GLOBAL M&A MARKET REVIEW · 3. Global M&A Regional Review. 4. Global M&A League Tables. 5. Americas...

GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1st 3Q2019

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables5. Americas M&A Regional Review6. Americas M&A League Tables8. EMEA M&A Regional Review9. EMEA M&A League Tables12. APAC M&A Regional Review13. APAC M&A League Tables16. Disclaimer

DATA SUBMISSIONS AND QUERIES

North America

EMEA

Asia Pacific

Contact Nageen Qasim

Madeeha Ahmad

EeWen Tay

Phone +1-646-324-2878

+44-20-3525-3754

+65-6231-3404

Email [email protected]

[email protected]

[email protected]

General M&A queries may be submitted to: [email protected], [email protected], [email protected]

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

1st 3Q2019

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

©2019 Bloomberg Finance L.P. All rights reserved.

mailto:[email protected]



http://www.bloomberg.com/professional/solutions/investment-banking/

Global M&A Heat Map

al volume and adviser market share for any regional involvement (target, se8.

North AmericaUSD 1.3T1. Morgan Stanley 38.6%2. Goldman Sachs & Co 34.7%3. JPMorgan Chase & Co 33.5%

Latin AmericaUSD 99.0B1. Morgan Stanley 31.6%2. Bank of America Merri l l Lynch 20.7%3. Banco Itau BBA SA 20.2%

Western Europe USD 660.5B1. Morgan Stanley 31.3%2. JPMorgan Chase & Co 26.1%3. Lazard Ltd 20.4%

Eastern Europe USD 38.9B1.JPMorgan Chase & Co 11.7%2. BNP Paribas SA 11.3%3. LionTree Advisors LLC 8.8%

Asia PacificUSD 693.5B1. Morgan Stanley 24.8%2. JPMorgan Chase & Co 24.7%3. Ci tigroup Inc 19.6%

Middle East & AfricaUSD 85.2B1. JPMorgan Chase & Co 34.8%2. Goldman Sachs & Co 23.5%3. Barclays PLC 23.3%

Deal volume and adviser market share for any regional involvement (target, seller or acquirer) for 1st 3Q 2019

2

DateTotal Value

Amount (Bln.) % of Total

% YoY Change

Number of deals 32,262 Financial $180.0 25.5% -30.8%

Volume (Bln.) $2,700.0 Consumer Non-cyclical $175.6 24.8% 48.8%

Avg Deal Size (Mln.) $83.7 Communications $77.5 11.0% -13.8%

Industrial $73.7 10.4% -18.3%

Consumer Cyclical $67.4 9.5% -7.5%

Goldman Sachs & Co Technology $54.8 7.7% -50.1%

Number of deals 259 Energy $45.8 6.5% -71.4%

Volume (Bln.) $918.9 Basic Materials $21.5 3.0% -60.4%

Avg Deal Size (Bln.) $3.5 Utilities $9.9 1.4% 23.1%

Diversified $0.7 0.1% 32.1%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $324.8 -15.9% -34.4%

Cross Border $351.0 -14.0% -15.8%

Private Equity $234.5 -9.9% -16.4%

Asset sale $216.8 -16.8% 38.0%

Tender Offer $37.1 -21.9% 29.9%

Venture Capital $44.5 2.3% -31.5%

Spin-off $4.7 -42.9% -78.5%

Minority purchase $95.7 -4.3% -26.7%

Majority purchase $48.3 -23.4% -35.5%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Deal Type

Global M&A: Deal Type Breakdown

Amgen Inc

-

7/29/19 $32,684.8

1/8/19 $27,000.0Refinitiv Holdings LtdLondon Stock

Exchange Group PLC

Multiple Sellers

7/19/19

Top Adviser

$11,283.2Cub Pty LtdAsahi Group Holdings Ltd

Anheuser-Busch InBev SA

Bristol-Myers Squibb Co

Otezla/Celgene Corp

8/13/19 $20,456.1

8/26/19 $13,400.0

Viacom Inc CBS Corp

Global M&A: Industry Breakdown

Glo

bal M

&A

Revi

ew |

1st

3Q

2019Global M&A Regional Review Global M&A: Premium Breakdown

Global M&A: Highlights of 1st 3Q2019

Summary IndustryAcquirerTarget Seller

Upjohn medicine business/Pfizer

Mylan NV Pfizer Inc

Global M&A: Quarterly Volume

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3

Volume $(Bln.) Deal Count

14%

41%

34%

6%

4% 1%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global M&A deal volume reached $2.7 trillion in the first 3Q2019, representing a 10.8%decrease compared to the same period last year. Deals involving targets based in NorthAmerica accounted for $1.5 trillion of the global activity.

• Cross border deals accounted for 36.23% of all announced deals. The pending divestiture ofRefinitiv Holdings Ltd by a consortium of sellers for $27.0 billion the largest cross border deal inthe first 3Q2019. The number of megadeals increased by 18.9% year-over-year to $850.7 billionwith the United States accounting for 82.9% of the overall volume.

• Transactions involving targets based in the consumer non-cyclical industry decreased 2.0%year-over-year to $645.0 billion even though the sector had the highest number of megadeals.Bristol-Myers Squibb Co’s announced acquisition of Celgene Corp for $88.9 billion was thelargest biotechnology and pharmaceuticals deal on record.

3

Global Announced Deals 01/01/2019 - 09/23/2019 Cross Border Announced Deals 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 34.0 918,934 259 1 24.9 9.1 Goldman Sachs & Co LLC 1 21.3 207,907 121 1 31.4 -10.1Morgan Stanley 2 27.7 747,579 218 2 23.5 4.2 Morgan Stanley 2 18.0 175,852 121 2 28.3 -10.3JPMorgan Chase & Co 3 27.0 727,887 224 3 20.2 6.8 Bank of America Corp 3 15.7 153,177 73 7 13.2 2.5Citigroup Inc 4 19.4 523,627 150 4 17.1 2.3 JPMorgan Chase & Co 4 15.1 147,893 106 3 24.2 -9.1Evercore Inc 5 17.4 469,888 107 7 10.5 6.9 Citigroup Inc 5 12.8 125,067 87 4 20.4 -7.6Bank of America Corp 6 15.2 411,425 138 6 12.5 2.7 Credit Suisse Group AG 6 10.3 100,831 59 14 5.5 4.8Credit Suisse Group AG 7 8.1 219,255 109 8 8.1 0.0 Lazard Ltd 7 9.4 92,006 111 8 8.6 0.8Barclays PLC 8 7.6 205,805 139 5 13.0 -5.4 Barclays PLC 8 8.6 83,811 62 6 13.4 -4.9PJT Partners Inc 9 6.9 187,403 27 14 4.3 2.7 Rothschild & Co 9 6.5 63,553 140 12 6.2 0.3RBC Capital Markets 10 6.7 181,513 78 16 3.7 3.1 Deutsche Bank AG 10 6.2 60,524 38 13 6.1 0.1Centerview Partners LLC 11 6.1 165,758 39 10 7.2 -1.0 UBS AG 11 6.2 60,316 45 11 6.3 -0.1Lazard Ltd 12 5.9 159,945 178 9 8.1 -2.1 Evercore Inc 12 5.9 57,829 44 5 14.3 -8.4Jefferies LLC 13 5.4 146,616 112 24 2.2 3.2 Jefferies LLC 13 5.2 50,638 51 25 2.2 3.0HSBC Bank PLC 14 4.5 121,030 44 29 1.6 2.9 Wells Fargo & Co 14 4.4 43,017 14 17 4.1 0.4Deutsche Bank AG 15 4.1 110,508 73 11 6.3 -2.2 Centerview Partners LLC 15 4.2 41,432 18 16 4.2 0.0Dyal Co LLC 16 3.8 102,248 2 69 0.3 3.5 TD Securities Inc 16 4.1 40,376 18 24 2.5 1.7Rothschild & Co 17 3.3 88,737 210 13 5.1 -1.8 HSBC Bank PLC 17 3.4 33,152 30 21 2.7 0.7UBS AG 18 3.2 85,421 85 12 5.3 -2.1 Moelis & Co 18 2.8 27,268 36 18 3.8 -1.1Guggenheim Capital LLC 19 2.9 77,202 21 28 1.6 1.3 Robey Warshaw LLP 19 2.8 27,000 1 10 6.3 -3.5Moelis & Co 20 2.8 75,133 78 18 2.9 -0.1 Canson Capital Partners 19 2.8 27,000 1 36 1.2 1.5

TOTAL 2,700,315 32,199 TOTAL 978,091 11,732

Global Private Equity Announced Deals 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 29.1 228,799 105 1 21.7 7.4Morgan Stanley 2 27.3 214,749 92 3 19.5 7.8JPMorgan Chase & Co 3 23.3 182,918 85 2 21.2 2.1Bank of America Corp 4 22.8 179,561 62 5 12.0 10.9Citigroup Inc 5 19.4 152,340 65 4 15.1 4.2Barclays PLC 6 12.3 96,997 74 6 10.6 1.7HSBC Bank PLC 7 9.9 77,976 13 27 1.9 8.1Deutsche Bank AG 8 7.5 59,019 30 9 7.0 0.5Credit Suisse Group AG 9 7.3 57,635 44 8 9.0 -1.7Jefferies LLC 10 6.7 52,742 60 15 3.9 2.8Evercore Inc 11 5.9 46,589 48 10 6.8 -0.9Wells Fargo & Co 12 4.9 38,117 22 59 0.4 4.5Lazard Ltd 13 4.8 37,565 72 7 9.8 -5.0Centerview Partners LLC 14 4.4 34,696 16 18 3.4 1.0Canson Capital Partners 15 3.9 31,000 2 24 2.0 1.9UBS AG 16 3.6 27,909 36 11 5.2 -1.6Robey Warshaw LLP 17 3.4 27,000 1 60 0.4 3.1Rothschild & Co 18 3.3 26,201 91 12 5.1 -1.7TD Securities Inc 19 2.9 22,961 12 16 3.7 -0.8RBC Capital Markets 20 2.9 22,524 43 13 4.4 -1.6

TOTAL 786,475 10,796

2018MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

2019 2018MKT SHR CHANGE FIRM

2019MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

FIRM

2019 2018MKT SHR CHANGE

FIRM

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

4

Country

United States $313.9 88.2% -27.0%

Canada $27.6 7.7% -43.5%

Brazil $5.8 1.6% -53.5%

Mexico $2.7 0.8% 114.4%

British Virgin Islands $1.4 0.4% 113.5%

Colombia $1.3 0.4% 439.3%

Chile $0.8 0.2% -65.2%

Bermuda $0.1 0.0% -98.0%

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 14,139 Consumer Non-cyclical $115.0 32.3% 98.0%

Volume (Bln.) $1,600.0 Financial $73.3 20.6% -36.4%

Avg Deal Size (Mln.) $113.2 Communications $38.4 10.8% 4.2%

Technology $36.1 10.1% -47.3%

Industrial $32.9 9.2% 3.7%

Goldman Sachs & Co Energy $30.6 8.6% -77.1%

Number of deals 152 Consumer Cyclical $20.5 5.8% -32.7%

Volume (Bln.) $679.9 Basic Materials $5.7 1.6% -77.6%

Avg Deal Size (Bln.) $4.5 Utilities $3.2 0.9% 33.8%

Diversified $0.4 0.1% -21.1%

Amount (Bln.)

% Change Deal Count

% Change Volume


Cross Border $133.7 -12.1% -18.2%

Private Equity $124.2 -15.7% -13.3%

Asset sale $120.4 -18.1% 64.0%

Tender Offer $6.3 -23.1% 55.3%

Venture Capital $24.7 -5.4% -13.6%

Spin-off $0.0 -36.0% -100.0%




Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown

Deal Type

8/8/19Enterprise security

business/Symantec CorpBroadcom Inc

Symantec Corp

$10,700.0

8/26/19 Otezla/Celgene Corp Amgen IncBristol-Myers

Squibb Co$13,400.0


% YoY Change

Top Adviser8/13/19 Viacom Inc CBS Corp - $20,456.1

1/8/19 Refinitiv Holdings LtdLondon Stock Exchange

Group PLCMultiple Sellers

$27,000.0

Glob

al M

&A

Revi

ew |

1st

3Q

2019

7/29/19Upjohn medicine business/Pfizer

Mylan NV Pfizer Inc $32,684.8

Americas M&A Regional Review Americas M&A: Country Breakdown

Americas M&A: Highlights of 1st 3Q2019

Summary Target Acquirer Seller Industry

Americas M&A: Industry Breakdown

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

$0

$200

$400

$600

$800

$1,000

2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3


• M&A deal volume in the Americas reached $1.6 trillion in the first 3Q2019, representing a minordecrease of 0.8% compared to the same period last year. Transactions targeting companies in theindustrial sector rose by 91.2% to $199.6 billon. The announced acquisition of Raytheon Co by UnitedTechnologies Corp for $90.0 billion was the largest transaction globally as well as in the sector. TheUnited States contributed to 87.5% of the region's total and continued to be the most targetedcountry for M&A transactions.

• The consumer, non-cyclical and financial sectors were the most targeted industries in the region,contributing 31.5% and 16.1% to the overall deal volume, respectively.

• Goldman Sachs ranked as the top financial adviser in the first 3Q2019, accounting for 43.1% of themarket share and advising on 152 deals in the region

5

US Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 US Announced Deals (Target or Seller) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 43.5 730,565 178 1 32.7 10.8 Goldman Sachs & Co LLC 1 45.9 669,329 151 1 35.1 10.8JPMorgan Chase & Co 2 35.3 592,229 143 3 27.7 7.6 JPMorgan Chase & Co 2 37.5 546,639 118 3 28.5 9.0Morgan Stanley 3 32.4 543,534 128 2 31.9 0.5 Morgan Stanley 3 35.6 519,435 99 2 32.0 3.6Evercore Inc 4 27.7 465,345 90 6 17.4 10.3 Evercore Inc 4 31.3 457,218 79 6 16.2 15.2Citigroup Inc 5 22.6 379,669 84 4 22.6 0.0 Citigroup Inc 5 24.2 353,167 72 4 23.2 1.1Bank of America Corp 6 16.9 284,209 89 7 14.5 2.5 Bank of America Corp 6 15.5 225,975 69 8 13.0 2.5Credit Suisse Group AG 7 11.2 187,964 68 8 11.8 -0.6 PJT Partners Inc 7 12.2 178,574 22 15 4.8 7.4PJT Partners Inc 8 11.0 184,273 24 12 6.8 4.1 RBC Capital Markets 8 11.1 161,614 45 13 5.4 5.7Barclays PLC 9 10.6 177,357 109 5 19.3 -8.8 Centerview Partners LLC 9 10.8 157,138 32 9 12.6 -1.8RBC Capital Markets 10 10.1 170,204 60 14 4.8 5.3 Barclays PLC 10 10.6 155,000 91 5 19.1 -8.5Centerview Partners LLC 11 9.8 163,897 37 9 11.6 -1.9 Credit Suisse Group AG 11 9.8 143,447 56 7 13.4 -3.6Jefferies LLC 12 8.4 140,752 90 22 3.2 5.2 Jefferies LLC 12 9.3 134,913 86 20 3.3 6.0Lazard Ltd 13 6.2 104,766 95 10 9.8 -3.6 Dyal Co LLC 13 7.0 102,248 2 46 0.7 6.4Dyal Co LLC 14 6.1 102,248 2 51 0.5 5.6 Lazard Ltd 14 5.6 81,120 66 11 9.6 -4.0Deutsche Bank AG 15 5.1 85,689 45 11 9.2 -4.1 Guggenheim Capital LLC 15 5.1 74,449 18 21 3.3 1.9Guggenheim Capital LLC 16 4.6 76,834 20 24 2.7 1.9 Deutsche Bank AG 16 5.1 74,378 38 10 9.6 -4.5Wells Fargo & Co 17 4.0 67,017 36 13 5.2 -1.2 Wells Fargo & Co 17 4.2 61,253 34 22 2.9 1.3Moelis & Co 18 4.0 66,611 65 19 3.5 0.4 Moelis & Co 18 3.7 54,593 56 17 4.1 -0.4Macquarie Group Ltd 19 2.4 40,106 42 34 1.1 1.3 LionTree Advisors LLC 19 2.3 33,182 10 62 0.2 2.1TD Securities Inc 20 2.4 39,488 16 25 2.0 0.3 Greenhill & Co Inc 20 2.2 31,495 13 50 0.4 1.7

TOTAL 1,679,502 15,021 TOTAL 1,458,962 12,241

Canada Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Canada Announced Deals (Target or Seller) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 30.6 71,212 20 1 27.9 2.7 Goldman Sachs & Co LLC 1 35.6 49,503 12 3 23.6 11.9Morgan Stanley 2 26.6 61,962 26 3 24.2 2.5 Morgan Stanley 2 31.4 43,783 17 5 20.1 11.3Barclays PLC 3 21.4 49,714 14 11 13.7 7.7 TD Securities Inc 3 28.3 39,427 17 1 35.3 -7.0TD Securities Inc 4 18.8 43,784 21 4 23.3 -4.5 Barclays PLC 4 24.9 34,705 8 39 0.6 24.3Bank of America Corp 5 14.5 33,609 12 5 21.8 -7.4 Evercore Inc 5 20.9 29,052 7 26 1.6 19.3Citigroup Inc 6 14.0 32,592 16 2 24.5 -10.5 Jefferies LLC 6 19.4 27,067 6 41 0.6 18.9JPMorgan Chase & Co 7 13.9 32,273 17 8 16.0 -2.2 Canson Capital Partners 7 19.4 27,000 1 10 13.2 6.2Evercore Inc 8 12.5 29,052 8 21 5.6 6.9 Robey Warshaw LLP 7 19.4 27,000 1 - - 19.4Jefferies LLC 9 12.4 28,903 9 25 3.9 8.5 BMO Capital Markets Corp/Toronto 9 16.0 22,212 24 6 20.1 -4.1Canson Capital Partners 10 11.6 27,000 1 15 7.0 4.6 RBC Capital Markets 10 15.7 21,815 26 9 14.6 1.0Robey Warshaw LLP 10 11.6 27,000 1 - - 11.6 JPMorgan Chase & Co 11 14.0 19,509 12 7 17.5 -3.5RBC Capital Markets 12 9.9 22,964 30 10 13.7 -3.8 CIBC 12 13.7 19,075 34 13 11.0 2.7BMO Capital Markets Corp/Toronto 13 9.9 22,958 26 7 17.5 -7.6 Citigroup Inc 13 11.9 16,601 6 2 23.7 -11.8CIBC 14 9.0 20,879 39 12 12.9 -3.9 Centerview Partners LLC 14 11.8 16,467 3 10 13.2 -1.4Credit Suisse Group AG 15 7.7 17,863 12 19 5.8 1.9 Bank of America Corp 15 11.6 16,147 7 4 21.7 -10.1Centerview Partners LLC 16 7.6 17,590 4 14 7.1 0.4 Fort Capital Corp 16 9.7 13,500 4 65 0.1 9.6UBS AG 17 6.3 14,636 7 27 3.4 2.9 Guggenheim Capital LLC 17 9.1 12,645 2 10 13.2 -4.1Lazard Ltd 18 6.2 14,431 15 9 14.0 -7.8 Bank of Nova Scotia/The 18 8.3 11,529 20 8 15.1 -6.8Deutsche Bank AG 19 5.9 13,619 10 13 12.3 -6.4 Credit Suisse Group AG 19 8.1 11,265 7 17 4.6 3.5Fort Capital Corp 20 5.8 13,500 4 95 0.0 5.8 National Bank Financial Inc 20 5.3 7,380 14 18 4.0 1.3

TOTAL 232,622 2,665 TOTAL 139,261 1,770

FIRM


2019 2018VOLUME USD

(Mln)MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

DEAL COUNT RANK

MKT SHR (%)

FIRM


2019 2018MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

6

Latin America Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Brazil Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Morgan Stanley 1 21.5 16,963 12 1 36.4 -14.9 Morgan Stanley 1 35.1 12,867 6 2 50.0 -14.8Banco Santander SA 2 17.6 13,878 13 22 1.1 16.5 BR Partners 2 32.6 11,955 9 11 3.4 29.2BR Partners 3 15.2 11,955 9 14 2.1 13.1 Banco Santander SA 3 30.5 11,188 6 21 0.6 29.9Citigroup Inc 4 15.0 11,799 7 7 10.6 4.4 Credit Agricole Corporate & Investment 4 28.2 10,334 4 - - 28.2Credit Agricole Corporate & Investment 5 13.1 10,334 4 - - 13.1 G5 Partners 5 27.2 9,975 5 26 0.1 27.2G5 Partners 6 12.6 9,975 5 43 0.0 12.6 Citigroup Inc 6 23.5 8,600 1 8 10.5 13.0Goldman Sachs & Co LLC 7 10.8 8,519 10 9 8.6 2.2 UBS AG 7 14.6 5,329 3 - - 14.6UBS AG 8 7.0 5,489 4 - - 7.0 Goldman Sachs & Co LLC 8 14.2 5,214 5 14 2.2 12.1Banco BTG Pactual SA 9 6.5 5,092 25 8 9.8 -3.4 Bank of America Corp 9 11.9 4,366 7 5 41.1 -29.2Bank of America Corp 10 6.4 5,046 9 2 32.4 -26.0 Banco BTG Pactual SA 10 10.5 3,826 21 7 12.7 -2.3Rothschild & Co 11 5.4 4,284 12 20 1.4 4.0 Rothschild & Co 11 10.4 3,823 8 19 0.6 9.8Lazard Ltd 12 4.6 3,656 6 12 2.6 2.0 Lazard Ltd 12 8.8 3,221 3 29 - 8.8PJT Partners Inc 13 3.9 3,100 1 - - 3.9 PJT Partners Inc 13 8.5 3,100 1 - - 8.5Credit Suisse Group AG 14 2.9 2,292 5 11 5.3 -2.4 Banco Itau BBA SA 14 5.2 1,900 21 4 45.1 -39.9Banco Itau BBA SA 15 2.9 2,256 22 5 27.4 -24.6 Banco Bradesco BBI SA 15 4.3 1,579 2 1 50.7 -46.4JPMorgan Chase & Co 16 2.7 2,125 7 3 31.4 -28.7 Riza Capital Consultoria de Investimentos 16 4.0 1,458 3 6 34.2 -30.2Banco Bradesco BBI SA 17 2.0 1,579 2 4 30.9 -28.9 BNP Paribas SA 17 2.5 928 3 29 - 2.5Tudor Pickering Holt & Co LLC 18 1.9 1,500 1 - - 1.9 Greenhill & Co Inc 18 2.5 905 8 29 - 2.5Riza Capital Consultoria de Investimentos 19 1.9 1,458 3 6 20.9 -19.0 RBC Capital Markets 19 2.2 800 1 - - 2.2Banco Bilbao Vizcaya Argentaria SA 20 1.7 1,339 3 41 0.1 1.6 TD Securities Inc 19 2.2 800 1 - - 2.2

TOTAL 78,922 747 TOTAL 36,634 397

Latin America Announced Deals (Target or Seller) 01/01/2019 - 09/23/2019 Brazil Announced Deals (Target or Seller) 01/01/2019 - 09/23/2019

Banco Santander SA 1 14.5 13,230 11 28 0.8 13.8 BR Partners 1 37.3 11,955 9 11 3.7 33.6Morgan Stanley 2 13.9 12,613 9 1 31.1 -17.2 Banco Santander SA 2 34.9 11,188 6 19 0.7 34.2BR Partners 3 13.1 11,955 9 19 1.4 11.7 Credit Agricole Corporate & Investment 3 32.2 10,334 4 - - 32.2Citigroup Inc 4 12.9 11,726 7 6 16.4 -3.6 G5 Partners 4 31.1 9,975 5 25 0.1 31.1Credit Agricole Corporate & Investment 5 11.4 10,334 4 - - 11.4 Morgan Stanley 5 30.5 9,767 5 3 50.2 -19.8G5 Partners 6 11.0 9,975 5 58 0.0 11.0 Citigroup Inc 6 26.8 8,600 1 8 11.5 15.3Goldman Sachs & Co LLC 7 8.5 7,769 10 9 6.2 2.3 Bank of America Corp 7 13.6 4,366 7 5 45.1 -31.5Bank of America Corp 8 7.9 7,173 10 2 21.5 -13.6 Banco BTG Pactual SA 8 11.9 3,826 20 7 13.9 -2.0Banco BTG Pactual SA 9 5.6 5,092 24 8 6.7 -1.1 Rothschild & Co 9 11.9 3,823 8 17 0.7 11.2JPMorgan Chase & Co 10 5.3 4,825 7 3 21.3 -16.0 UBS AG 10 7.0 2,229 2 - - 7.0Rothschild & Co 11 4.7 4,284 11 26 1.0 3.8 Goldman Sachs & Co LLC 11 6.6 2,114 4 13 2.4 4.2UBS AG 12 4.0 3,589 4 66 - 4.0 Banco Itau BBA SA 12 5.8 1,851 20 4 49.5 -43.7Barclays PLC 13 3.2 2,874 2 37 0.2 3.0 Riza Capital Consultoria de Investimentos 13 4.6 1,458 3 6 37.6 -33.0Jefferies LLC 14 3.0 2,703 4 18 1.6 1.4 Banco Bradesco BBI SA 14 3.4 1,079 1 1 53.3 -49.9TripleTree LLC 15 3.0 2,700 1 - - 3.0 BNP Paribas SA 15 2.9 928 3 28 - 2.9Deutsche Bank AG 15 3.0 2,700 1 22 1.0 1.9 Greenhill & Co Inc 16 2.8 905 8 28 - 2.8Banco Itau BBA SA 17 2.4 2,207 21 5 18.6 -16.2 RBC Capital Markets 17 2.5 800 1 - - 2.5Tudor Pickering Holt & Co LLC 18 2.3 2,127 1 - - 2.3 TD Securities Inc 17 2.5 800 1 - - 2.5Riza Capital Consultoria de Investimentos 19 1.6 1,458 3 7 14.1 -12.5 Olimpia Partners 19 2.5 793 6 28 - 2.5Banco Bilbao Vizcaya Argentaria SA 20 1.5 1,339 3 55 0.0 1.4 Banco Bilbao Vizcaya Argentaria SA 20 1.9 615 1 - - 1.9

TOTAL 90,968 852 TOTAL 32,060 361

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

7

Country

United Kingdom $63.2 32.8% 44.5%

Germany $33.6 17.4% 103.1%

France $11.8 6.2% -9.6%

Netherlands $11.2 5.8% 253.2%

Italy $10.4 5.4% -11.1%

Spain $4.8 2.5% -69.0%

Finland $3.8 2.0% 87.7%

Switzerland $2.4 1.2% 30.3%

DateTotal Value


% YoY Change

Number of deals 8,531 Financial $53.4 27.7% -33.2%

Volume (Bln.) $617.9 Consumer Non-cyclical $39.8 20.6% 50.4%

Avg Deal Size (Mln.) $72.4 Consumer Cyclical $25.7 13.4% 55.3%

Communications $25.7 13.4% -17.1%

Industrial $21.7 11.3% 54.5%

Goldman Sachs & Co Energy $10.0 5.2% -22.6%

Number of deals 75 Basic Materials $6.5 3.4% -34.9%

Volume (Bln.) $217.4 Technology $5.8 3.0% -37.5%

Avg Deal Size (Bln.) $2.9 Utilities $3.7 1.9% -13.7%

Diversified $0.3 0.2% 967.5%

Amount (Bln.)

% Change Deal Count

% Change Volume


Cross Border $143.1 -14.9% -4.1%

Private Equity $56.7 -20.4% -21.0%

Asset sale $60.4 -16.8% 22.0%

Tender Offer $13.2 0.0% 21.9%

Venture Capital $7.9 -22.2% 6.7%

Spin-off $0.1 -70.0% -99.3%


$22.3 -17.4% 54.4%

EMEA M&A: Industry Breakdown


% YoY Change

EssilorLuxottica SA

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

Deal Type

7/26/1911000 Vodafone Telecom

Towers/ItalyInfrastrutture Wireless

Italiane SpAVodafone Group PLC $5,888.0

$11,283.2

HAL Trust $6,082.4

Top Adviser8/5/19 Just Eat PLC Takeaway.com NV - $6,126.9

8/20/19Animal-health unit/ Bayer

AGElanco Animal Health Inc Bayer AG $7,600.0

7/31/19 GrandVision NV


Glob

al M

&A

Revi

ew |

1st

3Q

2019

Majority purchase

EMEA M&A Regional Review EMEA M&A: Country Breakdown

EMEA M&A Highlights of 1st 3Q2019

Summary Target Acquirer Seller Industry

7/19/19 Cub Pty Ltd Asahi Group Holdings LtdAnheuser-Busch InBev

SA/NV

0

1,000

2,000

3,000

4,000

5,000

$0

$100

$200

$300

$400

$500

2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3


• Deal volume for EMEA-based targets reached $617.9 billion in the first 3Q2019, a 17.7% decreasefrom the same period last year. The United Kingdom continued to be the most targeted country in theregion, generating $147.4 billion in transactional value.

• M&A deal activity in the basic materials sector experienced an increase of 191.8% year-over-year,partly due to The Public Investment Fund's pending divestiture of a majority stake in Saudi BasicIndustries Corp for $69.0 billion. This deal was the largest of the quarter in the EMEA region.

• Cross border deals in the region reached $356.5 billion, accounting for more than half of the overallvolume in the region.

8

Europe Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Europe Announced Deals (Target or Seller) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 26.9 207,156 101 1 26.7 0.2 Goldman Sachs & Co LLC 1 26.4 143,274 82 1 26.9 -0.5Morgan Stanley 2 23.7 182,847 82 2 22.9 0.8 Morgan Stanley 2 18.3 99,118 60 3 19.5 -1.2JPMorgan Chase & Co 3 16.8 129,120 96 3 21.2 -4.4 JPMorgan Chase & Co 3 14.7 79,688 77 4 18.4 -3.7Lazard Ltd 4 13.5 103,838 113 6 12.8 0.6 Lazard Ltd 4 14.2 77,086 99 8 13.5 0.7Citigroup Inc 5 12.1 93,532 74 5 15.5 -3.4 Bank of America Corp 5 13.9 75,136 48 2 20.7 -6.9Bank of America Corp 6 11.9 91,665 59 4 18.2 -6.3 Rothschild & Co 6 13.3 72,191 162 5 15.4 -2.1Barclays PLC 7 10.3 79,059 62 8 12.6 -2.3 Credit Suisse Group AG 7 11.9 64,333 33 13 7.3 4.6Credit Suisse Group AG 8 10.1 77,445 45 13 6.1 4.0 Citigroup Inc 8 11.3 61,538 59 6 14.7 -3.4Rothschild & Co 9 10.0 76,830 176 7 12.7 -2.7 UBS AG 9 9.1 49,155 31 10 9.5 -0.5UBS AG 10 6.6 50,846 38 9 10.0 -3.4 Barclays PLC 10 8.2 44,643 52 7 13.8 -5.6Evercore Inc 11 6.3 48,342 44 10 9.2 -2.9 Deutsche Bank AG 11 5.1 27,657 26 17 4.3 0.8Jefferies LLC 12 6.2 47,607 36 24 2.2 3.9 BNP Paribas SA 12 5.1 27,649 48 16 6.6 -1.5Deutsche Bank AG 13 6.1 46,950 31 17 4.9 1.2 Nomura Holdings Inc 13 4.3 23,373 20 38 1.1 3.2BNP Paribas SA 14 4.3 33,368 54 12 6.6 -2.3 HSBC Bank PLC 14 3.3 17,811 16 21 2.9 0.4Centerview Partners LLC 15 4.2 32,586 14 18 4.2 - Ernst & Young 15 3.2 17,075 139 23 2.7 0.5Canson Capital Partners 16 4.0 31,000 2 - - 4.0 Jefferies LLC 16 3.0 16,046 24 26 2.5 0.4Robey Warshaw LLP 17 3.5 27,000 1 11 8.6 -5.1 Macquarie Group Ltd 17 2.1 11,543 29 25 2.6 -0.4HSBC Bank PLC 18 3.2 24,499 20 20 2.6 0.6 Mediobanca Banca di Credito Finanziario SpA 18 2.1 11,407 8 47 0.7 1.4Nomura Holdings Inc 19 3.0 23,373 21 36 1.4 1.7 Evercore Inc 19 2.1 11,154 30 9 10.9 -8.8Guggenheim Capital LLC 20 2.7 20,696 5 38 1.2 1.5 Credit Agricole Corporate & Investment 20 2.0 11,092 19 28 2.1 -0.1

TOTAL 770,295 10,253 TOTAL 542,481 8,209

UK Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Germany Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 28.8 81,087 33 2 30.8 -2.0 JPMorgan Chase & Co 1 29.4 40,865 24 6 16.8 12.6Morgan Stanley 2 23.9 67,203 29 1 34.1 -10.2 Goldman Sachs & Co LLC 2 24.5 34,035 19 1 43.3 -18.9Barclays PLC 3 19.9 56,077 32 3 25.1 -5.2 Bank of America Corp 3 21.2 29,449 12 7 15.8 5.3JPMorgan Chase & Co 4 17.8 50,081 38 4 21.0 -3.2 Lazard Ltd 4 20.7 28,845 16 5 20.3 0.5Rothschild & Co 5 16.1 45,258 64 9 15.0 1.1 Credit Suisse Group AG 5 15.7 21,804 6 14 3.9 11.8Jefferies LLC 6 14.5 40,701 20 19 4.3 10.1 Morgan Stanley 6 14.0 19,400 11 3 23.2 -9.3Lazard Ltd 7 14.3 40,373 38 15 6.7 7.7 Barclays PLC 7 7.6 10,555 9 24 1.3 6.3Credit Suisse Group AG 8 13.6 38,240 19 17 5.7 7.9 Citigroup Inc 8 6.8 9,484 9 9 14.9 -8.1Bank of America Corp 9 13.2 37,094 20 5 20.9 -7.7 Macquarie Group Ltd 9 6.6 9,132 12 20 2.4 4.1Evercore Inc 10 13.1 36,949 29 8 16.1 -3.0 Duff & Phelps LLC 10 5.5 7,600 1 - - 5.5UBS AG 11 11.7 32,852 17 11 13.5 -1.8 Ernst & Young 11 5.3 7,361 59 16 3.2 2.1Canson Capital Partners 12 11.0 31,000 2 - - 11.0 UBS AG 12 5.1 7,140 7 8 15.5 -10.4Robey Warshaw LLP 13 9.6 27,000 1 6 20.6 -11.0 Guggenheim Capital LLC 13 4.6 6,356 1 - - 4.6Citigroup Inc 14 9.1 25,710 18 7 20.1 -11.0 Deutsche Bank AG 14 4.5 6,312 9 13 4.5 0.0Deutsche Bank AG 15 8.3 23,444 11 13 10.2 -1.9 Nomura Holdings Inc 15 3.4 4,715 2 83 - 3.4Nomura Holdings Inc 16 6.2 17,544 9 38 1.2 5.1 HSBC Bank PLC 16 3.3 4,606 2 - - 3.3TD Securities Inc 17 5.7 16,109 2 49 0.5 5.2 Perella Weinberg Partners LP 17 3.1 4,268 1 12 14.0 -10.9Centerview Partners LLC 18 4.8 13,512 4 16 6.3 -1.5 Jefferies LLC 18 2.4 3,300 3 38 0.4 2.0Guggenheim Capital LLC 19 4.4 12,450 2 201 - 4.4 Allen & Co Inc 19 2.4 3,264 1 - - 2.4HSBC Bank PLC 20 4.1 11,637 11 36 1.2 2.9 Rothschild & Co 20 1.9 2,665 24 4 21.7 -19.8

TOTAL 281,746 3,779 TOTAL 139,088 1,860

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

2018MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)FIRM


2019

9

France Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Italy Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Morgan Stanley 1 28.2 34,230 19 4 23.8 4.4 Mediobanca Banca di Credito Finanziario SpA 1 19.0 7,407 7 10 9.7 9.2Lazard Ltd 2 24.1 29,254 50 2 27.9 -3.8 UBS AG 2 15.5 6,060 3 19 3.9 11.6Citigroup Inc 3 23.6 28,637 10 12 5.2 18.5 Morgan Stanley 3 15.4 6,012 3 8 9.9 5.5BNP Paribas SA 4 22.0 26,636 28 5 14.6 7.4 HSBC Bank PLC 4 15.2 5,946 2 35 0.8 14.4Goldman Sachs & Co LLC 5 14.9 18,040 15 6 12.9 2.0 Moelis & Co 5 14.9 5,830 4 - - 14.9Credit Agricole Corporate & Investment 6 14.7 17,787 18 7 12.2 2.5 Rothschild & Co 6 12.9 5,024 16 5 13.3 -0.4Rothschild & Co 7 8.0 9,651 71 3 24.4 -16.5 Bank of America Corp 7 12.4 4,828 7 6 10.2 2.1Banco Santander SA 8 7.1 8,600 3 15 3.0 4.1 Goldman Sachs & Co LLC 8 10.6 4,145 4 1 28.9 -18.3BR Partners 8 7.1 8,600 1 32 0.8 6.3 Societe Generale SA 9 9.5 3,701 7 20 2.8 6.7G5 Partners 8 7.1 8,600 1 - - 7.1 Intesa Sanpaolo SpA 10 9.2 3,581 3 13 7.3 1.8JPMorgan Chase & Co 11 7.1 8,567 17 1 38.9 -31.8 Lazard Ltd 11 7.1 2,788 14 2 20.5 -13.4Bank of America Corp 12 6.7 8,084 7 21 1.9 4.8 JPMorgan Chase & Co 12 6.3 2,477 11 11 8.9 -2.6ING Groep NV 13 6.5 7,928 5 - - 6.5 Barclays PLC 13 4.5 1,770 5 3 14.3 -9.8Deutsche Bank AG 14 4.9 5,976 7 67 0.0 4.9 Citigroup Inc 14 3.5 1,372 2 43 0.3 3.3Evercore Inc 15 4.2 5,070 6 13 4.2 0.0 Peter J Solomon Co LP 15 3.4 1,310 1 - - 3.4Barclays PLC 16 4.1 4,972 6 26 1.2 2.9 BNP Paribas SA 16 3.1 1,225 10 15 5.3 -2.2Jefferies LLC 17 3.5 4,206 6 41 0.5 3.0 Jefferies LLC 17 2.7 1,063 2 7 10.2 -7.5Bank of Nova Scotia/The 18 3.3 3,959 2 - - 3.3 PricewaterhouseCoopers LLP 18 1.9 748 15 30 1.2 0.7TD Securities Inc 18 3.3 3,959 1 78 - 3.3 Houlihan Lokey Inc 19 1.4 537 3 25 1.4 0.0Wells Fargo & Co 20 3.3 3,950 1 43 0.4 2.9 Equita SIM SpA 20 1.3 497 2 - - 1.3

TOTAL 121,350 1,545 TOTAL 39,058 603

Benelux Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Iberia Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 41.6 57,400 18 2 32.6 9.0 Citigroup Inc 1 27.6 10,984 10 1 24.5 3.1Morgan Stanley 2 34.3 47,338 15 8 11.2 23.1 Goldman Sachs & Co LLC 2 19.2 7,660 6 5 14.3 5.0Lazard Ltd 3 16.7 23,120 16 3 26.0 -9.3 Rothschild & Co 3 16.4 6,526 12 19 1.8 14.6Rothschild & Co 4 15.3 21,084 34 16 5.7 9.6 Morgan Stanley 4 15.1 6,012 7 3 17.8 -2.7Bank of America Corp 5 10.6 14,682 9 7 11.3 -0.7 JPMorgan Chase & Co 5 12.1 4,834 9 4 14.5 -2.4Nomura Holdings Inc 6 9.9 13,699 7 15 6.2 3.7 Bank of America Corp 6 9.5 3,796 5 15 2.6 7.0BNP Paribas SA 7 7.4 10,276 8 12 9.5 -2.0 Lazard Ltd 7 8.5 3,367 10 10 6.5 1.9Citigroup Inc 8 7.1 9,781 11 14 6.3 0.8 Ernst & Young 8 7.0 2,795 38 16 2.6 4.5UBS AG 9 6.6 9,098 3 17 4.1 2.5 Banco Santander SA 9 6.7 2,681 14 6 13.8 -7.1JPMorgan Chase & Co 10 5.8 7,986 18 1 33.7 -27.9 PricewaterhouseCoopers LLP 10 4.7 1,859 55 2 24.3 -19.7ING Groep NV 11 5.8 7,948 21 38 0.8 5.0 Banco Bilbao Vizcaya Argentaria SA 11 4.2 1,685 5 13 3.1 1.2Oakley Advisory Ltd 12 4.4 6,127 1 - - 4.4 Barclays PLC 12 3.3 1,295 2 23 1.6 1.7Credit Suisse Group AG 13 3.7 5,055 6 4 13.9 -10.3 Jefferies LLC 12 3.3 1,295 2 39 0.2 3.1Barclays PLC 14 3.4 4,723 10 18 3.8 -0.4 BNP Paribas SA 14 3.1 1,236 3 48 - 3.1Deutsche Bank AG 15 3.4 4,721 5 35 0.9 2.5 Banco BTG Pactual SA 15 1.7 681 2 36 0.2 1.5Ernst & Young 16 2.6 3,625 29 49 0.4 2.2 Societe Generale SA 16 1.7 673 2 7 12.0 -10.4Jefferies LLC 17 2.3 3,128 10 21 2.9 -0.7 Foros LLC 17 1.7 670 1 - - 1.7Cooperatieve Rabobank UA 18 1.7 2,314 20 61 0.1 1.6 Qatalyst Partners LLC 17 1.7 670 1 - - 1.7ABN AMRO Bank NV 19 1.3 1,837 16 54 0.2 1.1 ABC Brasil Banking Ltd 19 1.3 498 1 - - 1.3HSBC Bank PLC 20 1.3 1,816 5 13 9.2 -7.8 Nomura Holdings Inc 20 0.9 372 3 17 2.4 -1.5

TOTAL 138,078 1,358 TOTAL 39,840 653

MKT SHR CHANGE

2018MKT SHR CHANGE

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%) RANKMKT SHR

(%)

FIRM

2019 2018

RANK

10

Nordic Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Eastern Europe Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 34.0 33,848 21 5 11.5 22.5 Citigroup Inc 1 21.6 8,522 13 3 7.2 14.4JPMorgan Chase & Co 2 26.0 25,842 7 6 9.9 16.1 JPMorgan Chase & Co 2 10.7 4,202 6 1 11.9 -1.2Morgan Stanley 3 23.6 23,498 15 2 18.4 5.2 Rothschild & Co 3 8.1 3,198 7 4 7.0 1.2Deutsche Bank AG 4 18.5 18,422 5 20 3.1 15.4 Credit Suisse Group AG 4 7.1 2,800 3 17 1.5 5.6Citigroup Inc 5 14.0 13,910 14 7 9.6 4.4 Bank of America Corp 5 4.1 1,607 6 16 1.8 2.3Barclays PLC 6 13.9 13,874 9 3 17.2 -3.3 Lazard Ltd 6 3.6 1,407 6 18 1.0 2.6Bank of America Corp 7 12.0 11,997 8 11 8.3 3.7 BTIG LLC 7 3.1 1,209 1 - - 3.1Lazard Ltd 8 8.2 8,178 6 13 7.5 0.7 LionTree Advisors LLC 8 2.1 822 2 7 6.1 -4.0Rothschild & Co 9 5.4 5,403 10 10 8.9 -3.4 Evercore Inc 9 1.8 724 1 13 3.9 -2.0UBS AG 10 4.9 4,860 3 40 0.6 4.3 Foros LLC 10 1.7 670 1 - - 1.7Skandinaviska Enskilda Banken AB 11 3.8 3,801 16 9 9.5 -5.7 Qatalyst Partners LLC 10 1.7 670 1 - - 1.7Nordea Bank AB 12 3.8 3,746 5 12 8.0 -4.3 UBS AG 12 1.6 631 3 11 4.0 -2.4Danske Bank A/S 13 3.8 3,744 7 61 0.1 3.7 BNP Paribas SA 13 1.5 609 3 2 9.8 -8.3Credit Suisse Group AG 14 3.5 3,441 2 48 0.3 3.2 VTB Capital JSC 14 1.5 608 5 10 4.3 -2.8Jefferies LLC 15 3.2 3,160 8 17 3.9 -0.7 Ernst & Young 15 1.3 495 7 15 2.0 -0.8TripleTree LLC 16 2.7 2,700 1 - - 2.7 Renaissance Capital Pty Ltd 16 1.3 495 3 - - 1.3Carnegie Fondkommission AB 17 2.3 2,320 18 22 2.6 -0.3 PricewaterhouseCoopers LLP 17 1.2 456 13 20 0.6 0.5Ernst & Young 18 2.2 2,157 20 19 3.4 -1.2 Nomura Holdings Inc 18 1.1 447 1 - - 1.1ABG Sundal Collier Holding ASA 19 2.1 2,135 7 41 0.5 1.7 Societe Generale SA 19 1.1 444 2 5 6.7 -5.6Centerview Partners LLC 20 1.6 1,590 3 - - 1.6 Morgan Stanley 20 0.6 246 3 6 6.7 -6.1

TOTAL 99,600 1,491 TOTAL 39,450 879

Africa/ME Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 58.3 125,070 16 1 27.9 30.4Morgan Stanley 2 57.7 123,752 13 4 14.2 43.5JPMorgan Chase & Co 3 46.2 99,157 21 2 24.0 22.2Citigroup Inc 4 39.0 83,582 19 15 3.9 35.1HSBC Bank PLC 5 38.2 81,875 10 19 1.8 36.3Bank of America Corp 6 35.7 76,695 9 8 7.3 28.5Credit Suisse Group AG 7 5.9 12,615 5 50 0.1 5.8Moelis & Co 8 5.9 12,595 7 22 1.2 4.7KPMG Corporate Finance LLC 9 4.5 9,541 6 23 1.0 3.4Barclays PLC 10 3.1 6,568 6 3 16.2 -13.1Ernst & Young 11 2.6 5,516 8 35 0.6 2.0UBS AG 12 2.5 5,370 5 9 6.4 -3.9Rothschild & Co 13 2.2 4,694 15 10 6.3 -4.1Jefferies LLC 14 1.9 4,026 8 34 0.6 1.3Lazard Ltd 15 1.3 2,883 10 7 7.5 -6.2Macquarie Group Ltd 16 1.2 2,502 1 11 5.6 -4.4Centerview Partners LLC 17 0.9 1,868 1 17 3.0 -2.1PSG Group Ltd 17 0.9 1,868 1 60 0.0 0.9HFF Securities LP 19 0.8 1,634 2 - - 0.8RBC Capital Markets 20 0.5 957 4 51 0.1 0.4

TOTAL 214,594 1,232

FIRM


2019 2018

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

FIRMDEAL

COUNT RANKMKT SHR

(%)

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNTRANK

MKT SHR CHANGE


MKT SHR (%)

VOLUME USD (Mln)

11

APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 13.8 89,398 42 1 14.3 -0.5 Morgan Stanley 1 13.7 72,401 38 3 7.9 5.8Morgan Stanley 2 13.1 84,573 43 3 10.2 2.9 Goldman Sachs & Co LLC 2 12.4 65,409 32 1 10.2 2.2Bank of America Corp 3 11.1 71,875 27 7 5.2 5.9 Barclays PLC 3 9.0 47,541 9 9 4.4 4.6Barclays PLC 4 8.2 52,706 17 6 5.4 2.8 JPMorgan Chase & Co 4 8.5 44,627 23 4 7.7 0.8Citigroup Inc 5 7.9 51,220 37 4 9.7 -1.7 Bank of America Corp 5 7.7 40,775 16 11 3.0 4.7JPMorgan Chase & Co 6 7.8 50,534 33 2 11.3 -3.5 Citigroup Inc 6 6.1 31,989 28 2 8.8 -2.8Evercore Inc 7 6.1 39,268 7 14 3.2 2.8 Jefferies LLC 7 5.7 29,919 11 45 0.5 5.2Jefferies LLC 8 5.1 32,828 15 48 0.5 4.6 Deutsche Bank AG 8 5.5 29,206 16 10 4.2 1.4Credit Suisse Group AG 9 5.0 32,517 26 18 2.4 2.6 Evercore Inc 9 5.3 27,828 4 35 0.6 4.7Wells Fargo & Co 10 4.7 30,125 6 193 0.0 4.6 Canson Capital Partners 10 5.1 27,000 1 - - 5.1Deutsche Bank AG 11 4.6 29,807 20 12 3.8 0.9 Robey Warshaw LLP 10 5.1 27,000 1 19 1.5 3.6Canson Capital Partners 12 4.2 27,000 1 21 2.0 2.2 UBS AG 12 4.6 24,249 28 5 6.3 -1.7Robey Warshaw LLP 12 4.2 27,000 1 30 1.2 3.0 Credit Suisse Group AG 13 3.8 19,980 23 13 2.4 1.4Rothschild & Co 14 3.8 24,800 31 19 2.3 1.6 Wells Fargo & Co 14 3.6 19,025 4 167 0.0 3.6UBS AG 15 3.8 24,249 29 5 6.8 -3.1 China International Capital Corp Ltd 15 3.5 18,684 19 7 5.0 -1.4China International Capital Corp Ltd 16 2.9 18,785 20 11 4.3 -1.4 CITIC Securities Co Ltd 16 3.4 18,065 18 6 5.6 -2.2CITIC Securities Co Ltd 17 2.9 18,764 19 10 4.5 -1.6 Huatai Securities Co Ltd 17 3.2 16,665 22 24 1.2 1.9Huatai Securities Co Ltd 18 2.6 16,743 23 33 1.1 1.5 Centerview Partners LLC 18 2.7 14,350 2 - - 2.7Centerview Partners LLC 19 2.2 14,350 2 20 2.1 0.2 CSC Financial Co Ltd 19 2.5 13,386 6 17 1.7 0.8CSC Financial Co Ltd 20 2.1 13,521 7 27 1.4 0.7 Rothschild & Co 20 2.5 13,377 22 28 1.2 1.4

TOTAL 647,013 9,042 TOTAL 528,102 7,777

APAC Private Equity (Any Involvement) 01/01/2019 - 09/23/2019

Goldman Sachs & Co LLC 1 30.5 87,812 30 3 21.2 9.3Morgan Stanley 2 28.9 83,148 38 2 21.6 7.4Bank of America Corp 3 19.6 56,419 16 8 7.7 11.9Barclays PLC 4 18.0 51,762 16 6 9.4 8.6Citigroup Inc 5 14.8 42,471 23 4 13.3 1.4Evercore Inc 6 13.7 39,480 7 10 7.3 6.4JPMorgan Chase & Co 7 11.4 32,851 16 1 26.7 -15.2Jefferies LLC 8 11.3 32,630 8 48 0.3 11.1Wells Fargo & Co 9 10.5 30,125 5 - - 10.5Canson Capital Partners 10 9.4 27,000 1 13 5.4 4.0Robey Warshaw LLP 10 9.4 27,000 1 - - 9.4Credit Suisse Group AG 12 7.8 22,340 16 25 2.4 5.3Deutsche Bank AG 13 7.5 21,673 9 11 7.1 0.4Centerview Partners LLC 14 5.0 14,350 2 13 5.4 -0.4UBS AG 15 4.4 12,646 13 12 5.8 -1.4TD Securities Inc 16 4.3 12,267 2 13 5.4 -1.1Guggenheim Capital LLC 17 4.2 12,150 1 13 5.4 -1.2Qatalyst Partners LLC 18 4.1 11,822 4 38 0.6 3.5Intrepid Partners LLC 19 3.9 11,100 1 - - 3.9China International Capital Corp Ltd 20 3.0 8,579 5 7 8.0 -5.0

TOTAL 287,780 2,742

MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

RANKMKT SHR

(%)

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

FIRM

2019 2018MKT SHR CHANGE

FIRM


2019

RANK

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT

2018

12

DateTotal Value

Number of deals 9,548

Volume (Bln.) $513.4

Avg Deal Size (Mln.) $53.8

Morgan Stanley

Number of deals 57

Volume (Bln.) $42.4

Avg Deal Size (Bln.) $0.7

Deal TypeAmount

(Bln.)% Change

Deal % YoY

Change


Cross Border $74.1 -15.6% -29.4%

Private Equity $53.9 30.5% -17.8%

Asset sale $38.2 -12.8% 12.1%

Tender Offer $17.5 -27.5% 28.8%

Venture Capital $11.8 52.1% -59.1%

Spin-off $4.6 -9.1% 545.7%

Minority purchase $36.1 10.0% -42.4%


Graphs represent any regional involvement (target, seller, or acquirer).

Unizo Holdings Co Ltd

Japan M&A: Quarterly Volume

$3,441.29/18/19Textainer Group

Holdings LtdShareholders Trencor Ltd

Anbang Insurance Group Co Ltd

-

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

7/19/19Reliance Jio Infratel Pvt

LtdBrookfield Asset Management Inc

Reliance Industries Ltd $3,660.9

Top Adviser9/12/19 ZOZO Inc Yahoo Japan Corp - $3,737.5

8/16/19

$5,800.0

Fortress Investment Group LLC

$5,198.2

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

1st

3Q

2019APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1st 3Q2019

Summary Target Acquirer Seller

9/11/19Portfolio of luxury

hotelsMirae Asset Global Investments Co Ltd

32%

15%13%

12%

9%

8%

6% 3% 2%0%

APAC Industry Breakdown Financial

Consumer Non-cyclical

Consumer Cyclical

Industrial

Communications

Technology

Basic Materials

Energy

Utilities

Diversified

0

2,000

4,000

6,000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60

$80


0

500

1000

1500

2000

$0

$100

$200

$300


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500

1000

1500

$0

$50

$100

$150


• M&A activity targeting the APAC region for the first 3Q2019 decreased by 26.8% year-on-year to$513.4 billion. Deals exceeding $1.0 billion in value decreased by 35.4% to 86 deals this quarter. The value of deals targeting Chinese companies or assets accounted for 41.9% of the total deal volume.

• The financial and industrial sectors were the most targeted industries, accounting for 45.4% of the region's overall volume. The acquisition of Ascendas Pte Ltd & Singbridge Pte Ltd by CapitaLand Ltd for $7.8 billion was the largest deal involving an APAC-based target this year.

• Private equity deal volume decreased by 31.6% year-on-year to $127.6 billion. Sequoia Capital was the most active investor in the first 3Q2019 with its involvement in 70 deals.

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AU & NZ Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Japan Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Bank of America Corp 1 29.4 24,433 9 9 10.5 18.9 Morgan Stanley 1 23.1 33,562 44 3 44.6 -21.5Goldman Sachs & Co LLC 2 27.4 22,778 17 1 32.1 -4.7 Nomura Holdings Inc 2 20.7 30,059 68 4 44.4 -23.6Intrepid Partners LLC 3 13.3 11,100 1 - - 13.3 Sumitomo Mitsui Financial Group Inc 3 16.3 23,710 48 10 5.8 10.6Wells Fargo & Co 3 13.3 11,100 1 63 0.1 13.3 Goldman Sachs & Co LLC 4 11.7 16,912 18 2 46.4 -34.8Credit Suisse Group AG 3 13.3 11,100 1 14 4.9 8.4 Mizuho Financial Group Inc 5 9.9 14,421 53 7 10.0 -0.1Evercore Inc 3 13.3 11,100 1 28 1.2 12.2 Lazard Ltd 6 9.3 13,524 7 18 1.3 8.0Macquarie Group Ltd 7 12.3 10,212 14 2 28.7 -16.4 Rothschild & Co 7 8.4 12,160 7 19 1.1 7.3UBS AG 8 12.1 10,039 14 3 26.1 -14.0 Daiwa Securities Group Inc 8 5.5 7,961 48 14 2.4 3.1Deutsche Bank AG 9 10.9 9,034 13 18 3.3 7.6 JPMorgan Chase & Co 9 4.8 6,914 12 1 47.2 -42.4Morgan Stanley 10 7.5 6,203 11 4 25.8 -18.3 Deloitte Touche Tohmatsu ILA Group Ltd 10 3.1 4,458 66 16 2.0 1.1Rothschild & Co 11 5.6 4,622 12 16 4.3 1.3 UBS AG 11 2.7 3,909 4 12 2.7 0.1JPMorgan Chase & Co 12 5.4 4,500 4 20 1.9 3.5 Credit Suisse Group AG 12 2.7 3,892 6 17 1.4 1.3Barclays PLC 13 4.3 3,557 3 5 17.6 -13.3 Evercore Inc 13 2.7 3,880 3 6 33.7 -31.1Nomura Holdings Inc 14 3.5 2,892 1 26 1.3 2.2 Citigroup Inc 14 2.5 3,628 7 5 35.6 -33.1Jefferies LLC 15 3.1 2,589 6 25 1.3 1.8 Bank of America Corp 15 2.2 3,253 7 20 0.8 1.5Centerview Partners LLC 16 2.6 2,200 1 - - 2.6 Raine Group LLC 16 2.2 3,200 2 9 6.6 -4.4Gresham Partners Ltd 17 2.4 2,007 9 7 11.4 -9.0 Jefferies LLC 17 2.2 3,175 5 50 0.0 2.2Greenhill & Co Inc 18 2.1 1,759 6 27 1.2 0.9 Macquarie Group Ltd 18 2.0 2,892 3 - - 2.0Morgans Financial Ltd 19 1.6 1,293 1 - - 1.6 Moelis & Co 19 1.9 2,678 6 34 0.2 1.7Investec PLC 20 1.3 1,107 3 - - 1.3 Ernst & Young 20 1.8 2,555 10 28 0.3 1.5

TOTAL 83,189 1,215 TOTAL 145,064 2,942

South Korea Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 China Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

PricewaterhouseCoopers LLP 1 10.9 7,693 59 15 1.6 9.3 China International Capital Corp Ltd 1 7.1 18,785 20 2 9.0 -2.0Credit Suisse Group AG 2 10.0 7,095 9 4 6.1 3.9 CITIC Securities Co Ltd 2 6.8 18,136 18 1 9.3 -2.5Bank of America Corp 3 10.0 7,038 3 7 5.2 4.8 Huatai Securities Co Ltd 3 6.3 16,672 21 11 2.2 4.0Ernst & Young 4 8.3 5,842 14 11 3.3 4.9 CSC Financial Co Ltd 4 5.1 13,521 7 9 2.9 2.2China International Capital Corp Ltd 5 8.2 5,800 1 - - 8.2 Somerley Group Ltd 5 4.3 11,400 15 20 0.9 3.4Morgan Stanley 6 5.4 3,808 8 3 8.0 -2.6 HSBC Bank PLC 6 2.6 7,050 11 30 0.5 2.2Goldman Sachs & Co LLC 7 4.5 3,193 5 5 6.0 -1.5 UBS AG 7 2.4 6,359 5 7 4.6 -2.2Citigroup Inc 8 4.4 3,091 8 21 0.6 3.7 Bank of America Corp 8 2.3 6,032 3 14 1.4 0.8KPMG Corporate Finance LLC 9 4.1 2,867 10 17 0.8 3.3 Tianfeng Securities Co Ltd 9 2.2 5,931 2 53 0.1 2.1Samsung Securities Co Ltd 10 3.7 2,590 5 12 2.8 0.9 Morgan Stanley 10 2.1 5,597 8 4 5.6 -3.5JPMorgan Chase & Co 11 2.2 1,527 2 1 11.2 -9.0 China Merchants Securities Co Ltd 11 1.9 5,159 4 17 1.0 0.9BNP Paribas SA 12 1.9 1,346 1 18 0.7 1.2 JPMorgan Chase & Co 12 1.6 4,159 8 5 5.1 -3.5Deutsche Bank AG 13 1.7 1,200 2 6 5.2 -3.5 Barclays PLC 13 1.2 3,088 4 43 0.2 1.0Deloitte Touche Tohmatsu ILA Group Ltd 14 1.3 950 1 36 - 1.3 Citigroup Inc 14 1.1 3,023 5 3 7.9 -6.8HSBC Bank PLC 15 1.0 701 2 - - 1.0 Allied Group Ltd 15 1.1 2,902 3 - - 1.1Reimei Global Advisors Pte Ltd 16 0.7 508 1 35 0.0 0.7 ZTF Securities Co Ltd 16 1.1 2,899 8 55 0.1 1.0Rothschild & Co 17 0.7 495 2 13 2.7 -2.0 Lazard Ltd 17 1.0 2,605 5 21 0.8 0.2Lazard Ltd 18 0.6 407 2 27 0.1 0.4 Macquarie Group Ltd 18 1.0 2,539 4 39 0.2 0.7Brookfield Financial Corp 19 0.6 400 1 - - 0.6 Donghai Securities Co Ltd 19 0.9 2,331 2 98 0.0 0.8Hana Financial Group Inc 20 0.5 368 1 - - 0.5 Huaxi Securities Co Ltd 20 0.9 2,275 2 45 0.2 0.7

TOTAL 70,710 1,252 TOTAL 266,560 3,360

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14

Hong Kong Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 Taiwan Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Citigroup Inc 1 12.5 9,081 5 1 15.8 -3.2 KGI Securities Co Ltd 1 15.1 860 7 2 10.7 4.4HSBC Bank PLC 2 11.8 8,573 7 24 0.7 11.2 PricewaterhouseCoopers LLP 2 10.8 619 7 5 5.2 5.7JPMorgan Chase & Co 3 8.0 5,761 4 2 15.1 -7.1 Morgan Stanley 3 6.1 350 1 10 0.3 5.9Rothschild & Co 4 7.8 5,624 3 54 0.1 7.6 Credit Suisse Group AG 4 4.2 243 1 - - 4.2Credit Suisse Group AG 5 6.8 4,937 8 82 0.0 6.8 Deloitte Touche Tohmatsu ILA Group Ltd 5 4.1 233 2 4 5.6 -1.5UBS AG 6 5.2 3,751 5 10 6.1 -0.9 Goldman Sachs & Co LLC 6 2.9 165 1 1 21.5 -18.7Morgan Stanley 7 4.7 3,429 5 7 11.5 -6.8 JPMorgan Chase & Co 6 2.9 165 1 - - 2.9Moelis & Co 8 4.2 3,008 2 6 11.5 -7.4 Canaccord Genuity Corp 8 1.6 90 1 - - 1.6China International Capital Corp Ltd 9 3.6 2,636 3 4 12.8 -9.2 Yuanta Securities Co Ltd 9 1.6 90 1 - - 1.6CITIC Securities Co Ltd 10 3.6 2,574 3 9 11.1 -7.5 Ernst & Young 10 1.1 64 1 13 - 1.1M Klein & Co LLC 11 2.9 2,081 1 - - 2.9 BMO Capital Markets Corp/Toronto 11 0.8 45 1 - - 0.8Huatai Securities Co Ltd 12 2.7 1,928 4 - - 2.7 Cowen & Co LLC 11 0.8 45 1 9 0.4 0.4Somerley Group Ltd 13 2.6 1,897 10 14 2.0 0.6 YAMADA Consulting Group Co Ltd 13 - - 1 - - -Macquarie Group Ltd 14 2.5 1,780 1 35 0.4 2.1 Wells Fargo & Co 13 - - 1 - - -Gram Capital Ltd 15 1.8 1,293 7 12 3.1 -1.3 Nomura Holdings Inc 13 - - 1 - - -Goldman Sachs & Co LLC 16 1.4 1,004 5 3 14.3 -12.9China Construction Bank Corp 17 1.3 954 2 21 0.8 0.5Deloitte Touche Tohmatsu ILA Group Ltd 18 1.1 787 2 31 0.5 0.6Platinum Securities Co Ltd 19 0.9 654 2 34 0.4 0.6KPMG Corporate Finance LLC 20 0.8 562 1 22 0.7 0.1

TOTAL 72,434 970 TOTAL 5,718 127

SE Asia Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019 India Announced Deals (Any Involvement) 01/01/2019 - 09/23/2019

Morgan Stanley 1 38.9 69,101 16 3 22.0 16.9 Ernst & Young 1 7.1 4,812 24 10 10.0 -2.9Goldman Sachs & Co LLC 2 34.6 61,463 10 7 11.4 23.2 Ambit Pvt Ltd 2 6.0 4,092 5 42 0.1 5.9Barclays PLC 3 26.6 47,309 7 37 0.9 25.7 Kotak Mahindra Bank Ltd 3 5.5 3,715 4 18 3.0 2.5Bank of America Corp 4 22.6 40,171 13 5 11.9 10.7 Arpwood Capital Pvt Ltd 4 5.4 3,709 5 11 7.7 -2.3JPMorgan Chase & Co 5 19.8 35,259 12 1 28.4 -8.6 Morgan Stanley 5 5.4 3,705 9 5 15.4 -10.0Citigroup Inc 6 19.3 34,371 13 2 23.3 -4.0 SRB & Associates 6 4.6 3,146 1 - - 4.6Jefferies LLC 7 16.7 29,749 5 - - 16.7 Lazard Ltd 7 4.4 2,985 4 31 0.9 3.5Evercore Inc 8 15.3 27,268 3 8 10.3 5.1 Deloitte Touche Tohmatsu ILA Group Ltd 8 3.9 2,675 22 22 1.9 2.0Canson Capital Partners 9 15.2 27,000 1 10 9.4 5.8 Citigroup Inc 9 3.5 2,412 8 3 18.6 -15.0Robey Warshaw LLP 9 15.2 27,000 1 - - 15.2 Edelweiss Financial Services Ltd 10 3.4 2,316 6 37 0.3 3.1Wells Fargo & Co 11 10.5 18,700 2 91 - 10.5 JPMorgan Chase & Co 11 2.8 1,911 4 1 34.7 -31.9Deutsche Bank AG 11 10.5 18,700 1 9 9.9 0.6 KPMG Corporate Finance LLC 12 2.4 1,624 12 12 5.2 -2.8Centerview Partners LLC 13 6.8 12,150 1 10 9.4 -2.5 Axis Bank Ltd 13 2.3 1,594 7 27 1.2 1.2Guggenheim Capital LLC 13 6.8 12,150 1 10 9.4 -2.5 Moelis & Co 14 2.0 1,388 2 20 2.5 -0.4TD Securities Inc 13 6.8 12,150 1 10 9.4 -2.5 Rothschild & Co 15 1.6 1,079 5 23 1.7 -0.1Rothschild & Co 16 6.4 11,322 8 16 6.7 -0.4 ICICI Bank Ltd 16 1.5 1,000 8 39 0.3 1.2Qatalyst Partners LLC 17 6.0 10,592 2 - - 6.0 BNP Paribas SA 17 1.4 982 3 - - 1.4Credit Suisse Group AG 18 5.8 10,272 6 18 3.6 2.1 Barclays PLC 18 1.4 930 3 4 18.4 -17.0UBS AG 19 3.4 5,982 8 17 3.8 -0.5 Credit Suisse Group AG 19 1.3 876 6 14 4.9 -3.6PricewaterhouseCoopers LLP 20 1.6 2,900 11 44 0.6 1.0 Avendus Capital Pvt Ltd 20 1.3 869 11 24 1.4 -0.1

TOTAL 177,763 1,742 TOTAL 68,174 1,535

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2019 2018

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Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are

converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by

the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

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GLOBAL M&A MARKET REVIEW · 3. Global M&A Regional Review. 4. Global M&A League Tables. 5. Americas...

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