Full Year 2016 M&A FA Cover.ppt - Thomson...

REUTERS / Andrew Kelly

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

Full Year 2016Full Year 2016

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFull Year 2016 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Announced (AD34)3

3

6

6

11

12

11

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

Table of Contents

1

20

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

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

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

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

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

20

21

21

22

21

20

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

Any Asia Pacific Announced Fairness Opinion

8

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal Making Community

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

20

15


Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

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Full Year 2016 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide M&A Hits US$3.7 trillion for 3rd Largest Annual Period On Record l Deals Over US$5 billion Fall 30% l Cross-Border M&A Percentage at 8-Year High

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees WORLDWIDE DEAL MAKING FALLS 16%, NUMBER OF DEALS UP 1%- Worldwide M&A activity totaled US$3.7trillion during full year 2016, a 16% decrease from full year 2015 levels and third largest annual period for worldwidedeal making since records began in 1980. Just over 100 deals with a value greater than $5 billion were announcedduring full year 2016, their combined value down 30% compared to a year ago. Overall, 46,055 worldwide dealswere announced during full year 2016, a 1% increase compared to last year.

DEAL MAKING ROSE 50% DURING FOURTH QUARTER - The value of worldwide M&A announced during thefourth quarter of 2016 totaled US$1.2 trillion, an increase of 50% compared to the third quarter of this year. Sevenof the top 10 deals announced during full year 2016 were announced during the fourth quarter.

UNITED STATES M&A FALLS 17%; ASIA PACIFIC DEALS DOWN 22% - M&A activity for United States targetstotaled US$1.7 trillion during full year 2016, a decrease of 17% compared to the level of activity seen during 2015.With US$896.3 billion in announced deals during the full year 2016, Asia Pacific M&A fell 22% compared to a yearago. Asia Pacific targets accounted for 25% of worldwide M&A, compared to 21% for Europe.

ENERGY & POWER, TECH, MATERIALS LEAD BALANCED SECTOR MIX - Deal making in the Energy & Powersector totaled US$608.0 billion during full year 2016, an increase of 15% compared to 2015 levels, whileTechnology M&A decreased 15% by value, but decreased just 1% by number of deals. Materials deal makingincreased 14% compared to a year ago. Six of 12 major industry sectors each accounted for at least 10% of fullyear M&A the most balanced annual sector breakdown since records began in 1980

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA Asia Pacific Japan

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

year M&A, the most balanced annual sector breakdown since records began in 1980.

INBOUND US AND OUTBOUND CHINA M&A POWERS CROSS-BORDER M&A TO 8-YEAR HIGH – Powered by record levels of outbound M&A from Chinese acquirors and inbound M&A for US assets, cross-border M&A activitytotaled US$1.4 trillion during full year 2016, accounting for 38% of overall M&A volume and the highest annualpercentage since full year 2008.

COMPLETED M&A ADVISORY FEES DOWN 3% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totaled US$30.0 billion during full year 2016, a 3%decrease from 2015.

$203.9

$78.4$15.9 $32.3 $64.9 $62.9

$117.4 $148.0 $163.7$76.5

$318.6

$82.6

$24.7$60.5

$87.7 $79.9

$80.1$118.9

$132.4

$150.3

$163.2

$57.4

$35.6

$73.9

$70.5 $100.1$82.8

$137.0$166.6

$136.2

$113.8

$35.9

$52.9

$100.5

$106.3 $99.6$110.6

$112.3

$255.3

$147.613.0%

7.1% 8.7%

14.5%

19.5%

11.7%

17.1%

13.0%

19.1%

11.9%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% 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

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

$405.7$258.1

$113.5 $175.9 $234.2 $172.6 $132.1$239.6 $272.1 $311.8

$641.5

$367.3

$111.4$203.8

$247.5$272.9

$167.0

$384.7 $336.1 $282.0

$371.4

$326.1

$147.4

$272.5$204.4 $203.8

$179.8

$314.6 $421.6$347.8

$430.8

$156.5

$165.9

$258.5 $196.5 $250.0

$222.6

$305.6

$464.6$461.1

49.4%

31.0%

27.3%

37.2% 36.0%

29.5%

34.4% 35.4%

34.8%

38.3%

0%

10%

20%

30%

40%

50%

60%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

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

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

% of YTD Global M&A

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2007 2008 2009 2010 2011 2012 2013 2014 2015 20162007 2008 2009 2010 2011 2012 2013 2014 2015 2016

1

Western Europe

-31.5137.4

10.4 ▲

▲▼

2,578▲

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

1,255

1/1/2015 - 12/31/2015

1,613,369.4 ▼▼

▼▼

% Change in Rank Value

▼▼

▼

-30.9-2.5

-39.2

-34.5

14.0

▼

-0.3

▲

▼▼

43,117.683253,511.8

-36.8

-34.7312.4

518

United States 1,522,431.4

5,289.6

▼9,225

▲

-34.4▲▼

103

90,938.0

No. Deals

12,155.812,179.7

11,283.8 16,338.5

1,518,450.9

425

1,140

3,235,363.6

Rank Val US$m

% Change in Rank Value

South America

9,513

744

-66.5137

Target Region/Nation

North America-66.4 Mexico

1,573,754.9160

-16.2 10,653▼

10,480

1,659,076.4▼

165Central America▼

11,642▼

Americas

17,604.918,605.019,186.0

4,368,010.9

Rank Val US$m

12813,19945,707

No. Deals

80-2.6

-31.020287

-2.911,601

64.1

35,81934,504

Caribbean-32.3

▼

-16.8

-15.0-16.1

1,703,091.1

▼

126

11,79610,287

▲21.2

250.8▲

▼

1,0301,509

21,814.1622

-2.8 Canada 55,304.0▼60,986.0

Brazil 27,268.6▲

19,607.1

22,396.31,323

Chile-0.8 ▼ 45,490.9

147.8Africa/Middle East

21,474.2▲

Sub-Saharan AfricaNorth Africa

4.3

343 38,370.7

344▲ 260776

759,291.2 8.938,969.3

109

4,665.8

69,628.4

124

964

3,058.5 129442

157,937.4

3,007

-48.9

110,518.0

▲-12.7

▼

9,960

697,110.8

79.1

12,662▼

2,386

13,793

35,388.4 718801 706 3

10,786

7 866

652,475.22,106

14 6

44,635.6

7987 804

2,702

684 833 0

Eastern Europe

374,946.72,180

Asia Pacific63,396.675,719.7France▲

720,321.9

▼Italy▲

52.6

▼

▼United Kingdom-54.4

▲39.1Europe

▼

▼

431

-16.3

49.5

3,612

174

2,671

2,701

Eastern Europe

1,577

15,824

394,636.868,741.5

89,940.0

12,21212,00558,027.8

865,885.4

North AfricaMiddle East

-12.615,298662

20,234.45,388.7

51,534.9 -60.8

21 7

76,933.4396

Europe

149

Africa/Middle East

3,604.5582

1,187

7.71 144 251 8 13 011

83,500.2

111

1,749,575.0

83,741.1

11,027

Americas12,987.2

13 334

204

12,542

Central America

South America79,474.6

3,293

1,670,100.4

935512

104,899.42,338

2,533

47,168.6

1,515

Middle East

20,204.7Sub-Saharan Africa

Canada

Western Europe80,723.1

756,497.4

76,292.9

France

North America

675,774.2

Germany

Chile 21,440.5

Asia Pacific

United Kingdom

Worldwide 46,0553,666,378.5

1,647

Rank Val US$m

81,724.1United States

Caribbean

6,785.6

Brazil

Target Region/Nation

Mexico

807,857.6180,133.7

124

50,148.4

6,112.5

2,006,784.9

51,037.1

2,088,509.0

1/1/2016 - 12/31/2016 1/1/2015 - 12/31/2015

1937,484.1

20,199.1168245

1,853,787.4

22,355.0

2,181,087.1Worldwide

13,792

No. Deals

No. Deals

Rank Val US$m

3,333,207.1

38,922.6

896 282 7

1/1/2016 - 12/31/2016

Mergers & Acquisitions

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

Full Year 2016 | Mergers & Acquisitions | Financial Advisors

16.6%

13.3%

10.7%

10.0% 9.8%

9.6%

7.8%

7.5%

5.1%

3.2%3.2%3.1%

South East Asia

High Technology / SemiconductorsHealthcare / Healthcare Equipment & Supplies

Industrials / Machinery

Media and Entertainment / Motion Pictures / Audio VisualMaterials / Chemicals

Consumer Staples / Tobacco

24,617.522,874.2 Media and Entertainment / Broadcasting12/9/2016

12/8/2016Pending

LinkedIn Corp (100%) United States / United StatesUnited States / United Kingdom

8,142.6New Zealand

Sky Plc (61.7%)6/13/2016

Target Macro / Mid Industry

▲▲▼

▼▲

202.9

▼▼

High Technology / E-commerce / B2B

Energy and Power / Oil & Gas

Materials / Chemicals

High Technology / Semiconductors

Telecommunications / Wireless




Jan 1 - Dec 31 2016

CNAC Saturn (NL) BV

Pending

2/3/2016

1/25/2016United States / United States

AT&T IncAcquiror / Target Nation

NXP Semiconductors NV (100%)Netherlands / Switzerland

▲

▲

-11.48971,077 -10.0

1,851.7

801,706.384,180.2

7,866 -14.6

865,288.4

78,982.0

7,804

151

3,014

66.5-18.1

22.945,335.6 1,265

4,776

Singapore8,805.7

298

442,614.0▼

5.5419,681.1

23,242.0

1,130

49

646,445.7

-54.922.9

1,620

300 -3.2

996

-91.6

4,638

Australia

1,265

▼

-16.4

▼-22.2-31.5 ▼

40.561,670.6

684,833.0994▲98,043.7

63,874.0

Central Asia86,672.2

49

Rank Value (US$m)Acquiror

75,721.3

1,2551225,608.7861

Asia-Pacific

70,001.4

▼Australasia

▲

South East Asia

4.61,449-21.7

3,714.1

1,144,251.8 13,011

1,211

228.4

23.9

87,638.1

57,154.5

429.083,518.1Japan

56

▼

Top Fifteen Worldwide Announced Deals

5,117.6Japan

2128,620

60

87,069.11,571

▼

North AsiaChina 545,491.0

657,016.3

57,242.0

2,350

30,151.7

958,901.9

551.1

8,495

6.9

4001,878

30,009.1

-8.6189

45,335.6

▲

89,201.83,184

100

204

183 Thailand

▼

▼

South Asia 55,736.9

-7.3

▲

North Asia

40,254.9ChinaSouth Korea

22,490.0

529,482.4

55,736.9

▼

Australasia

6,1011,431

701,015.3

1,194

8,913.1 New Zealand▲

Syngenta AG (100%)Pending

65,938.6South AsiaCentral Asia -64.7

Pending

10/21/2016

10/27/2016

▲

Linde AG (100%)

Microsoft Corp

107,501.0Bayer AG

1,595

United States / United States

Spectra Energy Corp (100%)

United Kingdom / United States


▼1,255

Baker Hughes Inc (100%)

99,853.3

10/31/2016

Monsanto Co (100%)57,757.551,425.7


Sunoco Logistics Partners LPEnergy Transfer Partners LP (100%)

31,680.5

Enbridge Inc

46,596.5

Praxair Inc

Germany / United StatesTime Warner Inc (100%)

United States / GermanyLevel 3 Communications Inc (100%)

ARM Holdings PLC (99.28%)

43,144.5Canada / United States

Reynolds American Inc (57.8%)

42,698.1

45,895.1Qualcomm Inc

CenturyLink Inc

Abbott LaboratoriesJapan / United Kingdom

30,466.3

21st Century Fox Inc

Tyco International PLC9/2/2016

SoftBank Group Corp

Johnson Controls Inc (100%)Pending4/28/2016

34,441.3

St Jude Medical Inc (100%)30,750.77/18/2016

United Kingdom / United StatesGE Oil & Gas10/31/2016Pending United States / United States

9/6/2016Pending

Pending

12/20/2016

Pending

5/23/2016

11/21/2016Intended

118.71,189-34.3

Thailand

5,958

13,334102,509.8

27,820.12,068

448

1,246

10/22/2016

Asia-Pacific

12,196.6

Pending

Australia

South Korea

2,444

93,716.8

70,818.0

Rank Date Date Effective

Singapore

1,452

British American Tobacco PLC

Target (% Sought/Acquired)

896,282.7

Pending

1,559.6

Ireland-Rep / United States 27,700.7

9/5/2016

Energy and Power High Technology

Materials Industrials

Real Estate Financials

Media and Entertainment Healthcare

Consumer Staples Consumer Products and Services

Retail Telecommunications

Government and Agencies

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2

Deutsche Bank

Market

2,495.9

Change in

0.9Share Ch.Sh (%)

8.3

264214

7.2

3.1

3.2

0.36.2 0.3

1.9

# of

Worldwide Completed (AF1)

Market

▼ 6.9 ▲

# of DealsMarket Advisor

▼ ▼1.1

0.80.10.30.3

+2+8

8

11+5

-5

▲

-18▲▼

7Citi

523,301.489-8 Deutsche Bank

▼12

293,809.510

▼

▼

135

11

Centerview Partners LLC

-3 Rothschild & Co

▼UBS

-80

370

7

20 0.0▲0.3

-3

120.4

15943

8 0.0-1-5 1.9

-0.5

14

JP Morgan

3.2

Jan 1 - Dec 31

Worldwide Rankings

2015 RankFinancial Advisor Deals

Imputed Fees (US$m)

1 ▼Sh ($)

849,988.4 -4.8 0.7

2016 Rank

Rank Value per Advisor (US$m)

Goldman Sachs & Co# of Deals-58

Jan 1 - Dec 31

0.8Financial Advisor

2843.1

1

Change in

9.5

20.0

7 8

5

-0.6

4 656,502.8

Rank Value # of

25.1

321▼

▼

▼333 0.7

1

-49

420,047.2

Market

Lazard 8

3

Citi45

Bank of America Merrill Lynch

Allen & Co Inc

Evercore Partners

Rothschild & Co

343,680.511310,801.3265,102.1


21

8.5

13.2

18

5.0

346,720.1

261,301.0

9

143,366.51639

HSBC Holdings PLC

21

▼

25China International Capital Co

▼

0 2

0.1

-19

153

-2.9 0.5

0.6

0.1

-6.8

235

358

-3.3

226

-4.8

▼

181

▼232

345

▼▼

0.5 Bank of America Merrill LynchJP Morgan

94

US$m DealsShare Ch.26.9

Sh (%)

# of Deals per Advisor

▼

MarketMarket Rank Value Market2016 Rank


Share Ch.

2 335.9

994,566.5▼ ▲

2.630.7

Fees300

US$m

-120.910.8

▲1,162,672.9Sh (%)Sh (%)



-82

Market2015 Rank

961.61,869.9

185 -51

▲

▼0.8

-76298 2,076.9

0.71.2

18.1

2 829,279.8 ▲

10.0▲

25.6

19.7812,815.9

▲0.50.5 ▼5.9

910.91.2

18.1566 585,047.4Lazard

940.60.60.6

▲241198

3.50.5 -26

▲▼

2.9

-53 0.4586,969.53.0▲ -5635,974.0 181

▼0.4▼

15.6 144▼ Credit Suisse ▼▲ 187

505,852.2▼ 0.4

▲3.816.2

▲

▲5.3

+6

▼▼ 0.5▼

1,049.7876.9 0.1578.4

0.24.5

▲-70 1.9

558.948 +10

▲913.5-1-3 548.7

13.00.76.7

▲0.1

158▲ ▲

293,103.610 9.1

2.3▼

1.83.12.19.1

▲

0.5315

▲▲

1360.9

0.0 ▲

0.20.4

+10.0

▼

108.30.3

+6+1 ▲

0.7 ▲

0.4 ▲3▲

5.0

79▲

0.20.2

10

8.3269,026.199.2

684.30.4 ▲6.9

170,567.1 5.380

15BNP Paribas SA

16222,031.9 6.614

13

▲ 15

Evercore Partners

LionTree Advisors LLCRobey Warshaw LLP

▲3.417

169,758.85.0

Guggenheim Securities LLC

▲16 5.3

27▼ 5.2 2311118▼ Industrial & Comm Bank China 4.9158,375.3 ▲

-7▼

▲▼

▼ 0.9

150.4

124▲ 0.1

254.9-4 0.0

▼0.10.6

0.4

▲1.5

187.2 -0.5 0.2

439.1-150.3

▼0.3107

167,749.0

4.830

RBC Capital Markets

21

19 155,387.4Moelis & Co

-▲

29▲20

-9▲0.8

3 536 ▲1.5443.0136,462.7 3.04.2 ▲

▲ Allen & Co Inc ▲1 7+20+2

114 150 3 ▼79 3 0 3 0 19 ▲+10 0

0.3+200.4129 0.3

▲-1.1

0.1

▲

1 5▼▲

17-6

0.0 00.2

71

▼56

0.6

3.0

-1.3

▲

2.333

1.779

▲

986,766.5

18 184,944.213

732,783.8

499,584.2 13.67

3

Barclays522,670.70.5

14.317.9

Morgan StanleyGoldman Sachs & Co

▼

-3.7

▲▼

▼23.2

-4.4

7.1 ▼

Worldwide Announced (AD1)

▼-1.5

▼

-7.09.4

2Morgan Stanley1

-78

-1.4

2

484,348.0BarclaysCredit Suisse 6

+160.5

-5

40

12

15

912

10

16

17Wells Fargo & Co

55

UBS6

1011

19

17

Perella Weinberg Partners LPRBC Capital Markets

6.11.0

1314

223,506.6

3.7 ▲175,567.5 4.8

2 694 845 7

3.83.9

2.8102,887.699,121.0

110,115.6140,564.0

2.7Qatalyst PartnersGuggenheim Securities LLC 20

* tie

▼

2.565

34,504

0.1

39 29.0

▼

21

25.7

-0.2%0.8%

57 19.82

28.1

1

Goldman Sachs & CoJP Morgan

32

3,710

3

38

15 56

33

9.4

6,402

39 17.213.5

3,499 14.413.5

12

Industry % Change from Last Quarter -1.3%

62,871.9

6,739

21

Materials

Morgan Stanley

Industry % Change from Last Quarter

35100.0

23 7333

Goldman Sachs & Co

176,085.7

162,696.5

96,143.2

24

156,428.2

Rank Val US$mEnergy and Power

170,896.0Goldman Sachs & Co

JP Morgan

33.9

1

124,422.1

249,344.5

Real Estate

128,603.4

Industry % Change from Same Period Last Year

486,628.9High Technology

Industrials

▼

17 33,777.1 3

20 51,794.948,479.2

Bank of America Merrill Lynch2

22

35.1

359,128.7

1

0.2

Jan 1 - Dec 31

Goldman Sachs & CoMorgan Stanley

3

21 29 3.5▲ Allen & Co Inc ▲1.7+2090,497.1

114,150.3 ▼79.3 0.3254.2

0.1▲1.72.8 0.9

+1 ▲

9

0.2+10

▲+1▲

0.0

276.6560.151 0.4

100.0

0.90.1

0.2-▼

0.00.2

▲▲

29,967.5▼

-1,3150.2

▼

-7 0.5+29

156.4

▼

▲ 43.4

-2.9%▼

2.2 -3.9 ▼0.90.6 ▲

2.4 ▲ 0.2

-7.8%▲

0.2 +4 HSBC Holdings PLC 69,506.413

▼

64

-3.7%3.1%

Greenhill & Co, LLC

▲▲


Wells Fargo & Co

Industry Total

CITIC26

22232425

608,011.0

▲

▲46,055

Share

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

No. Deals

+3483,666,378.5

48.9% ▲

Rank

▲

▲

100.03,235,363.6

+3▲0.1

-2.9%

78,713.681,505.4

34

40

0.7

1.5

2.1▲▲

39

3,320

67

Top WW Announced M&A Advisors by Target Industry

-16.1%

110

Mkt.

0.7

▲0.4

71199

+301.4

2.4+14

34

404422

Wells Fargo & Co 2.694,845.7

2.0

86,606.186,954.8Mizuho Financial Group 2.4

78,777.8Macquarie Group 74,909.3

2.2China CITIC Bank Corp LtdBMO Capital Markets

164,843.7

148,959.7

Qatalyst Partners

Industry Total†25

Credit Suisse

366,602.2

Morgan Stanley

37.9Morgan Stanley41.3

Barclays

3393,533.3

1

33 31.632

Goldman Sachs & Co

Jan 1 - Dec 31 2016

102,675.5 21.1

16

637.67

479.16 454.91 420.22 286.16 251.18 293.31

196.07 208.58 230.17 154.30

244.7

199.5

66.0 64.9

77.6 137.9 139.6

92.9 30.8 22.9 110.8

46.6

46.6

46.6

46.6

51.4 51.4

57.8

57.8

57.8 57.8 57.8

63.9

63.9 63.9

107.5

107.5 107.5

107.5

$0

$200

$400

$600

$800

$1,000

$1,200

Goldman Sachs & Co

Morgan Stanley

JP Morgan Bank of America

Merrill Lynch

Citi Credit Suisse Barclays Lazard UBS Deutsche Bank

Evercore Partners

Ran

k Va

lue

(US

$bil)

Time Warner Inc/AT&T Inc

Monsanto Co/Bayer AG

Reynolds American Inc/British American Tobacco PLC

Energy Transfer Partners LP/Sunoco Logistics Partners

Sygenta AG/CNAC Saturn

Other Top 15 Deals

All Other Transactions


3

11.9x

Consumer Staples

Consumer Products and Services

15.7x

Healthcare

12.2x

High Technology

13.2x

15.7x

12.2x

11.6x

12.7x

11.1x

Energy and Power

15.8x

Materials

11.8x

14.2x

10.6x

13.1x 15.3x

9.0x12.6x

22.6x19.7x

13.1x

25.4x

11.5x

-

12.2x

20.2x14.7x13.7x 11.9x 12.9x

17.1x

16.9x

11.8x

16.8x

13.4x

9.7x 13.2x

13.0x

13.9x 16.4x

-13.7x

12.5x

18.3x

16.1x

17.2x 20.9x

11.4x6.6x

11.3x

4.2x

9.9x

15.6x 11.7x

-14.1x9.3x

18.4x 11.7x15.0x

19.5x 14.1x

18.4x

12.6x

14.3x

23.3x18.0x

9.5x11.9x

9.6x

18.3x

15.7x

10.9x13.0x

11.6x 15.8x

13.6x 13.3x

16.1x

11.7x

17.2x13.2x

13.2x25.0x

19.3x11.3x

11.3x

12.8x 17.3x17.5x

13.6x 12.2x

11.7x

12.9x

18.7x12.9x

16.9x14.5x 18.7x

12.9x

13.7x

17.3x12.3x

15.0x

11.4x11.6x

14.2x 14.2x

11.8x

13.6x

12.0x

19.2x 17.3x

15.2x15.2x16.0x

6.0x

17.9x17.9x 9.2x

11.1x

23.9x14.2x 18.4x

16.7x16.7x

18.4x20.7x 9.4x

4.7x8.5x

-

9.4x

27.5x 19.9x8.0x

11.3x

4.7x

14.3x

11.9x

-

9.3x

17.1x10.0x

11.4x20.5x

12.0x 13.3x

UK

15.9x

13.0x

-

8.9x 14.1x

11.7x 15.8x

17.1x

11.5x

24.1x

8.0x

14.2x

17.6x

World

Industrials 13.3x14.2x

15.9x

18.4x 11.8x

12.9x

3.5x

14.5x

31.4x

8.3x

8.3x

12.9x

10.9x

20.9x 22.2x

8.5x 9.0x

11.4x

13.3x

Telecommunications

Real Estate

Media and Entertainment

Retail

14.5x

11.8x

14.7x

13.8x

Exit Multiple Matrix - Average Rank Value / EBITDA

Canada


13.0x

8.6x

USA

11.2x

14.2x 22.9x

19.3x

19.1x

13.2x

15.0x 23.3x

Japan

9.8x

Asia ex. JapanEurope

13.5x

9.3x

14.6x

11.9x

EMEAAmericas

Worldwide M&A Matrix

2016 UP 2016 DOWN 2015

Jan 1 - Dec 31

13.3x14.8x

11.4

28.2

14.5x

50.1

UK

25.3

Real Estate 16.0

35.5 35.4

23.0 23.0

15.2x

36.327.2

13.1x

EMEA2015

46.5

18.0x17.4x 18.0x13.7x12.3x

24.9

32.8

24.5

34.2

19.8

29.5 19.6

24.0

39.2

43.0

32.5

23.9

39.9

16.6

34.1

28.1

49.9

23.9

23.344.9

-

-

39.1

24.2

21.6

41.7

44.7

41.1

42.2

32.144.7

28.8

26.440.1

28.5

47.3

35.9

30.6

-

52.7

17.4

26.0

27.7

28.8-

44.7

Europe

13.1x

41.6

32.7

17.1

28.0

27.8

27.928.4

100.0

35.9

-

28.420.0

24.7

25.9

32.8 29.0

9.425.017.325.1

29.8

20.925.5

39.3 23.840.5

44.9

17.8

31.5

18.4

19.9

24.9

17.4

Japan

24.4

Asia ex. Japan

13.3x13.0x

41.1

23.6

41.1

45.9

20.8

26.1

26.322.1

20.8

11.3x

44.8

56.124.5

52.77.4

61.3

7.4

54.4

24.3

34.1

36.0

USA

10.5x16.3x 11.8x

25.339.6

36.6

40.7

37.8

38.8

38.5

31.935.6

Americas Canada

27.0

Healthcare

Consumer Products and Services

42.0

31.0

41.431.8

24.0Energy and Power

27.8

Average Industry Total

29.1

23.9

High Technology

Industrials

26.4

26.0

27.5 36.6


26.3

Telecommunications 24.6

Materials

25.5

26.2

28.2

Retail

27.8

27.1

23.8

26.3

27.1

30.3

29.7

39.9

28.230.8

33.4 18.232.0

35.8

36.4

38.3

31.033.5

27.1

15.0x

25.9

35.5

2016 UP 2016 DOWN

38.825.1

32.1

Financials

38.4

-22.924.0

-

27.4

Average Industry Total

18.3

23.019.0

29.8

27.118.4

28.2

39.225.6 23.8

24.5

22.4 17.8

39.213.8

45.6

17.1

37.0 31.6

23.9

28.5

19.119.9

18.9

18.332.2

18.526.7

67.5 22.6

32.7

31.5

35.6

42.5

27.6

2330.2

32.5

45.6

26.9

13.8

31.5

24.1

12.329.6

26.1

39.0

21.127.8

20.2

26.1

24.5

23.533.8 30.8

-24.3

26.2

- -

25.229.5

34.3

World

22.647.7Consumer 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 01/01/2015 - 12/31/2016 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


4


Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan


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

5

6

7

8

9

102007 2008 2009 2010 2011 2012 2013 2014 2015 2016

5

6

7

8

9

10

Ran

k

Citi

Credit Suisse

Barclays

Lazard

UBS

Deutsche Bank


5

136,145.5

US Announced Advisors by Target Industry Jan 1 - Dec 31 2016


Rank Val (US$m)327,224.9 148,755.5144,973.7Barclays

Americas Deals Intelligence

Energy and Power

High Technology


Healthcare

Real Estate

Goldman Sachs & Co


Morgan Stanley

JP MorganMorgan Stanley

Goldman Sachs & CoQatalyst PartnersBarclays


1

117,104.1297,276.4 122,696.3102,675.584,848.8

170,158.5 17 3

2

124,511.4122,157.1113,709.1

12

2

3

Rank

1

Mkt.

770

No. Deals

44.317 21

14

791 28.534.5

8

11

38.1

1,20614

13

39.812 2

3929

64,490.2

Goldman Sachs & Co 42,804.5

Share

45.5

66.8371.8

35.8

61,739.559,974.8

1Evercore Partners161,895.7

19

2,03241.3

Americas M&AFull Year 2016 | Mergers & Acquisitions | Financial Advisors

Americas M&A down 13% | Energy & Power Volume Drives US Activity | Canadian Activity Increases 8%

39

20.7

16 37.1

36,329.4Bank of America Merrill Lynch

2 26.7 8 7 28,109.8 3

1

Americas M&A volume during 2016 decreased 12.8% from comparable 2015 levels, accruing US$2.2 trillion in activityfrom 17,146 announced deals. According to estimates from Thomson Reuters/Freeman Consulting, fees generated fromcompleted deals in the Americas totaled US$20.7 billion, a 5.5% decrease from fees earned duirng 2015.

US Targeted M&A also saw a decrease, down 16.8% compared to announced M&A during 2015. US-targeted volumeaccrued a total of US$1.7 trillion during 2016 from 11,061 deals.

The Energy & Power sector led the US market, with deal volume totaling US$327.2 billion, accounting for a 19.6% market share. High Technology followed, accruing US$297.3 billion for an 17.8% share of the market. Media & Entertainmentrounded out the top 3 sectors, with US$170.2 billion and a 10.2% share of the market.

Accumulating US$250.9 billion in transaction value, announced Canadian Involvement activity increased 8.4% from thetotals reached during 2015. Completed Canadian Involvement activity was down 28.6% compared to 2015, accruingUS$156.6 billion from 1,849 deals.

In the Americas, Energy & Power, Healthcare, Real Estate and Retail were the only sectors that saw an increase in exitmultiples during 2016. Overall average EBITDA multiples across industries in the Americas saw a decrease during 2016,settling at 13.3x compared to 15x during 2015.

73.2

31.4 10 JP Morgan

US Target Announced M&A Target Industry by Value (US$ bil)

Acquiror / Target NationTop Ten US-Target Announced Deals Jan 1 – Dec 31 2016

Jan 1 – Dec 31 2016

57,757.5

Target (% Sought/Acquired) Acquiror Target Macro / Mid Industry

British American Tobacco PLCGermany / United States

United Kingdom / United StatesMonsanto Co (100%) Bayer AG

Intended

4/28/2016

Pending

Energy Transfer Partners LP (100%)Pending

10/22/2016Rank Date Date Effective


Pending Time Warner Inc (100%)5/23/201610/21/2016

Pending

Pending St Jude Medical Inc (100%) Abbott Laboratories

10/27/2016

Level 3 Communications Inc (100%)43,144.5

10/31/2016

NXP Semiconductors NV (100%)

Tyco International PLC

High Technology / SemiconductorsUnited States / United StatesSunoco Logistics Partners LPUnited States / United States


Qualcomm Inc

United States / United States31,680.5

Energy and Power / Oil & GasCanada / United States34,441.3

30,466.3

United States / United StatesGE Oil & GasCenturyLink Inc


9/2/2016 Johnson Controls Inc (100%) 27,700.7

Pending

45,895.1

Rank Value (US$m)

11/21/2016Pending

Media and Entertainment / Motion Pictures / Audio VisualMaterials / Chemicals63,874.0

107,501.0

10/31/2016 Baker Hughes Inc (100%)

Pending9/6/2016

AT&T Inc

Enbridge IncSpectra Energy Corp (100%)

51,425.7

Ireland-Rep / United States1/25/2016

Consumer Staples / TobaccoEnergy and Power / Oil & Gas

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


Telecommunications / WirelessEnergy and Power / Oil & Gas

Healthcare / Healthcare Equipment & Supplies

19.6%

17.8%

10.2% 9.7%8.2%

8.0%

7.6%

6.4%4.4%

Energy and Power High Technology Media and Entertainment Healthcare

Real Estate Industrials Materials Consumer Staples

Financials Telecommunications Consumer Products and Services Retail


112.5

17.5 11.3 25.8 26.7 77.9 82.8

115.6

29.9

193.0

28.7 33.5 33.5 34.8

33.3 47.5

46.8

65.2

91.2

18.3

13.6

28.4 26.6

52.9

44.4 51.7

93.2

72.6

20.4

25.2

39.4 64.7

56.9

60.9 43.3

156.3

62.3

52.2%

27.3%

41.9% 42.2%45.7%

50.0%55.4%

43.7%

57.4%

45.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Rnk

Val

US$

bil

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


6

Deutsche Bank Lazard

DealsMarketMarket

# of Deals per Advisor # of Deals per Advisor


Any Americas Involvement Completed (AF55)

US$m

Imputed Fees (US$m)Market Market Change in 2016

RankFinancial Advisor # of Deals▼1.7

Sh (%)Advisor

Sh (%) DealsUS$m

Americas Rankings

Rank Value per Advisor (US$m)2015 Rank

33.8 -3.8 ▼

MarketShare Ch.

# of

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

Rank ValueShare Ch. Financial Advisor

MarketRank Value Market MarketShare Ch.

9.3


0.21 728,886.3 1.5206

# of

769.5

▼1 ▲38.6 1,916.7

2016 Rank

2015 Rank

7.7▼1.0

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

▲-62

Change in

30.5 0.4Goldman Sachs & Co▼244 1.4

-47194-38

Morgan Stanley3 3 582,085.9

Goldman Sachs & Co 1667,095.02 2741,073.7

▲1,595.9 0.2▲ 1771 -64

▲ 29.9 9.7517,272.5

Morgan Stanley3

25.0

563,724.0

-1324.9

1.3-2.2

1.0▼

JP Morgan27.426.6 135+13 ▲

4239 1.4 3

1.1 ▼Bank of America Merrill Lynch

Bank of America Merrill Lynch 4 5 545,582.0JP Morgan

▲0.1-34

26.6 -3.8▼▼ 3.7

▼5 4 450,682.8

1.5

20.6 -4.1 ▼▲ 171 ▼ 22.8

▼ Barclays 54 7.41.4 -13 ▼ 1,532.9502,447.0 204

1.07 489,323.6 25.9 13.1 1.0 +4 ▲138▲Barclays 6 7 446,777.4 20.4

1502.5 ▲ 167

Citi1.0

802.4 ▲0.9 -23 3.9+26 ▲ ▲5.9Citi 6 5 0.3▼ 722.1

8 397,867.6 ▼ 645.5▲470,144.4

7Credit Suisse 7 6 363,885.8▼119 0.8 -47 3.5

▼-4.2 ▼16.6

24.9-2 ▼150 0.9 Credit Suisse ▼

Centerview Partners LLC 8 9 261,301.0 11.9 2.6 0.3▲-2.4 544.421.1 9.3 3.1 0.20.8 -30115

10 309,775.7 16.4 6.3 0.3 +12▼0.8

▲ 4743 0.3 +1 ▲ Centerview Partners LLC 8

10 10 250,838.1 11.5

▲Evercore Partners 9 11 258,247.7 11.8

-1.4 ▼ 85144

10-45 ▼Deutsche Bank-0.4 ▼ 9

0.5+23 ▲ ▼ 357.2

6 286,558.99 300,132.6 0.5 -57

15.2 -1.2▲ 7515.9 4.7 1.7 0.7▼ 126 -

Lazard 11 8 239,659.6 10.9 Evercore Partners 112.9 0.00.9 -8 ▼ 591.0

▲ 115 2.8 0.914 242,951.0 12.9 8.4 0.8 +9 ▲ 585.5 ▲RBC Capital Markets 12 14 163,347.6 7.5

143 0.8 -9 ▼0.7 ▲ 124 0.7

-6.1 ▼UBS 12+9 ▲ 11 173,650.4 1.4 0.2▼ 297.3▲ 67 0.5 -8 ▲

Perella Weinberg Partners LP 13 38 161,669.7 7.49.2 2.8

+5 ▲18 0.1 18 167,749.0Guggenheim Securities LLC 13 -UBS 14 12 153,160.4 7.0 -4.6 ▼

6.7 ▲ 8.9 6.0 0.9 0.00.2 -3 ▼ 187.2▲ 230.1 0 0.5 0.3- 96.5

RBC Capital Markets 15LionTree Advisors LLC 14

▲ 1018.1 2.347 162,297.782 0.5 -1 ▼ ▲ 98.6 8.1 ▲

Allen & Co Inc 15 16 143,366.5 6.6 0.9 ▲ ▲434.0131 0.8

8 0.0Rothschild & Co 16 18 127,837.0

0.7 -97.1 5.55.8

▼1.1 ▲

-4 ▼+5 ▲ Moelis & Co 16

2.1 0.527 134,589.112 153,405.1

▲Qatalyst Partners 17 32 102,675.5 4.7 3.8 ▲

▲ 119Allen & Co Inc 17

2.0 0.60.8 +28 ▲ 420.4▲ 9 0.4 0.121 114,150.3 6.1 3.3 0.1 +2 ▲ 79.3 ▼

Guggenheim Securities LLC 18 13 99,121.0 4.515 0.1 -1 ▼

-2.5 ▼ 33 0.2 Rothschild & Co 18+4 ▲ 13 92,559.8 1.7 0.1▼ 340.8▼ 109 0.8 -2 ▲Wells Fargo & Co 19 26 93,557.2 4.3

4.9 -0.2+18 ▲68 0.4 26 86,145.6Greenhill & Co, LLC 19 ▲

BMO Capital Markets 20 23 78,694.8 3.6 1.0 ▲2.4 ▲ 4.6 2.9 1.1 0.60.3 +13 ▲ 230.8▲ 41

0.4 0 1.3 0.3- 272.2Needham & Co LLC 21Wells Fargo & Co 20

▲ 143.7 3.517 81,265.667 0.4 +3 ▲ ▲ 544.3 1.3 ▲

Ducera Partners LLC 21 - 64,199.0 2.9 2.9 ▲ -17.8147 0.9

4 0.0Jefferies LLC 22 22 63,429.2

0.1 -82.6 -1.22.9

▼0.1 ▲

+4 ▲+20 ▲ Jefferies LLC 22

0.1 0.015 49,865.579 68,768.8

▲Moelis & Co 23 17 50,824.5 2.3 -2.7 ▼

▼ 128PJT Partners LP 23

2.3 0.20.9 +1 ▲ 479.1▲ 46 0.8 0.325 43,999.6 2.3 0.5 0.3 +22 ▲ 160.8 ▲

PJT Partners LP 24 24 47,919.2 2.2127 0.7 +29 ▲

-0.2 ▼ 57 0.3 Qatalyst Partners 24+19 ▲ 30 43,256.1 1.2 0.4▼ 241.6▲ 11 0.1 -5 ▼CIBC World Markets Inc 25 30 41,301.3 1.9

2.3 1.0-12 ▼ ▲0.9 ▲ 31 0.2 23 38,040.5BNP Paribas SA 25 402.0 0.1 0.6 0.10.3 -8 ▼ 115.0▲

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

Lazard Deutsche Bank

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

9117

11,061


1.5Sandler O'Neill Partners 29,415.3

90

27 65,057.1

110

3.3

▼

-15

16-2Allen & Co Inc

-4.0+16

35

▲Moelis & Co

+5

16

▲

+5+7

-0.5 169100.0

14

▲▲

-3.7

▲

Market # of

0.4

7

2

▼

Wells Fargo & Co

129,115.4

1,518,450.9

Needham & Co LLC

▲

10 10

6.9

▲

299,378.7

452,036.6

-2.818

0.8

▲

-3

0.7

0.3

60

▲

▲

▲ 0.10.3

5.0

- 64,199.0▲0.3▲

+768

46▲ -33▼ 1.5

0.3▲48,768.2Ducera Partners LLC 21 3.8419.2

3.812

1.2

▲

1

JP Morgan 3Morgan Stanley 2 2


Wells Fargo & Co▼

0.4

4.6%

Financial Advisor US$m Sh (%) Share Ch.Goldman Sachs & Co

0.513

Qatalyst Partners 16

18 25 90,667.1

517,775.5

Bank of America Merrill Lynch 4 5 471,485.1

Guggenheim Securities LLC28

Centerview Partners LLC 9 9

98,249.7 +3

BMO Capital Markets 20

▲7.5%

+20

7.1

+165.4

-0.4

30

3.3

, ,Industry Total100.0 +55217,146 100.0Industry Total† -2491,886,528.9 14,1512,190,294.0

▲ 1.2%Industry % Change from Same Period Last Year -12.8% ▼ 3.3% ▲

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

▲ -6.2%

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

Industry % Change from Last Quarter 73.3%▼

100.0

-1.3% ▼▼

Imputed Fees (US$m)

▼

20,694.8

Industry % Change from Same Period Last Year -8.1%

US Target Completed (AF2) Jan 1 – Dec 31

-1.7% ▼ -5.5% ▼Industry % Change from Last Quarter -19.6%

Sh (%)2015 Rank

Market

US Target Announced (AD2) Jan 1 – Dec 31

MarketRank Value Market2016 Rank Fees

# of Change in 2016 Rank

2015 Rank

Rank Value Market Change in Market# of Deals

Market

36.6 -4.7 ▼US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

1,591.31.5 -14 ▼ Goldman Sachs & Co

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

1 611,192.2 2.110.1141 1.51 1167 ▼31.0 -2.6

-37 ▼634,042.7 41.8 0.7 ▲▼-19▼

+183 517,353.5 31.0 0.51.2136

171 4.3▲ 10314.97▲1,418.6 9.0▲

1.41.2672.7

1.432.4 1315 12.3 ▲491,856.4 ▼-729.8

▼▲ 1.5

▲1.1 +103

Morgan Stanley▲Barclays

3.4 ▲ 1.1 -1120 0.9 -28 ▼28.2 Bank of America Merrill Lynch 451,308.3 29.7 7.2 884 3 604.66.028.4Citi 5 4 408,101.4 431,401.75 4

▼3.8 2.13.5 0.6 ▼559.8▼ 0.8 Citi-1594 ▼75 0.8 -36

1.1Barclays 6 7 372,055.6 22.3 1.5 ▲ 12124.4 -4.5

0.22 427,154.0 28.1 -4.3 ▲ 1,245.5▼ 1.6 +6 ▼Credit Suisse 7 6 293,604.2 17.6 -5.6 ▼

7.9+25 ▲ 1499▼

JP Morgan 6349,424.2Credit Suisse 0.60.7 -2023.0 11.5 ▲ 436.768 2.8 ▼

Evercore Partners 8 10 244,556.5 14.6▼7

19.7 7.8 ▲0.5▲ 45 ▲ 524.50.5 +18 3.3226,829.7

1039

▼16.9

▲0.813.6 Lazard+2

Centerview Partners LLC 8 8120 1.1▲

▼257,195.9 -14

▲▼ ▼0.87369

0.516.0 ▼-2.6 ▼ ▼423.9 2.7

▲0.71.4224.8 ▼0.6

10.0 ▲ 1.099 1.0 +9 518.7 3.3▲242,785.98 -367.0 ▲ 46216,158.7 12.9 -6.8 91

11 11 175,432.7 -27 ▼ Evercore Partners▼ 0.5 15.41.112 15

10.5 -2.2 55 233,251.90.1

11 12143,091.5 -41.6 ▼167,377.5 11.0 7.1 ▲ 0.215 8.6

8.0

Deutsche Bank0.1▼ Guggenheim Securities LLCAllen & Co Inc 12

UBS 13 12 132,931.1 48 10.1▲0.4 +1▼ +29175.196.510.7LionTree Advisors LLC

-536

20 ▼

Perella Weinberg Partners LP 15 32 118,971.6▲80 0.3▲ 14 11

0.61.3

0.1▼9.1UBS

13 162,297.7 ▲-8

▲RBC Capital Markets 14 16 122,586.4 7.3 2.6 ▲

0.3▲

65 ▼6.21.1

3.8 ▲RBC Capital Markets 150.1137,468.9

▼23

3.9113,875.3

208.3370.7 -3 264.90.4

▲0.213 130,639.2 8.6▲▲8.5 1.0

1.7

▲0.41.6 ▲ ▲▲ 0.50.1▲ 8

102,675.5 6.2

1.75.376.1

17 50 261.4+25.9+17 ▲

▲0.6355.1 2.20.218 7.517

0.5 +219 20 70,005.0 4.6 +6

81,037.4▲2.5▲19 23 167.6▲82,933.1 5.0 Greenhill & Co, LLCRothschild & Co ▲ 26 0.32.2 0.5▲ 0.3 +10 1.1

4.5 4.3 0.13.9 2.5 +537 56 68,768.820 -6 -▲ 0.2 ▲111.9

15.8▼0.70.1 0.0

3.2▲ +44 0.0 21▲ 25Rothschild & Co 281.721 54,516.5

+7▲ 9744,929.2 3.014 2.7

2.7 -3.1-1.5 ▼

2122

Qatalyst Partners 23▼

17 44,705.3-5Jefferies LLC 22 Jefferies LLC1.0 +9

1.1 ▲0.3

0.9▲1.843,256.10.941,240.1 2.7

961.0

▲10 0.1 -6 ▼ 0.6 ▼1.5

1.0237.7

BNP Paribas SA24PJT Partners LP▼

3025▼100.0

0.2 ▲0.4 ▲ 140.839 0.4 +21▼ 0.2 0.033.7

15,820.7

-0.3% ▲

0.1


-5

3.1%

100.0▲2.2

+288

▼-0.2%▼-9.9%▼▼ ▼-0.3%

9,513

▲

Industry Total


33

86.8%

-725,508.9

Moelis & Co 23 2.919

26

▼

▲▼-16.8%

24

1,670,100.433,438.9

Industry TotalHoulihan Lokey 25


* tie

7

Lazard Lazard

49,081.3

BNP Paribas SAIndustry Total 4712 008100 0

▲18 924 1 100 01 744 791 3

0.80.2 -9 ▼ 77.0▲ 27 0.4 0.4

42 0.3 +20 ▲ 150.0 0.81.3 1.3 ▲

PJT Partners LP 24 21 42,039.9 2.4 0.4 ▲43,256.1 0.1 -5 ▼ 241.62.5 1.0 ▲ 11

▲122 1.0 +3 ▲ 461.8 2.448,070.5 2.8 -1.214

▼ 2.40.10.1 -8 0.11.5 1.5 ▲+2

▼ 17.8▲85 0.7

1.4 ▲- 272.254 0.4

▲▲ 287.3

1.2 ▲Wells Fargo & Co 19 17 81,265.6 4.7

▲1.4

▲ 227.53.0 ▲ 37 1.20.3 +100

0.4 ▲9 0.1 +2 ▲ 79.3 0.42.1 ▲108 0.9 +20 ▲

▲Moelis & Co 16 24 131,345.8 7.5 5.8 ▲ 397.8 2.1

1.70.6 +5 ▲ 318.00.5

1.70.596.5

▲18 167,749.0 0.2 -3 ▼ 187.29.6 6.3 231.5

▲9 0.1 +2 ▲1.0

▲1.0

57 -9 ▼ 1.5275.23.0+11 ▲ 572.1 3.0 ▲

UBS 12 11 169,455.2 9.7 3.10.90.5

-53 ▼

13.8 9.2 ▲ 108114 0.9 -8 ▼ 562.6 3.0

1.6 ▲3.0 ▲

▲Deutsche Bank 9 10 277,605.8 15.9 6.4 ▲ 306.7 1.6

▲6.4 ▲ 47 0.4 +13 ▲ 544.4 2.9 2.9

▼21.7 10.1 ▲378,109.6 0.8 -23 559.3 3.098 3.0▲100 0.8 -51 ▼ 665.9 3.5 3.5

1260

761.0195 1.6 7.9

▲5 7 478,825.3 27.4 4.0▲

8.2▲ 9.8

7.914.0 1.0 +3 4.0▲

1,500.8

9.8192 1,861.71.6Sh (%) # of Deals Fees Sh (%) Share Ch.

▲▼

# of Market

-47Share Ch.

-48▲ 160 ▼1.310.54.3

825.7

+617-34

1.3

PJT Partners LP

22

25

Jefferies LLC

Sandler O'Neill Partners

Moelis & Co 23 170.4

3.91.0

▲

17

▲▲

203.7

-31

▲

65 0.5

▲

6

28.1

449,190.0 5.5

-2.31.0

50 +18

▼

4

489,646.2

▲

9.3

79,065.4 4.5

8.8

1

130

137155

533,418.3▲

241,368.9

1.1

0.8

▼

14▲

Centerview Partners LLC 17.8

▼

▲162,297.7LionTree Advisors LLC

▲

▲

106

4

13

15.8 -2.2

42

Evercore Partners+4

12

- 3.23.44.6

0.1

22

67,629.164,199.0

33

▲1.1

17 102,675.516

Qatalyst Partners

2127

99,121.018Wells Fargo & Co

Allen & Co Inc 15 143,366.5RBC Capital Markets 15Rothschild & Co 18

-4.3

6.116

14

121,006.3128,982.0

0.97.26.5

1.9

352,332.4

161,669.7 7.3229,376.5

43

75

12.9 ▼

▼130

-2.5

11.5811

8.1-1.3

-0.511.9236,328.2

Deutsche Bank

UBS 13 12 150,559.9 7.6Perella Weinberg Partners LP

1112 34

-4.320.821.9

7

▼▲

▼

▼

17.76

3.2

2.42.5

-0.2116▼-2.8

19Guggenheim Securities LLC

252.7

5.2

3.2

2.5

315.0

20Ducera Partners LLC

90,895.2BMO Capital Markets

Jefferies LLC 22

2.0

62,609.7

4.2▼

0.0

46

▲

▼

▲

67▲

0.4

16Rothschild & Co

Qatalyst Partners1428

25

0.7

21

23

▲▼

0.2

▲736.1▼ 3.9▲

1.4

▲▼

+19151

+3

+5-4

+4

224

94

-2

+17

44

142

▲

0.5 +170.3

0.1

0.5

▼


-4.1▲

DealsRank Value

# of Deals

1.1

-4231.2

5 -12

-39

0.3

276,387.5

4 2-9

1.2

▲

Market

1.6Sh (%)

-23

Change in

+10

▼

1.0

0.9

5

JP Morgan

-3

Any US Involvement Announced (AD41)

Goldman Sachs & Co

4

-0.7 ▼

Market

571,141.225.0498,454.4

-1.8JP Morgan

# of

2322

US$mFinancial Advisor


174

MarketSh (%)

▼1 730,659.32 620,232.3Morgan Stanley

1

Imputed Fees (US$m)2015 Rank


▲

Rank Value Market MarketMarket

1.3

-3.4

3.91,546.8

-

8.2Morgan Stanley3

714,010.8

12432

MarketChange in Advisor

496,179.1 28.4330.6

36.7

0.8


28.7

2016 Rank

2015 Rank

23 47,106.937

3

0.3 34,864.8 2.0 0.424 ▲25 1.5

1 990 549 8

▲Greenhill & Co, LLC

0.829,415.3

RBC Capital Markets 7.8

17Allen & Co Inc 3.3

136,772.513

114,150.3

68,768.8

20

77

6.5

3.7

18 23 86,131.9 4.9

8

414,566.9

0.9

▲+27

Centerview Partners LLC 261,301.0

5

Evercore Partners 9 10 256,379.7

6Citi

Credit Suisse

436,487.7

9

10▲

▲

▲

▲

Needham & Co LLC 66▲

+22

100 0

135 1.0

-1

14 176

11

7

▼

CitiCredit Suisse

▼

+4

▼Financial Advisor

8

6

309,775.7

Americas Rankings

Share Ch.

Jan 1 – Dec 31

Industry Total

13.1

▲

US$m

10

Jan 1 – Dec 31

40.91


Any US Involvement Completed (AF48)

DealsSh (%)


74

1.6 Bank of America Merrill Lynch

Guggenheim Securities LLC▼

15

▼

▲

2016 Rank

Goldman Sachs & Co

9

13▲

▼

Barclays

0.5

0.10.7

15

1.0 +23▲+23

▼

▲+10

8

▲

Barclays

-6.4

4

▲

▼

CIBC World Markets Inc BMO Capital Markets

-28.6%

Evercore Partners17.32

2.4▲

▲0

-8▼

0.36,110.2

-

2.2+4

6,383.2 2.5 -1.4

▲

-10.1

▲▼17

Industry Total0.0 +10.0

0.09 0.40+4

20 ▲30


National Bank of Canada Fin'l8

2,4712,882.525

1

0.6

Industry Total

Moelis & Co

+1 ▲

▼ 161.5 ▲

▼0.6

-13.0%

▲

▲0.6

6.3▲ 37.1 1.6

0.30.30.411

-1.1%-7.7%

▲

-154▲

Industry % Change from Same Period Last Year ▼▼

2,292.8

▼▼▼

1,849

▲

100.0

13 +5▲-

100.0

2.01.8

▲0.8▲

0.02.4

-0.30.80.0 +4 1.19

Jefferies LLC2.1

▼89 26.1

24

22

4,030.854

-12.2

2.62.5

3,099.6

+3

1.8

61.4

2146

0 24

▲23

Peters & Co Ltd 0.0-

3,256.9▲

2.01.9

▲

41.715 0.2Macquarie Group

▲54.60.1 ▼

1.11.50 3,879.9

18▲

34.20.9▼

19 --0.0 +317 1.7▲ 39.5 0.0Rothschild & Co

▼-2

14

9 7,937.7

0.0-1.0▼▼

-0.317

15215

Citi

6,010.1▲18

1.519.5▲- 5.0

0.0 0.9 ▼0.0 0.1

2.5 0.2 ▲0.2

▼ 57.2

▲Fees129.2▼0.016 -3

Deals

31,860.5

▼


-20.3%

Share Ch.

-2.2

▼

▼15.7

# of

▼-2.7% ▼

-2.5% -7.1%

-47

▼

12,008

Industry % Change from Same Period Last Year -4.2% -0.4%

100.0

▼

18,924.1 100.01,744,791.3

Industry % Change from Same Period Last Year -13.3% ▼

+617

7.6BarclaysMorgan Stanley

3.1

1.6

Deutsche Bank

Banco Bradesco SA19 13 -3.7

250,862.7

26.6

55


* tie

Industry % Change from Same Period Last Year 8.4%▲3.3%

0.0%-60.9%

-

▲

-4.222

-1

2.1

0.1-1.2

101*▲

-

14

Stifel/KBW

Any Canadian Involvement Completed (AF49)

16▲

Moelis & Co

-

Zaoui & Co

5▲

2.4

TD Securities Inc

22

1.7

0.8

▲10

2335

▼

20.3

0.0 -115

-4

3

28,453.9 18.2

JP Morgan

03

-15▼

▲

▼

16

29+5

14

3,675.2▲

0.1

3.8

5.3%-17.8%

64.16,456.5

5.6

156,636.8

22

11.8

-5.95.6

5.1 ▼

0.9

4.6% ▲


Sh (%)

0.8

8,702.0

0.9

35.7

BMO Capital Markets 3 66,791.4

85,265.5

▲84,231.0 18.3

▲3 87,755.1

Credit Suisse

1

152

467

89,590.6▲

Citi

5Goldman Sachs & CoJP Morgan

2

33.634.0435.0

US$mUS$m

19.5RBC Capital Markets

▲30.0▲

5 Morgan Stanley98,945.1

2016 Rank

Jan 1 – Dec 31

27.71Share Ch.

39.4 25.1 43,373.3Sh (%)

Market

0.4%

Market MarketMarket


Rank Value per Advisor (US$m)Rank Value


Any Canadian Involvement Announced (AD42)

1,990,549.8

Jan 1 – Dec 31

▲87.4%

2015 Rank

MarketRank Value

▼▼ 103.0

0.85.6

1.1

Market Advisor

▼▲

# of Deals

-8

Sh (%)Change in

Imputed Fees (US$m)

1.313

Share Ch.Sh (%)

4.521.1 -90.0

Sh (%)2016 RankFinancial Advisor

4

▲12 4Goldman Sachs & Co

▲

7▲

3.18.3RBC Capital Markets-13.8

0.10.0 4.6

3.2▲0.0

▼36

72.9-13

105.8191.3

627

7

-1-

+1

16.3

314.2

3.7-1 ▼

+2

▲ 21,998.1Barclays 0.00.0

14.0116

111*

Peters & Co Ltd



21,587.4▲ 10CIBC World Markets Inc▲

Stifel/KBW

17▲

Deutsche Bank

▼

16

Macquarie Group

3,856.6

2.1

Wells Fargo & Co0.4

-18,931.7

6

12+7

18,209.911

10,058.59,588.3

▲

4.29

97.121,528.2

3.82.1

1013.7

▲

-11.912.1 87.4

8

Wells Fargo & Co 11 -910

48,864.89 47.7▲ 519.5

100.0

7

Financial Advisor

175

14,176

3.8▲

1

2015 Rank# of Deals

10

+5

-4

▲

15.4

▲▲0.1

0.9140.6

▼2.11.1

-3

▼0.7

▲

▼

1.5

▲▲

83.6

13.713.8

5.8

0.0

▼

▼

9

▼

▼-4.5

41.6▲

35

33,084.9

30,503.9 ▲

1.8

▼2 22

▲

67.60.1

1.5+11 ▲ 49.015,609.61.40.013 3.011.6 -1.2 ▼

34-3

-134.8

▲ ▲

▼1.2+2 ▼8.4Credit Suisse

12

-146.4-9.8 ▼

16

6.1

10.0

10-0.6

9.0

0.50.0 3.8

▼ 18 0.1 ▼ 69.0 3.00 ▲13 13,136.78 --2.9 86.2

18

0.1

16,144.5

▼

8,702.0

Industry Total

+5▲

▼

0.0

0.83.5 0.2

380.7

920

+7-0.1

▲

9.6

31

1.1▲+3

1.6

3.5 ▲

1.9 ▲

1.53,935.0

Jefferies LLC

21 61 5,190.0

1.7

Industry Total▼

2

20+2

4,885.9 0.42.0

2.56,194.5 2.5

4,340.223 14

2574

20 6 5,413.2Santander

100.0

Guggenheim Securities LLC 2422

0

1.3 -8

0

Change in

0.9

25,454.7

42

Lazard▼ Scotiabank▼

+40.8

10.225,624.7

41,301.3

21.0

10.516.5

26,232.4▲

6

1.4▲

▲

20

0.2

20

# of

+6


Deals

23

+1

Market

-12

▲

+6

▲

▼

10,506.327

9.1

5.7

11 17,302.2

59,239.8 23.652,562.2

1.5▼

▼

0.4

6.42.8

TD Securities IncNational Bank of Canada Fin'l

14 12

10.5

12.2

Scotiabank

Rothschild & Co 17

Rank Value per Advisor (US$m)Market

Lazard

15

6.913

4.2

▲31

89.4

12

8


8

18 20.33

Jan 1 - Dec 31

68.9

4 1

28.2

29.9

27.3

52,827.3

40,238.9 1

2

69.4

Mkt.Rank Val US$m Rank

351.9117,270.2

1156,800.4 Credit Suisse

103,331.3

Morgan Stanley

38,488.6

2

2

225,826.2

37,411.5 3

39,021.0

125,224.3

Announced M&A activity with EMEA involvement totaled US$1.3 trillion from 18,772 deals in 2016, down 8.7% compared to theUS$1.4 trillion reached last year.

Estimated fees accumulated on EMEA deals completed in 2016 were up 2.6% from last year, totaling US$12.5 billion, accordingto estimates from Thomson Reuters/Freeman Consulting.

The Materials sector led the EMEA marketplace, with 1,363 deals totaling a combined US$225.8 billion, including the acquisitionof Monsanto Co by Bayer AG, which was the largest European deal of the year, valued at US$63.9 billion. Energy and Poweraccrued US$189.6 billion, and Financials yielded US$142.9 billion of activity.

Financial sponsors were more active this year compared to 2015. EMEA-targeted buyside financial sponsor activity reachedUS$156.1 billion in 2016, up 18.5% from the US$131.7 billion reported in the last year.

Acquirors listed on the Frankfurt Stock Exchange were EMEA's most acquisitive companies for 2016, with a combined total ofUS$103.7 billion in offers.

UBS

121,890.4

Materials

14,277.8 15,038.6

3

2,351 6


EMEA M&AEMEA Announced M&A Down 9% | Materials Highest Valued Sector | Financial Sponsor Activity Increases

EMEA Deals Intelligence

9 13

EMEA Involvement Announced Advisors by Target Industry

189,619.4

5

25 28.8

Goldman Sachs & Co3

45.8

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

36,031.4

1,363 Share

18

No. Deals

1,352

21

2,068

31.9

142,856.3

3

15

26.638,002.0

29

Morgan Stanley


High Technology

Goldman Sachs & Co

Lazard

Energy and Power

FinancialsBank of America Merrill Lynch

Morgan Stanley

Morgan Stanley

Credit Suisse

Goldman Sachs & Co67,977.3

Industrials

15

2,902 Goldman Sachs & Co

2

12

16

21,013.3

60,411.8 35.9

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

18 42.2

UBS

149.346.8


Tyco International PLC

Financials / Brokerage13,897.8Utd Arab Em / Utd Arab Em

46,596.5

14,131.4

Jan 1 – Dec 31 2016

2/23/2016

Status

7/3/2016


Top Ten EMEA Involvement Announced Deals

Financials / BanksNational Bank of Abu Dhabi (25%) First Gulf Bank PJSCLondon Stock Exchange Grp PLC (100%) Deutsche Boerse AG

Pending

7/18/2016

20,060.2



Baker Hughes Inc (100%)

United States / United Kingdom

SoftBank Group CorpIreland-Rep / United States

31,680.5United Kingdom / United States

Financials / BanksMedia and Entertainment / Broadcasting

27,700.7

Germany / United Kingdom

Sky Plc (100%)

Japan / United KingdomCompleted

ARM Holdings PLC (99.28%)

Pending* Undisclosed

GE Oil & Gas

Monsanto Co (100%)

30,750.7


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

Rank Value (US$m)Acquiror / Target Nation

British American Tobacco PLC

Rank Date Target (% Sought/Acquired)

22,874.2Completed Credit Agricole-Regional Banks (25%) SACAM Mutualisation

Pending 21st Century Fox IncFrance / France

Intended

2/17/2016

10/21/2016

12/9/2016


Completed

Pending

5/23/2016

CNAC Saturn (NL) BV

1/25/2016

Pending

Johnson Controls Inc (100%)

Pending

Syngenta AG (100%)2/3/201610/31/2016

Target Macro / Mid Industry

Netherlands / Switzerland

g p ( y p y)

Germany / United StatesAcquirorBayer AG 63,874.0

Materials / Chemicals57,757.5 Consumer Staples / Tobacco

$75.2

$27.1$4.0 $15.6 $21.9 $18.3 $25.7

$47.2$28.5 $19.2

$85.6

$44.2

$9.0$16.5

$38.9$24.1

$33.3

$43.4

$38.2 $48.4

$54.1

$29.7

$14.4

$36.6

$23.9

$27.2$24.6

$31.2

$28.3 $37.5

$69.7

$25.0

$18.9

$29.0$22.1

$26.8

$33.7

$44.2

$36.7

$51.0

17.2%

10.3%

7.5%

13.7%14.3%

11.3%

18.7%18.2%

14.0%

18.7%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% 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

$103.7

$96.0

$38.8

$26.6

$16.8

$15.7$14.7

$14.2$12.7 $10.9

Frankfurt London

New York Swiss Stock Exchange

New York Zurich

Nasdaq Madrid

OMX Stockholm BMFBOVESPA


9


3.646,596.5

1 273 805 8

52,366.751,224.8

3.7

3.8

46,596.53.7

80104

46,596.548,794.8

1.846,087.6 ▲

14 59,553.5

5.022

55,603.0 4.4

4.863,646.360,696.7-

4.711 0.0

▲+10.1

-▼

▼

0.3

+2

-6▲

-1

0.0

0.1+40.0

0.0 +1

0.0-14

0.0

18 772+10.1660

50 30,571.9Industry Total

46,734.263

3425▲▲

24▲

35,186.8

Deloitte

Societe Generale23

2.8-The Raine Group LLC0.9

22

▼

0.2

▲

112.5

▲

275.0

64.8 0.1

▲

0.60.9 ▼

0.6

-0.2

0.1

23.7

-2 77.8

▼

0.8

1.9

0.2

▲

99.21.8

-1▼-10

0.10.1

2.2

2.7338.7

0.5 -3

94 Deutsche Bank

410,844.9

▲

77

74

▼-8

0.00.0

50.2 -8 Lazard

+5-13

272,582.0

233,525.5 ▼0.2

0.4▼

-117884

21.4

48

21

232,781.1 18.3 Barclays17.6 10.5

▼0.2

Centerview Partners LLC86

78.1

132.7

382.1

▼

▼243.0+9

0.2

0.3

7

▲17.7

28.84.623.73.0

▲

0.9

0.60.7

▲1.1

1.9

▼-0.1

0.5

0.6

0.5

0.70.5

3.1

--912 543 9

0.0

-0.3+1 ▲

0.3

0.0

0

0.0

0.0

39.3

-2-▲

72.8

▼

0.2

36.9

2.32

100 0

+22.4

1 4341.1 0.3

0.3

▲-2

+1▼

-1.62.1

43 ▼▼▲

16

13

▲2.8

20 4.1

13

3.83.7

35,150.7 2.8165

1 251 956 3

+4

4.4

1.1

15 212

5

▲

240.347

48

8

0.1

▲▼-32▲

0.3

0.1▲

0.3

+7

+30.0

0.60.1

-3296.3

▲772.9

231.3

▼-36

0.7

▼

0.7

▼1.0

▲

-0.1

232.8

-▲

▲

▲▲

6.2

▲

▲2.4

656.1

0.05.6700.0 -0.75.5

5.2381.7 0.43.0

1.70.3

▼-0.2-0.2

3.7466.0

▼

▲

▲

▼

Change in

+1

Fees

Imputed Fees (US$m)

-1.6Sh (%) # of Deals

Any EMEA Involvement Completed (AF53)

Share Ch.MarketChange in AdvisorMarket

▼Sh (%) Sh (%)

6.5


Sh (%)

Any EMEA Involvement Announced (AD47)

2016 Rank

MarketSh (%)

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

2015 RankDeals

MarketShare Ch.

▼558,580.4 ▲ 0.810.5 -42116

2016 Rank

521,528.1 41.7

DealsShare Ch.Rank Value

1

MarketUS$m

Market

-44685.2120

17.8▼▲ -22

112▼

56▼ 4

3124143


810.4

0.80.7▲-300.3

-28

2JP Morgan▼

▼

0.3▼▼

0.3

1Morgan StanleyGoldman Sachs & Co

2466,452.2423,793.8 14.3 ▲

37.3-14

44.6

33.9 0.69411.9

161359,903.3

+1612.9 ▲

296,555.3

32.8▲17.6 -8

263 1.7▲▼▼

0.50.6

74▲

3

11166,050.6192,480.7

19

887

114

16.8

-5.4

26

10

9

8469

6

13

104

12

15▼ Citi

▲

3.01115.413.3 ▲92,818.2

190,787.2

▲5.0 ▲-457.1 -7.1 0.2

-25Rothschild & Co

▲Robey Warshaw LLP

15.9

+11 20.4222,031.9198,741.1

▼-9.1

+1

▼▲

0.2

5.096

+20.00.2

7

▼▲

255,363.68▼ 325 ▲

Industrial & Comm Bank China

BNP Paribas SA

63,874.0

7.3 56

▲2.2

4.0

Credit Agricole CIB

N+1

Dyalco

BNP Paribas SAChina Construction Bank 22*

2922*

20

25

546*22* -

-

Industry Total

Lakeside Capital Advisers LLC

921

100 0

▲▼

▲

0

HSBC Holdings PLCGuggenheim Securities LLC

3.83.8

-9.4

119

3.73.7 13.7

3.7

-10.4▲

▲

53

11

-

▲▼

244

4▼

▲

4Credit Agricole CIB 19

8.4

4.1

4.8-5.0

▼

+1

Mizuho Financial Group

21

▲

47,004.3▼

+1

100 0

▲

78 4.7

-4.6

▲

▲ 16

52,536.1 4.2

3251,221.7

17

UBS9.8

Evercore Partners

18 58,884.2Greenhill & Co, LLC

122,980.7

17

15

Perella Weinberg Partners LP

12 104,552.3

15 -1.24.922

14.3

4

10

235,281.65

223,888.316.5

5

7

12

8

Bank of America Merrill Lynch 6UBS

JP MorganMorgan Stanley

Credit SuisseLazard

7

127,008.5167,963.9

▼▼

13.2 14

-59510.0 -13.611

-7

113

-2.5

3.0Credit Suisse

0.7

1.985

0.1

19

17

10

8

17

China International Capital Co

Ducera Partners LLC

12

14

Deutsche Bank

16China CITIC Bank Corp Ltd

Citi 13

15

15Rothschild & Co

913

Barclays

18Industrial & Comm Bank China

HSBC Holdings PLC

182,207.6

23

4

6

Robey Warshaw LLP


-15.0▼

▼▲

▼

6.4-12.6

18.318.5

1

2015 Rank US$m


-9.6

26.61Goldman Sachs & Co

339,248.4▼

32

Financial Advisor# of Deals

Jan 1 – Dec 31

Market

Jan 1 – Dec 31

210,537.3

Rank Value Market

464,376.9 -2.5

▲

36.5 142

▲▼

14

Financial Advisor


▲

-9.5

-1.6

12.3

# of

EMEA Rankings

-0.6

-0.9

▼

7.6▼

81,395.361,567.1

13.2

▲4.1

164,780.8

6.5

▲

Centerview Partners LLC Centerview Partners LLC

46,596.5

10.314.1


13

Credit Suisse

Deutsche Bank

UBS 7

9

12HSBC Holdings PLC

38.1

1,273,805.8

15.3

Sh (%)Market

17.4

71.3%

455,326.8

MarketUS$m

Jan 1 – Dec 31


-2.4207,933.48


89,635.5123,244.5

10 7.1

▼

-12.0

63,874.0

182,194.46167,963.9

1784,237.9

7

5.3

3.93.9

1

63,646.314

511*

21

9

-5.7

48,618.919 51,224.8

▲

3.9

20

14

16

18

21

-

-

15

17

4.34.7 -10.34.74.8

4.711 55,603.0

4.1

▼-0.1▲

32.9

56,783.556,296.7

-11.448,335.7 4.1

0.7+1

-5620.5

3

72.8

-1,2750.0 -

4.1

-▲

100.0

0.3

23

3.0

▲

3.9

▼ 1180.6▼0.4

3.8 3

0.5▼

47

0.3+1▼

0.9

0.777.80

▲

0.2 ▼-0.1

▲0.7

0.10.0

▲

▲

-

0.3▲0.10.1

18,772

-10.0%

-660

-3.4%

# ofDeals

Change in

▼▼

Sh (%)Market

▼▲

▼

+1

+3

▼▼

▲

▲


19Credit Agricole CIB

16

# of Deals

▲

▲

Citi

▲

▲

▼

15Industrial & Comm Bank China

Lazard

10

1213

6


Industry Total

-30

2016 RankFinancial Advisor


Morgan Stanley▼ 2


▼ 11.2

2015 Rank

Goldman Sachs & Co


Share Ch.

17

+1

-8.1%

1+1

▼

20

▲

-0.6

-

-17.0%

+1▼

▼

0

▼

▼

355.7

▲42.0

-11

▲

.2

2.0%

▼

2.6%-2.5%

MarketSh (%)

0.8

0.6

1.1

1.8

0.8

+8

0.1

0.8

-25

-390.6

-4

+15

+3

0.50.5

0.0

-32

-9

▲

0.1

14,479

-2

31

-30

-11 ▼

▲

-+10

▼▼

▲

-▼

+1

▼ 75

8

20

▲ 1343

▲-1.0

7.0

17.1

2.5

▲

19.1▲

▼

20.8

▲

3.5

16.26.4

16.1 -4.914.3

25.527.3

▲

93112157

▲

▲

73

14.535.4

36.4

296,542.0316,532.2

241,722.3

11044.0▲

▲Deals

# ofMarket

▲19.2

Market

258

79

3

▲ 5

15▼▲

81

▲

-30

0.3

0.30.1

0.0

0.10.5

1.1

47

0.5

0.3

0.2162

1 0.0

44

0.6%

11,887.6

78.1 0.4▲

-12 0.0

▲

▼+1

53.6

64.8

0.7

▲

▲

-

▼-0.33.0

2.8 ▲

▲0.1

2.3

Jan 1 – Dec 31

12,543.9

Share Ch.

▼5.5

▼▲

▲5.2

0.6

1.2

0.70.8

1.9

▲

0.2

737.0

231.3

-0.6

Market

-▲

0.0

▲

Market

102.7

2.0

241.8

19.8

231.8

▼

2.00.5

0.7

-0.5

Imputed Fees (US$m)

▼6.5

-0.1

-1.6

▼

▼

0.2

Sh (%)

2.0

681.6

6.22.5296.1

3.9

100.0-1,434

0.8

HSBC Holdings PLC

72163,711.9


▼

1,251,956.3

2.6

6

2.5

2.3-1.6

13

4.0

10.1

18.1

410,534.4

2.1100.0

21.6%

23,859.5


+1▲

30,151.6

3.0

▲

0.51483

1

0.3

0.1

0.0

▲

▲▼

-8.07.5

3.9

1.8

5.4▲

▲China International Capital Co

N+1

22*

Credit Agricole CIB

97

46,596.577

Lakeside Capital Advisers LLC22*

BNP Paribas SA

46,596.522*

1,193,993.3

38.3%

2717,652

16

-25 46,087.6

34The Raine Group LLC

23

46,734.2

-35,186.8

103,900.3

61,567.1 5.381,205.8

4.132

30,750.7

10.4

4.3

9.0

4.550,108.3

14.1

46.7

36.3

Any European Involvement Completed (AF3)

-16.7%

15,212

4.4% ▲

Rank Value

20.1% -8.6% ▼▲

165,874.7

421,640.516.5

Sh (%)

186,999.4

62

14UBS

338,188.4

22Mizuho Financial Group


China Construction Bank

Industry Total

-

3.9

12

111310

Rothschild & Co

▲▲

▲2.71.0

-0.4


2.7

17.4%

1,161,158.3

▲0▲

▲

1

▲

53

-20.0

0.3

3.9 ▲

0.0

▼▲

18

Evercore PartnersChina CITIC Bank Corp Ltd

26

17

5.4

▼ +1

0.1+1

Ducera Partners LLCPerella Weinberg Partners LPIndustrial & Comm Bank China

91

4 0.0

0.5

0.072.3

Barclays

2015 Rank

2Goldman Sachs & Co

JP Morgan

Citi

2016 Rank

45 4

Robey Warshaw LLP

Lazard

8

Rank Value

▲-8.7%


1Financial Advisor

1Morgan Stanley 2

Industry Total

-10.85 19.7

100.0

▼Industry % Change from Same Period Last Year

265,971.6

15

-10229,550.2

9.8 ▲5.4 ▲

0.6

Deutsche Bank218,742.1209,008.5 17.5

▼-13.8-7

+10.5

110▼ Barclays

4

▼

317

0.7

-9.8 0.5

-13.9-9.8

1.0175

-41

-24

▼

▼5189

3

-2

+2

Credit Suisse

+7

BNP Paribas SA

▲Robey Warshaw LLP

-7

+122.3 ▼ 0.8 -10

-27 510,446.1422,893.8

US$m

7

542,436.2

2

10

33

5

1 1

▼

222,031.9

7

98Rothschild & Co

▲

JP Morgan

▼

▼

12120,210.7

5

8

11198,741.1

42

4119

28.3

19.2

Any European Involvement Announced (AD21)

234,971.13

1.8

134

8882

0.5▼

133 0.8

18.3

-2.9 ▼Share Ch.

119112

100.0

# of Deals768.7-39

Change in Fees

Advisor

▼▼

2.5299.3

5.7-9

▲ 649.2

462.0▼▼

621.7

-0.7

▲▼▲

+1

113

▲13.3

4.5

21Societe Generale

1522

23

47,004.3

52,536.1

Guggenheim Securities LLC-4.4

19

0.0

-11+1

* tie

2425▲

1.9%

1.90.0

100.00.3

Industry % Change from Last Quarter ▲

Dyalco

-0.1%

Industry Total

DeloitteMediobanca50

▼3.4%

0.0

▲

-1.5 270.4

99.2

332.58.1

▼


t e

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

10

Robey Warshaw LLP Centerview Partners LLC

Deloitte

11.9-2

20,369.6 -0.7

▲

2.2

6.0

▲1.3

7.68.0

5.4

-17.01.8100 0

8.0

-2.8

9.08.0

83 8,269.4

▼

7.0

8,558.8

3.8

Industry Total

23,264.05.3

2.72.9

0.7

-0.110,241.4

12,311.5

3.814,779.3

27,120.65.6

-20.4

93,099.3

▲

-17.6-24.8

14.4

4.0

-12.716.1

▲

62,049.6

117,555.8118,867.5

▲

3124.1

33.6129,743.2

▼

▲

▼

20

▲▼

37▼

113

6

▲▲

▲

123▲

▼0.1

2.318

0.1▲

▼-4.1

▼ 190.0

279

▲ 1

▲-10+1

0.1

6.2 6.2

6.5

5.9▲

0.0

3.0

▲

-19

▲ 0.1

+14+6

0.026

▲

Perella Weinberg Partners LP 420▼

▲10.72332

3

-20.10.0

BNP Paribas SA

▲

+1+60.7+4

▲

▲▲16.4

14

1612 18.8

97.6

▼-12

0.9+10.1 ▲

0.7

451.3

Robey Warshaw LLP0.731

JP Morgan


▼-4

1.2▼

30.830.4

146 0.1

124,642.1-0.2121,578.5 ▼Deutsche Bank 4

Morgan Stanley113

▲10.9

-19.7▲

87

57

Rothschild & Co 11

UBSCenterview Partners LLC

10

Barclays9Bank of America Merrill Lynch

6

8

32.331.5

2.5


56Lazard0.8

50

9

3.63.2

-15.556.7

17.0

4

565,606.3

7.2

▼

19.3

2556

231*13,897.8

0.4▼ 164 170

6,848.46

21Macquarie Group

25

3.2

LionTree Advisors LLCRBC Capital Markets

4221

10,991.1

12,352.82112

2.6

The Raine Group LLC

386 198 7

20

Societe Generale15

17

20

Greenhill & Co, LLC

Citi

29,263.6HSBC Holdings PLC

NumisPerella Weinberg Partners LP

17PJT Partners LP 16

18

RBC Capital Markets 15


19

232612

22Evercore PartnersLionTree Advisors LLC 24BNP Paribas SA 25

184

-2

0.5

30,759.830,750.7

▼

▲

▼

▼

0.3

2

4▼

▼

-1

42

29

3

▲

3

12

6

1

Any UK Involvement Announced (AD32)

910

22

18

8

21

15

2322

177

11

UBS


13Credit Suisse

10

3.5

19The Raine Group LLCMizuho Financial Group

Citi 16

20Greenhill & Co, LLC

1718

Industry Total

17

21 60HSBC Holdings PLC 11

15Nomura 11,782.2

521 000 1

2423

1.6

11 0.017,046.7 3.318,406.4

0.3

6.5

6.60.3

1.8

5.60.7

99.2

257.94.05.5

133.4310.2

▲

▼

▼

-▼

30.4

35.6

159.0

▲1

186.5

Change in Advisor

388.7-17-3 4.9

303.1 0.4

Jan 1 – Dec 31

Share Ch.8.3

2218,844.6

Share Ch.

23.3

▲0.5▲8.2

Market

0.40.4

1.73.7

▲2.1

0.0

▲

2.2

-0.3 ▼

▲

▲▼-0.2

▲▲

▲

0.1

-

0.0▲-

0.6

3.4

▲1.3

2.5116.7

▲

51.4

23.9

▲

-1.0

▼

1.9

0.5

▲

0.690.738.2 0.8

0.2

0.20.5

0.7

0.14 669 1

22.6

31.4

70.0+3

0

-11

7.0

▼-1

▼1

▼

-1▼

+3

-7+2

-39 ▼

-10

-15 ▼

-26-0

▼

0.6-4

0.7

1.0

0.50.2

0.0

1.1

0.60.1

0

▲

34

+3

+4

1

2.7

▼-

▼

0.1▼

▲43.1

7

Any UK Involvement Completed (AF39)

125


7Deutsche Bank 8

29.5

50.842.6

Barclays

Rothschild & Co

222,031.96

# of

19 21.9

395

0.10.0

3 394100 0

-

▲

8,670.8

▼

▼

141.6▲27.4

▼

▼

▼

▲▼

▲

▼

-8

▼381.8

Imputed Fees (US$m)Market

+1

-17

▲+1

+9

Fees

0.8

172.5

55 +80.142

▲

-4

38

0.03

-6

+7

▼

0.1 -160.1

0.1

0.0 0

-2

-8

0.3

0.0

2.2

39.7

-19.4

▲▲

33▲40

5944

2.762

0.00.1

114,127.4

21.5

67,653.2

3

0.19.1

26,251.9

18.8

13.085,577.6

6.333,729.0

10.2

153,740.1

112,109.8

29

-2.2

0.4▼

▼-9

▼

35.2

19.834.7

-4.6

21.5

▲

Evercore Partners

111,832.9

32,583.732,042.4

Market Market

264,897.7 34

-18▲▲

342,170.4Sh (%)

▲

▲ 0.1Deals

-1.4Share Ch.Sh (%)# of Deals

50 ▼-27

180,633.2

33

▲

18.2

55,793.4

- 5.93.75.0

30,750.7

▲

31.8

▲

▼-2.9

53.6 34.0

190,428.0

52.9

20.336.6

0.0

0.1

1.5

0.7

0.5

▼-0.7

0.0

▲

▲

▲

100 0

3.0

-0.5

1.1

0.6

Jan 1 – Dec 31

65.7

Market

54.32Goldman Sachs & Co

Sh (%)Market

# of Deals Financial Advisor


Financial Advisor US$m

-10.5

9

34,546.1

Goldman Sachs & Co

-1314

55,603.0

19

36

JP Morgan


16

0.2Lazard4

▼

▼

-0.3

1.725

5


6

282,968.9

2015 Rank

1

275,605.4279,102.7

1US$m

2016 Rank

Rank Value

EMEA Rankings

2016 Rank Sh (%)

Market Change in Market # ofRank Value2015 Rank Sh (%)Deals

23

Morgan Stanley

* tie

Societe Generale Deutsche Bank

UniCredit

▼Industry % Change from Last Quarter

Deals

▼

17

-383

Market

Any French Involvement Announced (AD33)

100.0

Goldman Sachs & Co

Market

-10.2▲

Industry Total

▼

▼

-11.5%

2,948

3

-2

0

▼

8,808.7

11.5

▼

▲

5.6

1▲16 0.5

▲

-0.7

18

-22.3

15▲

-24.1-2.330,651.1

16.6

16,662.010.5

17,911.210.6

17,988.411.311.4

2015 Rank

1

35,992.7

24,455.514

6

2

US$m

5

1141.1

109

11

6

64,603.340.73

55,650.0

18

▲▲

Sumitomo Mitsui Finl Grp Inc13▲

16Natixis

▼

157,156.1

Industrial & Comm Bank China 19 6,536.0

▲

8

Credit Suisse

+4

▼

Barclays

▼

LazardJP Morgan

15

13

+9

Deals

61 Rothschild & Co▲

-10

Share Ch.11.1

-14

4,170

Sh (%)


386,198.7


Financial Advisor


2015 Rank

2 10

Rank Value

24 14

1 4

2016 Rank

6

Rothschild & Co

3

Market

Jan 1 – Dec 31

-9.4%

0.2 ▲44,832.0

▲Lazard

▲

40.629.3

▼

BNP Paribas SA

123

Societe Generale

-21.9

1.6

3014.6

0.5

▲

37,062.7 -11.3

▼

JayDee Partners Ltd

+3-7 ▼

▼

UBS

617.9

28.7

19.323.7

▲42,644.1

27,955.8

-5

63,450.3

MediobancaMessier & Associes 20

21

HSBC Holdings PLC

Malayan Banking Bhd

23

-184

41

-4.2%


US$m

-35.7%

▲45,849.8

# of

12

11.5

Industry Total


72,402.4

521,000.1

▼

Financial Advisor

-41.5%

3.4 ▲

-1.5%

Share Ch.


▼

Change in

-17.9%

5.6

12

14 727

11,711.8▲

17

15.6

3.716,478.4

2.4

13

15

4.2

7.517

3.230

-

▲0.50.8

0.2

-0.20.1

-

0.10.1

0.1

0.0

▲0.1

-0.00.0

▼▼

▲1.5

▲

0.4

0.9

▲

0.7

-0.2

▲

3.42.2

▲

▼▼0.1

5.4

0.4

2.2

4.5 -2.3 ▼

2.1

1.0 ▲0.8

▼-0.1

▲

▲

▼

▼0.3

-2.40.5

0.1

Market

2.3292.2 13.3

76.9

4,669.1

-2.4

▲

17.9 ▲12

116-4.9+2

Market

▲

+15▼1972

▼

14

▼39 -3▲

2,469.61.8

-53.1%

▼


29

# of Deals

▲

Change in

1.30.9

MarketSh (%)

3.8

▼

▼▼▼

+7

-9.6%

▼▲

1▲

▲

-0.6

29 6,259.3

▼22183*

▲

BNP Paribas SA

8Deutsche Bank

30,228.111

▼▼

4▲

12

25,128.6

9

3

23

8

5109

20,482.2

Evercore Partners

JP Morgan


HSBC Holdings PLC

24

JayDee Partners Ltd

BDO

38

Credit Suisse


11

18

Natixis

156,351.2

24

Malayan Banking Bhd 21*0.4

0.0

0.2

0.1

71.9

1

▼▼-38.5%

54

3,716.4 2.4

27


2.4 -0.1

* tie

13Mediobanca

20

17Nomura

-

Barclays

Industrial & Comm Bank China 21*21*

Santander

RBC Capital Markets 19

25

1410,138.2

15 6,825.36,455.66116

13

3315 6.1

13.1

9,488.73.4

-4.86.5

9.17.0

8

0.1-5

Zaoui & Co

-15.8 ▲

0.2

0.30.70.311

52

730.8

+1

+1

+4

1.6

0.4 ▼

1024

Goldman Sachs & Co 3

12-22

-3

26

-13 49,696.6▼

26,018.7

34,727.7▼

8 42,908.3

16

1

Credit Agricole CIB

▼

▲ 0.4 -5

3.9

Bank of America Merrill Lynch0.5

▲

▼

3.5

15

21.9▼ Morgan Stanley

9

-13

Citi4

0.6

-395

35.4

3,394100.0

+12

MarketSh (%)

46.1

▼

Rank Value

Any French Involvement Completed (AF40)

▼


0.4Morgan Stanley

27.3

1Citi

4.4


7716.115.6

6.4

-21.7

-16.5

24,316.8

14,260.810,871.8

-15.4

-13.3

6,445.0

3,716.4

4,715.33,716.4

2.4

5,048.6 3.23.0

10-9.04.1

52.32.5

4.0

4.1

▲

3.9

2.4

▼

2.7

▲

1.6

87Benedetto, Gartland & Co, Inc.

-

15

2.4

0 -▼▲

+3

100.0

-2

25

2.3

3,825.4

24

6

▲-

+3

12

Industry Total

1.92,889.9 1.8692,987.6

100.0

▲

▼

3,262+4 ▲

▼

+9 1.8▲

-19.5%-9.0%

1.9 2,819.7

4

+1

▼

22

28

0.20.2

▲0.2

2016 Rank

1.3

1.8

Rank Value per Advisor (US$m)# of

-2-4

1335

31.6

-7.1%

46,009.8 -150.4

0.62.4

1.2 63.6

▼

98.7▼

13

22.922.1

▼▼

0.46.8

74.4

▲

0.5 ▲

47.8150.1

-50.6-4

0.30.5

7

2.2

▲▲

2.41.1

-321

1.2

1.4%

+1

100.0

-

0.4

▼0.0 -0.4.02,199.3

▲1.3

8.816.8

0.8

0.0

-

▲

2.8

0.0

-▲

-

▲1.9

1.641.5

▼

-

▲49.1

▲+1

+3

+2

▼-5

32.7

+1

0

▲

46.973.171.7

60.9

119.3

22.2

▼

▲1.9

2.42.9

▼

▼

51.9

3.33.3

▼

Sh (%)Fees

▼12.0%

AdvisorImputed Fees (US$m)

Market

-15.8%

Sh (%) # of Deals

▼

Share Ch.

100.0

-4

90.4%

0.1-0

0

0.20.1

Jan 1 – Dec 31

0-6

-▼

▼

-10.2

63,960.7

515.6

▼

0.10.3

-16.7

10

2

6.1

19.5

27.329.3 -6.7

-26.2

2

-12.5

1

-4.053

▼

6

2.3

▲

▼

-15.9%

1.6

0.0

3

0.26

46

2.95,092.3

0 3,568.5

1.6▼

0.00.010.1

3,716.4-1

Duff & Phelps▲

▼ ▲

Industry Total

-18.9%-14.2%

10-

▼

▼

+10


t e


11

PricewaterhouseCoopers Morgan Stanley

-2.9

▼

1 032

16.3

-9.7

4.9▲▼

▼▲

679 1 100 0100 0

24.2

1.0▲

-4.2

▲6

0.4

1 015

0

-41.5

▼4

-38

105

12.6

4.1

0.6

Industry Total 47 605 1

19

0.9

4.74.6

12 5.92,798.24.9

1331

24

2,284.651

3,129.0

2,336.3

1,910.9

23

4.8

6.6

2.3-2.8

6.1

2,227.3

3

15

▼▲

▲

▼ 10.2 3.5▲

23.5

-

-17 ▼

▼2.4

0 7.8

5

-

2.71.3

20.0-

▼

1

72

30.2

7.0

-8

-7

8 -4

-3

▼

418.519.9

11.3

42.4

4.5

2.9

10

0.4

14

# of

0.5


+2

▲

▼-30.80.4 9.0 0.7 ▲0.8

-5.74

9.5

5.1

Deals

9,403.0

2,879.0398

▲▼

▲

0.5

15.8

12.5

0.10.3

48

4

Sh (%)

-28.7

7.5


11.3

14.7

▲5 8.0

45

▲11

4.84.72,309.2

Credit Agricole CIB +45577

1.63.3

Societe GeneraleHSBC Holdings PLC

9

12 6

411Macquarie Group

3Deloitte

5.0

Lazard

Rothschild & Co

Santander

2016 Rank

19.88,657.5

912,453.8

Any Spanish Involvement Completed (AF41)

6,544.3

2

6

3.1▲

▼Credit Suisse

4

175

+1

Deutsche Bank

▼-5-5

▲

Citi▲

Ernst & Young LLP

JP MorganBNP Paribas SA

1

0.8

1716

8

-1.0▲

-6.4

▼

85▲

Industry Total 100 053 592 0 49

14RBC Capital MarketsPricewaterhouseCoopers

13

+4

-1

-7

KPMG

108.9

29

▲

8,499.3

▲

0.9

5▲

15,243.914,036.5 11

3BNP Paribas SA


Any Spanish Involvement Announced (AD34)

Morgan Stanley 5 11,582.7

8.712.66

6.55.5

3,747.3

4.9

9.31613

7

US$m

7Santander

1 148

26.2

6,756.0

0.44.3

4,988.0

12.29Deutsche Bank

Financial AdvisorMarket

8Sh (%)

22.0

2015 Rank

21

2016 Rank

1.07.5

Deals

Bank of America Merrill Lynch 45 14.5JP Morgan

# of Deals28.4

20 ▼-2

10

8Citi 6

1338AZ Capital 9

7

Bank of America Merrill LynchBBVA

▼AZ CapitalGoldman Sachs & Co

▲▼

+4

▼

+71.5

-14

0.40.7

▲-13 ▼

Rank ValueSh (%)

0.7

# of

▼

Change in Market

-7Share Ch.

Goldman Sachs & Co

# of Deals per AdvisorMarket

21127

10

21.6 ▲

▲

15.9

9.37.0

0.410.65,681.4

5

7,749.8

▼

107

MarketShare Ch.

▼

-11.29.6

▲

▲▲

▲

15 ▲

8▼-2.914.0

14.6116,645.2

5,960.8

▼3,902.64,858.5

88.210.2

3.0

-1

+1-6.65.7

1.812.5

-1.6

5.1

▲1.913.8 2.0

3.73.3

Sh (%)Market

0.9▲3.6

▼

▼1.2

3.0

▲▼

0.4

Jan 1 – Dec 31

Market

-0.31.9

-0.3

▼

0.60.21.1 ▲

2.1

▼

▼

▼

+31.1

2.1 ▲

1.3▲

▲

0.8

0▼

0.4▲

+1

0

▲+16

-1.4

-1.9▲▼

6.224.3

9.13.3

▼

0.914.7

Advisor

▼ 2.2 -0.8

17.52.718.41.7

MarketSh (%)

0.1Share Ch.

Change in

▲Fees

2.6# of Deals

▲

EMEA Rankings

19

8.23,764.1 7.9

14.6

3,500.9 7.4

6,959.17,000.0

US$m

33

26.2

18.27,526.0

1

10

2015 Rank

-2

1.3

3.6

Imputed Fees (US$m)

Financial AdvisorMarket

Jan 1 – Dec 31

Rank Value


220

17

18

2324

15

2021

800.9- ▲25

UBSBanca IMI (Intesa Sanpaolo)

22▼▼

▼▲▼▼

3,879.6

7

14

2,178.0

2.7

3.6-29.1

-0.2

0.5

0.74.03.52.6

0.1

16-0.7 34

1

▼1,678.61,220.7

+6+1+9-6

+1

0.7▲▲ 4.0

0.60.5

▼▲

26.9

2.91.8

▼▲

0.22.5

-2.52.7

-0.30.5

Credit Suisse

19.4▲▲▼▲

12.4

-▲

Deloitte

BBVARothschild & CoLazardCredit Agricole CIBHSBC Holdings PLCNomura

0Banca IMI (Intesa Sanpaolo)Societe GeneraleKPMGErnst & Young LLPErneholm & Haskel AB

19202122

MediobancaLeonardo & Co

1112131415161718

2324*24*

1841-

2415

2259*

3,473.72,927.72,642.62,284.62,149.41,850.01,827.411

-

3231710

1.5800.916

1,811.21,754.31,571.41,526.11,307.4

4.34.0

676.3

2.4

1.3

-2.3-6.2

-16.03.43.32.9

3.4

1.4-2.4

-3.1

676.31.3

1.9-13.8-19.8

4.32.2

3.5

2.9 -7.4▼▼

-2.01.5

▲▼▼▲▲▼ 1

▼▲▼▲

4535

▼▼▲

0.4565

61

52

1.41.10.60.40.20.1

5.70.50.13.9 -38

-6

+5-3-7

▲+4-4

▲▼

+1

▼▲+1

-10.10.1

3.0

▼-1.3

0.1111 1.71.7Erneholm & Haskel AB

▼0

-10


Lazard Rothschild & Co

Evercore Partners


1,032 679.1 100.0100.0

▼

Sh (%)

1.1

0.3

0.9

0.1

0.1

0.2

0.618

▼

-1,015

▼

0.3


# of Deals15

+10

Change in

3

0.5

3

Deals

-2.0%-42.1%

3.7 ▲2.0

0.48

▲

10

1.1

38

3▲▼▼

18

0.6110.6

2123.1

Market# of

0.913.3

▼35.2

12

54.0

25,074.7

20,718.8

12

19.1

Goldman Sachs & Co

+16

+1

0.8

-14.5

-▲

18.933.134.7

39.1

▲ 5

Industry Total 47,605.1

2.6

-10.8

12.8

▲

14.7

21

-7.4

-1.3

Rothschild & Co44.5Credit Suisse

▼

▲

1.5

0.1

-1.11.4

▲

1,904.1 1.8▼ 24

1.3

▼-24.9%-6.8%-28.4% ▼

1,908

▲11 0.6

0.11.3

2 +2+10 ▲

▼▲

1

0.23

0

-4-2

▲1.11.92,008.2▲

▲

2,100.0 ▼2,066.3 1.9 1.9

-2.22.62.8

649

6

1.9 2

3.53.2

15

▲

8 ▲7.027,486.9

15.5

2.1

25.9


▼

2019

-7.7▼3,773.2

-

21.5

Share Ch.2015 Rank

Bank of America Merrill Lynch-0.8

2

Market

13.5

38,175.930,649.4 28.2

Rank Value

3

2016 Rank Sh (%)

-3.3%▼

3

-46.9%

▼

Any German Involvement Completed (AF42)

▼

-5

Jan 1 – Dec 31

-

83.6

+2

▼

96.1

60.4

▲

-5▼

+2

84.2

26.32.31.9

-2

6.8▲

32.5▲ 3.1

-9

-2

+1

+3 53.4

-19▲

▲

▲

+8

▼

15.0

14.9

9.73.7

+3▲+5

▼▼

16.312.5

0.67.38.3

43.9

4.7

1.2

-

-3.6%

3.0▲

-10.9%

Deals # of Deals

Jan 1 – Dec 31

Market MarketFinancial Advisor

▼-46.5%

# of Deals per AdvisorChange in

Industry Total

2016 Rank

2015 Rank

Any German Involvement Announced (AD35)

115,492.0

Sh (%)US$m


489,897.7

Morgan Stanley


10

100.053,592.0

Rank Value

▼


139,893.6

-62.6%

51Bank of America Merrill Lynch

5

44.63

Goldman Sachs & Co3

2115,426.5

46

+2

-0

-139

5.2

▼

0.3

0.8%▼

-

28,156.2

6.6

7

9.6

3.23,459.82,994.994

Lazard

▲▲

+10 25.3

21.7

16,806.8

6

71

60+416

▲▲

▲ 13,837.7-8

Barclays▼ 9

JP Morgan▲

▲

Deutsche Bank

4Citi

Perella Weinberg Partners LP▲▲

Credit Suisse


0.5

4,014.2

HSBC Holdings PLC+4

0.2

▲

1740 2,769.9

22

Sh (%)

+6

-40.70.9

▲

▲15

-49

4,065.0

▼

▲

▲

UBS14

▲

8

4,519.8

204,574.1

7.0

6.6

10

6.6

▲

1.7-

▲

1.8

18▼0.5-3.3

Ernst & Young LLP+1+1

+3

4,310.0

7.3

6,820.7


7

▲

12

1.7

1.72

7

12

JP Morgan 21.9Deutsche Bank 29

8.0

9

BNP Paribas SA 0.2

-

Barclays 11

6- 61,345.6

8Perella Weinberg Partners LPDucera Partners LLC

1737,881.5

24.6

123.7

56,803.7

23,658.2 ▲

85,787.963,874.0

0.70.3

▲

0.9

▲3.7 0.2

2.0

24.6

▲0.2

▲0 -

+1▲

3.8

▲0.73.75.2 14

4Deloitte▲ 3.7

15▲35

▲

ABN AMRO Bank

3.74,040.0 3.0

▲

1016

5.4▼Citi 18

24.6

7- 13,897.8

39

19

6.6

Robey Warshaw LLP 17

4,519.8

RBC Capital Markets

1.8

13

43

21HSBC Holdings PLC

15Societe Generale

Commerzbank AGBerenberg Bank 27 ▼

▲

5.9

-8.77.0 ▲

23.7

101.0

▲4.5Valence Group

825105*

259,222.9

113.7%

1.6

21

4,045.7Industry Total

24

123.2%

-


105*Ernst & Young LLP


▲

Credit Agricole CIB


-

5,104.7

26

Valence Group 4,430.02322

17,205.117,174.0

CITIC

2.0

20,616.3

4,657.0

37

2.6

105*14,017.9

17,803.6

5.4

4.5

-3.338,327.6

5.9

14.8 -8.7

6.9

14.6

7.39.1

▼

▲▲

Share Ch.16

-42.2%

▼▼

0.1

1 0.0

# of Market

1

12

423.7

53

1.4

▲

▲

0.0

33

▲

31.3 0.6

▲

0.1

13.3 ▲

0.3

21

0.1

2

110.9

▲2,417

▲

▲-10.1%

1.2

▲

0.90.3

-0.211.6

▼

0.21.1

0.2

1.3

1,418.81.22.8

0.00.1

▲

0.5▲

0.4

-0.3

18.2 1.1

▼-0.81.1

-▼

0.0

▲

1.1

0.5

0.3

▼-0.4

▲

100.0

▼

0.8 0.5 ▲

1.4108,598.6 100.0Industry Total+18

▲

▲

+181,500.0

21▼2.4 77

▲

59 -14+7 1,570.4

Moelis & Co 2524

MediobancaPricewaterhouseCoopers

Houlihan Lokey+2

▲+7▲+2

▲▲

3 ▲+2

80.37 +1

+2

0.5

0.3

0.9

+10.614

22+5+1

+12▼

22

2.2 ▲+14

0.24

40.2

1,148

69.7

▲

59.2-2.8

0.0

▲1.6

▼0

Fees

0.4

104.8

▼

-8

4.35.9

0.4 ▲

-▲1.3

0.01.7 ▲

-4.4

▼

▼

5.9

4.9

▼

-0.8

▲

▼4.2

Imputed Fees (US$m)

7.4

MarketShare Ch.Sh (%)

Advisor Market

-1.9

▼

21 4

US$m


Industry % Change from Same Period Last Year ▼

MarketFinancial Advisor

ING7

10

23,546.7

12.79

3.8 3.810,418.5

6

5

4323

-

4,095.1

22 32

9.4%Industry % Change from Last Quarter

UBS

12

8

21

11

13

-44.4% -39.2%

95

-4

16

42,115.1Morgan Stanley 38.8

109*▲

17

0.3

* tie


12

Rothschild & Co Itau Unibanco

Nomura

Credit Suisse

▲7.2▲13,361.8

-3.5Banco BTG Pactual SA

22

728

▼

▲3.0

▼▲

▼

▲

0

Banca IMI (Intesa Sanpaolo)

-22.4

▲

-

0.11.6

▲Industry Total

LazardMediobanca

JP Morgan

50

5.0

65

1Morgan Stanley

+24.10.2

101

1.70.6

▲

2.6

KPMG

▼

Citi▲

21

Rothschild & Co+5+51

-5

16

13

11

12

4.37.3

UniCredit17

BDT & Co LLC

3,204.422▲

1.52421

Barclays33

6

8.6

13

16▲

10

11

▼

100 0

5,998.8

5.6

6.5

2.0

-9.3

2.5

92 143 5

5,110.3

6.4

0.63.2

1.3

1.11.6

1.0

0.4-18.2

6.0

-3

▲-27.4

2.5 ▲

▼

+2

▲-3

+51 017

▼14 +71.4

1.0

6

0.1

87

144

▼▼

-16

0.6

▲6,281.7+53

6,715.4+10

Goldman Sachs & Co

HSBC Holdings PLC▼

▲ +1

1.1

10UBS 11

9

1015

314

Rank Value

98

1

13.9

36,712.85

Any Italian Involvement Completed (AF43)

2016 Rank

Market

1.4

19

US$m

7

15,465.4

14

11.9

-20.816,258.5

12,834.5

17.6

Sh (%)Market Market

Share Ch.


Deals# of

▼-0.8

0.9

▲▼

Change in

1.3-0.4

0.5

1.40.7

1.7

-1.4

4.0

1.0

0.8

10.2

47.2

11.4

17.47.5

9.2

4.7

▼7.2

2.9

16.3

▲▼

0.4▲

▼-0.7

▼

0.1

▲

▲

1.6

13.1

20.1

1.1

0.5

1.1

▲

0.3

-92.339.6

28.71.414.1

11.119.1

2.52.7

3.5

▲

3.1

▼0.7-1-5

+658.6

Imputed Fees (US$m)

2.00.5

-5 4.8

▲

▲39.6

▲

1.9

-5

+6 ▲0.6

▼+4

▼

1.1

1.9

▼▲

-0.2

-1.62.0

▲3.9

5.4

1 004 2

▲

3.8

100 0

▲

▲3.9

▲

-

0.4

0.0▲0.1

-4.63.6

3 38.8

EMEA Rankings

▲

▲-8

-9.5

▼

Financial Advisor

+4

▼

8.41.1

-7

13

▼

▲

+1

+2

0

+11

+5

+7

▲

▲

▲

0.80.5

4.2

▼

▲ 3▲

12,472.81151

27.625.5

Market

6

-2.6

2.1 15

Deals

7

-5.5

2.9

31▼

322,399.9

1

7.1

11.5

3.2

1.9

5.9

3.2

6.9

3.6

4.5

-17.4

2.5-11.7

10.6

12.4

16.4

13.8 -16.215.2

16.6

4.4

0.3

1Mediobanca 5 26,289.9

-9.8Bank of America Merrill LynchMorgan Stanley

Financial Advisor▲

# of Deals

29.5


Banco BTG Pactual SA12,701.0

4

6

2016 Rank

Deutsche Bank

34.6US$m

3 20,991.0

Itau Unibanco12,819.1 16.919,389.0

16.7

2015 Rank

2

Rank Value

7UniCredit

5

Any Italian Involvement Announced (AD36)

JP Morgan

11,518.9

1415

8

8,724.9

Lazard

KPMG

9 41011

9,405.610,490.2

Equita SIM SpA 16

10

14NomuraUBS

15 22

12

12 5,373.95,387.12313

5,206.45,120.124

268

44

Citi 4,699.118BNP Paribas SA 4,459.0

3,414.3

17

Ernst & Young LLP3,499.4

2.32,459.2

7.1

6.7-17.9

4.6

0.21.2

+1231 204RBC Capital Markets

75 959 3Industry Total11.9

Societe GeneraleVitale & Co SpA 1,743.4

-Colombo & Associati

3324

Leonardo & Co 1623

1920

22

8,026.7

Banca IMI (Intesa Sanpaolo) 21 92,702.53,335.7

▲

▼

16.2

▼

49-2.7▼▼

534


▼▲

Share Ch.

▼

▲

▲11

11.6

4

23

5,571.95,859.718 12

5,512.5Equita SIM SpA

293.5

2.1

0.2

2339 ▲

10.2-2.20.7

▲+79

2,270.71357Vitale & Co SpA

241,886.4

2,299.3

2019

Ernst & Young LLPBNP Paribas SA

25Leonardo & Co

-14.46.1

9

12,701.0

8,910.9

7.38.49.5

12,130.9

7,711.3

9.7

-18.2

-17.48,755.3

0.613.2

-17.2-24.3

0.60.5

0.414.5

13.6

6.8 ▼

▲

6

11

-

36

38.1

0

5

▲

43

+4

7

+1

19

0.1

-2

▼

▲0.3 +2

0.9 -10

610▼

▲ +50.80.7

▲ 108 -

▲

-50.9▼

▼+1

-9.3

+2

3.6

-111.0

-18.0

194.6

▼

25 ▲

6.2

▲

-47

1,432.2100 0

▲▼

▲

29

2.4 312

0

-

15,837.9▼16.8

13.8

▼ +121.010

Fees

▼

▲

54.2

▼ +3▲1.4

1.4▼

▲

▲▼

▲

▼

36.1

-0.947.7

5.8

3.9

# of Deals per AdvisorMarketAdvisor Market


4.2

Jan 1 – Dec 31

Sh (%)-2.2 ▼

+6

Share Ch.Sh (%)42.5+5

29.4 ▼-0.3

39.8 147.2 ▲

25-14.0

▼-11.2

-2.9

17.2

24.926.8

27

14

-5

6 27,084.5

22,980.924,706.7▲

▼8+2

2

2

0.8▼ Deutsche Bank

0.44

▲

Bank of America Merrill Lynch1.6

10

-2 ▼▲

Change in Market# of

34

1.2

# of Deals

+91915

Jan 1 – Dec 31


2.8

MarketSh (%)Sh (%)

Credit Agricole CIB

14

2015 Rank

Industry % Change from Same Period Last Year ▲

China CITIC Bank Corp Ltd Societe Generale


# of# of Deals per Advisor

0.4

0.3

0.6

0.3

+195

14.9%

2,246

13

▼▲

1.4

8

+3

16

1

0.7+8

0.0 0

0.2

▲

Goldman Sachs & Co+2

0.7

0.8

Change in

0.6Sh (%)

Industry Total

Itau Unibanco

▼▲

-11.5 +15

▲▲

▲

Industry Total 100.092,143.5

▼▲

+5

▲

-8.2%

1019,755.9


8.4%

▲16.4

# of

1,017

+642.3▲

Rank Value

▲

20,479.97

17.65

21.8%

Imputed Fees (US$m)

▲Sh (%)

44.0▲

55.426.4

▲3.73.6

▲

▲

▲32.8

▲

9.1%

▲

11

Bank of America Merrill Lynch 1

24.4Morgan Stanley

13.7

▲2

▲

3

+2

JP Morgan

1

▲

5,231.6

3,030.93,073.0

5,152.6

22


11,883.68

5

14

Carnegie9*

6,802.2

9,917.1

1718

2056

4,288.2

UBSLazard

BarclaysPangea Property Partners AB

16


19


12The Raine Group LLC

Handelsbanken Capital Markets 3138

-

5

39

9*Mizuho Financial Group

36

9*

12

6

33*

423

1 4

10.1

Morgan Stanley

7JP Morgan

Rothschild & CoSEB

Nordea

18,234.52

3,491.93,412.2

26

-7,433.9

1325

-

8,600.0

Deutsche Bank20

Credit Suisse

Jefferies LLCMoelis & Co

Citi

60

828

22

6,248.315

23

21

2324

1

Arctic Securities ASA

25 62

26.1%Industry % Change from Last Quarter18.3%

HSBC Holdings PLC 2,450.998,688.3

2

9.5%▲

0.1

▲

▲1

2,961.0

2,500.0 ▲2,638.7

-14.5

2.5

0.1 ▲+1

18.0

0.1

21,581.5 28.1

Advisor Market

▲

Share Ch.▲

2.0

▼

▲1.05.1 ▲

0.8

▲

▲

0.3

0.30.6

1.14.0

▲▲

0.5

▼

2.6

▲

8.8

▲

0.3▼

0.1

▲0.2

-0.7

2.1▼

5.0

12.7

3.7

▲

3.8

0.9

▼

0.8

3.0

40.4

6.6

1.8

1.20.3

1,004.2

# of Deals

100.0

1.8

3.8

Market

25.8

0.7

12

▲19

926.7

18.4

18.4

20.2

24.3

12

17,036.0

218.418.9

19.021.4 5.0

19.7+1

+40.3

22.2▲

10

3

▼2.7

-1.41.5

▼-0.1

-0.6

-172.941.5

▼

▲▲

+3+13

0.30.3

0.3

▲2.4

▲

▲▲

2.42.1

18.9

5▲ 12.0

29.920.0

+2+6

0.2

2

-0.6▼

▲

▲

-0+10.1

1.17.0

+2

▲

0.6▼

1.7+3

▲

12.518.5

8.7%

100.01,104.518

-25.8

100.02.2

3.02.7

▼

2.5

0.9

-19.8

▲

3.1

3.54.4 1.1

3.1

▼5.3▼

3.12.80.5

0.2

73.56

▼10

▼# of Deals

▲0.4

DealsShare Ch.

16,719.1Bank of America Merrill Lynch

318.77.5

Sh (%)

8.78.7

▲▲

▲6.9 1.0

+1

0.3

0.0

9

+1

5.2

▲

-21.2

▲4.4 ▲3.7

▲▲

13.2

10

4.3 3317

16

▼

▼

13.916.9

18.5

6.3

6.5

8,600.07.58.78,600.08.7

130.5%

9.1

-2.3

10.7-10.0

-2.7

-2.0

16,361.9


▼

13

2016 Rank

Any Nordic Involvement Announced (AD37)

US$mRank Value2015

RankFinancial Advisor

3.0

21,733.7

Market

Jan 1 – Dec 31

22.0

12.0

16.613,065.1

16,658.016.9

0.8

+9

0

+123

-2

-2+1

▲

419

▼34

-

70.0

232.5

22

1 0.0

18

50.4

10.0

-

+8

+3 ▲-1

▲

▼▼

-4

+4 Carnegie

0.4

+3

+2

Danske BankNordea

Ernst & Young LLP

Barclays

▲▲

18,629.9

2017

22

2818

10

8

1514

338* 15,463.8

9,917.138*

4

16,444.7

10 18,718.8

21

5

3,128.6

14,118.614,484.415,092.4

-

9

13 2613,779.612,947.7

-

6Deutsche Bank

11,655.0Rothschild & Co

UBS▲

▲

Centerview Partners LLC16

LazardCiti

Market

Credit Suisse


▲

-7

Zaoui & Co

52

0

Handelsbanken Capital Markets-6

▼

SEB

▲11 -

-

1,204

▲

▲-11.2%


+5

Market

1.5%▲


Rank Value per Advisor (US$m)MarketMarket


Jan 1 – Dec 31

▲

Sh (%)MarketChange in

FeesDeals

+79

2015 Rank Sh (%)Financial Advisor

167.5%


Any Nordic Involvement Completed (AF44)

67.7%

US$m Share Ch.2016 Rank

▼▲

100.0

11.4%

2,583.4

▲

3

▲

1.6

▲▲

-1

26

▲

14

0.1

91.2▲

15 +2

1

0.6

▲

0.6

0.4

0▲

4.66▲

0.1▲

-

▲▲+4

▲ -0.4

+1

2.8

11.7

4.10.7

4.1

0.9

0.42.1

612.9 ▲

20.2 1.41.9

14.1 0.6

21.5

1.3

0.6

9.9+1

7▲

0.4 +3▲19 -21.2

13.3

▲28.8

+2▲ 0.1 3.4

-1.0 31

0.7 ▲1.1

▲3.3

11▲

0.32.12.9

-3

+4+13

▼

▲+80

5.2%-23.1% ▼

-0.8

1.9

▼Industry Total

5

251,632

▲

76,721.5

2,307.0

-8.5▲

1,804.2

-24.9%14.4%

-3.5

2,301.3

2.113

▼▲Industry % Change from Same Period Last Year

22

3,491.9

Itau Unibanco 21Arctic Securities ASA

162019 44 2,769.9

KPMG

Jefferies LLC

▲

▲20.5

14.7

▲

18.0

4.5

7.0

12.5

▼

1

▲

▼

0.60.719.5

-8.2% ▼

3,107.3

-0.6

0.915.216.9

100.0

▼

241,569.6

74

3.4

3.0

4.1

2,500.0

2.4

3.6

4

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


13

China Construction Bank Centerview Partners LLC

Change in # of

▲N+1

8,600.0

46,596.5

7.19.2

153.1

▼1

19

▲

15

19 -15

▼0.7

0.01

0.0

▲

10.6 -54.4-25.410.6

1.9

1

-10.3

25.9

-

-44.2

15

Sh (%)


2.2

▼

▲

25.9

3

▲

22,964.9

16,609.4

46,596.5

19,123.7

46,596.5

58,907.0

139*

8

Morgan Stanley



5.44.8

25*

9,788.1

16 12,712.19

139*

18,993.7

46,596.5

11,326.2

12

298*

6

5

34

-28.9

2.9

48

5.06.3

16

The Raine Group LLC

24

Deutsche Bank

Lazard

22*

1819

LionTree Advisors LLC

17

22*

20

Robey Warshaw LLP

2138

AZ CapitalEvercore Partners

-

Barclays

15

8*8* -

Rothschild & Co

3

Citi

Dyalco

14

25.9

26,718.225.9

25.9

14.925.9

12.8

Lakeside Capital Advisers LLC8* -

-

13 4

25.9

187

-1

Industrial & Comm Bank China47,485.3


China CITIC Bank Corp Ltd

HSBC Holdings PLC

Any Benelux Involvement Announced (AD40)

3


1UBS

EMEA Rankings

-1

Credit Suisse4

56,296.7

2Goldman Sachs & Co

Rank Value

13JP Morgan

5

2

26.7

US$m

18.10.90.7

25.9

▼ 0.9

8* 11 46,596.5

48,050.6 26.7

2015 Rank

22

6

62,018.8

57,175.8

Deals37.5

+7

0.7 -13

Market

▲

31.8

0▲+1

▲▼

0 -2

248,086.1224,650.2212,924.7

543

Morgan Stanley

Robey Warshaw LLP▲

1

Lazard

8

6Deutsche Bank

191,281.2

129,929.77

5

33.5

1.1

1.5

10.00.7

0.0

1.6

3.4233.6

73.4

3.2

-1.1

-0.5

1.6

-0.81.3

Jan 1 – Dec 31

Sh (%)

1.2 5.5

-1.40.7

2.5 ▲2.5

0.3

▲0.6 ▲

▼

▼

▼

-0.8

▼▲

-2.1 ▼

-1.5

▼

▲

▼

5.1

1.4▲

▲

0.0

▼

24.9

36.1

0.4▲

-

32.4

0.4▲

2.5

▲

6.8

126.0

186.7

AdvisorFees

MarketImputed Fees (US$m)

▼▲ ▼

▼

▲

Market

-3

Deals

5.9135.2▼ 10.3

3.2

36.4

0.1 +2-7 ▼

-13

15.0-6

▼ 28.7

37.7

14.3 +15

▲0

56.9

1.2 0 7.5-

55.4-

+5

-2.645

-1

136,196.0

0.2

-4

-1

▼

3.4

▲

--

▼

0.3-0.5

16.5

76.5

0.2

0.3

▲3.9

▼ 98.9155.6

4.3▲

▲18,108.5 5.3

▲0.7

0.712

120.2

0.318

18

5.9▲

PJT Partners LP 16

▼

▼17

1.3 -1+6-50.6

2.1

0.0

▼

4,273.1

-46.8▲

6▼

12▼

▲

123.6 ▼

▲ 1

▲

4.8

2.4

6,408.8 1

3.36,408.8

3.6

▲

-45.2▲

2

0.9 +2

5,903.81 -1

2.4 0+4

00.0

0.0

Evercore Partners0.60.0

2423 51

+4+1

▼Santander

▲

▲

▲UBS▲

-

19

22 31ABN AMRO BankJefferies LLC-

4,671.01.2

9,571.518

6,027.11.6

36

139*

5,417.1

97 1.4

21

0.61.82120 16 6,211.2

1.4

1.8

13 54,073.1 15.792,955.0

6.723,223.7

26.912 8

2.2

15

HSBC Holdings PLC

8.529,285.9

7,463.5

25

111415

ING2.8

0.0

-14

+1 Industrial & Comm Bank China

6+1

▼

20,327.5

BNP Paribas SA

0.1

▼ 4 0.20.3

Barclays▼1

626.4

31.3

23.3

0.0▲25.0

▲3

31.3

-3.5

34.5 33.0▲32.8

-36.5 ▼

8.2Share Ch.# of Deals # of Deals

Jan 1 – Dec 31

Sh (%) Share Ch.Market

-29.4


▲1

3.0AZ Capital-

67,465.3

Market

257,055.9

2016 Rank


25

MarketSh (%)

185.2

Market

▼


Any Benelux Involvement Completed (AF47)

74.5

Change in Rank Value

3 ▲Share Ch. Sh (%)

1.1

0.4

10.3

1948.7 22

0

8.1

0.71.9

3

9

18

0.1

1.131

1.8

0.2

2.7

0.9

-3.031 +2

29

▲

0.2

▲

▼3

▲

6

▲

+10

1

▲

▼-

-

12

▲

▼

0.1

+41.1

+1 16.90.10.7

0.3

▲-5 0.40.9-0.324.6 ▼▼-7

21.5

0.3

-0.1 ▼0.6

1.40.7 ▲

▲11.2▲

1121.3

Industry Total 345 115 70▲

1 646 +94100 0 2 277 2

-1

▲0.8 ▲

▼

▼

-1.0

+13.65.3

27

Credit Suisse+25 ▲


Perella Weinberg Partners LP63Citi▼

42

-

▼ 20 1.0

▲

0.1

▲▲▲

+3

-49

111,657.7

9124,510.713

30+1 10

1136.132.4

0


Rothschild & Co

7

10129,683.5

71.9

39.5

61.7

73.0

37.6

65.1

1JP Morgan2Goldman Sachs & Co 4 251,917.9

US$mFinancial Advisor2015 Rank


152

49.3▲ 1.3

# ofMarket

29.3 0.5

▲

▲

1.6

▲

▲

25.0 ▲

▲

48.6

4

▲

18

55.4

29.9 ▲ 3

44.0

3

0.2

-5

0.46

-

-2

30.9

100 0

30.5

0.1

-0.24,948.4

6.04,273.10 1 0Santander 25* 67 4 273 1 2 4 2 3

Industry % Change from Last Quarter ▲ ▼108.0% -10.0%

Industry Total 100.0▲ 2

179,772.9 2,026

* tie

Industry % Change from Same Period Last Year ▼ 347.2%Industry % Change from Same Period Last Year

-54.1% Industry % Change from Last Quarter▲2.8%

Industry Total

97.7%

345,115.7-25

1,646

▼▲▲▲

+94100.0

-4.1%▲

15.5%▼

2,277.2

77.7%-22.0%

100.0

Quarterly EMEA Cross Border Volume Jan 1 – Dec 31 2016EMEA Inv. Announced M&A Target Sector by Value ($bil)

0.1 0 -Santander 25 67 4,273.1 2.4 2.3

$225.8

$189.6

$142.9

$125.2$121.9

$118.1

$98.1

$75.3

$63.0$39.1 $38.7 $32.7

Materials Energy and Power Financials

Industrials High Technology Consumer Staples

Real Estate Healthcare Media and Entertainment

Consumer Products and Services Retail Telecommunications

`

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

2009 2010 2011 2012 2013 2014 2015 2016

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


14


Asia Pacific (ex-Japan) M&AAsian M&A Down 8% I Materials Top Industry I Goldman Sachs Highest Fees

34,037.5

HSBC Holdings PLC

29.613,014.8

16.6

CITICChina International Capital Co

3 3

10.6

6,865.4 8,059.8

China CITIC Bank Corp Ltd24,047.3

3

1CITIC

JP Morgan

Goldman Sachs & Co

24,862.3

Mkt.Rank

39.62

Share

33.4

148,186.3 51,687.9 52,555.7 Goldman Sachs & Co

China International Capital CoMaterials

High TechnologyIndustrial & Comm Bank China

Rank Val US$m157,189.1

Asia Pacific (ex-Japan) Deals Intelligence

Financials

62,231.4

135,487.9

5.6

1,344 1

21,976.7

Announced M&A volume with Asian involvement for full year 2016 decreased by 8% compared to the same period in2015, accruing US$1.1 trillion in value from 13,363 deals, the highest number of deals on record. Meanwhile, 7,768deals were completed this year valued at US$745.8 billion, down 9.9% in value from the same period last year. With acombined 42% market share, Materials followed by High Technology and Industrials were the most active industries sofar this year.

The top announced Asian-involvement deal for 2016 was the US$46.6 billion acquisition of Syngenta, a Swiss biotech,by CNAC Saturn, a subsidiary of China state-owned China National Chemical. The biggest deal from the fourth quarterof 2016 in Asia, was the acquisition of India's Essar Oil for US$12.9 billion by Petrol Complex (a subsidiary of PJSCRosneft Oil).

According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions inAsia totaled US$3.9 billion during the full year of 2016, a 9.5% increase from the levels recorded during the same period in 2015. Goldman Sachs took the top share of wallet with US$348.4 million, followed by Morgan Stanley and JPMorgan, with US$258.6 million and US$203.2 million, respectively.

China outbound activity in 2016 doubled from 2015, posting US$220.9 billion from 906 deals, a 45% increase innumber of transactions. Meanwhile, Australia's outbound activity this year was at US$18.7 billion from 313 deals, adecrease of 28% in volume and 9% in deals from the same period in 2015.

27,049.8

2,034 16

Goldman Sachs & CoReal Estate

8

27

218.4

12

2

3

2,088

3

816.23

16.8

23.219.5

1

Jan 1 - Dec 31 2016

8

14.8

8

32.96

6

No. Deals

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

28,695.5

Morgan Stanley

146,912.9 IndustrialsMorgan Stanley

1013,014.1 122,500.8

143

71513.8

1,000

1,686

China Securities Co Ltd24,943.0 18,668.1

China International Capital Co 18.4

Samsung Electronics Co Ltd3/23/2016

Pending South Korea / United States 8,787.69/14/2016 YTO Express Co Ltd (100%) Dalian Dayang Trands Co Ltd China / China 8,780.7

Harman Intl Industries Inc (100%)11/14/2016

Industrials / Transportation & Infrastructure

Singapore / India

46,596.5Rank Value (US$m)

Netherlands / Switzerland Materials / ChemicalsAcquiror

Top Ten Any Asia (ex-Japan) Involvement Announced DealsTarget Macro / Mid Industry

5/23/20162/3/2016

China Cross Border Announced M&A

CNAC Saturn (NL) BVSF Holding (Group) Co Ltd (100%) China / China12/23/2016

Rank Date Acquiror / Target Nation

9/23/201611/1/2016 Yum China Holdings Inc (100%)

9/6/2016 12/26/2016

Baoshan Iron & Steel Co LtdShareholders

Petrol Complex Pte Ltd

Energy and Power / Oil & GasHong Kong / Australia 9,721.2

Pending

Asian Completed M&A by Region - Imputed Fees

12,907.3China / China

China / China 14,482.9Energy and Power / Oil & Gas

CNPC Capital Co Ltd (100%)

Pending

12/4/2016

11/1/2016Materials / Metals & Mining

Financials / Other Financials

Jan 1 - Dec 31 2016

Industrials / Transportation & InfrastructureHigh Technology / Electronics

DUET Group (100%) Cheung Kong Infrastructure11/1/201610/6/2016 Pending CIT Group Inc-Commercial Air (100%) Avolon Holdings Ltd 10,000.0

Maanshan Dingtai Rare Earth & 16,830.8Jinan Diesel Engine Co Ltd

10,372.6

Syngenta AG (100%)

10,028.2Ireland-Rep / United States

China / China Retail / Transportation & InfrastructureWuhan Iron&Steel Co Ltd (100%)

10/15/2016 Essar Oil Ltd (49%)Pending

Date Effective Target (% Sought/Acquired)

Industrials / Transportation & Infrastructure

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

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

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia


15

CITIC HSBC Holdings PLC

100 0Industry Total 7 768 3 913 013 363

9 1.350.4

▼1.9

3

745 831 2

13,794.5

17,125.2

2.7

15

-12

15

2223

▲

-3.76.7

▼

▼

+1538

28

0.0

-10

▼

9

8

21 43 18,104.7 1.7 1.1

6.7 ▲1.2

▲

1 073 910 2

▼

▲

▲

42,694.3 -3.5

0.5

0.6▲

1.3

1.6

0China International Capital CoHuatai Securities Co Ltd-

-8-18

CITIC

2.0 0.4Evercore Partners 0.1China Merchants Securities Co 20 38 2.2

72

▲25

0.3

81

▼

▲

▲

Haitong Securities Co Ltd50 2021

+3 Guosen Securities Co LtdDeutsche Bank

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


13

Morgan Stanley 4 2

2

Lakeside Capital Advisers LLC +14.3▲

Credit Suisse7China CITIC Bank Corp Ltd 316 0.5

10.1

-4.7

0.3

86,606.1 8.1

▲4.2▼

46

0.4108,770.7

48,926.6


2015 Rank

Rank Value

▼

-10.5

Change in Imputed Fees (US$m)

Sh (%)▼

JP Morgan 3 11 110,495.3

▲137,472.0 -4

14China Renaissance PartnersBank of America Merrill Lynch

0.455

▲+1 3.4

64

8.37.0 34

4.6 ▲

25,318.7

3.2 ▲

# of Deals# of

20,382.4

49

1

19,405.2Rothschild & Co▼

5012.8 ▼

Rank Value per Advisor (US$m)Market

Share Ch.

Goldman Sachs & Co13.1China International Capital Co

1

MarketFinancial Advisor

1 4 140,564.0US$m

-3Share Ch.Sh (%)Financial Advisor

0.7▼1US$m


MarketMarket Market# of Deals FeesDeals Sh (%)

57▼

MarketChange in Advisor

▲8.9 3.6348.4

Market

14.1104,945.51

# ofRank ValueShare Ch.

2015 Rank Sh (%)

5.2 0.4562

-7.5▼ 2Morgan Stanley 12.9 -5.8

10.696,385.3

0.8 1.16578,713.6 4.4▼

43.4▲ 0.1▼0.10.7 -16 ▼ 258.6 6.6

▲-3.8 0.3▼ 9.2▼▲

2.8108.4+29

▲▼1410.3 ▲

684.7

-3.9 43

UBS 5 14 97,201.6 9.1+747 0.64 68,507.4

51,789.7 6.9JP Morgan 12

1749,856.66▲89,358.2

▲6.7

▼0.5 -305.2 2.7

5 0.2 0.1▲+11

6.4▲▼-0.2 203.2

9.536 ▼▲2.8

-0.2 ▼46 0.6

1.4105Industrial & Comm Bank China 710

0.380.8 -11 ▼

13▲ ▲-10 ▼ 134.8 0.63.5

▼0.5 +5 ▲ 102.1

0.8▼

-5 ▼-3.2 ▼ 37 2.6 0.6

49 153.3-6.4 3.90.65.641,570.1

▲43 6+11 Citi0.3113

5.2 ▼26 +35 37,601.3▼ 10 5.0 -7.6

38,404.5

4.6 ▲ ▲ 0.20.4 ▼ 0.3

+1710 9 64,410.0 6.0 0.0

0.11956

17China Construction Bank 11 5.0-171 5.011+7 37,280.1China CITIC Bank Corp Ltd▼1.9▲ 74.8

1.50.6

▲3.9

1.5 ▲57.8

-0.1 ▼74.5

25,939.350 ▲+13 ▲ 152.4▲

-812 307 48,540.5

0.1 ▲201313* ▲▼

- 46,596.54.3 4.3

4.54.3

N+1▲ 1 0.0 31 0.4

0.1 +5 ▲ Credit Suisse 12 11 30,351.9 4.1 -2.90.14.23.5

0.6▼

▼4.0Dyalco 13* - 46,596.5

50.8-61.2 ▲

37▲

▼1.3▼ 91.0-90.3 2.3 ▼24 ▼

38,629.5 3.6 2516 ▼▼42 -26-0.8 Lazard35

81.3+130.3 30

190.3 -0.9▼

0.3▼▼

2.62.5 -1.8

2.1▲ 95.2 0.42.40.5-8▼▲ 20

17 +418,850.4▼ 18

Citi 171.6-118China Securities Co Ltd

36,464.0 3.4 -3.118

▲8.7 0.2▼0.30.4 33

2.3▲-5 1.3

China Dvlp Bank Sec Co Ltd -+3 2.3190.10.0

0.2+231,550.2 China Merchants Securities Co2.9 0.2 2.518,504.5

0.2Lazard 28,530.6 ▲2.7 0.819 24 ▲ 2▼ 0.5

0.0 ▲▲+1318▼15,667.0-4 ▼ 2.1

39+29 -1.616,667.6 -12.0-7.6 ▼▼ 23 0.3 -21 2.7

0.3

▲+17 ▲ 7.1 0.231 0.2▲ 0.457

1.6+11

▲ 1.70.016

30.5▼ 31.61.6 14,385.2-1.4 ▲ -2.345 PricewaterhouseCoopers

6Rothschild & Co 23 17

1.4VTB Capital 24 75 17,099.617,401.9

-0.21.6 GF Securities▲

15,181.8 2.0▼0.8

+3▼-8.4

-0.6

-360.7▲ 36 028 0.0

+9430.5

8Somerley24

7 677100 0▼0.5 -0.820.0▲13,605.7

100 0

1.91.80.4

+593

0.0

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

25Ernst & Young LLP 1.6

China Dvlp Bank Sec Co Ltd 22 - 17,451.8

270.0

0.2


▲

8.8

0.5

0.0

Asia (ex-Japan) Rankings

Huatai Securities Co Ltd

Jan 1 - Dec 31

16

▲

-12.01.1

2016 RankSh (%)

Market

0.11.6

15


21,551.8

Industrial & Comm Bank China 8HSBC Holdings PLC 9

Bank of America Merrill Lynch 15 5

China Securities Co Ltd

3

+1462


9UBS

+3012 72,012.6

71,367.4

47,546.8

Deals

JP Morgan Bank of America Merrill Lynch

78+28

▼

1,954.9 1.6▲

Nomura 0.6

▼4.9

3.73.8

12

Rothschild & Co

5,968.8 -2.31.8

100.0

0.8+1

Industry Total

4,660.7 ▲

▲0.2+1

Industry Total

▲

94,622.5

49+3Moelis & Co 25+5

Greenhill & Co, LLC

▲

▼24Luminis Partners Pty Ltd

956.323 5

-3.0%-6.8%

-3▲

13.7

889.8

7,768 3,913.0

14.3▼

-

▼-4 2.6

5.80.7

7.4

0.4

-1.2%

0.3

▼▼

1,179

-

1,076.4

906.20.9 ▼

Industry % Change from Same Period Last Year ▲

7100.0 100.0

3.8%

-37-1

9.0% ▲

5 ▼0.1

▲▼

1.7% ▲

1.1

11

5

41

2 0.8-

-2

2.9

▲▲

0.3

14.5

0.4

-8.3%

-

-

▼

-

0.1

0.01.3

▲

0

0.0

▼

0.2

0.00.70.2

-

1.4

2.1

1.3▼

▲

14.6▲ 0.3 ▲+37▼ 0.6 ▲ 8.9

-4.5

0.4

0.12.1

+60.9▼

0.14,666.7

2,481.5


Tudor Pickering & Co LLC7 12Grant Samuel 13

+3+2

1

+2

+1

China Renaissance Partners

Ernst & Young LLP23

▼▲

+5 20RBC Capital Markets

-3

Barclays20.2

▼▼

▼

-5

▲▲▼

0.8

202120

1.0 0.10.6

3Highbury Partnership Pty LtdLazard

▲0.9

0.2▲

22

111419

18

6.042

-1.1

1.1

1.31.31.3

1,274.0 1.0

107

10

0.1

▲

▲

11

89

1,583.51,582.91,292.1

2,971.21,983.6

2.3 0.4

Fort Street AdvisersLazard

-5.4

▲▲

Industrial & Comm Bank China 1.62.46115

16 31* 4

-2

29*

- 3.7▲ 15+4

14▲4,545.7

-0.3

1.7

12

▲

0.2

0

1541

▲

KPMG

18

▼1.3▼

1.7

-0.4

▼

201,443.4 1.5

0.2 11▲▼

2.12.1

- 1,961.8

19 1.0

▲ 16 2,314.02,020.717 16

▲ 1213.0

2.6

7.97,692.4

2,908.8-

7,472.2

2.9 ▼▲

4.9

▲-0.4

-2.9

2,709.33.1

2

-1 ▼ 47.8

13,363

-0.6 ▼

16.5

4

6

36,306.58.7

14.4

1 44,977.3

15,057.514,422.1

1.95

4

3

17,180.921,551.3

3

5

8

6Citi 8

10Deutsche BankMorgan Stanley 7

0.9

38

910

1,583.51.1

11 2.5

1.01.0

47.1%

▲

0.8

0

1.6

0.3 +3

▲

▲

+12

▲

7.4▲

0.7

+1

0.200.4

22.4

0.3

-2

▲ 7▲▲

+4

9 0

1.3

19

▼

15

9

+2

+117

40.8 41.1

1.8

30.5

0.60.1▲

▲ 3.01.3

7.31.8

-

0▲-

0.7▼

65.0 6.0

0

▲

0.2

▲

0.10.6

▼

0.0

0.2

1.2

1.00.2

▲

1.7

▲

0.5-

▲▼

1.3

2.1

▼

▲

11.7

0.3

2.3

13.6

19.838.1

-11.2

▼

+32.014

3.5▲

2.8

4.4

▲100.6

3.8

49.8%

745,831.2

+1

# of Deals▲

# of

9 -▼

0

26

Macquarie Group

Gresham Partners

UBS

-12

1.5

73

+1

+4

16.3

0.9

12

0.419

0.516

1.1

25.335,177.9

14.1

-0.9

-5.88.6

17.0

240.7

13.2

10.5

▲

14.1

▼▲

▲

30,899.0

20,703.224,977.7

10.0

▲▼

28.9

2.0

▲

19

4

Flagstaff Partners Pty Ltd 11

89

18RBC Capital Markets


10,130.65

Deutsche Bank

12,145.8

17,242.5

10

16,052.7

Credit Suisse

5.1

20.5

17,245.7

77

Citi

4

Gresham Partners 13

DealsMarket

▲

1,073,910.2

-6.5 ▼4.31.4

4.6%

231,075.0

100.0

Greenhill & Co, LLC 17

726.4

0.9

17

Ernst & Young LLP

13

24Investec

▲

14Robey Warshaw LLPBarclays

Evercore Partners

Grant Samuel

China Renaissance PartnersMoelis & Co

7,262.0

30.3

6.0 3

0.6

0.5%Industry % Change from Last Quarter


165.4%

▲956.3

0.461,714

0.625


0.8

0.6

-2.6754.6

-9.9%

Sh (%)

Jan 1 - Dec 31

1.2%Industry % Change from Same Period Last Year

-7,677100.0

Market

▲9.5%▲

Any Australian Involvement Completed (AF31)

▲ ▲

Imputed Fees (US$m)

Jan 1 - Dec 31

84.4%▲


▲ -0.0▲3.8

Share Ch.Financial Advisor DealsMarket2016

RankChange in Advisor

Sh (%)Market2015

Rank# ofMarketRank Value Market

▲47.52


1.8%

6

▲Fees# of Deals

+265.160

24

Sh (%)167.6

Sh (%)

0.80.5

12

26

1.0

22.3-

6

▲

-6 ▼-6 ▲▼

▲▲18.2

125.7

-1-1.0

0.6 JP Morgan▲-3

+2100.4

▼

Morgan Stanley

70.8

8.3▲

6▲4.0▼

9

1

12

63

3

12

20.4


Macquarie Group 1 2

Rank Value

50.5

Change in 2016 Rank

61,536.7

Market


6

Goldman Sachs & Co5

US$m

UBS 2


19.5%

Sh (%) Share Ch.Market


100.0

▲▼

+593

12.0%▲-8.1%

+27

▼▲

0.7

-8

Any Australian Involvement Announced (AD24)

0.1

18.8

4.9

9

11


0.821 1,239.0

1,161.2

-6.89819

4422 1.2-0.5

▲-7.50.7

US$m

8.1

15.2 8.3

▲

18 5.7

8.9

Share Ch.

Goldman Sachs & CoCredit Suisse

▲

Flagstaff Partners Pty Ltd

0.51.4

15.9

3.212,278.6

15.67.9+2 85.12.2

▲30.622.8

17.6

▲13

38.4128,945.7

15,579.6

▼

11.9


Industry % Change from Last Quarter▼

Industry Total

https://www.thomsonone.com * tie


16

Sh (%)

6.7+3▲▲

0.5%

4.8

▼▲ 12 7.4 +7

Market

7.2

▲KPMG 6 8 596.4

2,278.0

-

▲

Deutsche Bank

984.1

2,168.0

US$mMarketRank Value

10,260.8

8.0

2,255.2

▲

20.81

Rank Value

▲

5.93.6 5.7

▲

0.6

▼

3.6

▼

-23

2 2%

▼

+1-

▲


0.8

-12 4%

104.3

Imputed Fees (US$m)

Asia (ex-Japan) Rankings

▲

21.2

Change in

▲

MarketShare Ch.

9 21.2

▲12.6

Sh (%)


+1

100.0

-

-34.2

2,174.0

0

162

2

+1

100.0

+4 4.61.9

3.8

3.50.1

▲7.5

▲

1 +1 3.83.9

+14 2.53

7 -4

11.4

13.2 ▲▲

▲13.212.6

▲

MarketAdvisor

20.7

Market

19.8 9.9Fees

-

Jan 1 - Dec 31


20.0 2.5

Sh (%)Sh (%) Share Ch.

Rothschild & Co

Industry Total

21.1

# of Deals

▲

Sh (%)Market


# of

2015 Rank

Share Ch.▼4.3

3.14.6

▲

100.0

4

Deals


▼

▲

1

0.4

31.7%-1.6%

1

1

30.3

0.4

Jan 1 - Dec 31

249

Change in Market# of Deals

-4

Any New Zealand Involvement Completed (AF46)

Market2015 Rank

239.3%

5

Goldman Sachs & CoFinancial Advisor

3

2016 Rank

Citi

Industry Total

Northington Partners Ltd

2016 Rank

4

Northington Partners Ltd

Asia (ex-Japan) Buyside Financial Sponsor Activity

2


▲

11.4940.0984.1

US$m

-848.4

-4 6% ▼

7,442.0


25*Cameron Partners Ltd

17UBS 1,547.9

▲


9.6UBS

512.0

9.674

0

1.2

2

8.221.1

▲

3

▲22.2

# of

31,230.2

18.119.1

▲-

8

Any New Zealand Inv Announced (AD39)

Financial Advisor2

Craigs Investment Partners Ltd

1Deals

$3.1$9.6

$3.5 $6.1 $8.9 $6.1$12.8 $13.8

$20.7$4.0$4.2

$6.6$13.3

$8.2

$17.2

$40.7 $32.0

$6.8$5.1 $3.3

$8.1

$10.0

$6.5

$31.8

$40.7

$16.4

$6.7 $17.3$5.7

$6.2

$10.3

$13.9

$37.9

$15.8

3.0%

7.8%

9.9% 10.6%

8.1%

11.2%

8.0%

14.7%

18.5%

16.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$20

$40

$60

$80

$100

$120

$140

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

% 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

Australian Cross Border Announced M&A


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

▼ 2.2%-12.4%-4.9% ▼ 53.0% ▲

▲30.3% ▲-4.6% ▼Industry % Change from Same Period Last Year

15%

14%

14%

12%12%

10%

6%

4%4%

4%3%

Materials High Technology Industrials

Financials Real Estate Energy and Power

Media and Entertainment Retail Healthcare

Consumer Staples Consumer Products and Services Telecommunications


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


17

Mitsubishi UFJ Morgan Stanley

* tie

15.5 10

190 8,822.6 1 59.2 9

3 Mitsubishi UFJ Morgan Stanley

14,910.8

6,620.6 2

1

3,266.4

26,760.1


Japan M&AJapanese M&A Down 2% | High Technology Volume Drives Japanese M&A Activity | Outbound Highest On Record

5,662.5

11,776.2 1

75.9

Rank Val US$m

Mizuho Financial Group 26,474.0 3

Nomura

Consumer Staples

Nomura

44.0

17.520.4

HealthcareNomura

Industrials

Daiwa Securities Group Inc

Mitsubishi UFJ Morgan Stanley

53.766.6

No. DealsRank

44,831.7 23

Share

Japan Deals Intelligence

31,729.7 39,350.7

59,094.5 1

Lazard

High TechnologyMizuho Financial Group

Japanese M&A volume for full year 2016 registered a 1.5% decrease from comparable 2015 levels, accruing US$192.1billion in activity, the third strongest full year period for Japanese M&A on record after 1999’s US$242.4 billion and2015’s US$194.9 billion. 3,394 Japanese involvement deals were announced in 2016 -149 deals more than wereannounced in 2015, marking the highest deal count on record.

The High Technology sector led the Japanese market in 2016, with deal volume totaling US$59.1 billion, accounting for30.8% market share and a 263.2% increase compared to 2015. Industrials followed, accruing US$26.8 billion for a13.9% share of the market, primarily driven by CK Holdings’s US$4.3 billion acquisition of Calsonic Kansei Corp. Outbound activity continued to drive the Japanese M&A market, reaching a new record high with total value worthUS$95.3 billion, a 9.3% increase compared to 2015. Deal count also posted a new record high, totaling 758 announceddeals, 12 deals more compared to the same period last year. Asahi Group Holdings’s US$7.8 billion acquisition ofPlzansky Prazdroj was the largest outbound deal during the fourth quarter and the second largest Food and BeverageJapanese involvement deal on record.

Japanese Domestic market activity totaled US$67.5 billion, registering a 7.7% decrease compared to 2015. DomesticHealthcare deals posted significant gains, accruing US$9.5 billion, a 428.8% increase compared to 2015. Canon’sUS$5.9 billion acquisition of Toshiba Medial Systems was the largest domestic healthcare deal in 2016.

Any Japanese involvement Completed M&A activity totaled US$176.6 billion from 2,251 deals. Total estimated advisoryfees according to Thomson Reuters/Freeman Consulting reached US$1 7 billion

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Dec 31 2016Mkt.

The Raine Group LLC

36 24.2

2

612 26

2

11

5 220

21.2

466

12

28

20.718,650.0 Real Estate

3,800.3 3,865.1

2

11,556.8 17,669.5

2

14 65.410,654.0 60.3

44.4Sumitomo Mitsui Finl Grp Inc 2,314.8 3

3267

1

2

10,654.0 2*

LazardDeutsche BankRothschild & Co 60.3 13

2*

8,600.0

Daihatsu Motor Co Ltd (48.73%)

8/31/2016

Pending

PendingPending

10/5/2016

7/18/2016

Pending

12/13/20166,300.6

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

Any Japanese Involvement Announced M&A

Calsonic Kansei Corp (100%) CK Holdings

fees, according to Thomson Reuters/Freeman Consulting, reached US$1.7 billion.

Date EffectiveTop Ten Japanese Involvement Announced Deals

Supercell Oy (84.3%) Halti SACompleted

6/21/2016

Completed

Intended

2/25/2016

11/22/20163/17/2016 Completed

PendingCompleted

1/29/2016

7/21/2016 Industrials / Machinery

Energy and Power / Petrochemicals

Acquiror / Target Nation

High Technology / Software

3,450.3Industrials / Automobiles & Components

Sharp Corp (72.32%) Investor Group

Healthcare / Healthcare Equipment & SuppliesIndustrials / Machinery

Japan / Japan

Komatsu America Corp United States / United StatesHigh Technology / Electronics

4,287.8

Sompo Japan Nipponkoa Ins Inc

Japan / United KingdomLuxembourg / Finland

Toyota Motor Corp

Joy Global Inc (100%) 3,623.6

Japan / Bermuda

3,131.6Taiwan / JapanJapan / Japan

5,901.7Japan / Japan

Japan / Japan

Financials / Insurance

Jan 1 - Dec 31 2016

Toshiba Medical Systems Corp (100%)JX Holdings IncCanon Inc

7,774.2Japan / Czech Republic

Rank Value (US$m)

Endurance Specialty Holdings (100%)TonenGeneral Sekiyu KK (100%)

ARM Holdings PLC (99.28%) 30,750.7SoftBank Group Corp

Asahi Group Holdings Ltd

6,276.4

Plzensky Prazdroj As (100%) Consumer Staples / Food and Beverage


Any Japanese Involvement by Market

$50.1$34.0 $23.5 $35.2 $38.4 $37.0 $25.6

$42.4 $51.0 $41.8

$31.0$37.1

$21.6$19.2

$45.9 $41.2$32.8

$32.1$33.0

$30.4

$28.7 $47.5

$42.4$50.3

$50.6$42.4

$32.6$24.0

$45.6 $69.6

$51.9 $28.7

$38.8$30.2

$50.4$59.3

$35.2 $26.6

$65.2 $50.3

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# 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

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


18

Imputed Fees (US$m)

Financial Advisor


Jan 1 - Dec 31

7,508.8

CitiThe Raine Group LLC

4.3

JP Morgan

3.0 ▲KPMG

▲

17+9

+113

0.2+21.7

25.02120

11.61.50.7▲

14.60.4

-11 ▼

0.1

0.9+3

▼ 39

2 012 560-4.4KPMG41

2.6

Deloitte

16

41

4,549.3

3.5

1.1

Plutus Consulting Co Ltd3.45,907.7

2,424.4 ▼1.3

▲▲

31

▲

5 0.1Houlihan Lokey

▲0.92,390.0

4

1.8▲

22

0.524,337.5

▼

Credit Suisse▲

0.6Daiwa Securities Group Inc+10 15Bank of America Merrill Lynch

242,076.510 0.3

▼ -24 1,923.2+7

14▲

139*1.4

93

+1▼

Any Japanese Involvement Completed (AF23)

▼

163.4

- 8,600.0-6.5

▲

-10.0 0.8

4,908.2

0.5

57 1.7 +13 2.8

Evercore Partners15 22

▲

32 2,940.4 1.5 ▲Barclays▼2,710.5 -3

0.9 +5

Moelis & Co1 2 0 21 132 25 ▲19

1 854 9▼ 32Deloitte 25 20 1 1 ▼3 2

Houlihan Lokey 23 102 2,630.4 1.4▼1.4

1.422 11

Moelis & CoEvercore Partners

21-6.4

▲Deutsche BankWells Fargo & Co 1.7

1.613▲

▲ 0.1 +30.4 ▲3,055.0

13 ▼0.3

1.69

-5.0+1▼ PricewaterhouseCoopers

▲ 2.5-2.5

Wells Fargo & Co 20 150*Credit Suisse 19 18 4,549.5

3,055.0

4.518 30 7,831.6 4.1

2.41.9 ▲

15.75.4 0.4 +9

14.014.5

-2456

-2.56,181.0

▲

1.48,528.3

14+3

0.6▼-2.1

2.5

1314

+24.8

5

0.7

0.2 ▼69

14.113.8

3.1-9-8 12

0.07.6 -718.031,799.9

▲

10

1.0

30,750.7

24,975.9

6 20.7

▲0.4

17.4

3.615

▲

1 0.0

5.118.6 -69.1 0.3▲

115632,861.3

1

0.6

0.06

17.28 ▲

9*

3.8

▲▼

220.1 -74

0.1128

+2 ▲

Nomura▲Lazard▼Sumitomo Mitsui Finl Grp Inc

-6

1

109.1

536,506.8

▲25.4

15.814▼ 4.5

+17Mitsubishi UFJ Morgan Stanley

47,942.12

101

8.2

+227.2

-8

Mitsubishi UFJ Morgan Stanley15


Lazard

8

▲7

4

3

-1.023.2

Rothschild & Co

9

12

1

16

Nomura

20

▼

8

45

44,777.82

Goldman Sachs & CoMizuho Financial Group

1.523

40,982.6

Robey Warshaw LLP

74-6.1

9.518,328.1 4.111

▲

▼

1

11,742.1

17-9.9 ▼ 8

20.4

6.1

▲16.7

-6.0

16,613.414,807.2

8.7

16.030,750.7

19

24,898.226,247.0

9

6▲

9*28,416.130,750.7

172.2 Rothschild & Co+5-+4

0.99.9

16.0

17.417.458

▲

+1UBS

4.1

16.1 10.4 ▲▲

7 23

1.0

▲

▲

1.5

0 5

3.3

0.9

1.3

0.2

▲▲

▼▲

0.60.6

▼

1.0

▲

1.5

1.1

▲

64.4

116.2

▲0.9

16.3

0.21.8

4.0

1.1

▲

0.4

▲1.3

▲▲

▲1.8

204.4 12.1

▼▲6.3

2.3

125.3 7.4

▲

17

12

110.6

▼

19 20

1 5

▲6.9▼▼

0 5

0.1 -1▲

-21-3.91.2

1.534▲

22.6▼

+5

+4 25 6

17.2

16.30.423

▼1.2

2498 ▲ 8

18

4,371.7

1.49▼

3

0.2

1.0

-2.4 1.7

▼

34

▼7

▼▲

1.50.3

0.5

0.4

1.3

-48

49.0

80.3

▲

0.1

0.3+9

0.3

2.9

+6

-6▲

▲

▼

0.8

▼

0.4

▲

0.5

1.3

3.6

3.3

0.3

1.3

▲

▲

▼

152.6

▼

▼

▼

22.6

22.7

▲9.0

60.6

4.7

▲

1.3

1.9

3.8

55.0

22.6

12 +3

▼

-

-2

+1

25.1

56.2

0

▲

▲

183▲▲ 8.1

52▼-2▲

-12.3+13 ▲

+8 ▲▼

0.6

12

5.74 52,632.1 29.8

73,798.0106.4

▲0.7

20.0 ▼41.8US$m

Rank ValueDeals

Market Change in Sh (%)

MarketMarketMarketFees# of Deals

# ofShare Ch.Financial Advisor Share Ch.


Japan Rankings

Share Ch.Market MarketAdvisor

Sh (%)

13.0-9.1

Robey Warshaw LLP14013.7 ▼ -38

21

0.0Plutus Consulting Co Ltd ▲China CITIC Bank Corp Ltd

Sumitomo Mitsui Finl Grp Inc

14Deutsche BankCitiJP Morgan

Barclays

17,000.2

32,076.0

1

39,125.338,885.9

12

10,989.216

3

5.7

-

103

7.7

8.9

17

15

8

43

13

UBS

The Raine Group LLC

Goldman Sachs & Co 6 5

Daiwa Securities Group Inc

7

7

▲▼

▲

23.3

4

-8.620.5

20.3

14.7

10-

Market2015 Rank

▲

70,616.657,340.5

US$m

39,350.7

Rank ValueSh (%)

20.544,784.2

51-8.0193

▲▼29.9

2

Sh (%)Change in


Sh (%)

# of Deals per AdvisorMarket

14.8 21

36.8-11

Deals2015 Rank

Jan 1 - Dec 31

# of Deals# of 2016

Rank

Any Japanese Involvement Announced (AD19)



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

176,590.9

Japanese Involvement Announced M&A Target Industry by Value

2,012.5 41 Moelis & Co1.2 0.21.1-32 25100.0

▲

▼▲▼ 4.6%

-4.2%▲

▼-47.3%

* tie

-27.7%-1.5%

▼

1,854.9▼ 32

30.0%

Industry Total +149Deloitte 25 20 1.1 ▼

100.0 3,394192,055.2-3.2 0.5

htt // th

1,692.7

▲

100.0

▲

+26▲12

2,2511.50.5

-14.7%10.0%

Industry Total

Japanese Target Completed M&A Fees

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

1.2%

▲+4 25.6

-9.9% ▼ ▼

30.8%

13.9%

9.7%9.2%

7.8%

7.3%

High Technology Industrials Real Estate

Consumer Staples Healthcare Energy and Power

Financials Materials Media and Entertainment

Retail Telecommunications Consumer Products and Services

$190.7 $214.4

$99.5

$241.6 $214.7$170.2

$218.9 $226.5$142.1 $139.8

$271.9$179.7

$147.0

$237.9

$130.5 $203.3 $118.9 $83.3

$141.3

$258.5

$208.1

$158.6

$144.1

$149.9

$107.0

$223.9$188.7

$149.2

$89.3

$159.6

253.5

176.7

244.1

181.1

166.3

239.7

209.4

155.3

215.1

167.3

0

100

200

300

400

500

600

700

800

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

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


19

▼72,380.5

18.1

6.48.70.0

▲▲

53,357.21.41.41.4

+3+1-3

33*24*14*

666

BMO Capital MarketsQatalyst PartnersPendo Advisors LLC

18*18*18*

0.51.38.98.30.0

4,640.610,920.377,490.772,380.5

18.1

▼-▼▲▼

-20-1

+1-3

1.41.21.21.21.2

76666

17*26*21*30*17*

19*21*21*21*21*

Jefferies LLCUBSCenterview Partners LLCQatalyst PartnersPendo Advisors LLC▼ 3,872.51.1 -655* 15Great Wall Securities Co Ltd 24*

6.39.3

20.08.40.2

25.012.5

0.6▼▼

167,470.570,588.7

1,720.1208,595.5104,234.5

4,640.652,786.877,490.7

▼▼▲▲-▼

1.41.4

-6-3

+2+50-1-3-1

3.33.02.82.32.11.6

14*19*

14131210

9766

71012*24*14*17*


11*131415161718*18*

Bank of America Merrill LynchRaymond James Financial IncCitiLazardJefferies LLCCredit Suisse

138,985.7

+2

8.124.0

6.4

.010.8

0.03,740.4

85,042.60.36.60.3

1.51.5

+120

▲-

Evercore PartnersPrairie Capital Advisors Inc

21*31

2120

▲

70,588.7208,595.5

56,110.6

-4+4

Lazard21*

1310

9

2.62.01.8BMO Capital Markets

26*

▼ 11,859.7

141516*1.0

0.44,858.8

219,636.46,123.7

3,740.410,029.7

1,743.8.0

167,470.5

▼▼▲

-2-15+3

+14-6

▲

412*

1.20.20.0

19.22.82.8

3.614

10

11*

17.1Citi

14140.8

-Chartwell Financial Advisory11*

KPMGSandler O'Neill Partners

6

JP Morgan

Fairness Opinion Provider US$m Sh (%)

Gram Capital

5*

2

10.143

4

54

DealsMarket

40Duff & PhelpsFairness Opinion Provider

JP Morgan

# of Deals# of

Jan 1 – Dec 31Any US Involvement Announced Fairness Opinion

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


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

Change in Sh (%) Sh (%)

# of Deals per AdvisorBased on Number of Transactions

Change in # of Market2016 Rank

Market2016 Rank

Rank Value (US$m)


Rank Value (US$m)MarketRank Value


14

5*5*

▼

18

Houlihan Lokey 18*18* 43*18*21

21

Chartwell Financial Advisory

3

8*8*6


Stifel/KBWHoulihan LokeyRaymond James Financial Inc

7

▲

5.4-13

▼Sh (%) # of Deals

2016 Rank

2015 Rank

1 19.4

-1132

90

+2

19*

214.9

20+12

4.74.5

▲

▲+511

5*1919

8

4.0

▼7.3+4

31

21

23

+3-

▼+14 0.0

▲3,740.4

4.9

▲

4.51.217 -15

3.3-Goldman Sachs & Co

11*10

0.4148,278.8 17.7

▼-24

▲

▼▲

+3

100.0-28

104,234.554,071.0


-1-3

JP Morgan

Deals0

+14* 8

4.64* 5

2015 Rank

0.7

Rank Value

Duff & Phelps21 1 57

Fairness Opinion Provider2015 Rank

4.2Duff & Phelps

Rank Value

3,900.844US$mSh (%) Deals Sh (%)US$m

8,927.3

Stout Risius Ross Inc

# of Market Change in

1 1# of Deals

-9.2

Market

11.88.8 -11 ▼

3 2 31 6.2 -13

0.42 3 40 8.0

23

103,064.2-1 ▼

▲645.9

▲

4.6

21 +34.24.2 +1421

+423166,819.5

▼

▲▲

GF Securities 941 ▼-56 6*

0.8 6*35 2.6

42

China Merchants Securities CoChina Securities Co Ltd

21*CITIC

11-1

30

2.3

Evercore PartnersBarclays


16* ▼

8

Goldman Sachs & Co261427

1.2

Huatai Securities Co LtdMorgan Stanley


15*

13Guotai Junan SecuritiesCiti

9*

15*Guosen Securities Co Ltd

12

1.5111.6

21

Haitong Securities Co Ltd

17

3

+4

+1

▲

▲-4

10,761.4

12,744.8▼

2.8

3.0

▼645.9

182,279.90.1

20▼14.2-26 9

1011*

Evercore Partners

0.016.0

19Houlihan LokeyStifel/KBW0.43.8

4.0


Morgan Stanley

Prairie Capital Advisors IncBarclays

12,744.8153,296.0

0.119.2

1.5Sandler O'Neill Partners

17.6

2.9 ▲138,985.7

4.1

.0Prairie Capital Advisors Inc

Morgan Stanley

8* 319* 12 318 2

77 8*

45

+511

Sandler O'Neill Partners2.4

-3 36,578.7

4 28*3 24*

+305

2.0 +41.9

22

231.7

5

▼

-16

▼

-47

3.7

3.1 -4

4.0

▼

30,945.2

2.2

9,800.6

03.5

53,514.4

3.3 +29

12.0

28 2.14.2

0.9

2.3

▲

1.7 ▲23

153,296.0▼

-33

13

33* -13

1526*

18*

-7

+17

Barclays

15,947.5

0.5

21,371.5▲

52,142.3

▼

1.7▲

118,536.7


3,900.8 0.5103,064.2 12.3

645.9 0.17,231.7 0.6501.5

160,168.9 19.212,744.8

138,985.7 16.6.0 0.0

9,866.0.0

1.5 -12

427

Fairness Opinion Rankings†

34*

98Credit Suisse

RBC Capital Markets 5.8

16*1819*

1.81.61.4

14*12*

7

▼▼▲ 50,889.1

12.06.2

Stifel/KBWBank of America Merrill Lynch

2223

21*18*

1918

1.41.3

+5-2

▲▼

Industry TotalIndustry Total

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

▲JP Morgan 19* 22* 11 1.3 +1 18,192.7 4.7

690.30.20.1

1,567.6+5

▼▲

-46

1.21.2

621*

14*80*

21*0.30.30.2

Cormark Securities IncNational Bank of Canada Fin'l

▲▼▲

,4,130.04,044.92,123.6

1.11.11.1

+8-3

+10

28*69*21*

151515

Sinolink Securities Co LtdChangjiang Securities Co LtdShenwan Hongyuan Securities Co

24*24*24*

12.64.20.80.2

▲▼▲▲

37,634.812,587.0

507.02.52.5

+2-8

+2+2

321*21*

5544

6*8*8*

BarclaysBank of America Merrill LynchHoulihan LokeyLeonardo & Co

15*

1,362.0 100.0

2.115 1.8

▲

-26

30,945.2

Sh (%)Sh (%)

▼ 102.4%

52,142.3▼45 -4


▼ 8,022.4Citi 11*


▼-24.8%

21,371.5

Rank ValueUS$m

5.6

Rank Value (US$m)

4.44.24.9

+10

-4

45*

3.23.2

2,280.0

JP Morgan

1

Guotai Junan SecuritiesHaitong Securities Co Ltd

Rank Value

Any Asia Pacific Inv Announced Fairness Opinion

Morgan Stanley 4*6*

Based on Number of Transactions

Fairness Opinion ProviderUS$m

11*


14


7.6

-4.0

5

China Merchants Securities Co

-1891,362

# ofFairness Opinion ProviderKPMGDuff & Phelps

Rothschild & Co

1

GF Securities

China Securities Co Ltd3,408.5▼

▲

* tie11 15 1.8 -6

▲Shenwan Hongyuan Securities Co

14 1.7Dongxing Securities

Guosen Securities Co Ltd

20

2.8

28

35Huatai Securities Co Ltd

910

-6.7%-24.1%

-14.3% 47.4%

1.5

-13

Based on Number of Transactions

2016 Rank

56

15*

4.4

12*4,390.32

-8

Gram Capital15*

4.5

Sh (%)

0.0

1.14

2015 Rank

-12.2%

-23.5%▼Industry % Change from Last Quarter

▼▲ 1.0

870,040.8

-6.2%

Market

Jan 1 – Dec 31

-15.7%

Rank Value (US$m)

4,130.04,044.9


# of Deals

100.0


500

▼

-36

-15.9%

2

Market2015 Rank

Change in Deals

18Sh (%) # of Deals

▼13

18.2 +4

11.4

CITIC

2016 Rank

5

Jan 1 – Dec 31Any EMEA Inv Announced Fairness Opinion

Market

4* 6*3

715*

122

7

0.6

15 1.8-31.8

▼ 0.5+7 2,371.2

2,123.6

-4433*

▼

15

17* 45*New Times Securities Co Ltd

Southwest Securities Co Ltd 17* 3,706.6

-33158

-24.6% ▼

Northeast Securities Co Ltd

Changjiang Securities Co LtdIndustry % Change from Last Quarter 7.5% ▲ 8.2%Industry % Change from Same Period Last Year

Industry Total

▼

297,709.6

-17.3%

▼ 9,800.642

1.97,231.7▲

-5 13.58.0

2.5

5.5

1.8

3.29 3.42 278 23

Industry % Change from Same Period Last Year -11.4%

Great Wall Securities Co Ltd

11*11*

33* 15

1312*

Industry % Change from Last Quarter -15.3% ▼ -0.3%

Industry Total 100.0

▼

837

3,872.5▼ 6,123.7

53,514.4▲36,578.7 9.4

13.84.1

0.11.3-9

4

7

11*

-3.5%▼

-108

1,863.6 0.5

5.0 ▼

1.01.6

# ofDeals

▲

Change in Market

-4

15,947.5

5.4

1.3

50 +306.0+2947

+8

387,185.2

-31

1.61.6 ▲

▲

41

416.2

82.810,761.4

▲

7

19,240.0

-33

▼

6

+43.630

▼

+17

100.2% ▲▼

6.5

+4 ▲ 13,498.4

▲

▼

▼

1.0

Nuada Ltd 19* 62* 11

3 13

11 ▼

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

2,606.9 0.7+8

2.0

▼

+8 ▲

11 1.3 -32 ▼ 7,729.3

1.1

4 2.5 +4CITIC 8* -

Somerley 19*

16

19*

Sinolink Securities Co Ltd

▲ 4,733.4 1.6100.0


20

-

-

-

-

- 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 2211

E-mail: [email protected]

Luke PhillipsDeals 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.


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, 2015 and December 30, 2016 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on December 30, 2016.

Tel: +813 6441 1338

E-mail: [email protected]

Asia-Pacific & JapanKaori 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.

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.


21

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Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparabledeal screening• On-brand pitch book creation

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