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MERGERS & ACQUISITIONS REVIEW REUTERS / Rickey Rogers MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS Full Year 2015

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Page 1: mergers & acquisitions review mergers & acquisitions review

MERGERS & ACQUISITIONS REVIEWREUTERS / Rickey Rogers

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

Full Year 2015

Page 2: mergers & acquisitions review mergers & acquisitions review

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Table of Contents

1

20

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

11

12

11

Any Spanish Involvement Announced (AD34)3

3

6

6

19

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

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)

M&A Financial Advisory ReviewFull Year 2015 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

15

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

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

Any Asia Pacific Announced Fairness Opinion

8

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

20

21

21

22

21

20Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

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)

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)

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)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Americas Involvement Completed (AF55)

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

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Page 3: mergers & acquisitions review mergers & acquisitions review

Full Year 2015 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWW M&A Breaks All-Time Record l Deals Over $10 billion Double l Healthcare, Energy Push US and Asia Pacific to All-Time Highs l Goldman Sachs Top Advisor

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees WORLDWIDE M&A UP 32%, STRONGEST YEAR FOR DEAL MAKING ON RECORD - Powered by a triple-digitpercentage increase in the number of deals over $10 billion, which account for record-breaking 41% of announcedM&A value, worldwide M&A totaled US$4.7 trillion during 2015, a 42% increase from comparable 2014 levels andthe strongest annual period for worldwide deal making since records began. Seventy-one deals with a value greaterthan $10 billion were announced during 2015, their combined value more than double the level seen during 2014.Overall, just over 42,300 worldwide deals were announced during 2015, a 0.2% increase compared to last year.

FOURTH QUARTER BREAKS ALL-TIME RECORD, THIRD CONSECUTIVE $1 TRILLION+ QUARTER - Fourthquarter 2015 M&A totaled a record-breaking US$1.6 trillion, a 50% increase by value compared to the third quarterof 2015. This quarter marks the third consecutive trillion-dollar plus quarter for worldwide M&A since records beganin 1980.

UNITED STATES & ASIA PACIFIC DEAL MAKING ACCOUNT FOR 74% OF ACTIVITY - M&A activity for UnitedStates targets totaled US$2.3 trillion during 2015, an increase of 64% compared to the level of activity seen during2014 and the strongest period for US M&A since records began in 1980. With US$1.1 trillion in announced dealsduring 2015, Asia Pacific M&A also registered the strongest period for deal making in the region since recordsbegan, topping US$1.0 trillion for the first time.

HEALTHCARE, ENERGY & POWER, AND TECH LEAD ACTIVITY - Driven by pharmaceutical M&A, deal makingin the Healthcare sector totaled US$672.9 billion during 2015, an increase of 71% compared to 2014 levels, while

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

t e ea t ca e secto tota ed US$6 9 b o du g 0 5, a c ease o % co pa ed to 0 e e s, eEnergy & Power increased 1% and Technology deal making doubled compared to a year ago.

CROSS BORDER M&A UP 27% – Cross Border M&A activity totaled US$1.6 trillion during 2015, accounting forone-third of overall M&A volume and an 27% increase over 2014 levels. Cross border M&A accounted for 37% oftotal M&A activity during full year 2014.

COMPLETED M&A ADVISORY FEES UP 7% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totaled US$29.4 billion during 2015, a 7% increasefrom the comparable period in 2014.

$153.4$201.4

$78.7$15.9 $32.0 $65.7 $63.0

$116.5 $150.0 $165.1

$174.2

$318.2

$82.7

$24.7$60.2

$86.5 $74.9

$79.8

$118.6$135.5

$158.9

$163.3

$56.2

$36.3

$74.6

$70.5 $91.5

$82.0

$135.9

$184.2

$280.7

$113.0

$35.9

$51.6

$96.2

$106.7 $92.9

$107.7

$118.7

$222.9

21.2%19.3%

8.8%

6.5%

10.9%

13.1% 12.7%

16.5%15.7%

14.9%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

$0

$1

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

$280.8$407.9

$258.3$113.4 $175.5 $235.4 $172.4 $132.6

$240.2 $289.2

$273.9

$640.7

$363.4

$111.4$203.7

$247.6$272.1

$167.4

$382.8 $342.4

$256.2

$371.6

$326.0

$146.9

$272.0$204.3 $203.3

$177.7

$315.1$428.0

$404.9

$431.0

$154.2

$165.6

$261.2 $196.9 $250.7

$236.4

$307.0

$500.1

33.7%

44.9%

38.3%

27.0%

37.7%35.2% 35.3%

30.6%

37.3%

32.9%

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

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

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

1

Page 4: mergers & acquisitions review mergers & acquisitions review

Western Europe

13.419.015.0 ▲

▼▲

2,013▲

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

1,344

1/1/2014 - 12/31/2014

1,260,784.3 ▲▲

▲▲

% Change in Rank Value

▼▲

8.126.4

-15.3

155.6

-48.9

30.2

▲▼

45,469.977892,827.4

-16.6

40.7-68.4

448

United States 1,154,166.5

15,890.1

▼8,652

-38.3▲▲

87

106,617.8

No. Deals

13,305.018,019.5

12,608.1 11,661.5

1,503,075.9

432

1,176

3,160,761.4

Rank Val US$m

% Change in Rank Value

South America

8,579

719

31.7141

Target Region/Nation

North America37.3 Mexico

1,593,364.9148

57.7 9,755▲

9,996

1,672,097.0▲

176Central America▲

10,729-

Americas

13,455.17,048.718,748.6

3,338,146.8

Rank Val US$m

13113,18742,220

No. Deals

7921.7

-1.118888

24.911,050

-44.8

31,70031,213

Caribbean0.0

64.3

51.142.2

1,374,115.5

126

11,82110,129

▼-17.3-68.1

9781,692

5,018.3530

-27.1 Canada 90,289.0▼47,407.6

Brazil 37,903.1▼

38,028.3

20,838.61,317

Chile23.0 ▲ 68,439.1-1.6

Africa/Middle East13,935.2

▼Sub-Saharan AfricaNorth Africa

49.5

382 20,584.7

338▼ 314849

669,009.4 9.641,163.5

97

7,551.3

48,635.8

114

896

4,658.5 99406

123,049.6

2,730

84.7

95,919.7

▲-35.9

9,783

610,356.9

-16.8

12,441▼

2,226

12,203

77,765.9 1,338438 413 2

9,473

6 111

546,159.62,170

57 8

64,197.3

1,2245 768

2,658

691 792 1

Eastern Europe

146,399.02,440

Asia Pacific64,723.6

108,774.5France▲

627,845.9

▲Germany▼

11.3

▲United Kingdom137.5

▲12.1Europe

453

7.4

-40.8

3,322

145

2,538

2,140

Eastern Europe

1,604

14,374

178,313.475,329.3

81,784.6

11,05211,55149,729.4

842,946.8

North AfricaMiddle East

7.714,786652

22,313.03,618.4

28,274.4 87.5

62 7

65,124.1428

Europe

163

Africa/Middle East

6,108.1613

1,253

-45.4702 449 3 11 201149,657.0

121

2,425,775.4

51,544.9

9,962

Americas18,752.5

11 250

229

11,437

Central America

South America81,369.7

3,235

2,344,405.8

966573

83,818.52,589

2,547

40,471.9

1,475

Middle East

53,015.9Sub-Saharan Africa

Canada

Western Europe55,729.3

907,480.4

80,107.2

France

North America

851,751.1

Germany

Chile 5,993.2

Asia Pacific

United Kingdom

Worldwide 42,3134,747,567.3

1,487

Rank Val US$m

111,605.7United States

Caribbean

19,791.9

Brazil

Target Region/Nation

Mexico

793,217.3423,539.5

119

21,958.2

18,806.4

1,426,675.9

93,312.4

1,538,281.5

1/1/2015 - 12/31/2015 1/1/2014 - 12/31/2014

20321,762.8

14,416.9181257

2,517,835.6

16,528.4

1,666,870.9Worldwide

12,753

No. Deals

No. Deals

Rank Val US$m

2,531,512.4

48,958.6

1 142 542 3

1/1/2015 - 12/31/2015

Mergers & Acquisitions

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

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

14.2%

12.7%

12.7%

9.9% 8.8%

8.7%

7.4%

6.8%

5.8%

4.8%

4.7%3.6%

South East Asia

Telecommunications / Telecommunications ServicesHealthcare / Pharmaceuticals

Industrials / Transportation & Infrastructure

Healthcare / PharmaceuticalsConsumer Staples / Food and Beverage

Energy and Power / Oil & Gas

36,491.335,823.6 Materials / Metals & Mining8/10/2015

PendingPending

Broadcom Corp (100%) United States / United StatesUnited States / United States

8,396.9New Zealand

Precision Castparts Corp (97.1%)5/28/2015

Target Macro / Mid Industry

▼▼▼

▼▲

-40.5

▲▼

High Technology / Semiconductors

High Technology / Internet Software & Services

Consumer Staples / Food and Beverage

High Technology / Computers & Peripherals

Healthcare / Healthcare Providers & Services (HMOs)

Media and Entertainment / Cable

Energy and Power / Oil & Gas

Materials / Chemicals

Jan 1 - Dec 31 2015

The Dow Chemical Co

Pending

12/11/2015

11/17/2015Israel / United States

Pfizer IncAcquiror / Target Nation

EMC Corp (100%)United States / United States

-9.59291,104 -12.7

4,063.5

438,413.291,473.8

6,111 57.8

3226,742.0

83,441.5

5,768

10

1,816

4.892.7

-9.945,656.4 1,134

2,849

Singapore7,062.9

311

341,010.6▲

83.6185,726.6

26,458.0

314

53

283,941.2

208.7-9.9

1,426

271 -23.0

317

-25.1

3,134

Australia

1,134

63.9

▲73.782.9 ▲

-0.959,991.0

691,792.1958▲88,131.2

120,785.2

Central Asia59,423.8

39

Rank Value (US$m)Acquiror

79,896.5

1,15392,417.7

805

Asia-Pacific

75,517.9

▲Australasia

South East Asia

37.11,49962.7

14,948.3

702,449.3 11,201

1,258

-31.6

-23.4

78,087.4

69,408.2

4,913.799,601.9Japan

67

Top Fifteen Worldwide Announced Deals

6,564.6Japan

4466,964

49

45,896.0625

North AsiaChina 684,289.2

940,606.2

153,831.6

2,141

30,664.6

514,245.3

1,514.7

6,752

42.9

4601,858

34,567.5

62.9190

45,656.4

38,287.91,720

322

211

514 Malaysia

South Asia 41,134.7

-17.4

North Asia

118,196.7ChinaHong Kong

20,368.9

547,134.9

41,134.7

Australasia

4,650595

394,061.8

1,131

5,153.1 Papua New Guin▼

DuPont (100%)Pending

27,907.5South AsiaCentral Asia -82.0

Pending

4/8/2015

10/12/2015

Kraft Foods Group Inc (100%)

Avago Technologies Ltd

191,522.1Anheuser-Busch Inbev

1,440

United States / United States

The Williams Cos Inc (100%)

Netherlands / United Kingdom

United States / United States

▼1,153

Paypal Holdings Inc (100%)

60,755.7

6/20/2015

SABMiller PLC (100%)81,009.778,376.6

United States / United States

Charter Communications IncTime Warner Cable Inc (98.5%)

46,788.8

Energy Transfer Equity LP

68,422.1

HJ Heinz Co

Belgium / United KingdomAllergan PLC (100%)

United States / United StatesCigna Corp (100%)

Hutchison Whampoa Ltd (50.04%)

55,914.1United States / United States

BG Group PLC (100%)

54,716.5

65,801.8Dell Inc

Anthem Inc

Teva Pharmaceutical IndustriesHong Kong / Hong Kong

40,500.0

Berkshire Hathaway Inc

Canadian Pacific Railway LtdPending

Cheung Kong(Holdings)Ltd

Norfolk Southern Corp (100%)Pending7/27/2015

49,383.2

Allergan PLC-Generic Drug Bus (100%)45,410.81/9/2015

United States / United StatesShareholders7/6/2015Pending United States / United States

6/22/20157/2/2015

Pending

3/25/2015

Pending

10/7/2015

5/26/2015Pending

-9.01,092235.2

Malaysia

5,137

11,250120,842.6

28,541.51,798

375

1,138

11/23/2015

Asia-Pacific

10,228.1

Pending

Australia

Hong Kong

2,271

111,574.6

53,186.0

Rank Date Date Effective

Singapore

1,357

Royal Dutch Shell PLC

Target (% Sought/Acquired)

1,142,542.3

7/20/2015

8,428.7

Canada / United States 36,607.7

6/3/2015

Healthcare Energy and Power

High Technology Industrials

Financials Real Estate

Materials Consumer Staples

Media and Entertainment Telecommunications

Consumer Products and Services Retail

Government and Agencies

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables2

Page 5: mergers & acquisitions review mergers & acquisitions review

Centerview Partners LLC

Market

2,802.6

Change in

1.2Share Ch.Sh (%)

9.5

192257

10.1

3.0

4.4

0.66.6 1.0

1.7

# of

Worldwide Completed (AF1)

Market

▼ 6.2 ▲

# of DealsMarket Advisor

▼ ▲2.1

0.30.10.40.1

+43-29

8

11-12

-19

-59▼▼

7Lazard

352,936.499-20 Barclays

▼12

226,130.510

146

17

UBS

+8 Centerview Partners LLC

▲Rothschild

+8

110

5

349 0.8▼0.3

-23

80.6

17829

125 0.3-9

-28 0.1

2.0

13

JP Morgan

2.6

Jan 1 - Dec 31

Worldwide Rankings

2014 RankFinancial Advisor Deals

Imputed Fees (US$m)

1 ▲Sh ($)

1,556,020.1 12.9 1.0

2015 Rank

Rank Value per Advisor (US$m)

Goldman Sachs & Co# of Deals-21

Jan 1 - Dec 31

1.0Financial Advisor

342-4.8

1

Change in

14.2

29.4

7 7

5

1.7

2 1,046,536.6

Rank Value # of

19.8

407▲

▲340 0.8

1

-6

267,049.5

Market

Barclays 8

3

Citi45

Bank of America Merrill Lynch

RBC Capital Markets

UBS

Moelis & Co

654,429.28489,758.6477,386.5

Guggenheim Securities LLC

16

10.3

15.1

18

7.0

673,716.9

365,755.6

9

231,163.91611

Robey Warshaw LLP

21

12BNP Paribas SA

0 0

1.4

-5

49

-0.5 0.7

0.5

0.0

8.1

287

417

0.8

225

6.5

233

▲256

345

▼▼

0.6 Bank of America Merrill LynchMorgan Stanley

64

US$m DealsShare Ch.37.2

Sh (%)

# of Deals per Advisor

MarketMarket Rank Value Market2015 Rank

Rank Value per Advisor (US$m)

Share Ch.

2 334.3

731,647.3▲ ▲

8.223.2

Fees365

US$m

+130.90.0

▲1,085,472.6Sh (%)Sh (%)

# of Deals per Advisor

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

-11

Market2014 Rank

1,306.21,926.9

225 -11

▼1.1

-26285 1,810.5

0.75.7

11.5

2 627,527.8 ▼

0.8▼

19.9

16.8625,932.0

-0.70.7 ▲-1.8

1,006.50.2

15.11067 364,270.8Deutsche Bank

893.20.70.6

▲203226

2.50.6 -22

▼▼

3.0

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▼0.0▼

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321,096.1▼ 0.6

▼-1.911.2

▼1.7

-13

▼▼ 0.8▲

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0.3-8.9

▼-52 2.7

509.0145 -20

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8.51.6

-4.8▲

0.5292

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0.938

▲▲

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0.4 ▼

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275.91.3

+17-23 ▼

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4.9

15▼

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114

6.4203,501.2378.5209.20.2 ▲

4.2110,859.0 3.5

16

18Evercore Partners

35131,410.6 0.214

13

▲ 15

HSBC Holdings PLC

BNP Paribas SARBC Capital Markets

▲3.017

107,785.8-1.2

China International Capital Co

▼16 3.4

79▼ 3.3 381218- Anglo Chinese Corp Finance 2.786,031.5 ▲

-36▲

▲▲

▼ 1.6

15.3

119▲ 0.1

478.2+22 0.2

▼0.30.3

0.4

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527.0+150.0

▲0.5148

104,915.9

2.6171

Jefferies LLC

21

19 82,540.6Perella Weinberg Partners LP

▲▲

25▼20

+5▼-2.8

2 328 -0.5159.078,504.4 0.42.5 ▲

▲ Somerley ▲0 0+2+8

73 056 6 24 3 0 1 0 028 ▲+10 1

0.0-140.119 0.0

▼3.7

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1,765,136.2

17 330,553.813

1,395,858.2

722,234.6 15.29

3

Citi810,986.90.5

17.122.0

JP MorganGoldman Sachs & Co

7.0

▲▲

▲32.8

9.4

7.7 ▲

Worldwide Announced (AD1)

▲5.9

0.013.8

4Morgan Stanley1

+43

4.5

2

717,641.6LazardCredit Suisse 6

-50.6

+7

202

12

15

1510

10

48

50LionTree Advisors LLC

21

Deutsche Bank6

4511

19

17

RothschildEvercore Partners

7.24.0

3414

343,072.2

0.3 ▲317,619.5 6.7

2 3106 698 7

4.44.9

4.1194,898.4144,245.6

202,451.4209,144.5

3.0HSBC Holdings PLCAllen & Co Inc 20

* tie

2.253

31,213

0.1

40 36.1

21

32.1

-11.5%0.2%

38 51.92

36.0

1

Morgan StanleyGoldman Sachs & Co

30

3,224

3

28

29 38

43

24.4

1,498

11 21.418.3

2,296 35.525.8

55

Industry % Change from Last Quarter -2.5%

88,145.9

1,351

21

High Technology

Morgan Stanley

Industry % Change from Last Quarter

95100.0

23 1328

Bank of America Merrill Lynch

217,360.3

249,736.7

349,211.0

24

193,056.3

Rank Val US$mEnergy and Power

216,372.2Goldman Sachs & Co

Morgan Stanley

54.0

1

170,852.6

275,546.6

Financials

92,698.3

Industry % Change from Same Period Last Year

338,258.1Healthcare

Real Estate

56 101,732.4 3

69 148,082.8107,909.6

JP Morgan2

38

22.5

174,465.0

1

0.0

Jan 1 - Dec 31

Goldman Sachs & CoBank of America Merrill Lynch

3

21 25 2.3▲ Somerley ▲0.0+269,474.673,056.6 -24.3 0.1

200.60.0

▼-0.22.2 0.7+3 ▲

28

0.0+2

▲+1▲

0.1

51.770.5141 0.1

100.0

0.20.7

0.2▼▼

0.40.2

▲▼

29,387.0▼

-4870.2

-6 0.5-17

152.0

▼ 215.4

7.2%▼

1.9 0.4 ▲-0.61.8 ▲

1.9 ▼ 0.2

-15.5%▼

0.0 -5 BMO Capital Markets 59,346.234

51

-1.5%-13.2%

Nomura

▼▲

Industry % Change from Same Period Last Year

Zaoui & Co

Industry Total

Wells Fargo & Co70

22232425

361,857.4

▲42,313

Share

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

No. Deals

+934,747,567.3

49.7% ▲

Rank

100.03,160,761.4

+15▲0.4

24.9%

61,269.368,919.9

21

23

0.1

2.3

-2.1▲▲

39

1,341

53

Top WW Announced M&A Advisors by Target Industry

42.2%

12

Mkt.

1.6

▼0.1

1156

+120.4

2.0+17

152

2022922

LionTree Advisors LLC 2.3106,698.7

1.8

92,479.2101,423.2Greenhill & Co, LLC 2.1

87,803.8Anglo Chinese Corp Finance 83,020.8

1.9Jefferies LLCChina International Capital Co

363,495.4

213,071.7

Morgan Stanley

Industry Total†25

Goldman Sachs & Co

220,115.9

Goldman Sachs & Co

35.5JP Morgan41.6

JP Morgan

3237,436.3

1

38 28.432

JP Morgan

Jan 1 - Dec 31 2015

354,706.3 52.7

53

1,011.11 808.20 767.23

535.73 538.58 368.37 270.99 354.22 375.44

165.14 306.29

213.9

207.7 235.3

230.6 194.0

243.4 176.4

198.7 158.2

54.7

171.1

68.4

68.4

-

-

78.4

78.4

78.4 78.4 78.4

78.4

81.0

81.0

81.0

81.0

-

120.8

120.8

120.8

120.8

32.1 120.8 120.8 120.8

191.5

191.5

191.5

191.5

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Goldman Sachs & Co

Morgan Stanley

JP Morgan Bank of America

Merrill Lynch

Citi Credit Suisse Lazard Barclays Deutsche Bank

Centerview Partners LLC

UBS

Ran

k Va

lue

(US

$bil)

Allergan PLC/Pfizer Inc

SABMILLER PLC/Anheuser-Busch Inc

BG Group PLC/Royal Dutch Shell

Time Warner Cable/Charter Communications

DuPont/The Dow Chemical Co

Other Top 15 Deals

All Other Transactions

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11.0x

Consumer Staples

Consumer Products and Services

15.7x

Healthcare

14.9x

High Technology

12.0x

15.3x

12.6x

14.0x

11.4x

15.4x

Energy and Power

17.2x

Materials

11.8x

13.8x

14.1x

12.3x 10.7x

-15.7x

28.4x19.7x

12.5x

20.9x

9.7x

-

12.7x

19.7x10.5x9.8x 12.7x 11.8x

12.4x

14.0x

15.1x

11.1x

15.6x

14.6x 11.6x

12.7x

15.6x 16.7x

-13.0x

14.5x

15.5x

14.5x

19.3x 14.1x

11.4x8.4x

9.6x

9.8x

11.0x

12.2x 11.2x

-14.7x11.8x

18.1x 15.0x18.8x

17.2x 16.6x

18.1x

11.1x

24.4x

24.0x22.5x

11.3x15.0x

11.6x

16.7x

15.1x

9.6x14.7x

8.1x 16.2x

11.9x 12.2x

15.6x

13.8x

21.8x12.2x

6.9x22.1x

17.8x14.1x

12.0x

16.5x 18.7x14.8x

15.8x 13.3x

11.5x

11.3x

15.1x13.4x

16.2x12.9x 15.1x

11.7x

12.0x

15.4x9.0x

13.3x

12.7x12.3x

11.7x 11.7x

12.2x

15.8x

12.4x

15.6x 15.4x

14.6x14.6x17.9x

9.0x

16.1x16.1x 9.3x

13.9x

21.7x18.2x 16.0x

14.0x14.0x

16.0x18.2x 11.4x

12.4x9.8x

19.1x

9.0x

21.5x 22.3x11.4x

11.6x

12.4x

11.6x

16.7x

16.8x

8.2x

12.4x8.5x

12.7x22.4x

12.5x 12.3x

UK

15.8x

13.6x

19.1x

9.7x 16.9x

15.3x 11.5x

15.6x

13.8x

20.3x

11.7x

11.6x

18.9x

World

Industrials 13.0x13.5x

11.7x

18.5x 18.1x

3.5x

6.3x

16.3x

6.1x

17.1x

9.7x

3.5x

-

24.7x 23.2x

14.0x -

6.4x

14.4x

Telecommunications

Real Estate

Media and Entertainment

Retail

12.8x

11.6x

13.9x

14.8x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

12.8x

11.7x

USA

9.8x

13.2x 12.0x

17.1x

17.1x

13.0x

18.1x 24.0x

Japan

13.2x

Asia ex. JapanEurope

13.1x

8.2x

9.3x

16.7x

EMEAAmericas

Worldwide M&A Matrix

2015 UP 2015 DOWN 2015

Jan 1 - Dec 31

14.5x14.9x

22.4

27

15.8x

53.3

UK

16.9

Real Estate 13.2

34.0 34.8

- -

14.1x

28.721.9

13.1x

EMEA2014

36.6

15.7x18.0x 15.7x13.1x13.3x

18.3

17.9

14.9

22.8

25.5

50.1 24.1

17.1

31.2

31.1

24.5

22.1

36.7

48.8

31.6

16.6

-

23.3

11.427.8

-

21.3

23.0

29.0

24.5

29.0

22.6

21.6

39.1

44.735.0

20.9

25.533.4

17.5

40.7

34.6

23.0

31.8

47.3

30.7

22.3

45.0

17.5-

24.5

Europe

13.1x

17.5

34.5

31.7

28.4

26.0

44.926.1

47.4

34.1

-

25.114.4

35.0

24.5

21.0 19.6

32.223.726.427.1

26.5

17.523.9

32.0 26.520.1

25.9

24.0

29.2

84.8

19.3

37.8

33.2

Japan

15.3

Asia ex. Japan

13.3x13.1x

17.3

25.7

17.3

28.9

23.2

19.2

14.721.9

23.2

11.8x

23.2

43.520.8

39.317.9

56.1

17.9

35.4

35.1

24.0

42.1

USA

11.5x15.4x 10.1x

16.923.3

47.0

39.4

34.6

26.4

44.3

32.530.5

Americas Canada

22.5

Healthcare

Consumer Products and Services

38.0

28.0

43.829.5

22.7Energy and Power

27.6

Average Industry Total

31.4

20.8

High Technology

Industrials

24.8

29.8

25.7 34.7

Media and Entertainment

29.3

Telecommunications 25.0

Materials

25.2

45.7

27.2

Retail

28.2

50.1

22.5

22.5

17.6

27.6

27.1

36.2

20.726.8

30.8 30.636.4

27.6

41.4

33.0

28.936.8

28.6

14.2x

17.4

28.0

2015 UP 2015 DOWN

27.724.0

28.0

Financials

33.3

22.324.741.9

24.5

29.0

Average Industry Total

29.4

26.218.7

30.6

25.924.5

11.8

34.124.5 22.8

23.3

25.9 20.1

65.218.2

38.1

25.1

42.3 32.0

22.1

28.5

20.319.9

28.6

24.548.2

26.227.6

25.4 21.3

34.0

26.0

37.8

38.8

27.0

26.238.4

24.2

35.7

28.4

18.2

23.0

23.6

16.022.0

25.3

18.6

24.324.5

18.3

25.5

4.7

21.736.1 24.7

26.115.2

21.8

- -

28.328.7

35.3

World

34.242.0Consumer Staples

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2014 - 12/31/2015 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

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Page 7: mergers & acquisitions review mergers & acquisitions review

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan

Bank of America Merrill Lynch

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

5

6

7

8

9

102006 2007 2008 2009 2010 2011 2012 2013 2014 2015

5

6

7

8

9

10

Ran

k

Citi

Credit Suisse

Lazard

Barclays

Deutsche Bank

Centerview Partners LLC

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Page 8: mergers & acquisitions review mergers & acquisitions review

Media and EntertainmentGoldman Sachs & Co 107,953.7 1

Guggenheim Securities LLC 100,547.9 3

177,809.9

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

Healthcare

High Technology

Energy and Power

Materials

JP Morgan

Morgan StanleyLazard

Rank Val (US$m)558,347.9 361,881.7337,204.5Morgan Stanley

Goldman Sachs & Co

BarclaysMorgan Stanley

Goldman Sachs & CoJP MorganBank of America Merrill Lynch

Citi

320,290.0387,176.9 226,563.3177,740.2159,763.3

267,807.9 135,743.2111,779.8105,127.0

12

1

Rank

123

Mkt.

1,021

No. Deals

60.422 15

24

654 41.33

224

15 23

60.514

18

52.9

523 14

Share

64.8

39.3341.7

57.4

183,458.5 111,013.097,085.882,063.6

23

1Goldman Sachs & Co

28

1,73758.5

Americas M&AFull Year 2015 | Mergers & Acquisitions | Financial Advisors

Americas M&A up 43% | Healthcare Volume Drives US Activity | Canadian Activity Rises 36%

33 45.9

Americas M&A volume during 2015 increased 43.3% over comparable 2014 levels totals, accruing nearly US$2.9 trillionin activity from 15,922 announced deals. Estimated fees generated from completed deals in the Americas totaledUS$21.1 billion, a 9.6% increase from fees earned duirng full year 2014.

US Targeted M&A also posted significant gains, rising 64.3% over announced M&A during full year 2014. US-targetedvolume accrued a total of US$2.3 trillion during full year 2015, driven by 9,962 deals.

The Healthcare sector led the US market, with deal volume totaling US$558.3 billion, accounting for a 23.8% marketshare. High Technology followed, accruing US$387.2 billion for a 16.5% share of the market. Energy & Power roundedout the top 3 sectors, with US$267.8 billion and an 11.4% share of the market.

Accumulating US$278.6 billion in transaction value, announced Canadian Involvement activity rose 36% over the totalsreached during full year 2014. Completed Canadian Involvement activity was up 13.2% compared to full year 2014,accruing US$216.2 billion from 1,865 deals.

In the Americas, Media and Entertainment saw the highest average increase in exit multiples during full year 2015,climbing 4 turns on EBITDA - to 13.8x from the average of 9.8x in 2014. Overall average multiples across industries inthe Americas saw a slight increase compared to full year 2015, at 14.5x compared to 14.2x during full year 2014.

50.7

3 56.6

11 44.7

60.7 11 Bank of America Merrill Lynch 105,277.5 2 59.2 6

841

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

Acquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – Dec 31 2015

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

Pending191,522.1

The Dow Chemical CoUnited States / United StatesUnited States / United States

7/27/2015

PendingEMC Corp (100%)Pending

6/20/2015

The Williams Cos Inc (100%)

Shareholders

Charter Communications Inc

Date Effective

12/11/2015 DuPont (100%)

Pending Allergan PLC (100%)11/23/2015Rank Date

5/26/2015 Time Warner Cable Inc (98.5%)

54,716.5

Pending Allergan PLC-Generic Drug Bus (100%)

10/12/2015Pending

Pending

Energy Transfer Equity LP6/22/2015

Cigna Corp (100%)

United States / United StatesDell IncUnited States / United States

United States / United States40,500.0

55,914.1 Energy and Power / Oil & Gas

United States / United StatesAnthem Inc

Israel / United States46,788.8

Teva Pharmaceutical Industries

49,383.27/2/2015

Paypal Holdings Inc (100%)

Canadian Pacific Railway Ltd

United States / United States

Pending Norfolk Southern Corp (100%)

US Buyside Financial Sponsor Activity

7/6/2015

36,607.7

7/20/2015

11/17/2015 Canada / United States

3/25/2015

Pfizer Inc

HJ Heinz CoKraft Foods Group Inc (100%)

Healthcare / PharmaceuticalsMedia and Entertainment / Cable

Consumer Staples / Food and BeverageUnited States / United States

Materials / ChemicalsHigh Technology / Computers & Peripherals

78,376.668,422.165,801.8

Industrials / Transportation & Infrastructure

Healthcare / Healthcare Providers & Services (HMOs)High Technology / Internet Software & Services

Healthcare / Pharmaceuticals

23.8%

16.5%

11.4% 7.8%

7.6%

7.3%

5.9%

5.7%4.9%

Healthcare High Technology Energy and PowerMaterials Media and Entertainment IndustrialsReal Estate Financials Consumer StaplesConsumer Products and Services Retail TelecommunicationsGovernment and Agencies

60.6 110.4

17.5 26.6 77.2 84.4

115.1

109.9

192.7

28.7 33.5 33.5 34.6

33.0 47.3

41.5

84.3

91.2

18.5

13.6

28.4 26.6

52.9

43.9 51.2

110.2

170.8

20.6

5.0 39.3

64.7 55.8

60.5 48.8

137.1

55.5%

52.1%

27.5%

41.5% 42.7%46.0%

52.7%55.6%

44.3%

57.1%

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Rnk

Val

US$

bil

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

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Page 9: mergers & acquisitions review mergers & acquisitions review

Deutsche Bank Centerview Partners LLC

# of Deals per Advisor

Any Americas Involvement Completed (AF55)

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

DealsMarketMarket

Imputed Fees (US$m)

US$mMarket Change in

Americas Rankings

Rank Value per Advisor (US$m)2014 Rank

# ofRank Value Market2015 RankFinancial Advisor

# of Deals per Advisor

Share Ch.▲2.6

Sh (%)AdvisorRank Value

Share Ch. DealsUS$m

1,055,102.9 ▲42.61,225,443.8 7.0

Sh (%)▲

Market

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

Rank Value per Advisor (US$m)

258

# ofFinancial Advisor

Market

-34 ▼

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

Market

2,343.0 11.1Share Ch.

1.9 -7

1,084.37.5▲

1.2

1 ▲38.7 7.51 774,792.5# of Deals

2015 Rank

2014 Rank

Change in

36.6 16.9Goldman Sachs & Co▼285 1.81

Morgan Stanley3 3 1,026,838.0

Goldman Sachs & Co 11.52 +13 ▲ ▲1,585.7 1.3▲ 2115

▼31.0 3.9

Bank of America Merrill Lynch 455,534.7JP Morgan

52

+922.9

1.611.6

1.2▲

Morgan Stanley22.735.7 162

+4245-1 ▼

2224 1.4 -2.33

621,562.7

Bank of America Merrill Lynch 4 2 660,226.6JP Morgan

▲1.1-11

19.1 -6.8▲▼ 5.1

▼5 4 658,194.9

0.2

22.9 2.3 ▲▼ 191 ▲ 3-3.5

▼ Citi 54 7.31.6 +13 ▲ 1,545.4382,452.5 218

0.06 366,035.9 18.3 -0.2 1.2 +2 ▲156▼Credit Suisse 6 8 577,032.7 20.0

1757.4 ▲ 151

Citi0.9

792.2 -1.1 -5 3.8-16 ▼ ▲7.8Lazard 6 10 0.0▼ 629.4

4 261,951.8 ▼ 650.2▼337,756.8

7Barclays 7 6 510,061.2-129 1.0 -17 3.0

▲-0.7 ▼17.7

16.9-53 ▼137 0.9 Barclays ▼

Centerview Partners LLC 8 11 486,732.4 16.9 3.3 0.0▼10.6 685.713.1 -12.6 3.1 1.11.0 -44127

9 235,445.5 11.8 2.4 1.0 -14▼0.9

▲ 13646 0.3 +7 ▲ Credit Suisse 8

10 9 376,111.5 13.1

-Lazard 9 7 437,410.9 15.2

0.7 ▲ 130141

10-20 ▼Deutsche Bank1.0 ▲ 9

0.8-12 ▼ ▲ 529.2

15 208,048.58 225,146.6 0.9 +2

10.4 4.8▼ 12411.2 -0.8 2.5 0.3▲ 35 ▲

Guggenheim Securities LLC 11 33 365,713.2 12.7 UBS 112.4 0.80.3 +3 ▲ 502.2

▼ 70 1.4 0.37 128,107.1 6.4 -7.0 0.5 -4 ▼ 287.9 ▼UBS 12 12 345,931.1 12.0

27 0.2 +7 ▲6.4 ▲ 82 0.5

11.5 ▲RBC Capital Markets 12-6 ▼ 14 118,184.4 1.6 1.0▼ 337.9▼ 106 0.8 -26 ▼

Moelis & Co 13 23 323,679.5 11.25.9 -0.1

-10 ▼95 0.6 24 103,737.8Rothschild 13 ▲Evercore Partners 14 14 304,318.6 10.6 6.3 ▲

9.4 ▲ 5.2 3.0 1.5 0.50.8 +26 ▲ 316.0▲ 1030.7 -35 2.0 0.5▼ 412.8

Jefferies LLC 15Evercore Partners 14

▼ 1223.9 -4.316 91,801.4117 0.7 -31 ▼ ▲ 984.6 0.0 ▼

RBC Capital Markets 15 13 226,390.2 7.9 2.4 ▲ ▼481.412 0.1

113 0.7Allen & Co Inc 16 36 144,005.8

0.9 +63.8 2.95.0

▲4.0 ▲

-29 ▼+7 ▲ Perella Weinberg Partners LP 16

2.3 0.139 76,458.812 77,877.6

▲Rothschild 17 15 113,076.5 3.9 -0.2 ▼

- 15Wells Fargo & Co 17

0.7 0.20.1 -9 ▼ 145.2▼ 52 1.0 0.517 60,999.3 3.1 -0.8 0.4 -17 ▼ 212.2 ▼

LionTree Advisors LLC 18 111 98,429.3 3.4116 0.7 +8 ▲

3.3 ▲ 10 0.1 BMO Capital Markets 18+1 ▲ 20 59,346.2 0.7 0.2▼ 152.0▲ 51 0.4 -4 ▼Greenhill & Co, LLC 19 19 93,815.9 3.3

3.0 0.7+10 ▲38 0.2 30 58,298.0Allen & Co Inc 19 ▲

M Klein & Co LLC 20 - 75,038.9 2.6 2.6 ▲0.9 ▲ 2.9 1.6 0.6 0.30.1 +1 ▲ 117.0▲ 7

0.2 +5 0.9 0.4▲ 193.0HSBC Holdings PLC 21Guggenheim Securities LLC 20

▲ 192.3 2.011 57,829.75 0.0 +5 ▲ ▼ 232.9 -5.7 ▲

Needham & Co LLC 21 127 71,180.4 2.5 2.4 ▲ -45.1124 0.819 0.1

Jefferies LLC 22 10 70,118.10.1 +7

2.2 -0.12.4▲

-4.1 ▼0 -

+1 ▲ Houlihan Lokey 220.2 0.0

21 43,202.668 45,981.0

-BMO Capital Markets 23 22 61,591.4 2.1 0.3 ▲

▼ 196BNP Paribas SA 23

1.8 0.01.5 +24 ▲ 381.5▲ 46 0.6 0.235 39,007.8 2.0 1.0 0.3 +16 ▲ 118.2 ▲

BNP Paribas SA 24 31 56,531.3 2.059 0.4 +1 ▲

0.7 ▲ 45 0.3 Nomura 24+8 ▲ 37 35,493.3 0.3 0.0▼ 67.9▲ 26 0.2 -6 -Intrepid Investment Bankers 25 468* 55,914.1 1.9

1.8 0.8-2 ▼ ▼1.9 ▲ 5 0.0 19 33,856.1Greenhill & Co, LLC 25 281.7 -0.8 0.6 -0.10.2 +10 ▲ 123.1▼

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

Guggenheim Securities LLC Deutsche Bank

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

6

1.8

96

7.7

Industry % Change from Same Period Last Year ▼

+10

16▲

Rothschild

17+7

Wells Fargo & Co

13.32.2

44,410.8

+8

4

▼Allen & Co Inc

74 -17-4

9,962100.01.4 11 +4

▲ 0.10.1

▲ 104

4.6 11

▲▲

9

2

Houlihan Lokey

55,239.0

1,503,075.9

Barclays

342,535.3

4.118

Industry % Change from Last Quarter

Greenhill & Co, LLC▲75

3.417 79,722.6

2.4 2.4

28

77 71,122.0

5

0.3 41,972.2+10

Blackstone Group LP

0.3

▼0.2▲

-180

1.0▲26,126.2Jefferies LLC 21 -6.113

0.3

Goldman Sachs & Co 1

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

JP Morgan 3

Allen & Co Inc 16

18

Morgan Stanley 2 6 961,010.5

Citi 4 4 610,920.4

LionTree Advisors LLC25

98,210.9 +1

Needham & Co LLC 20

941.0 -40

0.5

▼-1.8%

-29

0.8

0.2

-13.0%

2.0

p , ,,Industry Total100.0 -38615,922 100.0Industry Total† -2852,003,032.7 13,2552,879,525.2

▲ -12.0%Industry % Change from Same Period Last Year 43.3% ▲ -2.4% ▼

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

▼ 1.1%

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

Industry % Change from Last Quarter 27.4%▲

100.0

-13.3% ▼▼

Imputed Fees (US$m)

21,076.2

Industry % Change from Same Period Last Year 24.7%

US Target Completed (AF2) Jan 1 – Dec 31

-2.1% ▼ 9.6% ▲Industry % Change from Last Quarter -17.9%

Sh (%)2014 Rank

Market

US Target Announced (AD2) Jan 1 – Dec 31

MarketRank Value Market2015 Rank Fees

# of Change in 2015 Rank

2014 Rank

Rank Value Market Change in Market# of Deals

Market

46.6 8.9 ▲US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

1,912.71.9 -15 ▼ Goldman Sachs & Co

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

1 1,091,460.8 3.912.5174 2.01 1188 ▲41.0 22.0

+13 ▲618,420.0 41.1 7.2 ▲▲+27▲

+83 903,502.8 38.5 13.41.6157

153 5.9▼ 112-6.55▲1,292.7 8.4▲

1.50.7908.7

1.632.8 1402 0.7 ▲492,659.2 ▼-422.8

▼▲ 1.5

▲1.3 -13

JP Morgan▼Bank of America Merrill Lynch

3.1 ▲ 1.1 -13110 1.2 -1 ▼26.1 Citi 316,405.7 21.1 1.7 1024 6 609.413.519.8Bank of America Merrill Lynch 5 2 592,976.7 297,061.25 13

-4.0 0.03.4 0.6 ▲519.6▼ 1.2 Lazard-1124 ▲87 1.0 +1▲

0.9Credit Suisse 6 8 514,865.7 22.0 9.025.3 -3.2

0.94 283,658.8 18.9 -11.2 - 1,147.8▼ 1.5 0 ▲Barclays 7 5 481,331.1 20.5 -0.3 ▼

▲ 7.5-15 ▼ 1263▼

Morgan Stanley 6227,144.9 1.21.0 -3315.1 -15.9 ▼ 512.789 3.4 ▼

Centerview Partners LLC 8 11 480,060.5 20.5▼7

12.0 6.5 ▲0.8▲ 27 ▼ 439.40.3 -2 2.9Lazard 9 7 399,031.0

1081

180,736.511.7

▲0.317.0 Credit Suisse-16

10 12119

Centerview Partners LLC 8 15▲▲

41 0.4▼

▲175,238.8 -12 ▼1.085

0.99.1 ▲2.4 ▲ ▲539.2 3.5

▼0.42.2338.3 ▼0.2

-10.5 ▲ 0.742 0.5 -8 186.5 1.2▼136,238.523 +90.2 ▲ 79365,587.9 15.6 14.0 26

11 19 310,422.6 -19 ▼ UBS▲ 0.8 6.62.312 14

13.2 10.9 75 98,383.41.0

11 7299,220.6 -77.5 ▼82,620.7 5.5 -0.5 ▼ 1.0

2.413 12.8

12.4

Moelis & Co0.9▼ Evercore PartnersEvercore Partners 12

Deutsche Bank 13 9 291,558.5 81 1.4▼0.8 -5▲ -2267353.4230.94.9RBC Capital Markets

-1818

85 ▼

RBC Capital Markets 15 15 179,904.7-47 0.0▼ 14 10

1.52.7

0.8▲4.5Jefferies LLC

13 73,529.1 ▲+7

▼UBS 14 12 291,480.3 12.4 -5.8 ▼

0.7▼

23 ▲3.26.3

-7.9 ▼Guggenheim Securities LLC 150.767,891.7

▼24

-0.554,754.8

418.4980.3 +10 188.51.1

▲0.78 57,829.7 3.9▲▲3.7 0.1

1.2

-0.00.2 ▲ ▲▼ 1.30.5▼ 46

140,946.8 6.0

2.22.8195.1

20 170 339.8-184.2+2 ▲

▲0.3104.7 0.70.817 3.617

2.0 +1919 19 31,577.9 2.1 +6 ▼-1.1▲19 - 94.9▲74,033.9 3.2 Greenhill & Co, LLCM Klein & Co LLC ▼ 19 0.23.2 0.1▲ 0.0 +4 0.6

2.0 1.0 0.23.0 2.9 -216 32 29,519.420 -8 ▲▼ 0.3 ▼142.7

99.5▼0.90.7 0.3

1.7▼ -198 1.0 21▼ 29Stifel/KBW10 59,832.5 2.6240.9

820.5267* 55,914.1

-161.6

1.9 -2.7-2.9 ▼

2322

Qatalyst Partners 23▼

14 45,523.3-13Intrepid Investment Bankers 22 Moelis & Co0.1 -2 0.8

0.3▼1.923,983.80.523,158.8 1.5

450.9

▼15 0.2 +3 ▲ 0.7 ▲2.0

0.8312.9-0.3 ▼

▼ 7224,191.7 1.6▼

161.6

34Rothschild

24BMO Capital Markets24▲ 0 -▲ 0.1

0.4 ▼0.7 ▲ 48.619 0.2 -8▲▼ 0.6 0.283.9

15,311.0 100.0-2▲1.5-73

30.2% ▼

25 0.2

Industry % Change from Same Period Last Year▼

22,199.6 20

-0.8%

30100.0

▲11.6%▲-4.0%▼-16.1%

8,579

-23.8% ▼

Industry Total

Industry % Change from Last Quarter64.3%

2,344,405.8▲

24 29

45

32.3%

Industry TotalBNP Paribas SA 25

42,005.9

Wells Fargo & Co 23

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7

Page 10: mergers & acquisitions review mergers & acquisitions review

Guggenheim Securities LLC Deutsche Bank

Industry TotalBNP Paribas SA

100 0 1321 785 171 5 11 177▲ 34 0.5 0.5 ▲

18 740 9 100 025 45 28,005.9 1.6 1.1

1.50.3 +16 ▲ 90.3

▲85 0.8 -11 ▼ 288.0 1.50.6 0.6 ▲

Moelis & Co 24 18 29,571.5 1.7 -2.2 ▼34 30,866.0 0.2 -10 ▼ 108.21.7 0.7 ▲ 17

-1.0 ▼ 0.6 ▲26 0.2 +9 ▲ 120.5 0.60.20.1 +4 0.2 ▲

Greenhill & Co, LLC 22 19 33,749.4 1.9

1.942,589.5 2.41.9

0.2▲ 29.11.6 ▲ 12

▲ 193.023 0.2 +621 ▲

1.01.9 ▲186 1.7 +19 ▲ 363.11.0 ▲

0.6 0.6 ▲Guggenheim Securities LLC 19 10 57,829.7 3.2 -6.5 ▼

-1.0 ▼0.1 +1 ▲ 117.01.9 ▲ 7

1.1 ▲52 0.5 -17 ▼ 212.2 1.11.3 ▲77 0.7 +22 ▲

▲Rothschild 16 24 63,656.0 3.6 1.9 ▲ 247.2 1.3

2.512 71,724.1 4.0 -5.2 2.5461.4▼0.7 0.70.1 -9 ▼ 135.8

1.3 ▲16 74,420.1 0.6 -30 ▼ 237.14.2 -0.4 ▼ 702.0

▲114 1.0 +3 ▲1.3

▲92 0.8 -25 ▼ 2.0380.51.4 1.4 ▲

Evercore Partners 12 15 83,940.4 4.7 -0.5 ▼▼ 261.36.5 -8.1 ▼ 607 115,105.4

472.1 2.5169,990.7 9.5 -2.3 ▼0.5 -7

2.5 ▲112 1.0 +3 ▲3.4 ▲114 1.0 -9 ▼

▲Credit Suisse 9 13 205,146.8 11.5 3.0 ▲ 631.6 3.4

▲5.4 ▲ 34 0.3 +3 ▲ 495.5 2.6 2.6

4 -42▲9 327,809.2

▼13.6 -14.3 ▼241,939.5 1.0 610.6 3.3116 3.3▲118 1.1 -18 ▼ 614.1 3.3 3.3

189+5

1,409.6 ▲5 3 334,877.3 18.8 7.5

7.9▲ 11.7

3.9-9.2 1.7 +7 7.5▲

732.0

# of

11.7231 2,200.12.1

141 1.30.4 ▲

1.77.31.2

-1.5

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

Share Ch.MarketChange in Advisor

236-28

+130.4

BNP Paribas SA 0.31.4

0

Wells Fargo & Co

Intrepid Investment Bankers 23 385*37 53,500.114

55,914.1

343,164.7▼

1 722,301.1 -9551,276.9

2.02.1 2.1

149 1.3

▼36

Market

Share Ch.

+1Goldman Sachs & Co

▲ 189

68

▼Morgan Stanley4 6

18.4Lazard 6 8.6

20HSBC Holdings PLC 21

23

▲36

▲M Klein & Co LLC 20

1082.42.7

Jefferies LLC 22 10

74,033.971,180.4

-5.063,079.0

1.319 1917

21-

Evercore Partners 15 303,584.5RBC Capital Markets 15

17 98,210.993,709.318

10.0

5.513

14

144,005.8180,353.2

7.011.56.8

4.4

128

13.9

507,445.3

329,353.8 6.4332,737.6

45

113

16.3

611.3

12.6269

12.51.6Deutsche Bank

Moelis & Co 13 21 315,970.6 12.0UBS

1112 12

60.4

21.323.7

8

▲▲

19.2

0.9

2.83.5

2.6

3.63.63.7

16LionTree Advisors LLC

91Rothschild

Allen & Co Inc10028

Needham & Co LLC

91,345.4▲Greenhill & Co, LLC

2.8 ▲0.1

1.8

0.3

51▲

19.21.35.5

1,474.4

▲ 3.9▲1,030.2- 5.5▲

2.5▲9.5

▼▲

-1135 1.0

211

150

0.178

Houlihan Lokey

Blackstone Group LP5

-3

7

# of Deals per Advisor

4

115

-12-16

+90.7 +170.0

0.1

0.7

14.5

+7

171

DealsRank Value

260

-13-23

-24

Change in

+13

-14

Market

2.0Sh (%) # of Deals

▲▲

+20

+8

0.5

-44 ▼

1.1

1.0

2

Citi

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

# of

-3.74

19.5 ▲

Market

1,000,857.424.5646,955.1

2

2

Financial AdvisorGoldman Sachs & Co 1

39.0

2014 Rank

37.9Morgan StanleyJP Morgan 3 3

US$m2015 Rank

1 1,193,729.35 1,028,610.6

Rank Value per Advisor (US$m)

45.2

Bank of America Merrill Lynch

220

MarketSh (%)

▲8.7 ▲7.9JP Morgan

Rank Value MarketImputed Fees (US$m)

2014 Rank

MarketDeals

-

0.0

Any US Involvement Completed (AF48)

+4

1.7

12

Industry Total 2 640 336 5

24

13 0662.0 -2.651,767.825

100 0

3.9

17

Wells Fargo & Co▲

Allen & Co Inc

61 34,267.4

17

14

27 58,298.0▲▲

3.3

33 69,250.5 ▲

18

27Lazard 9

10125 1.07

365,713.2429,485.9

Citi

Barclays 7

625,901.0

118

561,575.0

Centerview Partners LLC 485,934.5

5

▲1.1

UBS

Centerview Partners LLC▼-17

0.3

+8▲

60,999.3 3.4

2.9

Perella Weinberg Partners LP

-2

2

▼▼

15

+1

RBC Capital Markets

▼Financial Advisor

1US$m

Jan 1 – Dec 31

8

8

207,250.6

11

Americas Rankings

Share Ch.

0

+7

11.6

3

10

14

Barclays

40.5

Jefferies LLC

# of Deals per Advisor

Sh (%)

437,796.1 24.5

Rank Value per Advisor (US$m)

530.9

1.6 Bank of America Merrill Lynch

2015 Rank

-26

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

14▲

13▼

9

0.2

90

19

▲12.5

0.9▼

0.6

18.4

113

0.9

0.9

Credit Suisse4

CIBC World Markets Inc CIBC World Markets Inc

Lenner & PartnersDanske Bank

13.2%

Jefferies LLC13.72

0.6▲

▲+5

14-

Industry Total

1 +1▲

0.0

5

9,306.6 3.3 3.3

▲0.01

2.52.5INFOR Financial Inc

2,412

0.5+226

+426.4

1,865Industry Total278,637.1

2.3

-1 ▼

▲ 102.0 ▲

0.0 +10.02.2

2.3▲

▲ 1.812.20.1

46.0▲ 3.5 0.1

1.8

-21.5%▼▼

-9.6%▼

-197 2,605.8

▼ -2.4%-13.9%-38.0%

Industry % Change from Same Period Last Year

1.2 0.37

-10.3%

100.0

2 +2▲4,674.024*▲ ▲

Union Square Advisors LLC-

100.0

2.22.2

▲0.5▼

0.02.5▼▲ 0.50.0 -2 1.084,990.3

▲0.5

3.22.55,441.0

+10.0

▲0.4

1

▲1

20* ▲- 6,954.1-

5 0.2 4,674.0

Sandler O'Neill Partners

24*

22 -

+5 -

+13.23.2

6,954.1 ▲15.00.0 ▲

0.50.5

12.70.6▲

19 ▲ 10.15 0.40.40.0▲INFOR Financial Inc

20* - 6,954.1 2.5 ▲+13.2

▼0.0 -44 0.8▼ 21.8 0.49,051.2 3.319 - 7,274.3 2.6

12

▲0.22.6 +5

▼-13

-

6 8,718.5▲ 18▲

BNP Paribas SA3.4

1727

4.044.6▲▲ 41.2

0.0 1.7 ▼0.0 0.30.0 0.9 0.2 ▲

1.6▲ 23.7+4

+3

US$mAdvisor# of

▲Fees149.4▲0.122 +3

52,497.5

# of Deals per Advisor

-17.5%

Share Ch.

-6.6

▼18.9

100.0

▼9.6% ▲

-15.1% -0.1%

-1321,785,171.5

11,177

Industry % Change from Same Period Last Year 26.2% -1.2%

18,740.9 100.0

Industry % Change from Same Period Last Year 49.1% ▲

-236

12

-0.6

25

10

-13.7%

7.1

135

▲22

22

26.7

9.5

-

1.9

Lenner & Partners

Rothschild 18 24

-11.6

Industry % Change from Last Quarter

* tie

20* - 6,954.1

47

25Ernst & Young LLP▲

1.9Jefferies LLC

4,886.3 1.85,596.1

▼▲Industry % Change from Same Period Last Year 36.0% -9.1%

82.7%

23 9,167.7Rothschild

16▲ 29▲

TD Securities Inc

Sh (%)

Qatalyst Partners

▼▼

-7

0.4

-1.8%

MarketFinancial Advisor

216,204.8

2.8

0.1▼

24.3

23

1.7

+4 4.2Scotiabank

7,274.3

20*

▼-11.3

3.4

Macquarie Group

-1.515

▲4.03.4

14

7,301.8

15

-1.6+9

Industry % Change from Last Quarter

Sh (%)

0.9

Barclays

Rank Value

9,085.1

1.6

RBC Capital Markets

38▼

52,757.1

Share Ch.Sh (%)+4

Market

-52.2Morgan Stanley

3

Goldman Sachs & Co

11.2 1852

1 43,571.2

63,428.7

Citi

10

52

967

Deutsche Bank

5BMO Capital MarketsBank of America Merrill Lynch

2

18.922.8

74,400.522.963,868.0

JP Morgan 107,683.81

4RBC Capital Markets

▲11.7▼

3 38.7# of Deals

1.015.4US$m

# of 2014 Rank

Rank Value per Advisor (US$m)

Any Canadian Involvement Announced (AD42) Any Canadian Involvement Completed (AF49)

2015 Rank

Jan 1 – Dec 31

Rank ValueDealsFinancial Advisor

Industry Total 2,640,336.5 13,066

25.3%

2014 Rank

Market

100.0

Industry % Change from Last Quarter ▲

Sh (%) Share Ch.

▲▼ 136.2

2.75.7

116.4 0.5

2015 Rank

5.2

Market# of Deals

Change in MarketImputed Fees (US$m)

3.7

Market

-234.6

0.2

Sh (%)

▼▲

DealsMarket

47

Industry % Change from Last Quarter

-35 74,720.0

24.4

Jan 1 – Dec 31

+4 23.6

JP Morgan

34

▼1

0.85.7Goldman Sachs & Co11.7

34,468.1 15.9

2BMO Capital Markets

391

2.6-0.0

▲2110

0.14.5

-836 +2

67.86.5 ▲▲6.6 148.9

0.1

+3▲

4.7+1 ▲0

▼-12

8Morgan Stanley 0.10.0

12.213.0

915

815.6

34,252.5 12.333,293.7 24,716.1▲ 19Credit Suisse

7 26,324.5

16 32

HSBC Holdings PLC

Citi0.7

7

UBS

5.32.4

10

15▼

UBS

19,657.22

3.6

0.363.5▲168

8 2.69

68.824,077.1

22,529.4

9Credit Suisse 2010

26,360.4

Macquarie Group 11

6Bank of America Merrill Lynch▲ Deutsche Bank▼

115

-3.2

▼▼0.1

0.5180.9

▲1.2

0.9

▲▲

123.54.2

-3.611.4

-2.1

0.0

15

0.2-5

28,181.3 110.4▼

4

52,730.5

50,931.1

2.111.1

▲ ▲

+2▲9.1▼

14 40

78.20.1

0.7-9 ▼ 92.515,459.61.00.117 3.08.3

136.9-3

17,977.7 -12.4 ▼12

-5

+46.6

▼0.8-12 ▲5.9Nomura

12

-94.9

▼ 32

10,477.81.6 ▲

1

4.2

7.2

90.4

0.0 0.9▼ 15 0.0 ▼ 41.7 1.6

0 ▲13 12,797.747 -5.6 23.40.615,071.5

10,501.4

0.5+1

2.0

2.7 ▲

-7.5

0.03.8 0.4

30

11

22+2

Industry Total

-20-3.70.6▼

1+2

6,435.5 0.22.3

0.4

2.5 ▲

-241

Sandler O'Neill Partners 2438

6,292.823 46

100.0

Danske Bank

15,534.9

13

18,886.0

25,173.6 1.6

▲8.19.0

6.0

6.8

# of Deals per Advisor

0.112.0

+7+9

-0.7

0.7▲

18▲

0.9

-3 ▼

0.7

-117

▲17-14

Change in

0.7▲

3.4

13,107.54

6.7

1.2

61.2▼

0.5

5.44.7 -17.0

TD Securities IncBarclays

14 11

19

Gresham Partners 17

Rank Value per Advisor (US$m)Market

Moelis & Co

15

5.6

38

▼68

Scotiabank

7

1312

8

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Page 11: mergers & acquisitions review mergers & acquisitions review

Jan 1 - Dec 31 2015

68.9

22

172,012.7

2

51,725.0

1

1

31.5

46.9

30.4

75.5

Mkt.

Consumer Staples

2

190,447.5

73.1139,120.5 1

Rank Val US$m

143,865.9

Rank

Lazard

3

52,345.3

163,624.2

136,704.6

Rothschild

3 UBS 3

11 35.8

14,277.8

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

221,013.3

76,741.3

1,977 6

58,507.3

15,038.6

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

EMEA M&AEMEA Announced M&A Up 13.9% | Consumer Staples Highest Valued Sector | Financial Sponsor Activity drops

EMEA Deals Intelligence

13 9

71.8

EMEA Involvement Announced Advisors by Target Industry

174,694.7

5

1,324 Share

8

No. Deals

1,248

79,635.4

Goldman Sachs & Co158,364.1

93,361.3

26 54,136.5

17

2,834 53.4Lazard

Announced M&A activity with EMEA involvement totaled US$1.45 trillion in the full year of 2015, up 13.9% compared to theUS$1.26 trillion reached last year.

Estimated fees accumulated on EMEA deals completed in the full year of 2015 were up 3.7% from last year, totaling US$11.7trillion, according to estimates from Thomson Reuters/Freeman Consulting.

The Consumer Staples sector led the EMEA marketplace, with 1,324 deals totaling a combined US$190.4 billion, including theSABmiller PlC and Anheuser-Busch Inbev deal, which was the largest European deal of the year, valued at US$120.8 billion.Energy and Power accrued US$174.7 billion, and Industrials totaled US$172.0 billion of activity.

Financial sponsors were less active this year so far compared to full year of 2014. EMEA-targeted buyside financial sponsoractivity reached US$130.2 billion in the full year of 2015, down 21.5% from the US$165.8 billion reported for the same period lastyear.

Acquirors listed on the Euronext Brussels Exchange were EMEA's most acquisitive companies for the full year of 2015, with acombined total of US$130.7 billion in offers.

Bank of America Merrill Lynch

Morgan Stanley

Goldman Sachs & Co

Healthcare

Goldman Sachs & Co

Financials

Bank of America Merrill Lynch

Morgan Stanley

Energy and Power

Industrials

Bank of America Merrill Lynch

Citi

94,105.2

3

50

3

46.8

53.9

2

12

16 13

48.7

1

30.11,070

8 Barclays

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

49.3

Consumer Staples / Food and Beverage

Visa Inc

Coty Inc Consumer Products and Services / Other Consumer Products17,911.216,917.8

Industrials / Transportation & InfrastructureKansai AirportsProcter & Gamble Co-Beauty (100%)

New Kansai Intl-Op Concession (100%)

Consumer Products and Services / Home Furnishings23,964.4

Jan 1 – Dec 31 2015

7/9/2015France / Japan

40,500.0

Financials / Insurance

Top Ten EMEA Involvement Announced Deals

y g q p p ( $ )

Rank Value (US$m)

18,108.5

33,741.4Ireland-Rep / United States Healthcare / Pharmaceuticals

Financials / Other Financials

Baxalta Inc (100%)

Media and Entertainment / CableNetherlands / South Africa

Pending

Steinhoff International (100%)

Switzerland / United StatesPending

Chubb Corp (100%)

United States / United StatesPending* Undisclosed

Shire PLC

SABMiller PLC (100%)

28,533.6

BG Group PLC (100%)120,785.2

Acquiror / Target Nation

Royal Dutch Shell PLC

Target (% Sought/Acquired)StatusRank Date

22,671.4Pending Cablevision Systems Corp (100%) Investor Group

11/10/2015

Completed

7/1/2015

Anheuser-Busch Inbev

Genesis Intl Hldg NV9/17/2015

4/8/201510/7/2015

Teva Pharmaceutical Industries

11/2/2015

Pending

Visa Europe Ltd (100%) United States / United Kingdom

Pending

Allergan PLC-Generic Drug Bus (100%)7/27/20158/4/2015

Pending

12/7/2015

Netherlands / United Kingdom

Pending ACE Ltd

Pending

Target Macro / Mid Industry

Netherlands / United States

Healthcare / PharmaceuticalsIsrael / United States

g p ( y p y)

Belgium / United KingdomAcquiror

81,009.7 Energy and Power / Oil & Gas

$75.9 $74.8

$27.4 $15.6 $21.9 $18.5 $25.8$47.7

$30.2

$46.1$85.6

$44.3

$9.0$16.6

$37.7$19.3

$33.3

$43.2$41.0

$60.4

$54.2

$28.2

$14.6

$37.2

$23.9

$18.6

$24.2

$29.8

$27.5

$90.8

$68.0

$24.9

$18.5

$24.9$22.3

$24.0

$31.6

$45.1

$31.5

19.7%

17.1%

10.2%

7.5%

13.2% 14.1%

9.4%

18.3% 18.3%

13.2%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A

$130.7

$113.6

$82.1

$64.0

$57.9

$45.6

$44.7$16.8 $16.6 $15.9

Euronext Brussels

London

Amsterdam

Swiss Stock Exchange

New York

Zurich

Nasdaq

Madrid

OMX Stockholm

BMFBOVESPA

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BNP Paribas SA

32 27,463.1 1.9

33,532.02.129,739.7

1 445 267 3

0.5

47,530.547,031.7

1331

34,809.734,917.3

0.7

54,640.715

22

49,575.7 3.4

4.176,049.859,249.034

3.819

+5

0.0

0.1

-40.1

18 210+2

0.1▼

+224

0.0

30

▲45

0.0

-5

0

0.10.1 -6

0.0

0.1

▲4824

22

▲▲

25

20Natixis

RBC Capital Markets

Mediobanca

0.92.2

23

38

35▲

42.7

127.3

94.1 0.2

▲0.8

0.50.3

39.6

1.1131.7

2.0

2.5

0.6

0.4

0.9

313.2

0.50.1

67.7

0.3

0.00.5

0.7▼

+16

▼ 71

5.1

10.3-0.7

139,314.3 ▲13.9Barclays

12 10.4

0.9 0.3

0.4

-34 Lazard

114,951.1

▼0.2

37.8

339,047.123.631.8

23.5

546,742.7

341,458.1▼

5Bank of America Merrill Lynch 201,923.4

19.4-3-24

▼ Deutsche Bank 7 194,780.0

20.720.1

-1.56 -9.5

-

7

3.6

3.1

3.3

3.3

▲ 0.0▼

1.1 ▼▼

83.6

287.4

0.2

52.6

110.0

235.2

0.8

0.9

0.6

-14

▼▼

0.4

-12

51.7

86.6+3

-14

0.6

-150.3

0.3

+290.2

-1

0.30.3

▼▲

▲ 0.1

0.2

▼0.1-8 ▼

0.1-2

11 654 8

▲-9

0.1 0.1

0.3

0.7100 0

0.1 0.3-5

+116

89.4

1.124,295.5 2.4

1 005 646 02.1

37

1.0 ▲2.40.71.1

43

44▲

0.3

+70.112

45

29

Industry Total21

38

▼▼

5634

+1123,982.0

2521,451.221,792.0 ▲

▲0.3

14 999

5.2

▲112

3

6.7

▲Citi

100 0

6.2

-8

0.1

7

384.7

0.110

49

0.5

+9

▲▼

195.4

2.70.4

▼0.3

1.2

▲▼

0.1

▼0.6

0.2

0.3

Change in

-16

Fees

1.7

8.3

0.80.6

Sh (%) # of Deals

Any EMEA Involvement Completed (AF53)

Share Ch.Market

Imputed Fees (US$m)

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

# of Deals per Advisor# of

EMEA Rankings

Sh (%)# of2014

Rank

Rank Value per Advisor (US$m)Change in Market

DealsShare Ch.Rank Value AdvisorMarketMarket

▼354,510.1 ▼ 1.0-0.9 154 -2

2015 Rank

23.8-5.1

214,720.3

Sh (%)US$m

0.3 21.4

5.8675.2-7.8

418.8

+1721.8144

138

0.7

2▲

Sh (%)Deals

98▲ 4

3963.0

1.00.9▼155 -140.4

+10.4▼

170 Goldman Sachs & Co

▼262,905.5 26.1

0.4

1JP Morgan

35.3

239,196.82+8

Morgan Stanley

207,900.1

605.4

-23

+66.9 ▲

365.3▲

-200 384.0

+40▼

▼-

0.7103

0.90.7

104▼

68,919.9

94

140

0.6

1347

4 ▼

76247

0.511

103,181.2104,942.6

5

6

1.6▲

9.0UBS

90,195.4-2.6

-2190

- BNP Paribas SA▼

-11.727-18

12

▲8.3

138149

10

78,253.9

11.57784166,048.5

57119,448.3

-12.8

7.3+12

Rothschild

▼Credit Suisse

11.4

+38 17.6176,902.2

12.3

5.4

▲-5.6

+7

▼▲

0.3

0.1

295

▲ 49

▲▼

0.3

0.2▼

5.3 3.1

2024Mediobanca 25Nomura

Industry Total

21

Jefferies LLC 23 27

Zaoui & Co20

48

3.3Guggenheim Securities LLC16

Moelis & Co 22

▼-1.4

100 0

2.9-2.8

1.9-5.6-0.6

292.4

2.32.4

0.1 +8

▲▼▲▼

6+16

▲0.1

-3

Evercore Partners▲ ▼

62 +17

▼Nomura-7

-911

1.6-3.2

Macquarie Group

▲▼

5325

10▼

Centerview Partners LLC 19

6.363,307.2

1626

5.0

17

0.20.4

Credit Agricole CIB

0.0

3.3

24,364.4 2.4

46,067.71851

4.6

21

▲ 16

▼-0.9

Jefferies LLC▲

3.637,542.1 3.7

2.9 ▲35,913.636

Perella Weinberg Partners LP 19

1718

0.3

14

5.453,843.450,062.3

15Zaoui & Co

17

6.9

Societe Generale

▲▼

6.0▲2.4▲

2.7

14.8

4

10

459,873.55

333,957.117.1

5

6

4

2

8

Barclays 6Lazard

JP MorganMorgan Stanley

Deutsche BankBank of America Merrill Lynch

7

202,451.4206,664.6

▼▼

14.3 112

-14314.0

-711

-10

97

2.6

-1.3HSBC Holdings PLC

0.7

2.5139

0.2

19

17

12

9

10

Perella Weinberg Partners LP

HSBC Holdings PLC

12

14

Citi

16Greenhill & Co, LLC

UBS 13

15

7Rothschild

911

Robey Warshaw LLP

18Societe Generale

Credit Suisse

213,463.6

33

8

29

Centerview Partners LLC

Evercore Partners

5.0

14910.3

8.2161

129112

12.5▲

246,859.6

Rank Value Market

583,918.1 8.5

MarketShare Ch.

23.1

2015 Rank

1

2014 Rank US$m

# of Deals per Advisor

Jan 1 – Dec 31

Market

37.91Goldman Sachs & Co

547,755.8 11.9240.4

Financial Advisor# of DealsSh (%)

Any EMEA Involvement Announced (AD47)

Market

7.1

-0.8

Financial Advisor

Jan 1 – Dec 31

Rank Value per Advisor (US$m)

1

BNP Paribas SA Barclays

11▼

7-5.9

18

Deutsche Bank6

13

Lazard

Citi

Barclays 7

9

12Credit Suisse

42.4

1,445,267.3

2.8235,450.69

15.9%

563,258.4

8

17

166,048.5202,451.4

1277,672.6

208,956.3

-1.6

53▼

-4.915.7

-2.2

3.4%

3

119,207.3

44

0.34415

2.1

14 5.8

47,031.7

4.12215

3.716

75,310.3

49,575.718

21

2.0 ▲

2060

31

-3.334,630.1

19

-0.5

26,906.4

54,640.7 -2.8

26,498.8

45,610.3

15.615.212.5 -0.9

3.3206,664.6

52.6-8

5.7 3.4

9.0

▼0.6

3.4+1

2.7%

11,125.2 100.0

0.8

0.0-5

+291

20

0.8100.0 +143

32

3.5

2.6

48

16 34,917.3

2.1

▼ 613

0.7

0.9

+4

53,843.4

▼-15

0.3

1.00.2

▲0.10.51.2

▼0.2

0.5 ▲

0.1 ▲

83.6

85.8 ▲

0.3▼0.4

Change in

Sh (%)Market

18,210 +224

Deals

+8

1.2%

# of

Jan 1 – Dec 31

# of Deals per Advisor

0.7

109

90157

+10

27-3

0.5

-10

1.7

-4▼

0

Societe Generale▼▼

▲▼

1

4

13

Mediobanca

17

Centerview Partners LLCNatixis

UBS

10

6

Goldman Sachs & Co

15Zaoui & Co

Citi

16

Industry % Change from Same Period Last Year

12

33▼

# of Deals Financial Advisor

2-2 ▼

Rank Value per Advisor (US$m)2015 Rank

2014 Rank

1-19-12

0.0

-7

143

-15

0.8

-33

-0.1%

6Credit Agricole CIB

Perella Weinberg Partners LP

JP MorganMorgan Stanley

17.4%

227.0

0.1132.2

.2

3.7%4.0%

+6

-21

-19

0.30.3

+8

0.3 +29-1

+11

-13

0.3

Market

-1

▲▼

-14

▲-4

▼▼

-10.2

1.1 ▲▲0.5

12

▲ 8

43

44

▼▼

92

37

1.3

14.6

1.0

5.7

-11.6

-13.7

9.1

2.5

2.52.6

3.0

205,363.8

10.8

21.5

8511.3

8.0

43

-7.421.7

6.7

139137105

Deals# of

▼243

97

45

18.5

Market

-0.3

19.320.3

7.3238,425.5

-1.027.025.0

-5.4

-9.9-2.3

Sh (%)1.01470.9

MarketShare Ch.

1331.0

0.5

0.0

1.0

0.60.574

69

1.7

0.7

0.1

0.6

0.70.7

-1

0.337

5228

-9

0.1

7

99

▲▲ 0.2

0.1

32

14,210

1.0%

0.4

21

▼-17.7%Industry % Change from Last Quarter▼

0.1

-21

7.0%

-8+3

+39

-4

Jan 1 – Dec 31

▲▲

11,654.8

Share Ch.

0.1

0.3

Market

▼3.2

0.86.4 ▲3.7

▲0.6

1.3

2.7

5.43.2 1.1

0.6

0.7

8.3

0.4

▼0.5

-▼

0.0

▲▼0.2

0.3106.5

1.7 0.2

0.60.1

▼0.32.0

39.6 0.20.4

0.5

599.0

298.4

94.1

0.4

MarketImputed Fees (US$m)

100.0+116

1,005,646.0Industry Total

# of Deals per Advisor

67.7

Any European Involvement Completed (AF3)

-16.9%▲

2

-3.9%

-7

-120.3

+10+2

+9

▲ 290

0.345

75

0.8

0.3

0.0

▲ 52

▼10

111130▼

8313.4

▲29 3

Nomura

1,329,096.0

38.3%

* tie

Industry % Change from Last Quarter ▲

Sumitomo Mitsui Finl Grp Inc

Industry Total 17,053

2423

1.914

-0.9

0.7

3.918

2.321,451.2

29

35,913.6

2.3

19

100.0953,926.8

3.8

14,999

Sh (%)

43,234.5

2.5

40

0.8%

193,893.6

207,055.1

36.7349,726.8

Rank Value

257,055.0

US$m

14.5%

37,542.1

23,882.0

Industry % Change from Last Quarter

100.0

6

Industry % Change from Same Period Last Year

Mediobanca

17

15

7

111110

Rothschild 8

22 27,463.12122

Jefferies LLC

51

2425

-5.1%

RBC Capital Markets28 21,792.0

23,720.8

24,364.4

▲Industry % Change from Same Period Last Year

Industry Total

Centerview Partners LLC

0.32.6

Evercore Partners360.2 ▼35▲0.8

Robey Warshaw LLP

Moelis & Co

Perella Weinberg Partners LP

HSBC Holdings PLCEvercore PartnersSociete Generale

UBS

Zaoui & Co

Guggenheim Securities LLC

2

Rank Value per Advisor (US$m)

▲Share Ch.

Goldman Sachs & Co 1

Industry % Change from Same Period Last Year

Financial Advisor2015 Rank

Industry Total

Rank Value

1

13.9%Industry % Change from Last Quarter

Market

8.9

2014 Rank

2

100.0

501,298.5

MarketUS$m

535,902.5 ▲

Sh (%)

Morgan Stanley

4 11.611.313.2

37.7Bank of America Merrill Lynch 5JP Morgan

451,843.63

▲5 4

293,907.4 22.1

337,915.9▲▲2.3

6.6 ▲6.2333,112.1

0.60.9

34.0 0.7 Lazard▲5 8▼

9

Bank of America Merrill Lynch 4184,194.9

▲ 14

7176,627.28

Deutsche Bank

9

139,314.313▲

Credit Suisse

7

0.1▲ Nomura

Rothschild

-3

BNP Paribas SA

0.4-9

-3

HSBC Holdings PLC

11108,055.9

40.3

25.4

Any European Involvement Announced (AD21)

-

0.3

▲7.1

2.56.2

5.3

1968,919.9

17

18

102,940.186,648.0

-0.75.6

4.5

14

50,062.3

62,316.447 7.2

15

6.5

147

+8123

0.9

-14.3%

+40-20

162

0.5

0.9

17.7

25.1

51.7

191.1

42.7

5.7

AdvisorSh (%)# of Deals

921.4-7

Change in

411.6

Fees

1.0

632.1

360.5

705.9▲

3.3362.1

▲2.4

350.6

20186 2.0 ▲

25

▲2.0 0.12.0

0.0

75.2

266.7

113.4

▲ Macquarie Group

▼▼

25 24,547.9

1.9%

-5.2Credit Agricole CIB

▼ 230.3

27

104,822.6125

611.0

+5

-15

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10

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BNP Paribas SA Credit Suisse

Robey Warshaw LLP

0.1 +8 ▲21.9 0.61.7 ▲ 25119 5,525.1 1.80.0

8,881.9

16

6.87.0

8,877.91.5

▼1.5

-0.3

3.5

151,523.5

2.9

4.8

12.810.7 ▲

-14.9

3.9 ▲-1.1

4.11.3

-3.6

-2.3

2.431

235*Ernst & Young LLP

Altium Capital Limited 25

0.32.2

1

0.1▲

▲1.8

▲ 89

0.0

0.12

22

▲ +15

▼0

0.0

4.0

+3

▼ 0.0

-1018+14

0.138

2.4 ▲

5.82115▲

▲6.2

5.6

06.5

0.60.1

Macquarie Group

1333391.0 -

212512 -40.68.2

26 -+7

▲7.68.3

4020,340.7-2

Zaoui & Co25,802.7

5 Nomura

+90.730 ▲

223

▼▲7.4

14▼▲

9.911 41

31,181.2▲77,383.8 30 HSBC Holdings PLC-1 ▼

▲ 6+22

0.7

3.0+40.624▲

29.912225.1

35▲

20.4 15.5

Morgan Stanley

▼50

0.8

3+1

-0▲

▲+4

-7▲

▲0.11.354

47.241.9

20.8

▲0.833

1.5▲

6315.4

186,620.5

12.710.9

56.0338,271.5

9180,686.7

30.9

285,258.66

5 833.5202,451.4

241,988.9 40.0

3

UBS 11

LazardRobey Warshaw LLP

10

Morgan Stanley

Rothschild

76

Deutsche Bank

307,868.113

8

2

Bank of America Merrill Lynch 4

Barclays 4

9

13

57

50.9

27.9

21.018.9

1.4

10

6.07

Market

16

242

38

87

5.3

22.3

2.1

1.2

▲1.5▼

6.2

-1.1 ▼

1.5

2.82.5

8,348.1100 0

8,928.12.517

1.4604 416 8

-

37,357.4

Qatalyst Partners

Greenhill & Co, LLC

Moelis & Co 16

26

540

15,358.9

1528,725.4

17,751.4

18

2215

20Nomura

Macquarie Group

Evercore Partners

Jefferies LLC

141314

42,509.612

Perella Weinberg Partners LP 41,282.6Citi

64,366.0

1124

Credit SuisseHSBC Holdings PLC

RBC Capital Markets 23108LionTree Advisors LLC

Industry Total

24Ernst & Young LLP

3

4 129▼

4.7

29

64

-2.1

0.0

17

16,856.8

21

2118

19

2319

28,530.4

253,345.3

123,151.3

Fees2014 Rank Share Ch.Sh (%)

Imputed Fees (US$m)Market

10

910

22

34

9

3

15

5

4

6

18

UBS

13

28

VTB Capital

7Deutsche BankBarclays

20

24

8

19Centerview Partners LLCEvercore Partners

PricewaterhouseCoopersBNP Paribas SA

23

Bank of America Merrill Lynch

2.814

219,366.2

3230

6,840.1

11,871.5 3.8

17

7,615.6

1.8

Jefferies LLC

Industry Total

16

3 976 0

10.3-0

+7

-14

88▲

81.3

2.6

12.5

137.7

132.86.5

1.80.7

0.3

62.3

▼106.4

73.3

▲▲

71.0

▲2

135.8

Change in Advisor

385.1-8

+2 1.37.0

256.7 0.4

Jan 1 – Dec 31

Share Ch.9.7

▲1.8▲3.3

0.8

0.73.5

▼4.9

0.0 ▼0.9

0.4

2.9 ▼

15.20.2

2.00.9

1.8

0.3

-

0.2

1.6 ▲

▲0.20.2 ▲

0.3

0.4

▲ 1.5▲▲

0.959.068.7 1.7

-

38.2

▲0.0

20.5

14.1

-

6.1

0.1

0.0▲+9

+11

+5

+2 ▲

0.9

▲0.7 ▲

0.6

▲-13

+13 ▲▼

-7 ▼

+2

13

Deals

+11

0.6

1.6

0.4

▼▲

16▼▲

Market

# of

5

Any UK Involvement Completed (AF39)

▲11.4

# of

100 0

+1▲

▲▼

70.7

+8

-5

61.9

1.10.3

194.5

279.4

44.3

3.4

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

+5

▲▲

+6

▲-46

0.3 +32▲

0

0.1

# of Deals per Advisor

▲+22

+9

-17+3

+60.1

+120.1

32 0.1+60.143-4

27

21.5

0.1

-0.3

103

-31.1

25▼▲

5.4

4.5

10.3

23,101.6

-1.1

-

12.4

-0.4-28.1

0.145

0.1

0.1

0.1

0.0

17.9

-15.7-16.7

20.5

3.0

2015 RankFinancial Advisor

EMEA Rankings

Market MarketMarket

108,708.3Sh (%)

▼ 0.2DealsShare Ch.Sh (%)# of DealsUS$m

Rank Value# of Deals per Advisor

Change in US$mFinancial Advisor

0.2 ▲39

# of Deals

▲5974

0.1 +9▼

14.3

1.2

7.4

5.3

7.9

19,351.518,142.3

8,650.4

4.0

-29.6

0.2▼ 62

3 449 100 0

0.40.3

0.2

0.40.5

0.2

-0.0

1.8

0.0

1.0

1.6

Jan 1 – Dec 31

Market

0.5

12

Rank Value per Advisor (US$m)

▼-21

2.6

56,129.4

20.363,818.417.9

32.8

260

0.3

0.4

2015 Rank

41

+1

Rank Value2014 Rank

25

15,034.9

1.4 ▲▲

Sh (%)

Any UK Involvement Announced (AD32)

JP Morgan1Goldman Sachs & Co

44,969.8

29RBC Capital Markets

84,459.6

34.6

56,267.7

32,192.9

26,059.0

5,704.9

12,428.2

26.923

RothschildCiti

Goldman Sachs & Co

64,269.9

2

11

102,980.8

4

1

MarketSh (%)

Rank Value per Advisor (US$m)

16

1JP Morgan

Lazard

17,673.2

314 026 2

-1.4

* tie

Credit Suisse UBS

Goodbody Stockbrokers

Market

18.6%

0.2+491

6

5.0

179,798.9

4.1

4.3

2

+15

3,132

15.0

5.8

25.6

35,913.6

28.726.0

42,956.823.2

36,616.436,823.5

-7.1%

Share Ch.

2-7.2 50

2420.9▼

7 46.3

Industry % Change from Last Quarter-17.9%

Rank Value per Advisor (US$m)

Any French Involvement Completed (AF40)

2014 Rank Sh (%)

10,839.7

1

21*

0.1

0.11.2

Goldman Sachs & Co

Goodbody Stockbrokers 21*

2.24371

3,625.1

82*33

148

1312

1117

0.411▼

16

Davy201918

Barclays

6

15

Citi

Societe Generale8

14

Deutsche Bank

Credit Agricole CIB19

▼JP Morgan

-8

Morgan Stanley

Centerview Partners LLC

Bank of America Merrill Lynch

Itau Unibanco

14

100.0604,416.8

2014 Rank

Industry % Change from Last Quarter

2

Industry Total

Financial Advisor

-28.8%

0.4+2

Morgan StanleyBNP Paribas SA

38.6

-1.0%

Rank Value per Advisor (US$m)

3

Share Ch.

54,094.4

Rank Value

Any French Involvement Announced (AD33)

▼1

Bank of America Merrill Lynch

Market

323

▲▲ 18

22

22

15

3 118

-17.9%

9

17.7Deals

Industry % Change from Same Period Last Year 58.9%

5.9

4,251.8

7,369.64.1-

▲▲

Industry % Change from Last Quarter

▲Zaoui & Co

-▼

+3 ▲

-2

Market

42

59

0.0

# of

4,129

-13.3-9.9

▲-16.7 ▼

Industry % Change from Same Period Last Year

Industry Total

43.1

-41.5%

84,281.1Sh (%)

46.9

83,244.2

Market

45.9

US$m

-15.4

14.8

7.0

13

-3.7 17▲

2▼

16

625

23 2.7

1.5

.3 0.0

▲0.20.2-

0.50.4

0.4

▲0.4

0.5

▼0.00.1

0.20.4

▲▲

1.3

0.8

▲3.5

1.3

1.5

▼▲0.6

3.7 ▼0.5

▲0.12.5

▲1.82.3

0.81.8

3,976.0

Change in

-88

1.60.8

-12

1.0150.8 7.3127.3

▲▲

▲+22

273.1970.9

+1

7.913.6

▲23.1 ▲

+13

+3

▲ 0.9-6

+1

28

-15▼1140

▲37▲

0.50.1

-3.7

6.70.5

-2.2 ▼

16

17▲

7.012,510.6

4.1

20.017

6.912,415.96.0

7,369.6

24

Industry % Change from Same Period Last Year

▼-2-11

Santander

0▼▲+4

-1

1.2

+31

# of Deals

1.7 ▼

3.50.6

MarketSh (%)

0.4

0.6

▼▼

0.5

▼▼▲

-15

15

▼▼

17

1

12▼48

242

1

11.0

2.1

4.5

8

5

▲▲

35▲

24,036.415

17,902.5

925,195.1

1.3

6

21

47,952.58

Credit Agricole CIBSumitomo Mitsui Finl Grp Inc

12

37,778.0

17

10

Barclays

8

10Deutsche Bank

HSBC Holdings PLC 15

Industry % Change from Same Period Last Year

Societe Generale

JP Morgan

11

18

Zaoui & Co

164,071.3

Industry Total

23

25

Duff & Phelps

CallistoDC Advisory

2.4Canaccord Genuity

16Natixis

4.5

76

24

224739

19*

UBS

7,369.63,943.3

--19*Davy

46

11Sycomore Corporate Finance SAS

16,852.0

-20.07

21

21614-

174.9

22-

0.6

Lazard

13

10.3 -37.0

1421,211.018,065.2

4

0.7 +5-8

▼7

-3 HSBC Holdings PLC0.4 ▼

28.7

Rothschild

65,901.8 36.7

9 3

5

51,633.212

Lazard

-2Financial Advisor

# of Deals per Advisor

10.1Credit Suisse

4▲76,588.32

Deals Fees

100.0

12.0%

AdvisorImputed Fees (US$m)

Market

-15.8%

-13.5

2.7▼

BNP Paribas SA

5

2015 Rank

628.8

32.0

29.2

1

50,065.5Rothschild

47

48,735.44

15.428,569.4

Citi

33.052,439.5

30.5

12

5 29.7

Goldman Sachs & Co

10.9

1.37,369.6

47,247.423.017.4

-2.8

0.8

-22.4-8.5

14.722,167.1

1.8

3,583.2

-14.3

11.0

7.57,959.4

-9.1

4.5

1.73,305.8 2.02.2

13.5

2.0

1.4

12.9

12,290.1

5 0.1▲

44+1

-1.4

-17.2

1.0

+26

4.5

0.1

2.4Canaccord Genuity

▼ ▲+15

2.0

28Callisto

3

3,413▲

100.0

-7.9%

16.9%

* tie▲

3,219.6

Industry Total

2.02,932.3

▼ ▼Industry % Change from Last Quarter -4.4%▲

-4

Sycomore Corporate Finance SAS

-1

19.3%

24

-50.2%

100.0

130.7%

Rank Value # of

▼-1.5%

3,449

Jan 1 – Dec 31

Market

0.41.3

1.2

40 1.3

0.4

21.2

▼5

1620.5

22.2▲

-7.920.4

Natixis0 9

0.1+10.0

-

0.00.2

1.40.5

0

+1+3

+494

100.0

-25.7%

9.6▲0.0 0.3

0.1

10,701.74.16.0

-▲▲

4,900.8

0.0

0.9▲

39.1+1

+1 ▲

1.0

0.2

-

16.7

.0▲

7.8

5.13.5

2.173.0▲

▲2.1

0.3

10.044.2

0.3

2.61.5

2,060.8

1.9

0.0

1.251.3

75.6

▲44.339.4

2.21.9

24.2

▼▲

▼31.0

119.6

103.354.2

▼▼

+4▼

5.8224.7

0.4

2.4

▼-3

Sh (%)

5.4

6.2

100.0

# of Deals per Advisor

-5 110.75.0

▲2.4

10.9▲

Share Ch.# of Deals1 13

2015 Rank

115.2%

US$m

Jan 1 – Dec 31

-41

63,278.6 ▼Sh (%)

Change in

-3+2

7.8%▲▼▲

+5+29

-0

0.2▲

-2

1.4

50.2

1115

0.0

23.9

+2

0.0

0.7-2

+1

21

440.5

+1

0.5

3 10

51,561.1

39,919.0

82,506.6

42.6

10 13

38,088.1

77,447.7

41,748.0

46,698.6

314,026.2

Market

-2

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com 11

Page 14: mergers & acquisitions review mergers & acquisitions review

Bank of America Merrill Lynch Societe Generale

▲0 1 3 ▼ 4 9 0 6 0 141 882 8 1 2 0 8 ▲ 133 ▼-2

M&A International 25*1,198.9 1.01.5 2▲

0.99-6

0.7

3 0.3

0.1

BNP Paribas SA

421

-22.4

2.7-17.0

▼1.7

N+1

2 ▼▼

-6

0.2-117 0.6

21-0.3

2823

2,162.68 2.82,791.720

0.4

17

-11.6 ▼

5.4

293.9

-

4.619

▼4.7

+21211

4,060.84,526.0 1.2

▲3,881.2

44

2.1▲

5.5▼

16.81.6

5.854

+4

▼ 0 -14.2

-4 13.2

15.57.9

6.3

15

1.01.94.8

23.5

2.2

2.2

18.2

38.5

▲+111.2

11.4-44

0.8

1.50.4

1.4▼

6▼

22Mediobanca

16

BNP Paribas SA

5.6

27

34

129

5.4

3,304.8 1.2

43

-0.4-1.0

4.1-17.7 ▼

-9.9

-16.117.4

-10.717.7

-6.2

US$m

+2-5

0.5-4

5.7

7.8

75

2,218.0

5,624.6

-3

95

2,950.12,747.9

3.8

-13.6

0.5

13 1.3

-5

-12.3

-22.3

0.4

0.4

115

3.83.526

12.29.5

BBVA

3,357.7

2,486.2

18

11Santander

0.1

Bank of America Merrill Lynch

13

+4

8

10

-

Rank Value per Advisor (US$m)

29.7 1-5Share Ch.

-10

Any Spanish Involvement Completed (AF41)

Goldman Sachs & Co-1.42

Rank Value

25,061.9

Sh (%)

23.914,324.9

34.717,269.6

8

6Deutsche Bank

2015 Rank

53

1

7

Nomura

1.7

14 1.2

Lazard 23

2

4

6

5

20

-13.1▼13.9

-23.3

11

-31.2

-24.3

1467

PricewaterhouseCoopers19

1

10.4

6 0.5

-0.4

29-34.4

-15.7-0.1

Citi

▼▼

5.7

13.3▼

44

5.3

5

6,127.76,018.9 7.8

15

9.3

-4.4

-1.9

232,800.0 3.6

-17.2

204,083.5

193.6

3.718

Mediobanca 22 2,106.6

BBVARBC Capital MarketsErnst & Young LLP

Industry Total

2.6KPMG1,340.72,026.8

Banca IMI (Intesa Sanpaolo)100 077 611 8

2425

Santander

4

+5

7▲

9 16

JP Morgan

+13

Morgan Stanley

Jan 1 – Dec 31

10.2

Market

+2

2014 Rank

16,505.317

2

1.1

3.3

15,709.36

141▲

▲21.3

113

11

0.3

373.3

7

74

1

Barclays

0.4

20

-18 ▼

10.0

0.1 0

-4

▼ 21

-140.2

56

▼▼

-4-3

Morgan Stanley

12,446.6

8,105.9

10Deloitte

-3.4

-

Goldman Sachs & Co

-4

6.6

1.0

1 126

8 10,901.4

15.8

57 15,381.2

12,279.612,122.0

14.1

16.0

3HSBC Holdings PLC

23,080.6

2015 Rank

Lazard

9131

Rank ValueFinancial Advisor

Any Spanish Involvement Announced (AD34)

US$mMarket

7Sh (%) Deals

UBS

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

20.3

19.719.813

20.2 ▲13.9Moelis & Co

6

4

7Rothschild

27

5182

Macquarie Group14

JP Morgan

Citi 910111213

PricewaterhouseCoopers

0.6

Credit Suisse3Deutsche Bank

Ernst & Young LLP

7

2,893.3

4.9

0.412

512

163,830.0

3,348.3 ▼-7.7

4.7

▼Rothschild

Societe Generale 17 6Nomura

315

4.3▼3,655.3 Evercore Partners

+9-9

15▲

Deloitte

▼14

Macquarie Group

# of Deals Financial Advisor

0.5

UBS 12▼

+14

01.2

-

-2

-3

10

# of

12,763.0

0.610.8

Change in Market

-54

10

0.47,230.7

7.9

0.9-74

▼▼

10,754.80

6.01.2

15.6

Sh (%)▼

2014 Rank

31,105.2

# of Deals per Advisor

Share Ch.43.1

Market

▼6

# of

-0.6

▼ 9▼ 3

Deals

15.7

19.9

6,823.8

12,559.0

▲9,123.4

13,500.7 18.7

22

9.5 -10.7

3

8,814.3

4,610.9 6.4

12.7

-0.7

0.9

-2

38

5.3

0.9 ▼

3.1 ▼-1

▼-6

6,876.0

14.421.9

-1

5.2

22.9

7.99.6

▲▲

+1 ▲

9.90.5 ▼

2.7

▼1.00.2

▲0.6

0.2 ▲

▲0.50.3

1.8

0.00.7 -

2.9

0.4▼0.7

▼0.4

1.6

5.9

10.6

4.9

26.0 3.247.8

21.40.1

FeesMarket

Jan 1 – Dec 31

EMEA Rankings

2.12.8

1.5

1.2

1.8

39.8▲

2.6

0.1

0.2

5.040.5

1.7

-21.10.9

12 ▼▲▼

0.3

11

0

▼-1

14-8

0.6 ▲+10.61.5

MarketSh (%)

▲▼

86.02.2

▲3.4▼

2.366.2

Advisor

- 8.2 2.8

Imputed Fees (US$m)

# of Deals▲

MarketSh (%)

0.3Share Ch.

Change in

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

1913

0.2

1.2 0.2 ▲0.97.3

1.61.2 1.2 ▲

77 7.6 +14 0.4 +21

2.9 -5.6 ▼2.7 -9.8 ▼

KPMGHSBC Holdings PLCLXG Capital -

2,092.11,922.0

882.8

232425*

Puhl GmbH & Co KG UBS

Ernst & Young LLP

Industry % Change from Same Period Last Year

▲0.1 -3 ▼ 4.9 0.6 0.141 882.8 1.2 0.8 ▲ 1M&A International 25

-3

0.30.5

3.3

0.9

0.1

11.20.86.3

# of Deals per Advisor

-28.7%

28

Sh (%)Market

1,010

+1

0.9

1.61729

0.1

0.1

916 -7

2

0.51

0.4

1.0

220.9

8

100.0

31.6

Any German Involvement Announced (AD35)

61

5

▼-25.5%-4.6%

4

3.0▼7 0.4

0.20.3

24 -19+4

▼-0.2

2.618

▼0.4

▼▲

37

12,563.3

3,872.4

▼3,983.3 2.7

-22.0

1.4▼

▲1.5

▲1.5

2.22.6

2.2▲

3.311

94.1

6

92

-1.53.0

-7.0

▲3.6

5.24.4

5,327.73.3

273.8

62019

Evercore Partners

UniCredit

6,180.4

29

23

▲ 19

Mizuho Financial Group 100

10.1

+10.1

8

6▲

12

-20.0

5.917.227,787.5

22.9

44,024.9

1.5

▼38,638.8

-6.510

▲18.6

25,740.8

25.834Morgan Stanley

8-11.1

-7.5

34,328.0

Sh (%)2015 Rank

37.5

Market

Goldman Sachs & CoJP Morgan

29.4

Financial Advisor

-

4,930.7

2014 Rank

▼-10.3

1.2

Change in # of DealsShare Ch.

0.5

Market

-6

-7

▼▼

17

1.5

-

-

-2

123.2

68.3▼

+2 23.9▲

-11-3

0.9

0.2

0

21.6

-8

-+1

0▼

▼1.4

6.3

22.343.5

0.2

14.512.9 0.8

0.1

0.7

30.6

1.5

1.9

28.8

8.7

100.7

59.3

146.5

-89

1.0

▼ 1.83.7

1.4

23.3

2.7

1.516.6

+60

-9

0.2

0.80.7

3.0

11.0

-22.2%

3

Industry Total

-42.6%

2015 Rank

MarketUS$m

2 23.5

100.077,611.8

Rank Value

▼Industry % Change from Last Quarter

42,969.61

Financial AdvisorJP Morgan

Sh (%)43,701.9

2014 Rank

Morgan Stanley23.6Goldman Sachs & Co

2

Rank Value per Advisor (US$m)

Industry % Change from Same Period Last Year

4

2.5Citi

1Deutsche Bank

5

31.132,616.6

43

▼513.2 4.7

26,827.4

-13.217.9

18,317.2

-1.719.4

11

▼Lazard

-7 4

67

7

Bank of America Merrill Lynch▲

16 -437

▼ 0.7+2

1.11,852

82.9Jefferies LLC

2.2

1.33,102.1

51 1.9

▲▲

11.2

BNP Paribas SA

18,874.5

8.07.010,431.4

Change in

-13 21 1

-3-10

▼▼

Deutsche Bank

Citi

-0.8

11.9

5,608.3

8.4

11.6

6,598.0

235

0.6

17,839.617,292.7

18

-3.8

Market

▼-4# of DealsDeals

-11.1 ▼0.81.4

0.90.4

PricewaterhouseCoopers

17,727.1

7.9 ▲2.3

0.9

11

Industry % Change from Last Quarter

1299

8,141.312.8

13

15Lazard 11 -9.6

3.1-1.7

7.9

2.9

10

Bank of America Merrill Lynch

3.6

15.97

UBS 1298

4.3

Rothschild

Credit Suisse

▲669 24,827.0

12.6▼

5

1332,498.9

5.98

Rothschild

0.40.4 ▲

1.5

0.50.26.60.1

▼+1 ▲

7.8UniCreditMizuho Financial Group

1432

▲7.05.2

3.6

0.12.9

Evercore PartnersChina International Capital Co

-2

ING 174050 4,238.1

4,324.0

3.6

ABN AMRO Bank 18 4,065.0

Ernst & Young LLP

Deloitte 1615Nomura

36

10

1920

2.3

-9.625

4.73,193.8

3,155.5

2.9

-1123025

2,389.024

2.2

1.6101.0138,367.3

-18.8%

2828Mediobanca

Barclays

Centerview Partners LLC 2,599.32322

Centerview Partners LLC3,102.1

Altium Capital Limited 21

2,229.6Industry Total

-9.6

-9.65,011.1

64

5,005.6

7

3,961.7-

2.5

-27.3%

2.9

31

3.1

3.6

-13.2

25,521.7

▼▼

4,942.7

5,900.6

18.4

22,014.1

-11.7

Jan 1 – Dec 31

-13

1331

-4.7%

-56

5

0.1

61

0.2

0.4

2

0.6

# of

11.9 9

Sh (%)

MarketShare Ch.

17

-16.3 ▼

2,262

3

21

▼-4.7%

2

3

0.43.6

Industry % Change from Last Quarter ▼▼-38.2%

1.7▲2.9

61.5%Industry % Change from Same Period Last Year -4.9%

7.1%

100.0

11.7

1,602.8

13.5+12

-2

1.0

▲0.60.1

0.7▼

0.3

▼0.1

0.5

17.5

0.5 ▲

▲-0.0▲

0.2

1.4

0.2 31 2.1Macquarie Group

149,683.225024

-20.5%-1.8%

92 3,328.63,281.9▲ ▲

-1123,202.1

26-5

+12

Industry Total

+5

▼-6▲

Jefferies LLC

+1

-

0.2 +2

▼▲

+5

+2

+1

13▲

-3

5

0.212

▲0-5

▲▲

60.5

# of Deals per Advisor

15

11-

910

Barclays

12Guggenheim Securities LLCPuhl GmbH & Co KG

17

21

Credit Suisse

1.6370.5

0.6

1,126

▼-4.3% ▼

-45 810.9

-10.2%

140.01.1

▼-

▼0.42.4

107.3

0.1 ▲

▼▼0.1

1.7

-9

2.2

0

-19.0%

FeesAdvisor Market

9.1

2.9Sh (%)

Market

▼▲

4.3

7.7

0.6

100.0

▲4.3

Imputed Fees (US$m)

6.7Share Ch.

-25.0%

100.0

Industry % Change from Last Quarter

Jan 1 – Dec 31

72,138.9

▼-23.4%Industry % Change from Same Period Last Year

Industry Total

# ofDeals

Any German Involvement Completed (AF42)

US$m

1854,097.8

Rank ValueRank Value per Advisor (US$m)

-▼

0.056,115.6

36.1

16 0.7

0.342-82.7

+1

39

Altium Capital Limited

9

17

▲Nomura

▲ 14

0.1

-

5,005.6

▲0

16

-40.0

16,729.2

7,730.2Kempen and Co NVZaoui & Co

5

2122

13

8

80

* tie

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HSBC Holdings PLC JP Morgan

HSBC Holdings PLC

Boston Consulting Group 25* 2 083 1 3 9 3 9 ▲ 2 0 2 +2 ▲ 1 7 0 2 0 2 ▲

-21.4

1▼

+1▼▲

▲▲0.2

0.22.0

13.70.3

0.20.1-2

+14.0

4.02.1

▲4.1

3.9

▲▲

9

Banca IMI (Intesa Sanpaolo)8▼

UniCredit

27.5

0.620.5

+2+1

-1

▲▲

+3

Change in

Bank of America Merrill LynchMorgan Stanley

Credit Suisse

3

15,848.7

EMEA Rankings

▲7.6▲14,888.3

15,739.7

35.9

32.6

14.716.1

7

19.6 8.1-5

3.434

42 ▲

RothschildDeutsche Bank

▲▼

-21.5

0+3

4.9

21.1

Ernst & Young LLP

-

14

26

13Leonardo & Co

224.5

Banca Agricola MantovanaChemChina Finance Co Ltd 15*

11,329.911,419.0

UBS

14

3

23

12

Citi

18.313.1

10.917

7

5.60.5

▲-3

▲10

1.6

21213

+2+1

▲0.1

6

4.6

3.9

7,064.9▲

3,663.2

2,472.2

1.2

0.5

▲+7+10.1

▲▲

11,169.3

6,948.5

15* ▲ 11

7,064.9

6

0 -▼

20.812

0.7

13,164.5-Barclays

29.0 7.4 1.6▲

0.64.3

2.0

0.88.8

20.2 19.6

20.9▲

815

8.1

611

-5

▲+54

▲6

10-5

+6

Market

9

MarketDeals

3.4

# of

18,352.3

# of

34.1

8

US$m Sh (%)Market

0.7 ▲

47.80.2

2.2 2.1

18.32.8

Sh (%)

Imputed Fees (US$m)

# of DealsAdvisor

3.92.6

31.4

1.4

1.0

20.9

▲0.4

▲0.91.7

0.86.8

-0.2

0.00.0

-0.0▲

2.6

2.2

6.5▲

24.7

15.2

▲2.9

+1

-12

1.1

-

1.2

.0

--

-

▲4.1

▲0.3

0.2

0.3

2.6

0.6

0.3

0.13.1

8.0

24.9

0.3

5.1

17.833.3

+1

27.0

▼1.3

-1

▲1.6Deals

0.4

4

4.1

1.4

-15

2.5

1.4

Jan 1 – Dec 31

1

5

13.1

1

▼27,836.7

21,122.1Financial Advisor

2015 Rank

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

8.2

5.4

20

33.9

Jan 1 – Dec 31

12

2 0.2

19,460.7

5

▲▲▲

20.0

22,437.4

136Citi

9Deutsche Bank

21,255.7

4

US$m

3 26,251.5LazardGoldman Sachs & Co

Financial Advisor

5Morgan Stanley

Any Italian Involvement Announced (AD36)

33,654.1

Rank Value per Advisor (US$m)Market2015

RankMarket2014

Rank Sh (%)43.5 ▲2

15,852.2Credit Suisse

Mediobanca

2

Rank Value

6

12

7

UniCredit

16,162.2

3310

8 8

15,472.1

Bank of America Merrill Lynch

13

Banca IMI (Intesa Sanpaolo)

12

14Rothschild

JP Morgan

9 111011

7,883.9168,048.815 24

15 10,876.1

15,159.67

Banca Agricola Mantovana 7,064.917*ChemChina Finance Co Ltd 7,064.917*

-

Leonardo & Co10.414.0

9.1

3,789.9 4.9

- 9.1Barclays

19NomuraCredit Agricole CIB

47IMAP

3620

2223

Equita SIM SpA

2.7

8.7

1.2

18.9

10.29.1

14,608.3

3

6,715.4-

Industry Total

0.12.72.7

24* ▲+2

3.8

5.0

2.7-Boston Consulting Group-24*First Annapolis Capital +1

25,207.0

21 27

BDT & Co LLC

31

2.8

25.1

4,502.3

2,960.7

1

15,650.7

7.6-16.5

13.910.7

▲▲

164

▼ 8

0.1

63

▲0.6

+2-6

1

0.30.55

▼▲ ▲

27

2,960.7Equita SIM SpA

2,171.1

▲204630

2,400.3

6.85.1

23 3835

25*

21

-24

2,083.1

Credit Agricole CIB

IMAPFirst Annapolis Capital

5.5

25

Nomura

3,789.91Stifel/KBW 5,832.318 - 10.8

7.019

217

4

987

12.9

12.2

-

▲11.226.1

16.1

14,047.5

10.8

14,845.627.7

3

32

27.6

21.224.5

13.113.1

2.2

+1

1.8

01.0

8

1.3

3.8

0.1

▼1.9

-5

1.93.3 1.05.8▼

3.7

1.50.1

39.65.04.93.0

10

-▼

8-1.3

12.5 ▲

0-10

▼40.3

5.9

▲9.1

+8

5.38.7

+1

+15177 445 8 100 0

5.8

2,083.12,083.1

2.82,171.1 2.13.52.9

▲▲

3.030

1

12

0.11

-8

0.81.0

0.1 +1-2

1.2▲

▼5.933.0

2

+1117,751.6

▲ 29.5Lazard

11

▲▲

46.8

Share Ch.

# of Deals per Advisor

52.6

29.3

▼6

16

110

9

17,932.6

MarketMarket

-2

-2

Fees41.2-4

Any Italian Involvement Completed (AF43)

1.1

-

29.2 ▲38.8

+515

-1▼▼0.8

▲20.4

1.0

181.0

▲26.6

34-0.8

16.7239.3

Goldman Sachs & Co1 28

12

Share Ch.Sh (%)

5+5

▲Mediobanca

▲17.3

4 20,896.7▲

Sh (%)

33.3

Rank Value

-6

3.9▲

Change in Share Ch.

20.4

10

2.4

1.0

# of Deals

+3152438

1.5

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

UBS

2014 Rank

13

Societe Generale JP Morgan

Boston Consulting Group 25 - 2,083.1 3.9 3.9 ▲ 2 0.2 +2 ▲ 1.7 0.2 0.2 ▲

-0.1%

16

16.2

8.1

Sh (%)

100.0

# of

835

3.8

7,189.9

11

2

4

Danske Bank

-5▲

1

3.2

-0.8

▲▲

-5.116.016.0

3.8

▼6.6

70.0%

4

11.4

-8.730.5▼

1.8

3.1

1.6

-4

4.0 2.2

5.0

22,005.920,043.6

3,487.8

4,327.7

2,727.3

Zaoui & Co

46

Credit Agricole CIB

Credit Suisse 28

16,140.58*

5

3

1718

522614

4.4

1,960

Industry % Change from Same Period Last Year

Lazard

Danske Bank

2,763.6-

19

3,836.3

19-

14

SEB

16

12

2

11

3813

8*

Lenner & Partners

15

Deutsche Bank

7Bank of America Merrill Lynch

Morgan StanleyJP Morgan 3

Goldman Sachs & Co

Citi1 1

8

13,784.456

18,910.0

18.7

7,445.3

-

19,328.323.2

10,530.8

6,927.9

8.66,954.1

ABG Sundal Collier

11

3,288.72,802.4

57

2

Evercore Partners

12

21

23

Perella Weinberg Partners LP

PricewaterhouseCoopers

357

22

Deloitte

Industry Total

Industry % Change from Last Quarter

Mitsubishi UFJ Financial Group20 24

RothschildMoelis & Co

Nordea

Pangea Property Partners AB

524

-22.9%

Houlihan Lokey

25 2,211.886,352.6

0.1▲ 2

9.7%▼

2,512.1

2,221.91.0 +4

51918

2,482.7

-2-1

-11.4

5▲9,967.3 17

53,815.9

15.8

3.428.5

Advisor

Jan 1 – Dec 31

Market

-

Share Ch.▼

0.6

▼0.80.4

1.5

0.7

6.61.8

1.9

0.0

1.90.6

0.6

▲0.61.0

▲1.4

0.4

0.91.1

0.2

34.1%

0.1

1.4

0.9

0.3▲

0.0

Sh (%)

0.7

-27.0%9.6%

# of Deals

17.9

2.9

100.0

Imputed Fees (US$m)

# of Deals per Advisor

+145

-16

2

813.0

Market

▼17.4

4.2%Industry % Change from Same Period Last Year

Deutsche Bank 110,213.5

60

Industry % Change from Last Quarter

Financial Advisor

84.2%

Bank of America Merrill Lynch

SEB 37

Rank Value

-8

53

Sh (%) # of Deals2

12

11.26,954.1

4,395.64,580.24,936.55,008.6

6

0.4

0.10

0.4-9-1

3.9 -3

-1 ▼-

1.6 ▲3.3

1.13.0

▲1.1

30.1

0.9

3.5-60

15.334.2

▼29.7

-

22.918.3 ▼

3.1

2.718.9

2.3

0.25.3

0.3

▲5.2

-13.3

6▲ 5.9

32.715.5

156.7

▲+1-150.4+6

▼1.3-2 12.9

100.0982.8

0.3-

1.012.9

9.81.3

2

-9.81.8

2.6

3.2

0.1

0.92.9

3.2

2.3

1.2

1.0

2.9

3.47

5.0

PricewaterhouseCoopers

20.4

Citi

0.5

+1

+1

11,003.1Sh (%)

10

80.4

0.50.3

3.3

20.1

9

▲▼

▼19

1

▼ 0.4

19 1.066

16.0

▲5.78.0

▲7.7 ▲7.6

8.1

12.28* 13,784.4112*

16.0

17,318.94

13,784.4 16.0

621.9

# of Deals per Advisor

6

2.5

16.0 ▲

▲-4

▲9.5

15.5

13.7

20.3 317

Deals

22.4

25.5

Sh (%)7.8 ▲

5.4

27.9Share Ch.

2015 Rank

Any Nordic Involvement Announced (AD37)

US$mRank Value2014

RankFinancial Advisor24,094.8

Market

Jan 1 – Dec 31

0.4

-2

+2

Rank Value per Advisor (US$m)

0.3

▲0.1

62

-20.1%

100.0

7711

510

2.6

5.7%

▲5

8

1

0.20.9

8

-60

-1

DNB ASA

0.5▲

0.1

211

0.1

0.10.1

3

7,087.86

4

5,775.2

105

3,511.8

35

49227

7.0

8

7.37.8

9.1

5617

57*

37

1429

16 108*15

20

9

13

+5

10

+7

18▼

+2

5

0.1

Deloitte-

+2

00.6

LazardLenner & Partners

Evercore Partners

Moelis & Co

-0 -

+1

Pangea Property Partners AB+1

Morgan Stanley

Industry % Change from Same Period Last Year

Industry Total

Industry % Change from Last Quarter

Market

▼▲

-6▲

FeesDealsChange in 2015

RankMarket

Industry Total

MarketMarket

Share Ch.

Rank Value per Advisor (US$m)

Any Nordic Involvement Completed (AF44)

21.0%

US$m2014 Rank

▲▲

987

Change in

+151

39.0% 18.1%

Market

77,445.8 100.0

-18.3%-25.0%

# of

▲▼

1,582.3

2.8

1,549.6

9

1,757.1

212.5

2625

1.7

0.4

▼0.40.4

▲1.3

6

▼6

2,512.14.1

+4

▲-2

-23.0 ▼▲

4.5 ▲

2.4 7

3

0.5 ▲

0.9▲

▼0.44.1 +1

5

▲+70.7-10.1

4.0 ▲2.8

9.9

▲4.26.6 0.4

5.4

22.2 0.2

52.8

2.3

2.6

Houlihan Lokey 0.23,002.86

19 54* 1,662.2 2.2

2,568.6

13.35▲

0.4 +4▲ ▲13.9

-5▲ 0.4 7.1▲ 7 9.2

-1▼▼

-3.41,496.5 2.42.4

31,353.9 2.1-0.1 61,389.9

2.5

▼▼

0.5

2.2

0.40.1

0.1

▼-7

-6-6

▼1.30.40.2 ▼

-148

-9.9%-27.0%

2.1 -6.8

-40.5%▲

1,353100.0

▼▼

38.4%

-9

0+2

+4

-4▼

Global M&AUBS

Arctic Securities ASA

Industry Total

17

25

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

ABG Sundal Collier

Nomura

222324

1,347.463,198.9

4,175.3

7.9

Nordea3,105.1

12 1

0.2

▲-

Swedbank 21Carnegie

Goldman Sachs & Co

11.0

6.36.7

3.7

-11.0

▼-9.6 ▼

10.60.4

1.1

4.8

6

0.354

4.95.6

▼ 129

-1

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Rothschild Barclays▲

20▲

# of

3728

30

93.1115.7

7,057.8

148,206.4

2.63.0

2.41.9

-7

UBS

0.91.5

+9

▲2

▼0.1

1.8

7.75.0

1.3

21.2 8.5

32

▼ 15

5.0

2.6

3.6 -2.23.9

1.4

4.4

-16.0

35.6

14.5

2.0

21,006.3

8,952.3

18,854.9

12,283.7

32,078.1

27

UBS

2.49,838.6

43

0.8

-13.0

2625

-

37

22

1819

162.2

1818,175.9

30

12

PJT Partners LP

ING

Centerview Partners LLC

10,880.8

15,037.1

Zaoui & Co

16

ABN AMRO Bank

24

Guggenheim Securities LLC

HSBC Holdings PLC

Industry Total

23 14

20

Societe Generale

2122

Rabobank NVMediobanca

Credit Suisse

8

17

Jefferies LLC

15

11 9

13 --18.7

60,289.1Perella Weinberg Partners LP

14

88,435.311

12 7

Citi 4.5

45.9

+3

BNP Paribas SA9

151,680.0

Barclays

Lazard

+4

2.0 +80Deutsche Bank

10

6 2

18.4 1533

5

27-

Bank of America Merrill Lynch283,512.7

Morgan Stanley

Robey Warshaw LLP

4273,013.5

Goldman Sachs & Co

6

35

2015 Rank

285,752.0

8 10 151,253.1

201,794.9

252,985.03

41

1

-7.6

2014 Rank

18.136.3

13

1.6+101.6

229,336.830

▲ 1.7

Change in

+5+17

Market

+11+3

+2▼-7

▲ Bank of America Merrill Lynch6

Credit Suisse 30,623.89

4Goldman Sachs & Co

Lazard

11

4

30,940.3

21,591.77

5

8

BNP Paribas SA

Rothschild▲

12

10

3

2

▲ 1.047.0 0.1

0.0

Jan 1 – Dec 31

3.4

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

0.3 ▲

15.51.3

6.0

Share Ch.

0.9▲

▼▼

+6

13.7 0.7▲

-2

10.7

1.6

0.6

2.4▲

0.6-

0.3

31.9

42.4

0.5

▲3.8

0.7

0.8▼▼

▲1.2

0.8

0.4

-0.7

26.1

4.8

Sh (%)4.8

AdvisorFees

Market

93.5

3 43,836.21.625.2

21-15.242,359.4

40,692.0

1.4

-2.2

14

▲18.4

0.5

▼ ▲

0.2

5.7

1210

6.2

-1

1608,629.9

0.1 10,855.1

▲▲

0.13.4

0.1

1.4

0.0

65.7▲

100.9 5.2

0.2

72.8

0.1

2▲

▲0.1

1.70.2▼

27.3

▲ 41.4

-4+10.1 1.3

▼▲

0.8

9.42.10.3

2.2

0.3▲

-7,208.3 4.38,362.5▼

5,462.2

1.6▲

41▲

2

-10.0▼

91.4 ▼5,912.0

▼1.7

6,002.0 11

1.32.1

416 652 3

5,537.510

▲1 842

1.3 0.9

5 -5+20.1

15

-3+4

-20.6

112.2

+2

0.5+60.5

▲0.6

▼▼

Industry Total25

HSBC Holdings PLCBDT & Co LLC

-1322

2.0

+17

3,550.1Credit Agricole CIB

24 2923

72

13

Leonardo & Co-6.22.821

20

Industrial & Comm Bank ChinaRBC Capital Markets

4,923.0

4,212.9-

2.9

6.210,431.4

5,107.8

18

195,618.418

23

4,632.8

5.10.8

10

15 5

+7

▼2.8

3.0▲

ING

15

0.8

+2▼

35-

13

+2 Perella Weinberg Partners LP

2

0.8▲

0.1

▲ 33 1.81.1

DealsSh (%) Share Ch.

48.455.0

60.727.6

48.436.4

29.1

-3.3

▲65.516.1

68.6

# of Deals per Advisor

Jan 1 – Dec 31

Market

7Financial Advisor

1.5# of Deals

Rank ValueUS$m

EMEA Rankings

Sh (%)

Any Benelux Involvement Announced (AD40)

JP Morgan2

31.9

Rank Value per Advisor (US$m)

68.1

Financial AdvisorMarket

37.2

▼39

-0.5

Market

0.37.8▲

Market# of Deals per Advisor

# of DealsChange in

1.4

▲ 117.8 6.1

Imputed Fees (US$m)

Deals

150.7▲

▼▲

Share Ch. Sh (%)

Rank Value per Advisor (US$m)2014 Rank

Rank Value MarketSh (%)Market

0.4

0.0

22-17.6

24.2

12.8

26.0

18.2

28.9

12.0

0.70.5

11 +58 +3

-24.1

16.4 ▼

0.3

+40.1

+3 23.9

0 0.51 0.12.5

0.30.4

2.1 0.7

60.1

▲0.7 0.7

0.3 ▲0.6

0.41.2

▼-15.5

42.0

2.3▲2.2

▼ -168 418 3120

+4▲1 556 +55100 0 100 01 941 6

0.8

Citi0.1

Mediobanca3.3

▲ 7.0

▲-1.1

▲ 2

-5.2

3

Centerview Partners LLC-5 ▼

Banco BTG Pactual SA

Puhl GmbH & Co KG

171726

14,713.0 8.77.58

6

10,736.2 6.4

100 0

5.0

6.5Kempen and Co NV

14

20,144.8

11 12,678.9

+4

JP Morgan▲ Morgan Stanley 1

12 31

2

▲ 169

-4

+1 ▲

+12

Any Benelux Involvement Completed (AF47)

2015 Rank

148,701.450,967.8

US$m30.3Deutsche Bank

-20.2▼

3.2

-2.7

-10.129

+3

-1.3 ▼

3▼

40.1

+2

24

25+2

0.9

29

14

+35.3

# of

+4

+3

-5.9

-22.6

▲▲65

-▲ +1 ▲

31

1.9-16.8

0.6

22

0.8

1

2.5

3,321.4

3,617.8

14.1

-14.2

-6.5▲

▲1

1.828

-31.8 ▼

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

Industry Total 416,652.3 1,842 Industry Total

* tie

Industry % Change from Same Period Last Year ▲132.9%195.3% -14.8%▲

▲7.8%Industry % Change from Last Quarter

121.3%

Jan 1 – Dec 31 2015

▼ Industry % Change from Last QuarterIndustry % Change from Same Period Last Year 12.9%

168,418.3-120 1,556

▲▲▲

+55100.0

12.3%▲ -16.8%

100.0

16.5%▼

1,941.6

27.7%▲

100.0

Quarterly EMEA Cross Border Volume

$190.4

$174.7

$172.0

$163.6$158.4

$120.7

$88.5

$84.5

$83.9

$81.7$73.9 $52.9

Consumer Staples Energy and Power Industrials

Healthcare Financials Real Estate

Consumer Products and Services Telecommunications Media and Entertainment

Materials High Technology Retail

Government and Agencies

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

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

2007 2008 2009 2010 2011 2012 2013 2014 2015

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

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Page 17: mergers & acquisitions review mergers & acquisitions review

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&AAsian M&A Hits Record High I Imputed Fees Up 11% I Australian M&A Up 24%

25,973.5

7

58.6HSBC Holdings PLC

China International Capital Co

1

50,041.6 3

28.8

213

China International Capital Co

14,844.1

Huatai Securities Co Ltd

144,718.8 Financials3

Morgan Stanley 1JP Morgan

Southwest Securities Co Ltd

Mkt.Rank

25.62

Share

162,478.9 20,828.9 32,063.7 Morgan Stanley

Goldman Sachs & CoIndustrials

Rank Val US$m163,677.9

High Technology

54,262.3 39.4

Asia Pacific (ex-Japan) Deals Intelligence

Real Estate

41,949.7

139,421.4

13,586.1

1,604 1

19.6

Announced Mergers & Acquisitions activity with Asian involvement in 2015 hit the trillion dollar mark for the first time in history, with US$1.165 trillion, a59% increase over the US$731.3 billion recorded last year. The majority of activity involving Asian companies targeted the Industrials sector, followedby High Technology and Financials.

The top deal with Asian involvement in the region was Cheung Kong's purchase of the remaining 50.035% interest in Hutchison Whampoa Ltd forUS$45.4 billion, the biggest-ever acquisition involving Asia Pacific (excluding Japan) deals. This surpassed the prior record holder from 2014 – CITICPacific’s acquisition of its state-owned parent, CITIC Group, valued at US$42.2 billion. Asian buy-side financial sponsor M&A activities reached US$133.2 billion last year, a 76% increase over US$75.6 billion last year. Companies in theHigh Technology sector were the most targeted, followed by Retail and Financials.

According to estimates from Thomson Reuters/ Freeman Consulting Co., M&A advisory fees from completed transactions in the region totaled US$3.1billion in 2015, an 11% increase from the US$2.8 billion recorded last year. The top earner was Morgan Stanley, with US$208.1 million, followed byGoldman Sachs & Co., with US$161.6 million and Citi, with US$140.2 million.

China cross-border activity accrued US$161.9 billion in 2015, a 61% increase from the US$100.8 billion accumulated last year. Outbound investmentvolume reached US$112.7 billion, where companies in the Financials sector were the most targeted.

Announced M&A activity with Australian involvement grossed US$144.2 billion, a 24.4% increase over the US$115.9 billion recorded last year;Australia’s cross border activity recorded US$81.3 billion, while outbound activity amounted to US$24.7 billion.

14,585.3

1,870 1

14

9

210.1

19

Goldman Sachs & CoTelecommunications

2

3

12

2

3

1,383

3

218.7

Jan 1 - Dec 31 2015

11

8.4

12

12.716

12

No. Deals

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

20,206.7 12.4

18.0

JP Morgan14,077.2

10.3

2

Morgan StanleyGoldman Sachs & Co

342.7

26.036,183.6 3

1 474,430.2 127,087.3

5Bank of America Merrill Lynch

47,290.0 40,182.4

HSBC Holdings PLC 33.9723

2

Cheil Industries Inc12/24/2015

9/1/2015 South Korea / South Korea 11,238.8Pending PetroChina United Pipelines (100%) PetroChina Pipelines Co Ltd China / China 10,873.3

Samsung C&T Corp (100%)5/26/2015

Energy and Power / Power

Shareholders

14,006.3

35,632.4

China Resources (Hldg) Co LtdChina / China

Hong Kong / Hong Kong

China Tower Corp LtdSK C&C Co Ltd

15,381.2Hutchison Whampoa Ltd

45,410.8Date Effective Target (% Sought/Acquired) Target Macro / Mid IndustryRank Value (US$m)

1/9/2015

China Cross Border Announced M&A

Cheung Kong(Holdings)LtdRank Date Acquiror / Target Nation

Hong Kong / Hong Kong Telecommunications / Telecommunications ServicesAcquiror

Cheung Kong (Hldg) Ltd- Ppty (100%) Hong Kong / Hong Kong6/3/20156/3/2015

O2 PLC (100%)10/14/2015 China-Telecommun tower asts (100%)10/31/20154/20/2015 8/1/2015

Pending Tongfang Guoxin Electn Co Ltd (79.2%) Investor Group High Technology / ElectronicsChina / China 12,039.3

Telecommunications / WirelessChina / China

6/3/2015

Asian Completed M&A by Region - Imputed Fees

18,349.3Hong Kong / United Kingdom

South Korea / South Korea 23,059.6Telecommunications / Telecommunications Services

SK Holdings Co Ltd (58.23%)

Pending

11/6/2015

4/21/2015

Energy and Power / Oil & Gas

Jan 1 - Dec 31 2015

Hutchison Whampoa Ltd (50.04%)

Retail / Food & Beverage Retailing9/1/2015 Ondereel Ltd,Best-Growth es (100%)11/7/2015

14,027.7Pending Sanxia Jinsha River Chuanyun (100%) China Yangtze Power Co Ltd

1/23/2015

Industrials / Building/Construction & EngineeringIndustrials / Building/Construction & Engineering

Real Estate / Other Real Estate

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

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

% 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

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

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia

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Page 18: mergers & acquisitions review mergers & acquisitions review

JP Morgan UBS

100 0Industry Total 5 555 3 070 310 990

45 0.39.1

▲3.0

22

712 373 9

16,498.2

26,694.9

4.5

21

15

2223 21,501.9

2021

-49

6.7

▼-4.2

0.9

6.1

+241 165 836 5

2.0

11

21 147

62

24,157.9 2.1 2.1 ▲

0.2

47

▼1.8 -2.81.4

0.2

0.4▲

0.5

-1.1

+15China International Capital CoHSBC Holdings PLC▲

+6-16

Bank of America Merrill Lynch

-7

52 0.5NH Investment & Securities Co 0.0Southwest Securities Co Ltd 20

93

▼25

-7.2

33

3.7+24

▼ 3.20.35

26,016.6

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

# of Deals per Advisor

37

Bank of America Merrill Lynch 4 6

2

Credit Suisse +14.9▲

Anglo Chinese Corp Finance7Somerley 46 0.1

7.9

-0.4

0.5

82,333.1 7.1

▼-0.6▼

53

0.391,889.5

69,441.4

Rank Value per Advisor (US$m)2015 Rank

2014 Rank

Rank Value

-10.8

Change in Imputed Fees (US$m)

Sh (%)▼

HSBC Holdings PLC 3 26 140,971.5

▲175,559.4 +30

98

86

0.6 14Huatai Securities Co LtdRothschild

0.556

▲+34 4.9

91

7.1-3.0 71

-1.3 ▼

34,636.6

6.3 ▲

# of Deals# of

31,743.5

65

70

31,410.5PricewaterhouseCoopers▲

3215.1 ▼

Rank Value per Advisor (US$m)Market

Share Ch.

Morgan Stanley16.6Goldman Sachs & Co

1

MarketFinancial Advisor

1 5 194,035.0US$m

-4Share Ch.Sh (%)Financial Advisor

0.9▲5US$m

Goldman Sachs & Co 52

MarketMarket Market# of Deals FeesDeals Sh (%)

66▼

MarketChange in Advisor

▼5.3 1.2161.6

Market

23.5167,112.51

# ofRank ValueShare Ch.

2014 Rank Sh (%)

6.8 0.6661

12.6▲ 2Morgan Stanley 20.8 -0.2

16.4148,230.6

0.5 4.430116,867.3 8.0▼

133.5▲ 0.9▲0.31.2 +6 ▲ 208.1 6.8

▲13.0 1.7▼ 14.7▲▲

2.680.0+2

▲▲712.1 ▲

2310.3-1.8 4

3

China International Capital Co 5 7 87,803.8 7.5+2238 0.726 104,915.9

5 103,548.4 14.5Citi 6

1890,956.06

+27▼83,020.8

▼12.8

▲0.4 +54.4 0.32.8 1.5

▼-1312.1

▼▲2.1 134.386.121 ▲▲11.1

11.7 ▲44 0.8

0.21286,031.5Anglo Chinese Corp Finance 78

0.680.6 -14 ▼

54 ▲+5 ▲ 15.3 0.30.5

▼0.7 +6 ▲ 140.2

0.3▲3.5 ▲ 41 4.6 1.3

28▼-5.111.078,118.6

▲66 2+28+5

3 77,922.771,295.1

0.6-2.9

60,151.4▲ 10 8.4 3.210.373,056.6 0.80.5 +1 ▲

▲ 0.5▼

25 -524.3

11Credit Suisse6.0 ▲ ▲ 0.6 -4

10 10 69,570.7 6.0 -1.20.552 33Deutsche Bank 11 0.7109 7.911+8 56,077.9 125.8

▲3.1▼ 94.04.1

0.6

▼-14 ▼ 82.0▼

-27 ▼2.7

0.7 ▲

88.7▼

5.00.645-2.4

35,674.73112 8 59,992.5

0.1 ▲121313 ▲20 41,333.6

▼14 57,017.0

3.6 1.4

5.20.9

UBS▲ 44 0.4 94 1.7

0.4 +5 ▲ JP Morgan

Huatai Securities Co Ltd 140.2 ▲

12 9 43,556.7 6.1 -1.32.9

PricewaterhouseCoopers 15 24 37,282.5 1.4 ▲3.2▲28

8.1+330.1 ▲

58▼

▲-2.5 ▲ 94.600.5 3.1

Rothschild 16 19 35,758.1 3.1 2916 ▼▼3377

19.9-20.9 31

30.3 -8.4▲

0.5▼▲

4.44.4 1.8

0.7▼ 11.8 0.10.41.4+29▼▼ 10

17 -3431,314.9▲ 18

China Securities Co Ltd 1726.8-1218Guotai Junan Securities

30,001.6 2.6 -4.217

▲4.9 0.1▼0.20.6 13

1.5▼+31 4.028,798.4 -0.7

Guotai Junan Securities 23-61 3.8192.50.9

0.2+1619 1229,107.0 Lazard2.5 -0.2

28 24,953.4 2.10.8Industrial & Comm Bank China 28,966.4 ▼2.5 -3.6

0.229▲ 39▼ 0.5

0.7 ▲-4▲ China Securities Co Ltd▲

Haitong Securities Co Ltd4

▲25,551.0+4 ▲ 3.6▲7.2

3.1 ▲▲ 23 0.4 +7▼

0.2▲ 0.1

37▲+3 ▲ 11.5 0.45 0.2

+20.7Lazard 23 13 0.0▲ 4.1Moelis & Co 24

28+3 ▲56 20,477.9 24-118

15 23,784.5

0.120,798.7 Southwest Securities Co Ltd22

+4 NH Investment & Securities Co

▼1.31.8 Barclays▲

24,157.9 3.41.5 -0.1

2.4▲2.0▼

0.519 -1.0

+21250.2

5 789100 0▼0.1 -0.1▲15,636.7

+133100 0

▼ 9 -172.32.2

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

25GF Securities 1.7

Haitong Securities Co Ltd 22

65 19,818.9

Somerley

-0.81.4

38.5

1.0

0.1

Asia (ex-Japan) Rankings

88

Sh (%)Market

1.6

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

0.6

0.21.3

0.3

Industry TotalGreat Wall Securities Co Ltd

3.2

Citi 8CITIC 9

CITIC

Industrial & Comm Bank China

2015 RankDeals

2

-512

# of Deals per Advisor

9Deutsche Bank63

Morgan Stanley Lazard

Hartleys Ltd 0.846*

0

8,556.8 -4.35.0

-2

-7▼5.9

Morgan Stanley

100.0

2.5+6

Industry Total

8,462.1 0.6 ▲

▼1.8

-13.8%Industry % Change from Same Period Last Year

Hartleys LtdIndustry Total-141

25 1.4 ▲1,089

60

+2 ▲

+1

Azure Capital

1,390.6--

-163

4.5%

5,555 3,070.3

4.8

19.6▼

▼-2▲+2 13.6

8.6

+2 9.8

2

-13.0%

0.2

+1

-19.7%▼

52

1,082.7▲

4.80.2

99,762.5▲

22

0 24CIBC World Markets Inc 1,422.2 0.2

100.0

▼-8.1% ▼

100.0

0.12

0.1

8

4

16

2 0.9

▼▲▼

0.0

4.8

2.5

0.7 0.3

0.6

0.50.8

-

+2

1.1

0.70.91.3

0.1

0.3

1.8▲

-30.50.6

1.1▲ 0.1 -06

Gresham Partners7 12Mizuho Financial Group 13

▲-1.9

0.4

0.5-14.0

-3Grant Samuel

Greenhill & Co, LLC23

▼▲

+2 20Barclays

Flagstaff Partners Pty Ltd

-3

▲▲▲ 0.2

1+3

0.121,592

▲▲

▲ 190.5

572120

1.1 0.2 Santander3SantanderFlagstaff Partners Pty Ltd

▲1.7

0.1▲

22

3819

18

1.5-

0.8

1.6

-0.21.71.7

1,618.8 1.1

21

62*

25

-

2,421.02,375.62,254.8

6,143.04,728.2

4.3 0.1

Evercore PartnersFort Street AdvisersRothschild 3.3

4.3-1516 10

16 -0.1▲ 15+2

14▼6,502.0 ▼▲

0.34,081.5 2.8

9

-5

4

4.55.9

161.8

8

▲710

2,479.6-

3,451.6Rothschild

2,375.618

▲1.6▲

2.2

1.6

17 -

16

0.3 11▼-

2.2-3.7

▼ 2,214.9

- 6.2

1,486.2

-1,732.6 1.7

53

1.2▼

▼ 16

2.4

0.2

5.55,436.76.2

11

2.4

7,222.3

2,201.52.1

6,143.06,456.9

▼▲

6.5

▼-19.1

▼ 38.6

3.5

0

2.5

7.27,159.1

910

-3 ▼ 28.6

10,990

3.8 ▲-10.7-12.2

1 38,190.0 38.31

15,102.5

2 30,861.3 30.9622,619.73

-7.95

9

2

11,299.0 11.35

-11.910.1

4

67 8,698.2

8,653.5Credit Suisse 8

10,096.429

JP MorganMoelis & Co

1.4

0.521 1,618.8

1,520.81.51.4

1.52622

62.7%-8.3% Industry % Change from Last Quarter

1.0

+1

0.9

1.0 +1

-9

27.5▼

2.5

-7

0.2-30.4

3.6

0.4

▲ 27.4

-5

▲ 5▼▲

-1

7 -7

1.4

10

15

11

8.7 -19.6

5

110.5 -10

0.20.6

+2▲▼

72

2.4

0.9

1.0

35.91.4

11.3

16.0 1.50.8

1.5-1

20.21.3

3.7

-1▼▼

1.1▼

0.1

0.90.8

0.81.1

0.3

0.0▲

▼-

23.6

97.0

9.0

3.3

2.2

15.1

13.746.5

26.3▼

21

-50.8

-13

4.3▼

2.2

2.6

▼50.5

1.9

0.6%

712,373.9

▲+9▲▼

# of DealsDeals▼

10 ▼▲

-5

19

UBS

Bank of America Merrill Lynch

Macquarie Group

+1

1.2

0.6▲16

-3 ▼▼

481.6 -12

11.116

30

+3

-3

-15.3

1.0

26

1.010

9,697.5

15,514.70.6

24.445,318.7

10.8

11.6

-1.64.8

13.2

31.4

-7.4

7.8

-0.9

11,233.4

35,246.7

19,081.334,335.8

6.7

▲▼

8

9,118.98

Credit Suisse

29

6

RBC Capital Markets 11

Citi

3.3

23.8

15,953.8

177

4JP Morgan

Market

Industry % Change from Same Period Last Year

1,165,836.5

Market

# of Deals per AdvisorChange in 2015

Rank2014 Rank

Market # ofShare Ch.

Any Australian Involvement Announced (AD24)

Rank Value per Advisor (US$m)

US$m15.433.3

2.1 ▲1.93.0

1.2%

231,479.9

100.0

CIBC World Markets Inc -

1,372.4

1.0

144,192.0

87.1%

17

Evercore Partners

13

24Euroz Securities Ltd

14Fort Street AdvisersMoelis & Co

Azure Capital

Mizuho Financial Group

BarclaysGreenhill & Co, LLC

8,679.1

20.1

6.0 5

1,422.2

25

24.4%Industry % Change from Last Quarter

Industry Total

0.61.0 ▲1.0

1.0

1.0

Industry % Change from Same Period Last Year

1,390.6

Sh (%)

Jan 1 - Dec 31

61.1% -4.0%

-5,789100.0

11.5

Market

▲11.2%▼

Imputed Fees (US$m)

▼Industry % Change from Last Quarter

▼ ▲2.3▼1.5

Jan 1 - Dec 31

-12.7%▼

Any Australian Involvement Completed (AF31)

Share Ch.Financial Advisor DealsMarketSh (%)

2015 Rank

Change in AdvisorSh (%)

-14 7.2

Market# of Deals per Advisor

-19.8%

8

▼Fees# of Deals Sh (%)77.8

-13 124.33.2▼

8

0.6

2.1

0.7

9

35

0.8

1.9

23

9

0.5 7.18,539.6RBC Capital Markets▼+3 7.2-4

4.56.3

▼19

Citi▼

-2

1.0▲▼

0.5

82

-4.8

Macquarie Group 2

9

2

5

17

3

-5.5

12

Goldman Sachs & Co4

Gresham Partners

9

14

23Lazard

10Bank of America Merrill Lynch

Financial Advisor

40.3% ▲▲

+133

-12.1%

100.0

Sh (%)

Industry % Change from Last Quarter▲

UBS 1 3US$m

Rank Value

6

Deutsche Bank5

+8

▲59.4%

-447,958.5

0.3

39.8

0.5

14

21

62*

18

0.3

1.3▲

1.2

2014 Rank

4 -20.3

7.9

Share Ch.

Goldman Sachs & CoDeutsche Bank

Rank Value # ofMarketMarket

-6.4%

0.50.4

8.7

Rank Value per Advisor (US$m)

22-6.0

▼22.715.1

4.8

▼8

Industry % Change from Same Period Last Year

Industry Total

https://www.thomsonone.com * tie

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables16

Page 19: mergers & acquisitions review mergers & acquisitions review

7,662.1

4,966.8

Rank Value

100.09,424.9

MarketSh (%)US$m

2*

Market

2,294.2

29*

0.6

2.5

▲▲

▲102.9

▲4.3

100.0

# of Deals per Advisor

6.4

162

-36

8.0%0 0%

9.0

▲60.9

Sh (%)

20 5%-18.2%

+20.9

+12

+1

Asia (ex-Japan) Rankings

-

MarketShare Ch. Sh (%)

-21.7%

4,665.9

Market

9.026

9-

Imputed Fees (US$m)

-7▲

Change in

1 +1 7.47.6+11 2.5

0.6

7.4

7.4

60.9 ▲▲

▲4.2

60.9

+1▲▲

55.7Fees# of Deals

+110.6

10 +7Share Ch.

▲6.2

MarketAdvisor

29.3

Market

28.5 25.1

848.4Goldman Sachs & Co

9.0 ▲Rothschild

Financial Advisor

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Jan 1 - Dec 31

Rank Value per Advisor (US$m)

60.9 0.6

Sh (%)Sh (%) Share Ch.

Industry % Change from Last Quarter

JP Morgan

Industry Total

2014 Rank

Any New Zealand Inv Announced (AD39)

2015 Rank # of Deals

Any New Zealand Involvement Completed (AF46)

0.4

Deals

# of Deals per Advisor

2233 -29

Rank Value Market # of

4.22.5

100.0

1 2.560.9 2.5 2.5 ▲

Jan 1 - Dec 31

Change in

1.7

4.5%-11.1%

4

22 9.4

Market

Industry % Change from Same Period Last Year ▲

Citi▼

5732.5

64.8

60.9

5

Goldman Sachs & CoFinancial Advisor

2*

2015 Rank

2*

PricewaterhouseCoopers

Asia (ex-Japan) Buyside Financial Sponsor Activity

12*

Rank Value per Advisor (US$m)

563.8

37.1%

Barclays

▲7.4

Bank of America Merrill Lynch

-20 7%

Haitong Securities Co LtdIndustry Total

4,665.9

▼304.1%Industry % Change from Last Quarter

2014 Rank

4,665.9

-

US$m

-

▼▲

Industry % Change from Same Period Last Year

6 - 3.3314.6 3.3

848.4

-2.5Macquarie Group

57.87.1

7*667.7

2*9.0

158.9

-15.3

▲▲

+3

+2

2.16

1

4Cameron Partners Ltd

13▲

▼24.3

# ofDeals

$6.0 $3.1$9.6

$1.0 $3.5 $6.0 $8.9 $6.1$12.7 $14.1$7.4

$4.0

$3.9 $3.9$6.6

$13.3$8.2

$17.3

$46.2

$4.4$3.9

$5.1 $3.3$8.1

$10.0

$6.6

$31.7

$42.3

$7.4 $2.3$2.9

$17.3$5.9

$3.4

$9.8

$13.9

$30.7

2.3%

3.1%

7.8% 10.0%

10.7%

8.1%

11.0%

8.0%

14.4%

18.8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$20

$40

$60

$80

$100

$120

$140

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of WW FS Volume YTD

0.0%20.5% ▲Industry % Change from Last Quarter* tie

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

-▼-20.7%

14%

14%

12%

12% 11%

10%

7%

5%

4%4%

4%

Industrials High Technology Financials

Real Estate Telecommunications Energy and Power

Materials Healthcare Retail

Media and Entertainment Consumer Staples Consumer Products and Services

Government and Agencies

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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Page 20: mergers & acquisitions review mergers & acquisitions review

Mitsubishi UFJ Morgan Stanley

* tie

13.8 2 1,768.3 3 12.3 1

357 2,713.5 1 18.9 8

Bank of America Merrill LynchING

14,385.1

1,983.8 2

1

4,937.3

43,270.4

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Japan M&AJapanese M&A Up 56% | Financial Sector Drives M&A Activity | Outbound Highest On Record

21,136.9

23,379.2 1

48.0

Rank Val US$m

Citi 221,509.2 3

Deloitte

Real Estate

Mitsubishi UFJ Morgan Stanley

54.0

28.534.4

Consumer Products and ServicesNomura

Industrials

Mizuho Financial Group

Rothschild

42.344.4

No. DealsRank

29,239.3 23

Share

Japan Deals Intelligence

25,740.4 27,008.0

60,897.0 1

Nomura

FinancialsMitsubishi UFJ Morgan Stanley

Driven by 40 large scale deals valued at US$1 billion or more, announced M&A activity with Japanese involvementtotaled US$195.2 billion during full year 2015, a 55.5% increase from comparable 2014 levels and the second strongestfull year period for Japanese M&A on record after 1999’s US$242.4 billion. Orix and Vinci’s Kansai Airport’s acquisitionof New Kansai International Airport’s operating rights worth US$17.9 billion was the largest Japanese deal in 2015 andthe tenth largest Japanese involvement deal, since records began in 1980.

The financials sector led the Japanese market in 2015, with deal volume totaling US$60.9 billion, accounting for 31.2%market share and a 225.9% increase compared to 2014. Industrials followed, accruing US$43.3 billion for a 22.2%share of the market.

Outbound activity continued to drive the Japanese M&A market, reaching a new record high with total value worthUS$87.8 billion, a 53.4% increase compared to 2014. Number of deals recorded 701 deals and the second highestdeal count since 2012's 732 deals. Seven out of the top 10 deals were outbound deals. Americas targets were themost sought-after by Japanese companies, recording US$38 billion with a 43.3% market share and the second highestvolume on record.

Japanese Domestic market activity totaled US$72.6 billion, registering 52.2% increase compared to the same period in2014, the first increase after three years of decline on domestic M&A activity. The fourth quarter of 2015 recordedUS$32.4 billion, a 184% increase compared to the last three months of 2014 and the second highest volume since1999’s US$74.3 billion on record.

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

Goldman Sachs & Co

5 49.712

9

16

190 14

6

4

13 553

48.9

470

9

17,328.9 High Technology

5,961.0 6,106.6

2

6,564.2 16,370.0

29

5 40.1

325,883.7 1

28.7 6

35.2

35.9

3187

4,698.6

Mitsubishi UFJ Morgan StanleyNomuraSumitomo Mitsui Finl Grp Inc

7,540.9

CITIC Ltd (10%)

1/20/2015

Completed

CompletedCompleted

2/18/2015

11/10/2015

Pending6,021.2

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

Any Japanese Involvement Announced M&A

Reynolds Amer Inc-Natural (100%) Japan Tobacco Inc

10/19/2015Japan Post Co Ltd

Japan, France / JapanDate Effective

Top Ten Japanese Involvement Announced Deals

HCC Insurance Holdings Inc (100%) Tokio Marine & Nichido FirePending

6/10/2015 Japan / United States

Pending

Pending

12/15/2015

9/29/20159/8/2015 Pending

PendingPending

1/20/2015

7/23/2015 Financials / Insurance

Financials / Other Financials

Acquiror / Target Nation

Financials / Other Financials

4,755.8Financials / Other Financials

Gen Elec Co-Coml Lending (100%) Sumitomo Mitsui Fin & Leasing

Financials / InsuranceConsumer Staples / Tobacco

Japan / United Kingdom

Meiji Yasuda Life Insurance Co Japan / United StatesFinancials / Credit Institutions

5,924.0

5,005.2

Industrials / Transportation & Infrastructure

Any Japanese Involvement by Market

Chia Tai Bright Investment

StanCorp Financial Group Inc (100%) 4,961.3

Japan / Australia

4,433.3Japan / Japan

Hong Kong / Hong Kong

5,296.5Hong Kong / Hong Kong

Japan / United States

Consumer Products and Services / Professional ServicesIndustrials / Transportation & Infrastructure

Jan 1 - Dec 31 2015

Amlin PLC (100%)Chia Tai Bright InvestmentMitsui Sumitomo Insurance

6,121.1Japan / Japan

Rank Value (US$m)

Japan Post Holdings Co Ltd (8.52%)Toll Holdings Ltd (100%)CITIC Ltd (11.8%)

New Kansai Intl-Op Concession (100%) 17,911.2Kansai Airports

Japan Post Holdings Co Ltd

$26.9$50.1

$34.0 $23.4 $35.2 $38.8 $37.0 $25.6$42.1 $51.0

$51.8$31.1

$37.1

$21.6$19.2

$45.9 $40.1$32.9

$32.2$33.0

$22.5 $28.7 $47.5

$42.4$50.3

$50.2$42.4

$32.6$24.4

$45.1

$48.5$51.9 $28.7

$38.9$30.2

$50.5$59.3

$35.2 $26.8

$66.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

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18

Page 21: mergers & acquisitions review mergers & acquisitions review

Imputed Fees (US$m)

Financial Advisor

Lazard

Jan 1 - Dec 31

6,459.4

Deutsche BankLazard

5.3

Rothschild

5.3 ▲Bank of America Merrill Lynch

20

066

1.6+33.0

36.72120

6.12.60.4▲

2.80.6

+1 ▲

3.0

0.2-12

▲ 1

1 768 311.2SEB1

3.4

Mitsubishi UFJ Financial Group

16

6

4,068.7

5.0

2.4

PricewaterhouseCoopers3.74,471.1

2,372.8 ▲1.2

▼-

15

29 0.9MTS Health Partners LP

▼-11.03,380.4

70

0.0▲

22

0.47,004.1

Ernst & Young LLP-

0.2Deloitte+2 33GCA Savvian Group Corp

243,154.541 1.3

▲ +1 2,955.2+9

-▲

132.8

1260

+7▼

Any Japanese Involvement Completed (AF23)

172.2

5 9,590.55.0

3.7 -7.4

4,098.6

0.1

63 2.0 +10 3.4

Gresham Partners15 8

- 6,021.2 3.1 ▲Centerview Partners LLC▼3,048.4 -1

3.1 +1

UBS0 0 1 12 12 25 ▲47

2 570 2▲ 29ING 25 33 0 9 ▼0 5

Mitsubishi UFJ Financial Group 23 38 2,958.4 1.5▼1.6

1.222 12

Gresham PartnersGCA Savvian Group Corp

21-3.6

▼JP MorganKPMG -2.6

3.41▲

▲ 2.3 +60.0 ▼3,634.4

7 ▼2.6

4.180

-9.6+15▼ ICICI Bank Ltd

▲ 3.2-0.5

Deloitte 20 30KPMG 19 11 9,288.5

8,062.7

4.918 17 9,317.5 4.8

4.8-1.6 ▼

9.9-1.7 2.1 +5

7.78-8.9

+1110

-0.26,021.2

0.56,671.7

23-1

1.2▲4.8

0.5

1314

-115.5

14

0.3

0.1 ▲52

6.35.8

2.6+4+4 12

0.46.0 -38.410,165.1

6

0.5

9,766.5

7,674.1

30 11.2

▲0.3

-2.6

4.96

63 3.2

0.311.0 +44.2 0.8▲

6613,367.4

8

0.6

0.416

5.921 ▲

9

0.6

-▲

190.5 +816

5.419

-2 ▼

Mizuho Financial Group▲Sumitomo Mitsui Finl Grp Inc-Evercore Partners

0

1

1110.3

513,604.1

▼18.9

-3.95▲ 7.9

+3Nomura

25,430.12

157

-12.1

+1020.9

+9

Goldman Sachs & Co47

Mitsubishi UFJ Morgan Stanley

Sumitomo Mitsui Finl Grp Inc

8

▲7

4

4

7.513.0

Deutsche Bank

9

16

9

13

Citi

7

23

45

22,993.29

Mitsubishi UFJ Morgan StanleyNomura

4.223

15,748.8

Rothschild

85.5

7.715,104.8 3.711

11

9,969.8

115.5 ▲ 4

19.2

5.1

▲18.6

8.4

10,630.210,357.2

5.5

16.131,331.5

-

17,263.429,365.0

24

34▲

108,063.19,356.3

30.3 Credit Suisse+110+7

1.815.614.7

7.78.022

0Citi

0.8

6.6 -12.8 ▼▼

25 9

2.7

1.9

1 1

2.0

0.7

0.7

0.2

▼▲

▲▲

0.30.2

3.4

0.1

0.7

20.4

31.6

▲0.6

48.2

1.50.9

0.7

1.3

0.6

▲2.2

▲▼

▲2.8

139.9 9.9

▼▼9.9

4.4

101.2 7.2

17

10

110.4

19 -

1 4

▲2.2-▲

0 5

0.2 +1▲

+22.12.6

1.835▲

9.4▲

+1

+7 19 8

37.8

16.40.123

▲2.6

24- ▲ 1

18

3,934.3

0.7--

3

0.1

1.2

3.4 0.1

45

▲20

▼▲

2.31.0

7.3

1.1

0.3

-1

26.1

35.7

-

1.6

0.00

0.2

1.9

-5

-4▼

0.6

0.0

1.5

2.2

2.1

4.8

0.4

3.6

99.7

31.1

46.5

▲7.1

29.3

2.5

3.3

-5.6

1.4

68.4

50.9

145 +7

-3

+6

1.7

28.7

+4

107▼▼ 5.4

18▼-12▲

-50.9+5 ▲

+11 ▲▲

5.2

12

2.01 28,715.8 23.6

29,370.7139.4

▲2.4

6.9 ▼24.2US$m

Rank ValueDeals

Market Change in Sh (%)

MarketMarketMarketFees# of Deals

# ofShare Ch.Financial Advisor Share Ch.

# of Deals per Advisor

Japan Rankings

Share Ch.Market MarketAdvisor

Sh (%)

8.85.6

Daiwa Securities Group Inc2515.0 ▲ +212

0.3PricewaterhouseCoopers ▲Credit Suisse

JP Morgan

14SomerleyCITICUBS

Daiwa Securities Group Inc

13,325.6

36,225.5

2

37,414.236,906.5

12

9,714.216

3

5.0

20

108

5.3

6.8

17

15

8

10

13

Bank of America Merrill Lynch

Mizuho Financial Group

Goldman Sachs & Co 6 3

Evercore Partners

7

-

▲▲

22.7

1

10.99.5

18.9

7.5

76

Market2014 Rank

74,000.056,593.7

US$m

42,050.8

Rank ValueSh (%)

21.544,337.9

13211.262

▲▲29.0

169

Sh (%)Change in

Rank Value per Advisor (US$m)

Sh (%)

# of Deals per AdvisorMarket

12.7 163

37.9+24

Deals2014 Rank

Jan 1 - Dec 31

# of Deals# of 2015

Rank

Any Japanese Involvement Announced (AD19)

Rank Value per Advisor (US$m)2015 Rank

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

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

121,469.0

Japanese Involvement Announced M&A Target Industry by Value

1,768.3 1 UBS0.0 1.12.1-2 25100.0

▲▲▲ 6.1%

-5.8%▲

▲110.8%

* tie

46.4%55.5%

2,570.2▲ 29

4.6%

Industry Total +178ING 25 33 0.9 ▼

100.0 3,108195,224.40.5 1.1

htt // th

1,413.7

100.0

-1▲10

1,9931.40.5

77.2%-1.0%

Industry Total

Japanese Target Completed M&A Fees

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

-0.1%

▲+7 19.8

-3.1% ▼ ▲

31.2%

22.2% 8.9%

8.4%

7.4%

6.3%

Financials Industrials High Technology

Real Estate Consumer Products and Services Consumer Staples

Retail Healthcare Media and Entertainment

Materials Energy and Power Telecommunications

$267.2$191.0 $227.2

$98.2

$236.8 $212.7 $175.3 $217.8 $224.0$128.0

$273.6

$269.0 $180.4

$147.8

$239.6

$132.3 $202.9 $116.5 $75.8

$140.3

$191.4

$206.5

$160.9

$142.2

$144.9

$106.3

$223.3

$192.6

$138.5

$89.5

202.1255.9

176.6

237.7

178.2

155.9

239.1

208.8

149.0

195.6

0

500

1000

1500

2000

2500

3000

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

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

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19

Page 22: mergers & acquisitions review mergers & acquisitions review

Industry Total

1.60.03.00.20.30.1

13,030.2188.0

24,056.31,297.42,195.0

537.1

▲▲▲▼▲▲

+2+1+2-6

+3+5

1.51.51.51.31.31.3

666555

23*20*23*1133*

-

13*13*13*17*17*17*

2.8

RothschildHovde Group LLCJefferies LLCRaymond James Financial IncPiper Jaffray CosSimmons & Co International

Credit Suisse 17* 15 6 1.3 -2 ▼ 24,625.9

- 3,203.5 0.4Deutsche Bank 13* 18* 6 1.5 0

▼▼▲ 13,030.2

0.40.21.5

17*17*17*

1.31.31.3

16*1128*

666

Raymond James Financial IncRothschild

1,801.87,204.62,259.8

0.10.50.2

-2-2

-21+17

▼▼▲24

1.41.31.31.2

Fairness Opinion Rankings†

39319 16* 22 1.5 +10

20*22*22*

13.9.0 0.0

2.61,801.8 0.2

20,733.0

112,416.3

159.6%

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

9,769.4 1.21,127.4 0.1

416,335.9 51.326,106.2 1.862

US$m37,352.0

0.715,860.0

▲444,259.0

1.1▲

16,173.9

Stifel/KBW

-7

Shenwan Hongyuan Securities Co

146,300.1

0.2

8,949.8▲

+6

21*

5 +21

0.6

28 1.91.5

1.2

2.6

4.4

9,994.0

2.0

36,224.1

+243.4

20,733.0

2

+31

13*

211919

1.9 -3

3*99*62*

1.8

514.2

3.4 +2651 3.4 +26

4* 10*3 8

+32

+2344 3.0

4*514* 3*

23* 399 1 4287 16*

16* 19,613.9

62.6

13.1

1.4 ▼.0

31.3

9 70,132.9

JP Morgan

Stifel/KBW

Prairie Capital Advisors IncSandler O'Neill Partners

1,801.8114,171.5

48.82.40.2

Houlihan Lokey

Morgan Stanley

8.10.0

14Evercore PartnersBank of America Merrill Lynch0.43.01,127.4

1.1

1.6

0.1

7*Goldman Sachs & Co

7*10*10*30

2.83.0Bank of America Merrill Lynch

7*

2.12.1

3.2

▲15,297.1-2

3,372.3

-2

+10

▼24

261.6

23,377.2

18,347.2

15

27* 1.8▲▲

+139 24

7

Industrial Securities Co Ltd

12*

1.627*1.6

23

Morgan Stanley

18

14

16*

Stout Risius Ross Inc

Houlihan Lokey

16*

12*Haitong Securities Co LtdGuosen Securities Co Ltd

1011

15

-4

Houlihan Lokey

Somerley

25 ▲

7*

Pendo Advisors LLC2728

10.3

Southwest Securities Co LtdChina Securities Co Ltd

6JP Morgan

14Prairie Capital Advisors IncMorgan Stanley

▲GF Securities +26

424,087.620,733.0

▼▼

CITIC 66*47 ▲+11 ▲

4.1

14 +133.03.4 -916

-2119

1.12 1 42 9.0

30

1,127.4-2 ▼

Sh (%)

0.111.1 +13 ▲

3 5 39 8.3 +11JP Morgan

# of Market Change in

1 3# of Deals

-1.1

Market

4.4

2015 Rank

Huatai Securities Co Ltd

Rank Value

9,769.452US$mSh (%) Deals Sh (%)

2014 Rank

2.6

Rank Value

Duff & Phelps1*1* 6 65

Fairness Opinion Provider2014 Rank Sh (%)

Stout Risius Ross Inc

Deals0

-55 2

6.44 4

100.0

Industry % Change from Same Period Last Year

46912.8%

Pendo Advisors LLC

3,203.51,364.6

Industry Total 811,140.9

-14

-1-8

+2

869,306.1

100.0-15

-3.7% ▲

75,530.413▼

+4

▲▲

8

-6 ▼70,132.9 8.6

3,434.0 0.4▼-4

23*62,928.8 7.89

10 +1

30.52.3

▲2.0

4.8

3.39.3

3.6

3.6

0.0

Industry % Change from Last Quarter

▲9.2-2

36

15

30

82.5

42.9%

▼+1353*

91413

4

-9

1

-66-21

-2

7

193.8

14

2015 Rank

2014 Rank

1 310.7

+13▼

7.6+10

▲Sh (%) # of Deals

12

2

1110

Goldman Sachs & Co

3

7*9

5

7*

Deutsche Bank

18

1.4

+5

Bank of America Merrill Lynch

7*

28*

Sandler O'Neill PartnersEvercore PartnersCormark Securities Inc

Rank Value (US$m)

Worldwide Announced Fairness Opinion

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

Market2015 Rank

# of

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

Jan 1 – Dec 31Any US Involvement Announced Fairness Opinion

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

6

65

DealsMarket

42Duff & PhelpsFairness Opinion Provider

Stout Risius Ross Inc

# of Deals

Duff & Phelps

Fairness Opinion Provider US$m Sh (%)

Guotai Junan Securities

2

5

13.252

4

Sinolink Securities Co LtdCiti

10*

5.4▼ 17*17*17*

GMP Capital Corp▲

1.91.7

24*

1.0

12

0.7

76,333.1

Jefferies LLC

1010

98

28*

13

13*45*

8.70.17.20.0

-6+1+8-11+4

Stifel/KBW

3,434.075,530.4

475.962,928.8

30.5

▼▲▲

BMO Capital Markets

New Times Securities Co LtdChina Merchants Securities Co

+1 ▲ 14,638.4KPMG 20* 13* 21

▲ 16,401.9

14*14*14*1.3

0.57,370.2

9,506.8

Deutsche Bank28*

777

1.51.51.5

+2+3+3

0.32.83.3▲

2,430.024,329.228,533.0

Moelis & CoHovde Group LLCEvans & Evans Inc

19*24*66*

666

1.31.31.3

0+1+5

-▲▲

2,517.3188.0

36.1

0.30.00.0

y

Industry Total

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

7.8574.0

.0

0.03.00.0

+1-1

+1

▲▼▲

111

3.53.53.5

1.40.70.20.7

Moelis & CoSumitomo Mitsui Finl Grp IncCITIC3.4

Industry % Change from Last Quarter

Goldman Sachs & Co

▲▼▲▲

5,904.42,957.8

851.52,892.9

1.41.21.21.2

+13-8

+7+9

▲ -9*32*58*

13111111

Bank of China LtdGreat Wall Securities Co LtdZheshang Securities Co LtdDuff & Phelps

19*22*22*22*

▲ .0

880.820,774.0

276.7

0.36.00.13

1.71.71.7

00

+3equinet AG

15*15*15*

15*15*

-

InvestecMorgan Stanley

33

--

0.05*

1

Any Japan Inv Announced Fairness Opinion

5*

GF Securities 7* - 1

1

0

3.5

2*

13.8

7*7*7*

Morgan Stanley7*7*

5* --

410.43,817.41

3.53.5

+10Evercore Partners

,158,861.7 11.2+14 ▲25 16* 1.2

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

0.2

Essence Securities Co Ltd 19* 32* 13

17 16

13 ▲ 5,425.8 1.3

8.42.1

19.6

11*11*

26*4

▲+2

27,991.4UBSLazard

52,622.5

2.3

2

0+3

2.32,523.1 13.01,773.3

Rank Value (US$m)

Sh (%)

-9.1

756.4 3.9

2.3 -12

15.3

+3 ▲ 95,598.0

2,255.1 0.7+5

1.1

6+2

Plutus Consulting Co Ltd

+64.139

▲es Networks Co Ltd

8

Deloitte

JP Morgan

2.39,506.8▲

5.4

+10

+21

▲3*47

Market

6.6

▲+26

6*

65 +316.9+32

# ofDeals

Change in

-66.7%

1.80.8

29 19,450.6 100.0

Industry Total

Industry % Change from Same Period Last Year 20.8%

9

3*

7

11

Nomura

+13

23,377.2

10

5.4

+5

408,362.5

1.4+9

1.71.5 ▲

95.8%▲

+373

2,808.4 0.7

▲ 1,715.4 0.41.4+10

Lazard

2

-66.7%

6.93

6

---

5 -2,414.73*

1,631.1

+5

-

-

4.83.75.7

▲10.3- 4 13.8 +4

Mizuho Financial Group

US$m

4 13.8 +1+3

Daiwa Securities Group Inc22* 450.5

2*

# of DealsSh (%)

-3*-

1 3.5 +1

1▲▼5

Deals

417.2 -4

-24.3%▼

12.4

7,370.2▲ 3,372.3

15,297.1▲19,613.9

Industry % Change from Last Quarter 64.9% ▲ 67.8%

Industry Total 100.0

947

Industry % Change from Same Period Last Year 65.0%

Sinolink Securities Co Ltd

1415

9* 24

14

8.9

6.4

2.5

2.95 3.012 2713* 26

▲ 36,224.151

9.137,352.0▲

+26 2.43.9

2.6

Industry % Change from Last Quarter 4.5% ▲ 16.5%Industry % Change from Same Period Last Year

Industry Total

343,810.3

10.1%

100.0+16175

83.3% ▲

81*16*

19* 44*Minsheng Securities Co Ltd 18 16China International Capital Co

Gram Capital 16*

▲ 0.6+15

754.011,717.8

2,259.8

+5+2

8.1▲ 1.8

20▼

2.9

19 2.08,968.3

58* +3

- 8,136.6 2.4

3,729.5+3

12* 0▲ 37.5

26* +58*

22* 2.9▲8*

- 2.95

3,658.3 1.1▲ 2,505.3 0.7

3.46

281.0

4 4*3

108*

1315*

8

2015 Rank

1

Jan 1 – Dec 31Any EMEA Inv Announced Fairness Opinion

Market

39.1 -1

10.32

Market2014 Rank

Change in Deals

18Sh (%) # of Deals

▲16

Industry % Change from Same Period Last Year

# of Deals2014 Rank

# of2015 Rank

Rank Value

Jan 1 – Dec 31

,

Change in MarketMarketRank Value (US$m)

796.9 4.1

# of Deals per Advisor

152.2%32.6%

17

Industry % Change from Last Quarter

Citi

China Securities Co Ltd

62

27.8

Sh (%)

0.2

34.73*

13*

0.1

5.7

178,634.62

+10

Huatai Securities Co Ltd2

22.9

+2 119,253.8

2.9

-2.9%55.5%44.1% 129.5%

3*

6*

▲51 +26

Industrial Securities Co Ltd

11

2.8

28

44

* tie

32* 18 1.9 +14▲

China Merchants Securities Co16 1.7Deutsche Bank

11*+7 ▲ 13,721.8

11* 26* 2.3 0.0Shenwan Hongyuan Securities Co 12Citi

Stout Risius Ross Inc

66*

15*

Fairness Opinion ProviderJP MorganKPMG

Goldman Sachs & Co

4

GF SecuritiesPricewaterhouseCoopers

1

CITIC

Southwest Securities Co Ltd

Somerley

7.4

+7651.5

5

+3651,484

# of

Based on Number of Transactions

2015 Rank

Based on Number of Transactions

Fairness Opinion ProviderUS$m

13

# of Deals per Advisor

6*

# of Deals per Advisor

Bank of America Merrill Lynch

1

Guosen Securities Co Ltd

2014 Rank

Guotai Junan Securities

Rank Value

Any Asia Pacific Inv Announced Fairness Opinion

New Times Securities Co Ltd

Rank Value (US$m)

4 2.3 +3

4.6

53.4

Haitong Securities Co Ltd

+17

4

Fairness Opinion ProviderRank Value

+1

58*

US$mMarket

7,204.62.1

Based on Number of Transactions

7*

14.9%

Jan 1 – Dec 31

▲41.8%

26,106.2

9,994.0

4.75.0

▲ 8,949.8 2.222 2.3

+23

15,860.0

Sh (%)Sh (%)

SomerleyEvercore Partners

6*

Duff & Phelps

Deloitte

Rothschild 512*

1,417,907.2 100.0Goldman Sachs & Co

Panmure Gordon & Co LtdDuff & PhelpsBank of America Merrill Lynch

7*7*7*7*7*7*

ACE Consulting

-5*

111111

3.53.53.53.53.53.5

+1+1+1+1+10

▲▲▲▲▲-

13.1988.8

4,961.384.3

.1825.7

0.15.1

25.50.40.04.2

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-

-

-

-

- 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.

EMEA

Tel: +44 (0) 20 7542 7381

E-mail: [email protected]

Japan

Christina MavrakiDeals 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.

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Ranking Criteria Summary

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

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

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

AmericasRobert LevineTel: +1 646 223 5682

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

Tel: +852 3761 1852

E-mail: [email protected]

Asia-PacificKelvin Bian

Kaori Motohashi

-

-

-

-

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

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

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyinvolvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

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.

Tel: +813 6441 1338Kaori Motohashi

E-mail: [email protected]

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.

© 2016 Thomson Reuters. All rights reserved.

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

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