4

21

19

-3

▲

17

▲10

1.4

▲

3.9

12.0

# of

-3.4

15

23,851.1

▲

1.4-11.5

Jefferies LLC

0.3

7.1

7.7

14.7

2.3

1.71.4

13.5

2.9▲

▲

▲0.56

-2

0.5619

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

Industry Total 1,573187,378.2

▲

Industry Total

Industry % Change from Last Quarter29.3%30.9% 2.0% 41.9%

-655

▲

* tie

Industry % Change from Same Period Last Year ▲

141,724.0

3.6%

1,256

▼2.1% Industry % Change from Same Period Last Year

Jan 1 – Dec 31 2014

▲ Industry % Change from Last Quarter▼

▲ -9.5%

100.0

-1.1%▼

▲

-401100.0

-1.6%

1,536.2100.0

Quarterly EMEA Cross Border Volume

188.5% ▲

$172.3

$157.1

$153.8

$140.4$135.0

$114.6

$113.5

$79.0

$74.6

$74.2$47.3 $44.9

Healthcare Industrials Real Estate

Energy and Power Materials Telecommunications

Financials High Technology Media and Entertainment

Consumer Staples Retail Consumer Products and Services


`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

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 2 3 4

2006 2007 2008 2009 2010 2011 2012 2013 2014

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


14

26.4Citi

23,311.2

Energy and Power

11,594.9 11.4

21.7

Haitong Securities Co Ltd9,452.3

Jan 1 - Dec 31 2014

6

5

9.2

Goldman Sachs & Co

14

32.4

3

4

29

17.3

24.9

7

2

KPMG

8


26.7

7

3

1,590

29.3

18.4

807 1

2

1,622

802

Announced M&A activity with Asian involvement reached a record high, grossing US$743.9 billion from 10,416 deals, respectively,a 62% increase over the US$459.5 billion recorded in 2013. China remained the most targeted nation in the region, with US$390.4billion of value from 4,520 deals. Companies in the Financials sector were the most targeted, with US$142.4 billion accumulatedfrom 1,201 deals.

The top deal in the region was CITIC Pacific’s acquisition of the main assets of its state-owned parent, CITIC Group, valued atUS$42.2 billion, which surpassed the previous record-holding deal in th Asia Pacific (excluding Japan) region - PCCW’s US$35.5billion acquisition of Cable & Wireless HKT in 2000.

Asian buy-side financial sponsor M&A activity accumulated US$77.8 billion in value driven by 14 deals valued over US$1 billion(compared to 4 deals in 2013). The top deal was Sinopec’s US$17.5 billion retail stake sale to 25 domestic and foreign investors.Companies in the Energy & Power sector were the most targeted by financial sponsors, followed by High Technology andIndustrials.

Imputed Fees earned for the region were estimated at US$2.7 billion, a 10% increase from totals for the full year of 2013,according to Thomson Reuters/Freeman Consulting. The top earner was Goldman Sachs & Co with US$173.2 million, followed byMorgan Stanley, with US$162.0 million and Citi with, US$129.0 million.

Australian announced M&A activity increased by 20%, reaching US$119.8 billion, the highest full year total since 2011 (US$168.1billion).

33.3

15,499.7

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

7.6

Goldman Sachs & Co

2

Barclays

89,655.2 Industrials39,296.9 Citi

Bank of America Merrill LynchHigh Technology

5101,541.1

46,087.3 47,388.5 Somerley Ltd

Morgan StanleyFinancials 1,201

No. Deals

52,221.0 1

Rank Val US$m142,367.4

ShareMkt.

Rank

36.7

2

2

Real Estate3CITIC

3

16,536.9

321,933.5

88,269.6 23,576.3

5,946.5

UBS 1

Great Wall Securities Co Ltd

1

5,746.2 7

China International Capital Co

1 76,235.4 75,666.2

12

Asian M&A At Record High I Imputed Fees Up 10% I Australian M&A Increases 20%

19,471.6


Asia Pacific (ex-Japan) M&A

8.27.9

Pending Greenland Holding Group Co Ltd (100%) Real Estate / Other Real Estate

Acquiror / Target Nation

Singapore / United States

China / China

Jan 1 - Dec 31 2014

Hong Kong / ChinaEnergy and Power / Oil & Gas

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

CITIC Ltd (100%)Acquiror

8/25/2014

Asian Completed M&A by Region - Imputed Fees

Financials / Banks

8,100.0

15,417.9China / ChinaShanghai Jinfeng Investment Co

Malaysia / Malaysia 16,232.9

10,307.1Real Estate / REITs

Industrials / Machinery

Hong Yuan Securities Co Ltd (100%) Shenyin & Wanguo Sec Co Ltd Financials / Brokerage

Pending IndCor Properties Inc (100%)3/18/2014

7/25/2014

12/1/2014

Pending

Pending10/9/2014 Pending

Pending

CITIC Pacific Ltd

4/13/2014 8/1/2014

9/14/2014RHB Capital BhdCIMB Group Holdings Bhd (100%)

42,247.54/16/2014

China Cross Border Announced M&A

12/31/2014 China CNR Corp Ltd (100%)

Sinopec Sales Co Ltd (30%) China / China

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

Xstrata Peru SA (100%)

Financials / Asset Management

6,390.5MMG South America Management

CSR Corp Ltd China / China

Investor Group

7,005.0

17,457.9

Investor GroupHong Kong / Peru Materials / Metals & Mining

1/20/2014 4/1/2014 Oriental Brewery Co Ltd (100%) Anheuser-Busch Inbev Belgium / South Korea 5,800.0 Consumer Staples / Food and Beverage4/16/2014 AS Watson Holdings Ltd (24.95%) Mayon Investments Pte Ltd Singapore / Hong Kong 5,671.7 Retail / Other Retailing3/21/2014

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

3Q08

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

% 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

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

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia


15

Deutsche Bank Credit Suisse


11.6 0.3

Asia (ex-Japan) Rankings

HSBC Holdings PLC

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

25 6 13,444.5 1.8 BMO Capital Markets 12 -7,005.0 ▼0.2 -0.920.4▲

0.05 023100 0

▲ 38 +6 ▲Deloitte025

0.71.81.7 4.2▼-3.6

160.41.524+30791.8

DBS Group Holdings 22 67 17,464.5

0.8▲

▲0.81.9KPMG14,859.0

24 26 14,144.2Guotai Junan Securities

6641

0.2▲0.1+11Huatai Securities Co Ltd 23 37 0.1▲ 1.9▼-7 ▼ 47.1 1.89,525.0 2.3 26 0.4

17.3

23 ▲2.2+9 9,174.1 0.3▲

2.50.5

-44.5-1.0 -▼ 98 1.9 +6

▼0.00.60.9 ▲

▲ Macquarie Group▲PricewaterhouseCoopers

31▲10,396.2

1.7 0.019▼ 11▲ 0.4

0.2 ▼-2Guotai Junan Securities 20 33 17,934.6 2.4

0.2Great Wall Securities Co Ltd 17,946.6 ▲2.41.82.4

1.0-1619 9321,374.2 Nomura2.9 2.1 3.313,606.3 1.9

HSBC Holdings PLC 5+8 3.1 ▼27.5 1.6▲0.50.3 29

-6.9▲+15

CIMB Group Sdn Bhd 1764.1+1318Haitong Securities Co Ltd

22,638.3 3.0 1.636

0.2+3▲▲ 28

17 +213,699.0▲ 18

-2.6 ▼

▲▲3.33.3 1.1

2.0▲ 18.6 0.40.79

53.8+40.2 9

300.4 1.9▲ 2.3 1.5

RHB 16 41 23,800.1 3.2 2416 ▲ 0.50.5

1.1 ▲ 0.312.5+291.4 0.5 ▲7262.9+1

0.9 ▲25

▲▼

▲Lazard 15 20 34,280.7 2.8 ▲4.6Industrial & Comm Bank China 14

2.4 ▲12 34 20,966.5 5.1 3.9

2.5Credit Suisse

▼ 21 0.2 109 2.10.4 -11 ▼ Lazard 3.5

+9125 34,948.4

▲5 35,481.3

4.7 3.5

6.3

▲

12 10 46,599.6 2.13.7 ▲ +106 ▲13 ▼ 66.3

▲4.6

0.4▼ 27 0.5 -9

18,959.4▲+7 ▲ 95.5

▼5.322

1.4 ▼60.5▼3.5▼ 93.2

0.3China Securities Co Ltd 11 -3.9628 2.27

UBS6.7 ▼10 11 50,770.6 6.8 3.3

4.3 0.90.8 -1 ▼▲ 0.7▼

0.536 -14-2.6

31,281.4▲ 10 7.6 0.47.7

UBS 8China International Capital Co 9 12

+5

3 59,835.455,134.7

0.4115.87.4 34 4JP Morgan 90.3 -14 31,766.3 42

Deutsche Bank38▲3.9

7.932,624.8▼

▲3.5 ▲ 33 3.5 1.3▼

0.6 +6 ▲ 94.7▲-3 ▼ 94.0 0.13.536,459.9Bank of America Merrill Lynch 7

130.5

80.4 -10 ▼2.3 ▲

50 1.00.5268.8

▼▼-6.7 173.2129.056 ▲▼-1.4

-8

▲1.1 +156.4 1.24.8 0.3

▼-20JP Morgan 4 70,812.8 9.5

45,323.98

6+837 0.47

67 0.611.0

5 47,104.1 11.4Goldman Sachs & Co 1

3Goldman Sachs & Co 5 2 73,666.9 9.9+1730 0.651 47,461.7

▲4.8 ▲

43.3 -2

China Securities Co LtdCiti▼

▲ 0.13.6▲▲1110.8 ▲

465.77.7 0.4 +4

3▲11.1 0.1▲ 11.5▼▲+8 0.5▲0.20.4 -8 ▼ 26.4 1.0

13.456,683.9

0.5 0.62755,233.7 8.0▲

14.9▲

1.0▲26.24.8 0.556

177.3

▲ 2Somerley Ltd 13.7 10.8 23

US$m2014 Rank

2013 Rank Sh (%) Deals

Morgan Stanley 1 1 105,068.2 5122.090,861.01 ▲

MarketChange in Advisor

▲6.0 1.5162.0+11Share Ch.


Deals Sh (%)Market

Financial AdvisorChange in # of Deals

# of Rank ValueShare Ch. Sh (%)

MarketUS$m

MarketMarket Market# of Deals FeesSh (%)

Market

11.0

Financial Advisor Sh (%)14.1 ▲

▲

# ofRank Value per Advisor (US$m)

MarketShare Ch.

Citi

3.7

80

9.93.3 57

▼3.520

19

1.1 14BarclaysKPMG

14,291.0

28

CITIC 3 7 80,165.2

▲ +10.8

Morgan Stanley

Imputed Fees (US$m)

▲

10.6

Bank of America Merrill Lynch 6

78,457.3


2013 Rank

Rank Value

Rothschild

Barclays -124.8▲

2 9 81,716.2 +41

-0.7

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


8

Somerley Ltd 4 13

73,252.5

5.7 ▲49,695.6

0.20.4

442.70.438

2.21.7

17

3.1+6

▲ 0.339

12,846.5

+8 24

13,768.7

▲58

DBS Group Holdings▲

19

▲

▲

+3 ▲ CITIC40

12,864.0

11-430 21,860.0

0.4

23

42

0.2▼+1 587100 0

▼

23

21 21

40

-3

▲

17,646.9

-8 ▼25

1.5

1.8

112

2.4

▲

8.0

▲

▲1.7

▲

2.1▲2.0 1.3

-3.4

2.4

-2

+3

15

Industrial & Comm Bank China

22Rothschild

Industry Total

Standard Chartered PLC

38

▼

▲2021

22

15

15,363.913

21

413 552 5

7,543.5

10 416 5 247 2 699 4 100 0Industry Total 743 888 7

Rothschild Rothschild

Sh (%)

▲61.9%

+447,761.6 ▲

+2

Rank Value


6

Goldman Sachs & Co 1 7US$m

1

24.8

Rank Value per Advisor (US$m)Rank Value

Financial Advisor

▲


US$m

10

Credit Suisse

3

6

Citi5

UBS4

Morgan Stanley

9

6.5

12.1

Macquarie Group 2

-

2

9

1

4

436.5

15,245.9

13.0

-14.2 130.5

▼▲

0.89

109.620,778.031

6-

20,252.0▼

10.8

7.4

-1.1▼

▼

▲-5.67.2

9

3.713.3+522

0.8 16.8

-1.230,516.5

4

17.6

10

26.5

18.1

# of

37

13

1046

0.9

3.1

3.9

16

34

Change in MarketShare Ch.

▲Fees# of Deals Sh (%)101.6

Advisor

+17

▼


-5.8%

Share Ch.

Imputed Fees (US$m)

DealsMarketSh (%)

2014 Rank

MarketMarket2013 Rank

23.3% ▲

Jan 1 - Dec 31

-18.7%▼

Any Australian Involvement Completed (AF31)

▼▲


▲38.01.3

+6 129.72.9▲+3

▲4.6▲3.38.9

Market

11.4

▲10.4%4.5%

-5,023100.0

0.12,148.7 1.8

1.0

▲

0.61.1 -

-1.5

25

20.0%Industry % Change from Last Quarter

Industry Total

▲

8,832.2

50.4

Industrial & Comm Bank China 12

Greenhill & Co, LLC

14Gresham PartnersBMO Capital Markets

Standard Bank Group Ltd

CITIC

Tudor Pickering & Co LLCJP Morgan


119,779.9

24 1,271.714

1,164.7

1.923

2,296.1

100.0

Barclays


4.6 ▲2.32.9

18.0%

29.839.9 ▲

# of

+1,587

-0.3%

100.0

39

Change in

▼

2014 Rank

2013 Rank

MarketSh (%)

Jan 1 - Dec 31

MarketDealsSh (%)

30.6% ▲

2.049

# of Deals


Share Ch.21.0

16.7

Any Australian Involvement Announced (AD24)

34+2 ▲

Market

Grant Samuel 11


1413

6.16.3-

5

10Lazard

12,900.6 -13.1

15.4

13,661.57

11Deutsche Bank 38

11,860.8

13,639.5

▲

20,042.1

17,168.618,419.3

9.9

▼▼

35,736.4

11.4

-6.9▼ 0.8

14

14.30.8

0.9

0.5

1611.414

11,491.7

▼▼

-11.3-11.3

-3.4

-19.814

UBS

▲+3▲

Citi

Financial Advisor

Credit Suisse+1

Industry Total

4.4

▼

▲

5

1517

1.2

-45.3%

413,552.5

3.4

+5

1.1▲

▲

0.1

0.1

2.0

▲

▲

▲

▲▼ 107.0▲

16

+20.8

▲40.3

1.3

25.3

1.3

0.50.3

+6 1.3▲

52.2+2

▼

0.6

▼

9.4

2.2 ▲

▲

3.3

3.5

0.2

▼

3.2

-2

39.3▲ 49.5

3.0 ▲

▲

3.5

▲

1.3

+1 ▲

6.1

34.6

0.0+1+4

▲

0.92.2

3.2

0.3+1

+9

+7

1.2

▲

0.8

▲

▲▲

▲

1,775.4

▲

▲

11

▲▼

▲ 14▲▲

+4

11

▲4.6

1,138.2

-15.7%▼

0.20.3

6

0.53.2

1-10.4

0.2

0

0.50.6

0.6+20.2

▲1.4

1.1

14.4%▼97.1% -61.0%-14.9%

▲

2,296.1

▲-1.8

20.1

RBC Capital Markets

0.7

Deutsche BankMorgan Stanley

67 28,469.0

26,881.6Bank of America Merrill Lynch 8 23.4 17.9

1

34

17.15

7

5

30,870.3 26.812

Goldman Sachs & Co 2 38,604.5 33.6332,698.7

Macquarie Group

17.123.7

1 38,771.5 33.72

31,854.728.427.7 +3 ▲ 36.7

10,416

16.0 ▲15.4

8

▲13 +4

-7

▼▼

-10.8

6.56.27,171.3

7,498.3

▼-5

▲▲

+1+11

+3

213

11

21* 4.9BMO Capital Markets 13

306,339.2

2

0.5

JP Morgan

81.3

▲ Lazard

0.0-5.5

2.0

17 25

21

2.05,095.6

1,711.11.01.0

1.5

▲

22

-

Fort Street Advisers

▲

1,170.2

9

▲

2.0▲

4.41.0

▼1.5

2,325.22.5

7,351.4+2▲

3.15,172.9 4.3

1

28

5.518

6.0CITIC -

18

6,880.5

13 2.7▲ 15+1

14▲5.9 0.1

▲

Fort Street Advisers 4.45.9-15

16 217,005.05,262.9

17

Standard Chartered PLC74 +4

1918

2.3 715

8

29

4,666.73,914.22,756.2

3.93.93.3 5

2,325.2 1.9

▲

2ScotiabankRBC Capital Markets

▲0.4-

22

34▲ 190.3

-2120

1.9

2.3

▲▲▲

1.2

3523+3 24Credit Agricole CIB

CIMB Group Sdn Bhd

0.4

0.1

-10.5▲

+1

-1

+1

▼▲

+1 ▲ 16Standard Chartered PLC

20▲

Grant Samuel

Standard Bank Group LtdScotiabank

Barclays

7,527.6 6.3

Gresham Partners▲6.3

+67,498.3 0.1

6.3 ▲ +4 ▲

6.14.9

Industrial & Comm Bank China4 12 7,527.6

▲

7,005.0 6.1▲0.1

▼-1

▼▲

▲

18.6

▲▲

0.5

15.71.3

▲0.6

▲

0

0.5 0.3

-

▼

▲

0.1

0.3

▲

0.11.4

0.40.3

▼1.1

▼▲

-

11.9

0.9

100.0

0.17

+2

4

2

6

4.7

0.2

0.8

2

71

0.13

-7.3%▼

71.9%▼

100.0

-2.0% ▼

2319

+2 15.37.9

▼

0.514.5

- 12.15.6▲

36.6

4.1

5,247 2,699.4

7▲

▲

1.1

0.5

▼-21.3▲

0.10.7

-

▼1,699 1,189 -93

1.01.246* 1,109.3

-23.8%

0.3▼

-416▼

▼

8-34

25 61,096.2 1.0 ▼ ▼0.3


Greenhill & Co, LLCIndustry Total 115,016.2

▲

24


4.0

100.0

1.6+3

Industry Total


743,888.7

Nomura 0.01.2

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

16

▲

64.4

▲

9,022.4Lazard-

Rank Value

▲

Share Ch.



▲

Goldman Sachs & Co

Asia (ex-Japan) Buyside Financial Sponsor Activity


759.347.7

MarketShare Ch.Sh (%)

4▲▲70.8

Change in

# of Deals

5

▲+5

+3

1.9

1.5

Market

+10.8

51.5

7.8%21.1%

4


2264 +46

10.4

19.167.3

12,354.3

734 4%

4.310.4

100.0

4 9.3

11,559.2Morgan Stanley

▲10.3▲

- 12,080.0

▲

Financial Advisor

Industry Total

Barclays12,080.0

14

US$m

▲▲

12,354.3

49.8

51.0

▲

3 51.049.9 49.9

- 12,060.235.5

5

100.0

1 2

Market Change in # of Market


▲68.82

▲▲

47.5Deals

67.33

2013 Rank

2014 Rank

+3

1.5

7

Market # of

66.4 2.0

▲

Jan 1 - Dec 31



Deals2013 Rank US$m

+1Goldman Sachs & CoSh (%)

Asia (ex-Japan) Rankings

Rank Value

Jan 1 - Dec 31

▲

Any New Zealand Involvement Completed (AF46)

▲

24,228.6

+3▲

▼

Industry Total

273.4% ▲

▲

12,892.0 ▲

3

Share Ch.▼

+1250.3 5.8 ▲

5 +5 13.925.8+3

▲

+17

108.4%

185.7

▲

1 2Deutsche Bank 12

- 13.9

12.0

Imputed Fees (US$m)

▲


+3

2.7

1.1

3.6

MarketAdvisor

22.3# of DealsSh (%)

MarketFees

67.0

▲64.4

Sh (%)1.5

31.0

16 7%9.5%

196

▲10.8

0 0%

▲

▲+1


2.6

▲

19.3

Barclays


2

Market

4

Morgan Stanley

100.0

17,148.5

22*

49.8

-55.7%

Sh (%)71.8

▲48.417,956.5

9,022.4 37.2

2014 Rank

16,225.1

4

▲

Deutsche Bank

Lazard 6 14

Financial Advisor

Any New Zealand Inv Announced (AD39)

7

$2.2 $6.0 $3.1$9.6

$0.9 $3.5 $6.0 $8.9 $5.9$13.1$3.0 $7.4

$4.0

$3.9$3.9

$6.6

$13.3

$8.2

$17.7

$1.7

$6.9 $3.9

$5.1 $3.3

$8.0

$11.0

$6.4

$31.3

$4.1

$7.4$2.3

$2.8$7.1

$5.9

$3.1

$9.6

$15.7

2.6%

2.3%

3.1%7.8%

9.3%

6.8%

8.0%

11.0%

7.7%

13.8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% 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

734.4%Industry % Change from Last Quarter

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

-▲16.7% 0.0%

19%

14%

12%

12%10%

9%

6%

5%4%

4%3%

Financials Real Estate Industrials

Energy and Power High Technology Materials

Consumer Staples Media and Entertainment Retail

Healthcare Consumer Products and Services Telecommunications


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

3Q08

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

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


17

Nomura

Goldman Sachs & Co

* tie

Healthcare

2 3 38.939.34,206.7 2

14.5

49.2

4,164.7

321,348.2

2

10.8

Citi7,223.2

6,972.8

12 1

1

425

67.5 2 135 10,696.4

18,593.8 Financials

11.1

173

6

Industrials 12,160.0 3

9,143.1

Nomura

2

1,759.6

2.4

219

17 2

5

14

1

205 5 1

2

6

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Dec 31 2014Mkt.

Credit Suisse

3 7.4

Japan Deals Intelligence

15,687.6 15,687.6

23,483.3 1


Consumer StaplesMitsubishi UFJ Morgan Stanley

The value of announced M&A activity with Japanese involvement totaled US$129.9 billion during full year 2014, a 2.5% decrease from comparable 2013 levels and the slowest annual period for Japanese deal making since 2009. 2,890 Japanese involvement deals were announced during full year 2014, a 0.2% decline from a year ago.

Suntory’s acquisition of Beam worth US$15.7 billion was 2014’s largest Japanese any involvement deal and the eleventh largest Japanese involvement deal on record. The US was the most targeted nation by Japanese firms in 2014, accumulating 64% of total outbound value, with US$36.4 billion in aggregate.

Japanese inbound cross-border activity totaled US$12.8 billion, falling 17.2% compared to 2013. Despite this record low deal value, the total deal count increased 69% reaching 188 deals from 110 deals last year. The largest cross-border deal of the year was Blackstone’s US$1.6 billion acquisition of GE Japan's Residential Real Estate business. The most active acquiror nation in 2014 was Hong Kong, with deal value reaching US$4.1 billion (a 32.2% market share), which surpassed Hong-Kong-led inbound activity in 2013 by 165.7%.

Japanese domestic deals declined 16.4% from 2013, recording a total of US$52.1 billion in value from 1,927 deals, which was the third lowest total since 2000. The Largest domestic deal in 2014 was Suzuki Motor’s US$3.7 billion share buyback from Volkswagen AG.

According to Thomson Reuters/Freeman Consulting, total estimated fees generated from completed Japanese involvement deals reached 1.4 billion, a 5.3%decrease from 2013.

66.866.8

No. DealsRank

20,369.2 2*2*

Share

Mizuho Financial GroupReal Estate

Mitsubishi UFJ Morgan Stanley

15.3

22.6

1,607.4 3

Goldman Sachs & Co37.5


Japan M&AJapanese M&A Down 3% | US Most Targeted by Japanese Firms | Domestic Deals Third Lowest since 2000

526.8

3,345.2 1

86.7

Rank Val US$m

Mitsubishi UFJ Morgan Stanley 2Citi

1,317.7

21,874.1

CitiSumitomo Mitsui Finl Grp Inc

1

4,209.3

Evercore Partners

Conopco Inc-N America Pasta (100%) 2,150.0

Japan / JapanRanbaxy Laboratories Ltd (100%)Suzuki Motor Corp (20%)Avanir Pharmaceuticals Inc (100%)NTT DOCOMO Inc (4.38%)

Suntory Holdings Ltd

Sun Pharmaceutical Inds LtdSuzuki Motor CorpOtsuka America IncNTT DOCOMO Inc

Investor GroupFinancials / Credit InstitutionsReal Estate / Non Residential1,805.3

United States / United StatesJapan / Japan

Healthcare / PharmaceuticalsIndustrials / Automobiles & Components

Jan 1 - Dec 31 2014Rank Value (US$m)

3,154.5

2,307.4

Consumer Staples / Food and Beverage

Any Japanese Involvement by Market

3,012.3

4,068.7India / India

Acquiror / Target Nation

2,000.0Toyota Inds Coml Fin Inc

Telecommunications / Telecommunications ServicesFinancials / Banks

Japan / Japan

Mizkan Holdings Co Ltd Japan / United StatesToyota Motor Credit Corp-Coml (100%)

Beam Inc (100%) 15,687.5

Consumer Staples / Food and Beverage

Healthcare / PharmaceuticalsUnited States / United States

Japan / Japan5/22/2014

Completed

Completed

10/31/2014

7/25/20144/25/2014 Completed

CompletedPending

3/27/2014

Resona Holdings Inc (17.34%) Resona Holdings Inc

Japan / United States

3,735.7

Any Japanese Involvement Announced M&A

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

4/7/2014

Completed6/3/2014

12/2/2014

Pending

PendingPending

12/9/2014

1/13/2014

Pending

Nakano Ekimae Kaihatsu- (100%)

Target Macro / Mid Industry

Protective Life Corp (100%) The Dai-ichi Life Insurance Japan / United States 5,708.1 Financials / Insurance

$71.2

$26.9$50.3

$34.0 $23.5$35.2 $38.8 $37.0

$25.6$42.3

$38.3

$51.8$31.1

$37.1

$21.6$19.2

$45.9 $40.1

$32.9

$32.7

$31.5

$22.5$28.7 $47.6

$42.4$50.3

$50.2$42.4

$39.4$24.5

$42.3

$48.5$51.9 $28.7

$38.8$30.3

$50.5$59.4

$35.3 $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

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

# 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 First Nine Months

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Domestic Inbound Outbound Outbound Inbound Domestic


18

Imputed Fees (US$m)

Financial Advisor

Daiwa Securities Group Inc

2014 Rank

Jan 1 - Dec 31

# of Deals# of 2014

Rank

Any Japanese Involvement Announced (AD19)


-4.2 19

28.0+5

Deals2013 RankSh (%)

Change in Rank Value per Advisor (US$m)

14.720,569.6

1090.054

▼▲17.3

370*

Market2013 Rank

▲

36,349.222,454.0

US$m

19,140.2

Rank ValueSh (%)

▲▲

▲

15.8

1

7.814.6

11.5

0.2

2

4

13

Sumitomo Mitsui Finl Grp Inc


Mizuho Financial Group 6 6

GCA Savvian Group Corp

7

98*

2.9

8

1013

3.6

4.7

17

15

812,670.2

3

16,660.414,915.1

12

3,734.916

3

Citi

14Ernst & Young LLPEvercore PartnersKPMG


6,149.2

1.4Development Bank of Japan Inc ▼PricewaterhouseCoopers

6.54.1

Daiwa Securities Group Inc188.1 ▲ +1163

Financial Advisor Share Ch.


Japan Rankings

Share Ch.Market MarketAdvisor

Sh (%) Sh (%)MarketMarketMarket

Fees# of Deals# of

Sh (%) Share Ch.


US$mRank Value

DealsMarket Change in

7 30,481.1 26.840,220.8

124.4▲

5.210.5 ▼35.3-6 ▼

-5 ▼▲

0.7

12

1.9

10▲▲ 0.5

52▼-13▲

-62.8

6.2

+1

+15

▼

▼

-1

-10

1.8

9.3

-20

5.8

25.3

2.5

▼

3.0

2.4

4.3

103.1

46.9

134

▲

81.8

▲

▼

-

85.2

41.9

▲

2.5

6.0

1.8

7.3

0.5

3.3

▲

▼

▼

0.2

2.0

+6

+16▲

▼

▼

0.4

▲

0.1

0.5▲

▲

▲7.1

0.4

0.8

0

29.0

35.2

3.5 0.1

▲

3

-13

▼▼

0.20.7

18

3,617.7

0.180▼

4

0.6

0.223*

▲1.5

23*- ▲ 1

▲

.4▲

+1

+3 18 4

12.4

2.21.50.1 ▲

+11.51.5

0.11

▲4.0-▲

0 5

0.2 +2

112.2

▲

19 -

1 3

▲

17

9

▲1.7

162.0 11.4

▲▼8.8

2.2

56.6 4.0 2.40.1

3.6

3.2

▲

0.2

▲1.8

▼▲

2.3

0.0

▲

61.0

57.0

▲

0.7

-

0.1

0.0

0.0

▼▲

▲-

1.20.7

▲ 0.2

0.9

▼

▲

0.4

0 5

0.7

0.3

0.0

0.0

+652

-1314-3

6.9 -10.5 ▼▲

0.8-3.80.5

10.511.41

▼

+8Bank of America Merrill Lynch

0.6

▲10

7,893.711,893.4

91.0

5,035.64,657.2

3.9

8.310,780.2

16

8,420.310,465.2

30

7

4,068.7

593.9 ▲ 6

12.8

3.1

▼9.8

-3.9

JP Morgan

302.7

5.06,483.4 0.811

▲

▼

22

45

20,309.910

NomuraCredit Suisse

3.8103

19,505.6 17.1

ICICI Bank Ltd

9

5

2

12

Credit Suisse

1

▲

-

Mitsubishi UFJ Morgan Stanley97

Mitsubishi UFJ Morgan Stanley

Goldman Sachs & Co

8

▲7

4

5

-12.9 1.2+2

Nomura21,857.7

2

23

6.2

+219.2

-2

1

413.7

515,985.8

▲17.8

5.813▼0.1

8-9 ▼

Goldman Sachs & Co▲Sumitomo Mitsui Finl Grp Inc▼Centerview Partners LLC

-10.3

▲▲

1535.2 +24149

614,580.4

143

5.3

0.813

-24.73 ▼

923

0.112.8 -9-13.6 0.7▼

248 14.0

▼1.2

0.5

4.012

▲

53 2.8

90.6

0.2

7.6-15.0 +812.213,917.7

▲▲+4+3 12

13 5.56,274.2▲

KPMG6,927.726Moelis & Co2.0

2.8▲

403.834

6.1

0.0 +11.8

+45.4

176,155.3

▲

0.9+4

3.14.7-12.8 0.3 -12

10.02.115 3212

-0.90.1

▲4.4

▲Ernst & Young LLP▲ 3.7

5,085.7

2.92.5

18 18 2,739.0 2.1-6

22 0.8 +9 3.819 3,226.1

Carnegie 20* -Rothschild 19 37 1,777.8

1,727.01.4 0.41.3

123.1

+2▲ Acxit Capital Management GmbH▲ 3.2

15

229▲

▲ 0.0 +10.0 ▼

1,713.1Fondsfinans ASDeutsche Bank

20*-5.2

▲Macquarie GroupDeutsche Bank -20.0

1.3

UBS 23 59 1,568.4 1.2▼1.3

1.022 9

▼2 6Macquarie Group 25 17 0 8-

1 604 5▼ 12Rothschild0 1 14 51 46 25 ▼

2.1

42

- 1,727.0 1.3 ▲ 6

0.1 ▼ 14

1.3

Any Japanese Involvement Completed (AF23)

241,727.07 0.2

▼ +4 1,727.00.3▲ ▲

Lazard▼Carnegie

13,015.0

1

5.1

Citi

Development Bank of Japan Inc

622,763.1

1,388.5 ▲1.1

▼▲

-6+4

+17 0.2

▲0.5▲

PricewaterhouseCoopers 5,805.2▼

3.5▲

▲1.9

16

59

3,959.8

4.5

2,403.8

▲

1 094 68-3.9Moelis & Co3

11 Fondsfinans AS

▲ .30.3

+1 ▲

0.5

10.9

-52.416.8

2120

28.31.22.0▼

3.215


GCA Savvian Group Corp

0

-10 25

Jan 1 - Dec 31

BNP Paribas SA 344.0▼ +5 4,548.4

4,335.441-0.5

JP MorganMizuho Financial Group

8

Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▲▲3.6%

-75▲+3 18.4

-5.3%

Industry Total

Japanese Target Completed M&A Fees

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

-3.8%

0.5

31.3%

1.391,878

▲1,417.8

▼

100.0

▼

htt // th

0.5▼100.0 2,890129,892.5

-2.6Industry Total -6Macquarie Group 25 17 0.8

* tie

24.2%-2.5%

▲

1,604.5▼ 12

-17.6%▲

▼▼ -0.2%2.5%

▼▼-15.0%

Rothschild0.1 -14.51.4-6 25100.0

▼113,850.7

Japanese Involvement Announced M&A Target Industry by Value

1,094.6 3

18.1%

16.8%

14.3% 9.4%

8.2%

8.2%

7.5%

4.2%4.2%

3.6%3.2%

1.4%

Consumer Staples Real Estate Financials

Industrials Healthcare High Technology

Materials Retail Media and Entertainment

Consumer Products and Services Telecommunications Energy and Power

$150.3

$285.8$204.6 $237.6

$109.5

$247.5 $222.3 $191.0 $227.9 $229.7

$166.5

$290.1

$276.7 $201.5

$160.5

$270.4

$150.0 $213.1 $127.6 $77.4

$262.8

$200.6

$241.1$200.9

$149.9

$155.1

$122.9

$234.7

$198.0

$135.9

$303.0

$225.6$278.6

$181.4

$269.2

$201.2

$168.4

$244.3

$229.1

$141.5

0

500

1000

1500

2000

2500

3000

$0

$200

$400

$600

$800

$1,000

$1,200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

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


19

Industry Total

Industry Total

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

Fairness Opinion Rankings†

18* 19 18 1.7 +11

100.0+9355

24,047.4 4.4Credit Suisse 20* 14* 4 1.1 -2 ▼Hovde Financial, Inc. 20* 52* 4 1.1 +3

46,299.5 8.41,347.1

237.7 0.01.4

11,213.4 2.0

46,010.1 8.41,922.0 0.3

3.3

7,478.8

+19

132,242.7 24.018,103.6


202.6 0.04,268.6 0.8

Market

4,329.5 0.5

7,311.6

US$m202.6

▲

▲

145,914.1▲

0.6

JP Morgan

▲20

+110

+12

Somerley Ltd

2,645.0

5.9

7

20,550.5

23 2.2

8,466.6

2.4

▲

3.7

2.2 +14 ▲

-

20,355.3 2.3

-

52,449.2

1.0

0.8

11,213.4

5,071.2

16.5▲3* 2

+2 ▲38 +9

3.6383.6

6* 1 2.6 +10

3* 4*

2.48

-826 2.4

52830 2.8 +5

9*2.311

3

248* 25

9* 16* 25

0.341,297.3

6* 4* 2.6

▼ 6,985.3

28 ▼-9

7.8

40,335.8 4.5

60.8

8.4

0.6 ▲1,922.0

1.3

Stifel/KBW

JP Morgan

Sandler O'Neill PartnersGoldman Sachs & CoBarclays

3.21.9

22.6Houlihan Lokey

Morgan Stanley

2.0

▼-5


100.0594,367.4

16

69,291.917,934.6

13*9 17 03.9

0.3

3.7Barclays7

2.222

2.1

2323

+8

10

15* 121*

19

Guotai Junan SecuritiesUBS

21*▲

▲ 67,296.3 7.6

166,152.5

2.1▲▲

+215,029.1

+111.718

GF Securities

18*

+9

14*

-4

12*

17


2.318.7

CITIC

Citi

15*

12*

22

37*1.8

Guosen Securities Co Ltd

12*

6.9+7

27*

Morgan Stanley

16* ▲

8*China Securities Co LtdSouthwest Securities Co Ltd

+3

JP MorganHoulihan Lokey

7Stifel/KBW

16Sandler O'Neill PartnersMorgan Stanley

-

6.0 134,111.749,826.95.1

19,153.511,213.4

▲28

4,268.6

▼▲

▲

▼3* 6 28 6.5 +8

0.02 2 36 8.3

US$m Sh (%)

0.710.2 +19 ▲

Rank Value

202.6

Houlihan Lokey

# of Market Change in

1 4 44# of DealsSh (%)Deals

04.1

2014 Rank

Stout Risius Ross Inc

# ofSh (%)

2013 Rank

0.0

Rank Value

Stout Risius Ross IncDuff & Phelps +6

# of Deals

21 8* 44

Fairness Opinion Provider2013 Rank

26Stifel/KBW -9

5 322

6.53* 1-1

+6

▲

34,876.52.5

7+1+2

▼Evercore Partners

-6

▼

Industry Total 550,549.8

▼

-

▲

+10

29.310 6▼

+3

161,483.0

-2 ▼34,754.1 6.3

186,983.6 34.0▲

719*

10*14*14*

11*

13*99

0.2

15,291.5 2.82.5

3.9

▲6.3

26,792.3

+2

4.9▲

2.4109,191.8

▲

24 6.8

17 -4.2

384.6

▲

▲07*

5 +5

5.14.8

▼

13

67

28

18

1215

3

89

12.410.1

+19

-1

2

+39-3

+7

7*

44

4

2014 Rank

2013 Rank

Stout Risius Ross IncFairness Opinion Provider

1 4Duff & Phelps

▼7.925

▲

7.0-8

▲

UBSCiti 11*

2

3.714

5 3

361

13*13*Stephens Inc

Lazard

Raymond James Financial Inc

Moelis & Co

20.5%

16*

2.0

▲

Sterne Agee & Leach Inc20* 19* 4

▼ -4.5%1.1

▲Deutsche Bank

619* 7 2.0

2.0

19.8

-1

18* 10* 5 ▼

Duff & Phelps

Rank Value (US$m)


Rank Value (US$m)MarketRank ValueChange in

# of Deals per Advisor# of Deals per AdvisorBased on Number of Transactions

Change in # of Market# of Deals per Advisor

Market2014 Rank Sh (%) # of Deals

Market

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

Jan 1 – Dec 31Any US Involvement Announced Fairness Opinion

Deals Sh (%)

Rank Value (US$m)

Huatai Securities Co Ltd

Fairness Opinion Provider US$m Sh (%)

Based on Number of TransactionsBased on Number of Transactions

39

Deals

Bank of America Merrill LynchHaitong Securities Co Ltd


+2

12

13,131.9Great Wall Securities Co Ltd 1.4+2-5433

29* 5 1.418*

570.1 0.1Centerview Partners LLC 16* 25* 6

1.7 01.7

14*

▲ 0.12.4%

-1.0%▲16.6%

31.9%-6.8% 18.3%

85

10*15*21*

Goldman Sachs & CoBank of America Merrill LynchEvercore PartnersRaymond James Financial IncCiti

3.73.22.12.12.1

8*1011*11*11*

▲▲

14999

31.727.2

2.60.35.9

-2-7-1

+1+3

879,785.9 100.0

188,295.1161,483.0

15,291.51,550.4

34,876.5

▼▼▼

+1711,056Sinolink Securities Co Ltd 18* 32* 18 1.7 +5 ▲ 1,992.4 0.2

UBSLazardStephens IncCenterview Partners LLC

▼ 2,528.7 0.3

1415*15*15*

18*21*21*31*

8777

1.91.61.61.6

+1+1+1+3

▲▲▲▲

19* 4

30,051.246,299.5

1,347.1110,567.1

5.17.80.2

18.6

1.1 -1 ▼ 10,182.2 1.8Rothschild 20*y g

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

.039.7

22.21.40.0

61.161.1

0.00.00.2

5,708.1361.1

.015,687.615,687.6

.0-6

+1

▲▲▲▲▲▼▲

-2+1+1+1+1+1

11

4.04.04.04.04.04.04.0

111111

5*

-----1-

5*5*5*5*5*5*

1,401.9 0.7

Plutus Consulting Co LtdStephens Inc

0.9

7 1.2 +5

Morgan StanleyRoth Capital Partners IncStout Risius Ross IncCredit SuisseCenterview Partners LLCGrowin Partners Inc

▲

+3 ▲ 1,096.2 0.6JP Morgan 17* 55* 8 1.4

▲ 561.7 0.3

▲ 3,202.2 1.68 1.4

4.7Tianfeng Securities Co Ltd 17* 35* 8Changjiang Securities Co Ltd

1.41.4

Morgan Stanley 12* 9 3 2.1 -3Bank of America Merrill Lynch 12* 10* 3 2.1 -2Centerview Partners LLC 12* 36* 3 2.1 +2

18* 3 2.1 +1

2.6% ▲ ▲

+11 +1

671.4 2.6

▲Deutsche Bank 5*Evercore Partners 5* - 1 4.0

1.6

671.4 2.6267.1 1.0420.9

4.0 ▲1.6

2,591.3 10.1

12*

▲

-14 5,928.3

2.1

▲▲

+2

3.1

+1 ▲ 32,881.2

12*

5*+5

NomuraJP Morgan

Any Japan Inv Announced Fairness Opinion

7

4

4.3

Market

Any Asia Pacific Inv Announced Fairness Opinion

4.912

2014 Rank

39 +96.82

-100.0%

1.034.2

8

25 25,683.8 100.0

▲

Industry Total

5*

9*

4

7*

9*

▲

4.5

71.3%▲

+188

▲

Sumitomo Mitsui Finl Grp Inc 11*

▼

Industry % Change from Same Period Last Year -3.8% ▼

0.6

3*Deloitte

15.6%

4.0

-1

9* 2 8.0 0 -

420.9-

4 16.0▲

US$m

2 8.0 +10 -

▲9 36.0 +8Deals

2013 Rank

# of Market# of Deals

Industry % Change from Last Quarter -66.7% ▼

Sh (%)

3*

11*

Change in Market

▼

+10

196,514.8

▲

▼+10

1,704.32,560.41,076.6

+7

+5

+5

20,550.5

9*

Industry % Change from Last Quarter -8.9% ▼ 42.6%

1,992.4

577


Sinolink Securities Co Ltd

14*14*

-1

Industry Total

7*

12 18 3.1

3.17 3.8

13* 186 18 3.1

10.51.32,528.7

▲

▲

22

67,296.3+11+11

3.82223

▲

5,029.1

8*▲

▲4.04.0

5 25

+219.1

▲ 2.6+8 17,934.6

Market

5,071.2

Sh (%)Sh (%)

-8

1.3

3.7▼

23 ▲+146,985.3

26

2,645.0

Rank Value

4.38,466.6▲

+11 3.62.6

# of Deals

-5

Industry % Change from Last Quarter -10.8% ▼ 10.2%Industry % Change from Same Period Last Year

Industry Total

▼

192,608.0


-14.4%

100.0-24143

11,715.4-

▲ 14,547.3 7.61.8

▼ 9,129.03,386.2

▲-18.2% ▼

-16

17* 20*

Hongyuan Securities Co Ltd 21* 44*

100.0

▼

+3▲

1.3Shenyin & Wanguo Securities 17* 8* 8

▲ 0.511 1.9

13 35*6.1▲ 0.9

13

14,212.4 7.4+1

1.817.1 0.0

59* +4

▲ 4,405.8 2.3

3,404.4+1 ▲ 2,498.6

2* -46*

36* 3.5▲9*

10*

3.5

4.25

4,399.9 2.3▼ 146.5 0.1

4.266

4.2

4*4* 6*3

86*

101

8

2014 Rank

4*

Jan 1 – Dec 31Any EMEA Inv Announced Fairness Opinion

US$mRank Value

7.7 +310.5

▲2

Market2013 Rank

Change in Deals

15Sh (%)

2*


Fairness Opinion Provider

Rank Value (US$m)

▼-1.3%

Rank Value

Jan 1 – Dec 31

Fairness Opinion Provider

y

Sh (%)

Based on Number of Transactions


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

Goldman Sachs & Co

15.2%

▲

50,511.7

▼28

17.1

Sh (%)

12.7▲

7.77.0

+524,523.3

5.6

# of Deals

5*

1

Platinum Securities Co Ltd

CITIC1

3

55*

GF Securities

Southwest Securities Co LtdChina Securities Co Ltd

Houlihan Lokey

4

Guosen Securities Co Ltd

Deals

2 ▼

Change in

* tie

29* 11 1.9 +7▲

Minsheng Securities Co Ltd10 1.7Gram Capital

12*+10 ▲ 1,150.1

11 12* 2.8 1.3Citi 12Investec

Citi

66*

12*

Fairness Opinion ProviderUBSJP Morgan

Barclays

3

Rothschild6*

BDO

Ernst & Young LLP

KPMG

2014 Rank

1

Great Wall Securities Co LtdHaitong Securities Co Ltd

Guotai Junan Securities

Detroyat Associes SASomerley Ltd

11

-

# of2013 Rank

# of

Based on Number of Transactions

36*

Industrial Securities Co Ltd

Rank Value (US$m)

860.2 0.43 2.1 +3 ▲ 20*

-13.5% ▼

US$mMarket

1,819.42.3

▲ 3,671.0 1.9


# of Deals per AdvisorBased on Number of Transactions

7,311.6

13* 14 2.4 +7

+6

Jan 1 – Dec 31

3

Deutsche Bank

26.2

+1 14,776.45.6


Donghai Securities Co Ltd 1.2 0.6AVIC Securities Co Ltd

21*21*

29*55*

77 0.01.2

+3+6

▲▲

1,124.272.9


20

-

-

-

-

-

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.

E-mail: [email protected]


Asia-PacificKelvin Bian

Kaori Motohashi

EMEA

Tel: +44 (0) 20 7542 3558


Japan

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


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, 2013 and December 31, 2014 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on December 31, 2014.

-

-

-

-

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

Kaori Motohashi

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 1338

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.

© 2014 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.


21

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