GLOBAL

M&A
MARKET
REVIEW
FINANCIAL RANKINGS
1H 2018
 1H 2018

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The
CONTENTS 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-
1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash
2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards.
3. Global M&A Regional Review
4. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We
5. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a
6. Americas M&A League Tables 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,
8. EMEA M&A Regional Review
and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal
9. EMEA M&A League Tables
trends.
12. APAC M&A Regional Review
13. APAC M&A League Tables Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league
16. Disclaimer 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.

DATA SUBMISSIONS AND QUERIES

Contact Phone Email

North America Nageen Qasim +1-646-324-2878 nqasim1@bloomberg.net
EMEA Madeeha Ahmad +44-20-3525-3754 mchaudhry13@bloomberg.net
Asia Pacific Sayaka Sakashita +81-3-3201-2198 ssakashita@bloomberg.net

General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net

©2018 Bloomberg Finance L.P. All rights reserved.

Global M&A Heat Map

Eastern Europe
Western Europe
North America USD 42.5B
USD 692.6B
USD 1.3T 1. JPMorga n Cha s e & Co 15.8%
1. Morga n Sta nl ey 30.3%
1. Morgan Stanl ey 39.2% 2. BNP Pa ri ba s SA 10.3%
2. JPMorga n Cha s e & Co 25.3% 3. Roths chi l d & Co
2. Gol dman Sachs & Co 33.4% 8.9%
3. Gol dma n Sa chs & Co 20.8%
3. JPMorgan Chas e & Co 31.6%

Asia Pacific
USD 727.0B
Middle East & Africa
1. Morga n Sta nl ey 23.9%
USD 87.4B
2. JPMorga n Cha s e & Co 23.7%
1. JPMorga n Cha s e & Co 34.5%
3. Ci ti group Inc 20.0%
Latin America 2. Ba rcl a ys Pl c 22.9%
USD 101.5B 3. Gol dma n Sa chs & Co 22.8%
1. Morga n Sta nl ey 30.9%
2. Ba nk of Ameri ca Merri l l Lynch 20.2%
3. Banco Itau BBA SA 19.7%

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2018.

2
Global M&A Regional Review Global M&A: Premium Breakdown
2% 1%

Global M&A Review | 1H 2018

• Global merger and acquisition activity reached $2.1 trillion in 1H 2018, representing a 36.4% 5%
0-10%
increase from the same period last year. The consumer, non-cyclical sector experienced year-on-
19% 10-25%
year growth of 59.6%, with $490.5 billion in deal activity for the period. Takeda Pharmaceutical
Co Ltd’s announced acquisition of Shire Plc for $80.2 billion was the largest deal announced 25-50%
within the sector as well as globally.
40% 50-75%
• Private equity activity increased 22.5% year-on-year to $518.6 billion in transactions. The United
States continued to be the most acquisitive country in 1H2018, accounting for 46.4% of the 33% 75-100%
global private equity volume.
100%+
• Cross border deals reached $957.1 billion in deal volume for 1H2018, representing an increase of
35.8% from 1H2017. Deals involving European-based targets experienced a year-on-year
increase of 42.3% to $405.0 billion.
Global M&A: Highlights of 1H 2018 Global M&A: Industry Breakdown
Total Amount % YoY
Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change
Takeda
Number of deals 21,146 Consumer Non-cyclical $490.3 23.1% 59.5%
5/8/2018 Shire PLC Pharmaceutical Co - $80,163.1
Volume (Bln.) $2,078.2 Ltd Financial $437.3 20.6% 3.9%
Avg Deal Size (Mln.) $98.2 Communications $276.9 13.0% 139.9%
3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7
Consumer Cyclical $180.2 8.5% -5.0%
Top Adviser Energy $175.0 8.2% -5.9%
4/29/2018 Sprint Corp T-Mobile US Inc - $57,805.6
Morgan Stanley Industrial $169.7 8.0% 11.2%
Number of deals 174 Technology $147.3 6.9% 73.9%
4/25/2018 Sky PLC Comcast Corp - $40,647.0
Volume (Bln.) $623.5 Utilities $141.4 6.7% 166.2%
Avg Deal Size (Bln.) $3.6 Marathon Basic Materials $100.3 4.7% 183.1%
4/30/2018 Andeavor - $30,465.0
Petroleum Corp Diversified $4.0 0.2% -55.9%

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

Amount % Change % Change
$1,400 14,000 Deal Type (Bln.) Deal Count Volume
$1,200 12,000 Company Takeover $1,265.3 -0.2% 57.7%
$1,000 10,000 Cross Border $957.1 -1.1% 35.8%
$800 8,000 Private Equity $518.6 1.5% 22.5%
$600 6,000 Asset sale $350.3 -7.0% 15.3%

$400 4,000 Tender Offer $222.3 -23.9% 39.5%

Venture Capital $104.2 5.2% 65.1%
$200 2,000
Spin-off $28.4 37.1% -6.7%
$0 0
2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 Minority purchase $257.4 5.0% 29.3%
Majority purchase $173.0 -2.9% 29.8%
Volume $(Bln.) Deal Count
Quarterly Volume represents any involvement (target, seller, or acquirer). 3
Global Announced Deals 01/01/2018 - 06/30/2018 Cross Border Announced Deals 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 30.0 623,521 174 2 16.1 13.9 Morgan Stanley 1 35.4 338,855 89 4 18.6 16.8
Goldman Sachs & Co LLC 2 25.1 522,014 184 1 21.0 4.1 JPMorgan Chase & Co 2 28.4 272,158 95 5 16.3 12.2
JPMorgan Chase & Co 3 23.5 489,016 166 5 13.0 10.5 Goldman Sachs & Co LLC 3 26.7 255,624 104 1 27.3 -0.6
Citigroup Inc 4 16.7 346,841 126 3 14.3 2.4 Citigroup Inc 4 23.5 225,030 71 2 19.5 4.0
Evercore Inc 5 13.0 270,146 69 12 4.9 8.1 Evercore Inc 5 16.3 156,377 35 19 3.0 13.4
Bank of America Merrill Lynch 6 12.0 248,890 95 4 13.1 -1.2 Barclays PLC 6 14.8 141,563 48 12 6.2 8.6
Lazard Ltd 7 11.3 234,452 109 9 7.8 3.5 Bank of America Merrill Lynch 7 13.2 126,537 50 3 19.3 -6.1
Barclays PLC 8 11.0 228,809 90 6 8.7 2.3 Lazard Ltd 8 11.7 112,038 74 8 11.3 0.4
Centerview Partners LLC 9 8.9 185,871 27 18 2.6 6.4 Nomura Holdings Inc 9 9.2 88,428 26 29 1.8 7.4
Credit Suisse Group AG 10 8.9 185,341 98 7 8.3 0.6 UBS AG 10 9.1 86,943 39 9 9.0 0.1
Deutsche Bank AG 11 6.7 138,930 52 13 4.7 2.0 Robey Warshaw LLP 11 6.9 65,631 3 16 4.4 2.5
Rothschild & Co 12 6.4 133,525 159 8 8.3 -1.9 Rothschild & Co 12 6.7 63,757 111 6 12.0 -5.4
PJT Partners Inc 13 5.9 122,391 16 28 1.6 4.3 Deutsche Bank AG 13 6.4 61,454 27 11 7.4 -1.0
UBS AG 14 5.9 121,830 67 10 6.1 -0.3 PJT Partners Inc 14 6.1 58,776 8 21 2.7 3.4
Nomura Holdings Inc 15 4.8 99,336 61 29 1.4 3.4 Credit Suisse Group AG 15 5.9 56,310 55 7 11.4 -5.5
RBC Capital Markets 16 4.7 96,742 64 14 3.9 0.7 RBC Capital Markets 16 5.4 51,379 32 13 5.0 0.3
Sumitomo Mitsui Financial Group Inc 17 3.2 66,841 90 46 0.7 2.5 Wells Fargo & Co 17 4.5 43,065 8 23 2.3 2.2
Robey Warshaw LLP 18 3.2 65,631 3 22 2.0 1.1 Banco Comercial Portugues SA 18 4.1 39,409 2 113 0.1 4.0
Wells Fargo & Co 19 3.0 62,683 22 23 2.0 1.0 LionTree Advisors LLC 19 3.7 35,301 5 182 0.0 3.7
Mizuho Financial Group Inc 20 3.0 61,826 53 65 0.4 2.6 Macquarie Group Ltd 20 3.1 29,254 32 33 1.7 1.4
TOTAL 2,078,527 21,174 1,524,122 TOTAL 957,129 7,705 705,050

Global Private Equity Announced Deals 01/01/2018 - 06/30/2018

2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
JPMorgan Chase & Co 1 25.7 133,346 66 5 14.0 11.8
Morgan Stanley 2 20.9 108,383 74 2 23.0 -2.1
Goldman Sachs & Co LLC 3 20.9 108,362 81 1 23.1 -2.2
Citigroup Inc 4 19.3 100,239 46 6 12.5 6.8
Barclays PLC 5 10.5 54,260 40 8 10.1 0.3
Lazard Ltd 6 9.4 48,666 47 15 4.0 5.4
Bank of America Merrill Lynch 7 9.2 47,653 33 3 14.8 -5.6
Evercore Inc 8 8.1 41,790 34 21 2.2 5.9
Credit Suisse Group AG 9 7.6 39,436 42 4 14.3 -6.7
Deutsche Bank AG 10 7.3 37,799 23 10 6.2 1.1
Rothschild & Co 11 6.8 35,040 80 9 6.4 0.4
Macquarie Group Ltd 12 5.7 29,585 21 17 3.0 2.7
UBS AG 13 5.4 28,109 26 7 11.5 -6.0
Guggenheim Capital LLC 14 5.3 27,389 8 75 0.2 5.1
TD Securities Inc 15 4.2 21,797 8 86 0.2 4.0
RBC Capital Markets 16 4.1 21,251 25 14 5.6 -1.5
China International Capital Corp Ltd 17 4.0 20,891 9 94 0.1 3.9
Centerview Partners LLC 18 4.0 20,890 13 13 5.6 -1.6
Canson Capital Partners 19 3.3 17,000 1 - - 3.3
CITIC Securities Co Ltd 20 2.7 14,000 1 47 0.5 2.2
TOTAL 518,587 6,476 423,485

4
Americas M&A Regional Review Americas M&A: Country Breakdown
Amount % YoY

Global M&A Review | 1H 2018

• Deal activity in the Americas reached a volume of $1.1 trillion in 1H2018, representing a 52.8% Country (Bln.) % of Total Change
increase compared to the same period last year. The United States contributed to 90.9% of the United States $953.1 89.0% 58.7%
region’s total and continued to be most targeted country for M&A transactions.
Canada $47.6 4.4% -23.4%
• Deals exceeding $1.0 billion in value accounted for 72.8% of the region’s total deal volume in 1H2018.
Brazil $24.9 2.3% 19.6%
The consumer non-cyclical industry continued to be the most targeted sector in the region accounting
Bermuda $16.1 1.5% 1941.9%
for approximately 30.1% of the overall deal volume. Takeda Pharmaceutical Co Ltd’s announced
acquisition of Shire Plc for $80.2 billion was the largest deal announced within the sector as well as Chile $8.7 0.8% 337.2%
globally. British Virgin Islands $6.4 0.6% 33.1%
• Morgan Stanley ranked as the top financial adviser in the Americas with a market share of 41.1% and Mexico $1.0 0.1% -69.2%
involvement in 93 deals including the pending acquisition of Sprint Corp by T-Mobile US Inc for $57.8 Colombia $0.7 0.1% -56.7%
billion.
Americas M&A: Highlights of 1H 2018 Americas M&A: Industry Breakdown
Total Value Amount % YoY
Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change
Number of deals 9,020 Takeda Pharmaceutical Co Consumer Non-cyclical $331.2 30.3% 94.0%
5/8/2018 Shire PLC - $80,163.1
Volume (Bln.) $1,070.8 Ltd Financial $208.1 19.1% 45.1%
Avg Deal Size (Mln.) $118.5 Energy $129.4 11.9% -3.0%
3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7
Communications $108.3 9.9% 101.8%
Top Adviser Technology $94.0 8.6% 132.0%
4/29/2018 Sprint Corp T-Mobile US Inc - $57,805.6
Morgan Stanley Industrial $75.5 6.9% 38.9%
Number of deals 93 Consumer Cyclical $66.7 6.1% -12.6%
4/30/2018 Andeavor Marathon Petroleum Corp - $30,465.0
Volume (Bln.) $440.0 Utilities $46.0 4.2% 115.8%
Avg Deal Size (Bln.) $4.7 Brookfield Property Basic Materials $31.8 2.9% 187.9%
3/27/2018 GGP Inc - $27,760.8
Partners LP Diversified $0.7 0.1% 407.5%

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

Amount % Change % Change
$1,000 6,000 Deal Type (Bln.) Deal Count Volume
5,000 Company Takeover $771.8 5.5% 77.3%
$800
Cross Border $349.8 3.2% 37.8%
4,000
$600 Private Equity $243.8 7.7% 16.9%
3,000
Asset sale $159.2 -9.2% 2.5%
$400
2,000 Tender Offer $63.2 -35.7% 15.7%
$200 1,000 Venture Capital $40.3 8.8% 28.4%
Spin-off $11.5 70.0% -33.2%
$0 0
2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 Minority purchase $89.4 10.8% 67.4%
Majority purchase $37.4 -0.7% 121.2%
Volume $(Bln.) Deal Count
5
Quarterly Volume represents any involvement (target, seller, or acquirer).
US Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 US Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 39.6 487,309 109 2 23.0 16.5 Morgan Stanley 1 40.7 416,574 92 2 26.9 13.7
Goldman Sachs & Co LLC 2 34.5 424,505 141 1 30.6 3.8 Goldman Sachs & Co LLC 2 39.8 407,259 122 1 32.1 7.7
JPMorgan Chase & Co 3 31.6 389,197 120 4 17.5 14.1 JPMorgan Chase & Co 3 31.8 325,771 98 3 18.4 13.4
Evercore Inc 4 21.9 269,865 64 9 8.2 13.7 Citigroup Inc 4 21.8 222,781 70 4 16.8 4.9
Citigroup Inc 5 20.7 255,262 81 3 19.4 1.4 Evercore Inc 5 20.0 204,884 54 7 9.1 10.9
Barclays PLC 6 16.1 198,730 72 6 13.1 3.0 Centerview Partners LLC 6 17.5 179,235 25 12 5.7 11.8
Centerview Partners LLC 7 14.6 179,235 25 15 4.7 9.9 Credit Suisse Group AG 7 14.7 151,044 60 8 7.0 7.7
Credit Suisse Group AG 8 13.2 162,743 66 7 12.3 0.9 Barclays PLC 8 13.7 140,402 58 6 15.1 -1.4
Lazard Ltd 9 11.9 146,747 53 8 8.3 3.6 Lazard Ltd 9 11.7 119,484 37 13 5.2 6.5
Bank of America Merrill Lynch 10 11.5 142,229 61 5 17.4 -5.8 Deutsche Bank AG 10 9.9 101,759 30 11 5.9 4.0
PJT Partners Inc 11 9.5 117,444 13 21 2.8 6.8 Bank of America Merrill Lynch 11 9.1 93,526 51 5 15.7 -6.6
Deutsche Bank AG 12 9.5 116,741 33 12 5.4 4.1 Nomura Holdings Inc 12 7.9 81,313 6 40 0.7 7.3
Nomura Holdings Inc 13 6.8 83,213 8 30 1.1 5.6 PJT Partners Inc 13 6.8 69,315 10 20 3.4 3.4
RBC Capital Markets 14 5.6 68,442 48 11 5.9 -0.4 RBC Capital Markets 14 6.3 64,742 42 10 6.4 -0.1
Wells Fargo & Co 15 5.1 62,683 20 19 3.4 1.7 Sumitomo Mitsui Financial Group Inc 15 5.7 58,010 5 49 0.5 5.2
Sumitomo Mitsui Financial Group Inc 16 4.7 58,010 5 38 0.8 3.9 Mizuho Financial Group Inc 16 5.7 57,836 4 46 0.6 5.1
Raine Group LLC 17 4.7 57,986 3 97 0.1 4.6 Raine Group LLC 17 5.6 57,806 2 86 0.1 5.5
Mizuho Financial Group Inc 18 4.7 57,836 4 49 0.5 4.2 Guggenheim Capital LLC 18 3.9 40,338 9 24 1.6 2.3
Rothschild & Co 19 4.5 55,223 53 16 4.0 0.5 UBS AG 19 3.3 33,724 24 9 6.7 -3.4
UBS AG 20 3.7 45,147 34 10 6.1 -2.4 Jefferies LLC 20 3.2 32,857 61 17 3.8 -0.6
TOTAL 1,232,190 9,682 835,191 TOTAL 1,024,416 7,937 685,910

Canada Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Canada Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 29.7 42,750 14 7 11.4 18.3 TD Securities Inc 1 39.8 30,087 16 4 23.2 16.7
Citigroup Inc 2 29.2 42,092 12 8 11.3 17.9 Goldman Sachs & Co LLC 2 33.9 25,624 9 3 25.9 8.0
JPMorgan Chase & Co 3 29.2 42,065 15 1 33.2 -4.0 Morgan Stanley 3 30.6 23,103 7 14 6.7 23.9
Goldman Sachs & Co LLC 4 21.9 31,577 11 2 25.0 -3.1 Citigroup Inc 4 29.4 22,247 7 8 12.5 16.9
TD Securities Inc 5 21.5 31,012 18 5 17.6 3.9 Bank of America Merrill Lynch 5 27.9 21,066 2 11 7.9 20.0
Deutsche Bank AG 6 16.8 24,181 4 19 4.6 12.2 JPMorgan Chase & Co 6 27.0 20,374 7 1 36.6 -9.6
RBC Capital Markets 7 16.0 23,028 22 3 22.7 -6.7 Centerview Partners LLC 7 22.5 17,000 1 - - 22.5
Bank of America Merrill Lynch 8 15.6 22,423 6 12 7.2 8.4 Canson Capital Partners 7 22.5 17,000 1 - - 22.5
Centerview Partners LLC 9 12.0 17,300 3 16 5.7 6.4 Guggenheim Capital LLC 7 22.5 17,000 1 - - 22.5
Canson Capital Partners 10 11.8 17,000 1 - - 11.8 RBC Capital Markets 10 17.7 13,348 17 2 26.4 -8.8
Guggenheim Capital LLC 10 11.8 17,000 1 - - 11.8 Lazard Ltd 11 14.7 11,122 4 9 10.4 4.3
BMO Capital Markets Corp/Toronto 12 11.8 16,951 26 13 7.2 4.6 BMO Capital Markets Corp/Toronto 12 14.3 10,810 21 12 7.3 7.0
Lazard Ltd 13 11.7 16,860 9 9 10.4 1.3 Bank of Nova Scotia/The 13 10.4 7,878 15 5 23.2 -12.7
Rothschild & Co 14 9.8 14,094 11 18 4.8 5.0 CIBC 14 9.1 6,897 14 7 15.0 -5.8
China International Capital Corp Ltd 15 9.7 14,000 1 - - 9.7 Greenhill & Co Inc 15 8.4 6,310 2 33 0.5 7.9
CITIC Securities Co Ltd 15 9.7 14,000 1 - - 9.7 Canaccord Genuity Corp 16 5.9 4,460 11 30 0.7 5.2
Barclays PLC 17 8.5 12,240 10 4 17.8 -9.3 Sinolink Securities Co Ltd 17 5.4 4,066 1 - - 5.4
Credit Suisse Group AG 18 7.4 10,638 9 11 7.3 0.1 GMP Securities LP 18 4.9 3,732 8 28 0.8 4.2
PJT Partners Inc 19 6.6 9,547 4 24 2.6 4.0 Credit Suisse Group AG 19 3.4 2,565 5 15 4.6 -1.2
CIBC 20 5.8 8,293 17 10 9.9 -4.2 GMP FirstEnergy 20 3.3 2,504 2 - - 3.3
TOTAL 144,051 1,750 139,796 TOTAL 75,580 1,171 79,348

6
Latin America Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Brazil Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 45.7 23,452 7 1 15.9 29.9 Banco Itau BBA SA 1 70.9 19,974 13 8 8.3 62.7
Bank of America Merrill Lynch 2 39.6 20,318 9 3 12.8 26.8 Morgan Stanley 2 68.8 19,386 5 3 16.1 52.8
Banco Itau BBA SA 3 38.9 19,974 13 11 5.4 33.6 Riza Capital Consultoria de Investimentos 3 58.0 16,332 4 - - 58.0
Riza Capital Consultoria de Investimentos 4 31.8 16,332 4 - - 31.8 Bank of America Merrill Lynch 4 54.0 15,219 4 1 19.2 34.9
JPMorgan Chase & Co 5 30.5 15,664 6 13 4.7 25.8 JPMorgan Chase & Co 5 51.0 14,362 1 9 7.3 43.7
Banco BTG Pactual SA 6 11.2 5,753 8 5 10.7 0.5 Banco BTG Pactual SA 6 19.5 5,480 6 2 16.4 3.1
Goldman Sachs & Co LLC 7 11.0 5,636 8 15 3.9 7.1 Banco Bradesco BBI SA 7 12.5 3,528 5 6 11.4 1.1
Sinolink Securities Co Ltd 8 7.9 4,066 1 - - 7.9 Credit Suisse Group AG 8 4.3 1,207 3 5 12.8 -8.5
Banco Bradesco BBI SA 9 6.9 3,528 5 7 7.4 -0.6 Cooperatieve Rabobank UA 9 3.4 969 1 30 - 3.4
Citigroup Inc 10 6.0 3,058 7 12 4.8 1.2 Jefferies LLC 9 3.4 969 1 - - 3.4
Credit Suisse Group AG 11 4.2 2,150 6 2 14.2 -10.0 Goldman Sachs & Co LLC 11 2.5 693 3 13 2.5 0.0
Lazard Ltd 12 3.3 1,695 7 8 7.2 -3.9 Vinci Partners Investimentos Ltda 12 2.2 606 2 30 - 2.2
Jefferies LLC 13 2.5 1,269 2 - - 2.5 Moelis & Co 13 0.9 250 1 21 0.8 0.1
GBS Finanzas SA 14 2.2 1,120 1 34 0.1 2.1 Ernst & Young 14 0.2 56 1 - - 0.2
Deutsche Bank AG 14 2.2 1,120 1 41 - 2.2 XP Investimentos Corretora de Cambio 15 0.1 22 1 9 7.3 -7.2
Cooperatieve Rabobank UA 16 1.9 969 1 41 - 1.9 Lazard Ltd 16 - - 2 11 4.8 -4.8
Vinci Partners Investimentos Ltda 17 1.2 606 2 41 - 1.2 Rothschild & Co 16 - - 1 15 2.1 -2.1
Rothschild & Co 18 0.8 421 4 16 3.9 -3.0 Cypress Associates 16 - - 2 - - -
Houlihan Lokey Inc 19 0.6 300 1 - - 0.6 HSBC Bank PLC 16 - - 2 14 2.2 -2.2
Greenhill & Co Inc 20 0.6 284 2 - - 0.6 Artica Participacoes e Assessoria Financeira 16 - - 4 30 - -
TOTAL 51,291 388 38,776 TOTAL 28,164 187 25,197

Latin America Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018 Brazil Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 38.1 30,395 8 2 27.9 10.2 Banco Itau BBA SA 1 77.2 19,974 13 8 8.6 68.7
Bank of America Merrill Lynch 2 25.2 20,121 8 1 30.4 -5.1 Morgan Stanley 2 67.5 17,467 3 5 10.3 57.3
Banco Itau BBA SA 3 25.1 19,974 13 14 3.1 21.9 Riza Capital Consultoria de Investimentos 3 63.2 16,332 4 - - 63.2
Riza Capital Consultoria de Investimentos 4 20.5 16,332 4 - - 20.5 Bank of America Merrill Lynch 4 58.9 15,219 4 3 16.3 42.6
JPMorgan Chase & Co 5 19.7 15,664 6 12 3.2 16.5 JPMorgan Chase & Co 5 55.5 14,362 1 6 8.8 46.8
Citigroup Inc 6 16.5 13,150 7 3 27.4 -10.9 Banco BTG Pactual SA 6 21.2 5,480 6 1 17.8 3.4
Banco BTG Pactual SA 7 7.2 5,753 8 9 7.3 -0.1 Banco Bradesco BBI SA 7 13.6 3,528 5 4 13.8 -0.2
Goldman Sachs & Co LLC 8 7.1 5,636 8 4 26.8 -19.7 Goldman Sachs & Co LLC 8 2.7 693 3 15 1.1 1.6
Sinolink Securities Co Ltd 9 5.1 4,066 1 - - 5.1 Vinci Partners Investimentos Ltda 9 2.3 606 2 28 - 2.3
Banco Bradesco BBI SA 10 4.4 3,528 5 10 5.0 -0.6 Credit Suisse Group AG 10 1.0 257 2 9 8.5 -7.5
Credit Suisse Group AG 11 3.2 2,562 7 11 3.6 -0.4 Moelis & Co 11 1.0 250 1 18 0.9 0.0
Gram Capital Ltd 12 3.1 2,444 4 19 1.9 1.2 Ernst & Young 12 0.2 56 1 - - 0.2
Goldin Financial Holdings Ltd 13 2.9 2,295 2 - - 2.9 XP Investimentos Corretora de Cambio 13 0.1 22 1 6 8.8 -8.7
Lazard Ltd 14 2.4 1,940 8 15 2.9 -0.5 Artica Participacoes e Assessoria Financeira 14 - - 4 28 - -
China International Capital Corp Ltd 15 1.7 1,311 1 - - 1.7 Lazard Ltd 14 - - 2 21 0.5 -0.5
GBS Finanzas SA 16 1.4 1,120 1 41 0.1 1.3 Broadspan Asset Management LLC 14 - - 1 - - -
Deutsche Bank AG 16 1.4 1,120 1 59 - 1.4 Rothschild & Co 14 - - 1 12 2.5 -2.5
Vinci Partners Investimentos Ltda 18 0.8 606 2 59 - 0.8 RGS Partners Assessoria em Fusoes 14 - - 4 26 0.1 -0.1
Rothschild & Co 19 0.5 421 5 16 2.6 -2.1 Pi Capital International LLC 14 - - 1 - - -
Jefferies LLC 20 0.4 300 2 59 - 0.4 Cypress Associates 14 - - 2 - - -
TOTAL 79,718 461 57,157 TOTAL 25,861 166 20,885

7
EMEA M&A Regional Review EMEA M&A: Country Breakdown

Global M&A Review | 1H 2018

Amount % YoY
• Deal volume for EMEA-based targets increased 34.8% from the same period last year to $527.5 Country (Bln.) % of Total Change
billion. The United Kingdom was the most sought-after country in 1H2018, with $182.4 billion in United Kingdom $182.1 32.2% 53.8%
transactions. Germany $92.8 16.4% 229.3%
• The communications sector was the most targeted industry experiencing a year-over-year growth of Spain $36.5 6.4% 93.7%
658.7% and accounting for 20.3% of the transactions for the period. Comcast Corp's pending Switzerland $32.1 5.7% -3.5%
acquisition of Sky PLC for $40.6 billion was the largest deal announced in the sector and region.
France $30.8 5.4% -59.0%
• Private equity activity for EMEA-based targets reached a volume of $150.7 billion in 1H2018,
Netherlands $25.7 4.5% 56.6%
representing a 24.4% increase from the same period last year.
Italy $22.3 3.9% -41.6%
Finland $1.5 0.3% -67.4%

EMEA M&A Highlights of 1H 2018 EMEA M&A: Industry Breakdown

Total Value Amount % YoY
Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change
Number of deals 5,472 Financial $112.4 19.3% -12.4%
4/25/2018 Sky PLC Comcast Corp - $40,647.0
Volume (Bln.) $566.0 Communications $106.5 18.3% 608.9%
Avg Deal Size (Mln.) $103.4 EDP - Energias de Portugal Consumer Non-cyclical $101.7 17.4% 12.1%
5/11/2018 China Three Gorges Corp - $28,159.9
SA Utilities $80.7 13.8% 359.7%
Top Adviser Consumer Cyclical $55.3 9.5% -13.9%
5/9/2018 Multiple Targets Vodafone Group PLC Liberty Global PLC $21,813.2
Morgan Stanley Industrial $46.7 8.0% 7.1%
Number of deals 46 Energy $32.5 5.6% -6.6%
3/12/2018 Innogy SE E.ON SE RWE AG $21,669.9
Volume (Bln.) $156.1 Technology $23.6 4.0% 71.6%
Avg Deal Size (Bln.) $3.4 Consumer healthcare Basic Materials $22.8 3.9% 290.9%
3/27/2018 GlaxoSmithKline PLC Novartis AG $13,000.0
business/Novartis AG Diversified $0.8 0.1% -83.6%

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

Amount % Change % Change
$500 5,000 Deal Type (Bln.) Deal Count Volume

$400 4,000 Company Takeover $329.8 -7.7% 57.8%

Cross Border $437.2 -3.5% 46.4%
$300 3,000 Private Equity $160.3 -7.3% 27.7%

$200 2,000 Asset sale $145.5 -4.6% 59.3%

Tender Offer $142.5 -39.2% 72.5%
$100 1,000 Venture Capital $13.7 -3.3% 66.6%
Spin-off $12.5 58.8% 241.1%
$0 0
2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 Minority purchase $42.9 -8.4% -7.9%
Majority purchase $50.4 -1.6% -3.4%
Volume $(Bln.) Deal Count
8
Quarterly Volume represents any involvement (target, seller, or acquirer).
Europe Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Europe Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 29.6 209,826 66 4 19.2 10.4 Morgan Stanley 1 26.5 151,664 52 9 14.7 11.8
JPMorgan Chase & Co 2 24.7 175,074 80 7 15.4 9.3 Bank of America Merrill Lynch 2 22.2 126,994 32 3 22.5 -0.3
Goldman Sachs & Co LLC 3 20.3 143,927 75 1 28.8 -8.5 JPMorgan Chase & Co 3 21.7 123,946 67 7 15.8 5.9
Lazard Ltd 4 19.1 135,258 72 6 16.2 2.9 Lazard Ltd 4 20.0 114,064 63 5 18.3 1.7
Bank of America Merrill Lynch 5 18.6 132,038 40 2 23.7 -5.0 Rothschild & Co 5 19.3 110,227 132 4 21.3 -2.0
Citigroup Inc 6 16.7 118,396 51 3 22.0 -5.3 Goldman Sachs & Co LLC 6 18.9 107,813 57 2 24.3 -5.5
Rothschild & Co 7 15.6 110,227 137 5 18.0 -2.4 Citigroup Inc 7 15.9 90,615 40 1 25.5 -9.7
UBS AG 8 13.4 94,980 33 10 9.2 4.2 UBS AG 8 15.8 90,155 27 10 10.9 4.9
Barclays PLC 9 12.7 89,798 37 16 4.8 7.8 Barclays PLC 9 14.9 85,035 28 14 5.6 9.3
Evercore Inc 10 10.4 73,409 22 30 1.6 8.8 Evercore Inc 10 12.5 71,473 20 29 1.8 10.7
Robey Warshaw LLP 11 9.3 65,631 3 15 5.8 3.5 Robey Warshaw LLP 11 11.5 65,631 3 23 3.0 8.5
PJT Partners Inc 12 7.6 54,096 6 22 2.8 4.8 PJT Partners Inc 12 9.5 54,096 6 21 3.2 6.2
Credit Suisse Group AG 13 6.9 48,527 43 9 13.1 -6.2 Credit Suisse Group AG 13 8.2 46,914 33 8 15.1 -6.9
BNP Paribas SA 14 6.6 47,009 35 8 14.4 -7.8 BNP Paribas SA 14 7.9 45,264 29 6 17.4 -9.5
Wells Fargo & Co 15 6.1 43,065 8 20 3.3 2.8 Wells Fargo & Co 15 7.4 42,395 6 19 3.6 3.8
LionTree Advisors LLC 16 5.6 39,854 5 143 0.0 5.6 LionTree Advisors LLC 16 7.0 39,854 5 195 - 7.0
Banco Comercial Portugues SA 17 5.6 39,409 2 92 0.1 5.5 Banco Comercial Portugues SA 17 6.9 39,409 2 87 0.1 6.8
Deutsche Bank AG 18 4.7 33,126 21 11 8.1 -3.4 RBC Capital Markets 18 4.0 23,083 11 32 1.5 2.6
RBC Capital Markets 19 3.3 23,423 18 28 1.7 1.6 Perella Weinberg Partners LP 19 3.8 21,670 3 33 1.4 2.4
Perella Weinberg Partners LP 20 3.1 21,670 3 26 2.3 0.8 Macquarie Group Ltd 20 3.7 21,084 18 41 1.0 2.7
TOTAL 708,684 6,485 540,158 TOTAL 571,412 5,294 443,369

UK Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Germany Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 38.1 122,767 26 2 30.8 7.3 Goldman Sachs & Co LLC 1 50.9 62,897 12 3 10.4 40.6
JPMorgan Chase & Co 2 26.5 85,250 36 5 15.7 10.8 BNP Paribas SA 2 26.1 32,299 3 24 1.2 24.9
Barclays PLC 3 24.7 79,425 22 16 6.0 18.6 Morgan Stanley 3 26.0 32,138 11 5 7.5 18.5
Robey Warshaw LLP 4 20.4 65,631 3 7 13.7 6.7 Rothschild & Co 4 25.7 31,707 15 9 5.0 20.7
Bank of America Merrill Lynch 5 19.1 61,649 21 3 29.2 -10.0 Citigroup Inc 5 23.0 28,395 7 1 16.2 6.8
UBS AG 6 18.9 60,926 15 4 16.8 2.1 JPMorgan Chase & Co 6 22.4 27,713 16 8 5.4 17.0
Goldman Sachs & Co LLC 7 18.8 60,622 36 1 44.3 -25.5 Lazard Ltd 7 22.4 27,672 5 10 3.8 18.6
Rothschild & Co 8 18.4 59,194 68 10 11.8 6.6 Bank of America Merrill Lynch 8 20.5 25,366 5 16 1.9 18.7
Evercore Inc 9 17.1 55,087 18 30 1.6 15.5 UBS AG 9 19.1 23,656 4 7 6.1 13.1
Citigroup Inc 10 17.0 54,851 23 6 15.5 1.5 LionTree Advisors LLC 10 17.7 21,813 1 - - 17.7
PJT Partners Inc 11 16.1 51,895 5 14 6.3 9.9 Robey Warshaw LLP 10 17.7 21,813 1 - - 17.7
Wells Fargo & Co 12 12.6 40,647 3 13 7.0 5.6 Perella Weinberg Partners LP Goetzpartners 12 17.5 21,670 1 - - 17.5
Credit Suisse Group AG 13 11.7 37,595 23 9 12.5 -0.9 Corporate Finance GmbH Deutsche Bank AG 13 7.7 9,561 5 38 0.4 7.3
LionTree Advisors LLC 14 9.9 31,862 2 89 0.1 9.8 Macquarie Group Ltd 14 6.1 7,480 4 4 8.5 -2.5
Deutsche Bank AG 15 9.3 29,813 10 8 13.0 -3.8 Ernst & Young 14 6.1 7,480 6 20 1.6 4.4
RBC Capital Markets 16 6.9 22,320 13 21 3.7 3.3 Credit Agricole Corporate & Investment Bank 16 5.2 6,367 17 2 13.8 -8.7
Macquarie Group Ltd 17 6.5 20,934 13 34 1.4 5.1 RBC Capital Markets 17 4.5 5,513 2 17 1.7 2.8
Greenhill & Co Inc 18 4.4 14,054 4 25 2.4 2.0 D'Angelin & Co Ltd 18 4.3 5,364 1 56 - 4.3
China International Capital Corp Ltd 19 4.4 14,005 2 35 1.3 3.0 Societe Generale SA 19 3.9 4,788 1 - - 3.9
CITIC Securities Co Ltd 20 4.4 14,000 1 - - 4.4 19 3.9 4,788 1 56 - 3.9
TOTAL 322,186 2,473 227,512 TOTAL 123,587 1,101 51,954

9
France Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Italy Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
JPMorgan Chase & Co 1 50.1 51,714 20 13 8.9 41.2 Rothschild & Co 1 30.8 10,663 16 1 64.5 -33.7
Lazard Ltd 2 34.8 35,875 36 5 24.4 10.3 Studio Tributario Associato Facchini Rossi 2 21.4 7,393 2 - - 21.4
Morgan Stanley 3 28.0 28,891 12 8 13.3 14.7 Goldman Sachs & Co LLC 3 20.8 7,186 6 9 4.6 16.1
Rothschild & Co 4 19.3 19,876 41 2 48.2 -29.0 Barclays PLC 4 12.1 4,190 6 15 2.2 10.0
Ardea Partners LLC 5 14.7 15,201 1 - - 14.7 Morgan Stanley 5 11.9 4,108 3 6 6.4 5.5
BNP Paribas SA 6 13.5 13,918 22 1 56.5 -43.1 Bank of America Merrill Lynch 6 9.2 3,189 3 5 10.0 -0.8
Credit Agricole Corporate & Investment Bank 7 12.1 12,513 8 4 27.8 -15.7 Banco Bradesco BBI SA 7 9.0 3,105 1 - - 9.0
Guggenheim Capital LLC 8 10.8 11,137 1 - - 10.8 Banco Itau BBA SA 7 9.0 3,105 1 34 0.0 8.9
Goldman Sachs & Co LLC 9 8.6 8,902 8 6 21.5 -12.8 Banco BTG Pactual SA 7 9.0 3,105 1 - - 9.0
Citigroup Inc 10 8.5 8,764 6 3 34.9 -26.4 Mediobanca Banca di Credito Finanziario SpA 10 8.8 3,049 3 4 37.5 -28.7
Societe Generale SA 11 7.6 7,820 7 7 17.5 -10.0 Credit Suisse Group AG 11 8.3 2,887 2 11 3.6 4.7
Evercore Inc 12 5.6 5,784 4 19 1.6 4.0 Nomura Holdings Inc 12 6.2 2,140 3 31 0.1 6.1
D'Angelin & Co Ltd 13 4.6 4,788 1 - - 4.6 Lazard Ltd 13 6.1 2,104 10 14 2.3 3.8
Banco Santander SA 14 2.9 3,002 2 50 - 2.9 UBS AG 14 4.3 1,472 3 23 0.4 3.9
PJT Partners Inc 15 2.1 2,201 1 - - 2.1 Deutsche Bank AG 15 3.2 1,109 2 7 5.0 -1.8
Arpwood Capital Pvt Ltd 16 2.0 2,101 1 - - 2.0 JPMorgan Chase & Co 16 2.2 756 6 8 5.0 -2.8
Bank of America Merrill Lynch 16 2.0 2,101 1 11 11.0 -9.0 Alpha Bank AE 17 1.9 660 1 - - 1.9
Nomura Holdings Inc 18 1.3 1,310 4 17 3.9 -2.6 Alantra Srl 17 1.9 660 2 20 0.7 1.2
Ernst & Young 19 1.2 1,191 5 35 0.3 0.9 Robert W Baird & Co Inc 19 1.9 639 4 19 0.8 1.1
KPMG Corporate Finance LLC 20 1.0 1,000 7 40 0.2 0.8 BNP Paribas SA 20 1.8 630 7 3 59.6 -57.8
TOTAL 103,228 919 134,357 TOTAL 34,602 371 44,248

Benelux Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Iberia Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Lazard Ltd 1 42.9 33,075 18 6 18.1 24.8 Banco Comercial Portugues SA 1 52.1 39,409 2 29 1.8 50.3
JPMorgan Chase & Co 2 34.7 26,733 15 2 30.1 4.6 Lazard Ltd 2 43.0 32,522 5 12 8.3 34.7
Evercore Inc 3 19.1 14,738 2 23 2.8 16.4 Morgan Stanley 3 42.3 32,040 5 1 21.2 21.2
Goldman Sachs & Co LLC 4 18.7 14,363 9 7 15.7 3.0 Bank of America Merrill Lynch 4 37.7 28,565 4 15 7.3 30.4
Morgan Stanley 5 17.5 13,505 11 9 12.5 5.1 UBS AG 5 37.2 28,160 3 5 15.0 22.2
HSBC Bank PLC 6 17.0 13,080 3 30 0.6 16.4 Citigroup Inc 6 20.5 15,514 7 4 15.2 5.3
Citigroup Inc 7 9.7 7,454 3 1 33.7 -24.0 Banco Santander SA 7 10.5 7,950 8 7 9.8 0.7
BNP Paribas SA 8 7.0 5,354 6 4 21.7 -14.7 JPMorgan Chase & Co 8 9.8 7,419 3 3 18.2 -8.4
Barclays PLC 9 6.0 4,605 5 24 2.4 3.5 Societe Generale SA 9 7.9 5,966 2 17 4.7 3.1
Credit Suisse Group AG 10 5.5 4,256 5 12 5.2 0.3 PricewaterhouseCoopers LLP 10 5.4 4,063 30 16 5.1 0.3
LionTree Advisors LLC 11 4.5 3,438 2 - - 4.5 Goldman Sachs & Co LLC 11 5.1 3,860 5 8 9.8 -4.7
Kempen & Co NV 12 4.3 3,275 4 51 0.0 4.2 Evercore Inc 12 2.9 2,200 2 30 1.7 1.3
Banco Santander SA 13 3.8 2,897 1 - - 3.8 Alantra Srl 13 2.0 1,529 2 24 2.9 -0.8
Rothschild & Co 14 3.4 2,595 25 3 28.0 -24.6 Deutsche Bank AG 14 1.8 1,368 3 13 7.7 -5.9
Wells Fargo & Co 15 2.6 1,990 3 - - 2.6 RBC Capital Markets 15 1.6 1,178 1 46 0.2 1.4
Bank of America Merrill Lynch 16 2.4 1,847 5 10 11.7 -9.3 GBS Finanzas SA 16 1.5 1,120 2 44 0.3 1.2
Nomura Holdings Inc 17 2.4 1,811 3 28 1.1 1.2 Barclays PLC 17 1.4 1,058 4 23 2.9 -1.5
UBS AG 18 2.1 1,617 2 17 3.9 -1.8 Ernst & Young 18 1.4 1,029 25 6 14.6 -13.2
BMO Capital Markets Corp/Toronto 19 1.9 1,470 2 13 4.6 -2.7 Rothschild & Co 19 1.1 824 7 2 18.3 -17.2
Jefferies LLC 20 1.6 1,209 6 35 0.4 1.2 Alpha Bank AE 20 0.9 660 1 - - 0.9
TOTAL 77,031 802 79,530 TOTAL 75,712 378 32,657

10
Nordic Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Eastern Europe Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
LionTree Advisors LLC 1 31.1 18,041 3 51 0.2 31.0 JPMorgan Chase & Co 1 15.9 6,744 5 30 - 15.9
Morgan Stanley 2 30.7 17,813 10 7 9.1 21.6 BNP Paribas SA 2 10.3 4,395 2 30 - 10.3
Barclays PLC 3 27.0 15,646 6 38 0.6 26.4 Rothschild & Co 3 9.0 3,809 5 1 11.6 -2.6
Nordea Bank AB 4 25.3 14,645 4 5 10.1 15.1 Morgan Stanley 4 8.9 3,785 3 2 10.4 -1.5
Macquarie Group Ltd 5 17.3 10,049 3 36 0.9 16.5 LionTree Advisors LLC 5 8.1 3,438 1 - - 8.1
Goldman Sachs & Co LLC 6 11.4 6,598 7 2 14.6 -3.2 Barclays PLC 5 8.1 3,438 1 - - 8.1
Citigroup Inc 7 10.6 6,161 9 16 3.3 7.3 Goldman Sachs & Co LLC 7 6.4 2,713 4 18 0.7 5.7
Rothschild & Co 8 10.6 6,145 11 28 1.5 9.1 VTB Capital JSC 8 5.8 2,448 4 4 8.7 -2.9
Bank of America Merrill Lynch 9 9.3 5,400 5 9 6.7 2.6 PJT Partners Inc 9 5.2 2,201 1 - - 5.2
Ondra LLP 10 7.9 4,553 1 - - 7.9 Evercore Inc 10 5.2 2,200 1 8 3.5 1.7
JPMorgan Chase & Co 11 7.2 4,182 9 1 18.0 -10.8 Citigroup Inc 11 3.0 1,281 3 9 3.3 -0.3
BNP Paribas SA 12 5.9 3,438 2 63 - 5.9 Deutsche Bank AG 12 2.8 1,172 2 3 8.9 -6.1
Skandinaviska Enskilda Banken AB 13 5.0 2,900 11 21 2.3 2.7 Credit Suisse Group AG 13 2.1 893 4 - - 2.1
Evercore Inc 14 4.3 2,481 3 23 2.1 2.2 Bank of America Merrill Lynch 14 1.4 606 1 - - 1.4
Svenska Handelsbanken AB 15 4.2 2,432 5 30 1.1 3.1 UniCredit SpA 15 0.9 393 1 30 - 0.9
Ernst & Young 16 4.0 2,338 17 3 11.0 -7.0 Superia Corporate Finance 16 0.9 386 3 - - 0.9
Carnegie Fondkommission AB 17 3.5 2,009 13 45 0.4 3.1 Lazard Ltd 17 0.7 286 2 11 2.1 -1.5
Deutsche Bank AG 18 3.3 1,904 5 34 1.0 2.3 Avendus Capital Pvt Ltd 18 0.5 210 2 - - 0.5
Lazard Ltd 19 2.7 1,562 7 6 9.2 -6.5 Houlihan Lokey Inc 19 0.4 153 1 19 0.5 -0.2
Sundling & Warn Partners 20 2.1 1,195 1 - - 2.1 UBS AG 19 0.4 153 2 30 - 0.4
TOTAL 57,978 975 37,092 TOTAL 42,489 557 21,902

Africa/ME Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018

2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
JPMorgan Chase & Co 1 34.5 30,122 11 11 4.0 30.5
Barclays PLC 2 22.9 20,026 5 24 0.7 22.2
Goldman Sachs & Co LLC 3 22.8 19,899 5 5 6.2 16.6
Morgan Stanley 4 11.9 10,392 5 9 4.1 7.8
Bank of America Merrill Lynch 5 10.7 9,350 4 8 4.6 6.1
Lazard Ltd 6 9.9 8,627 6 13 3.2 6.6
Evercore Inc 7 9.0 7,834 3 50 - 9.0
Rothschild & Co 8 8.3 7,283 10 23 1.1 7.2
Greenhill & Co Inc 9 7.8 6,833 1 25 0.5 7.3
Credit Agricole Corporate & Investment Bank 10 6.5 5,634 2 30 0.4 6.1
Citigroup Inc 11 4.5 3,927 5 14 3.0 1.6
Banco Santander SA 12 3.3 2,897 1 - - 3.3
Arpwood Capital Pvt Ltd 13 2.4 2,101 1 - - 2.4
UBS AG 14 1.2 1,033 3 1 17.8 -16.6
Alantra Srl 15 1.0 869 1 - - 1.0
PowerOne Capital Markets Ltd 16 0.9 748 1 - - 0.9
GMP Securities LP 16 0.9 748 1 15 2.5 -1.6
KPMG Corporate Finance LLC 18 0.6 520 5 41 0.1 0.5
PricewaterhouseCoopers LLP 19 0.5 446 6 32 0.2 0.3
Ares Management LP 20 0.5 400 1 - - 0.5
TOTAL 87,402 723 45,574

11
APAC M&A Regional Review APAC M&A: Quarterly Volume
$600 6,000

Global M&A Review | 1H 2018

• In 1H2018, M&A activity targeting the Asia-Pacific region experienced an increase of 10.8% to $452.5 $400 4,000
billion compared to the same period last year. Deals exceeding $1.0 billion in value increased by 3.2% $200 2,000
to 64 deals. The value of deals targeting Chinese companies or assets in China accounted for 51.1% of
$0 0
the total deal volume.
• The financial and communications sectors were the most targeted industries, accounting for 41.0% of
the region's overall volume. The pending acquisition of Flipkart Online Services to a consortium led by Volume $(Bln.) Deal Count
Walmart Inc for approximately $16.0 billion was the largest private equity deal announced both in the
region and quarter. Australia/NZ M&A: Quarterly Volume
• Private equity related deals increased 32.7% year-on-year to $119.6 billion. Sequoia Capital was the $60 600
most active investor in 1H2018 with its involvement in 35 deals including the $2.5 billion round of
financing for Jingdong Express Group Corp. $40 400
APAC M&A: Highlights of 1H 2018
Total $20 200
Summary Date Target Acquirer Seller Value
Number of deals 6,659 Flipkart Online Services Pvt $0 0
5/9/2018 Walmart Inc Multiple Sellers $16,000.0
Volume (Bln.) $452.5 Ltd

Avg Deal Size (Mln.) $68.0 Zhejiang Ant Small & Micro
6/8/2018 Multiple Acquirers - $14,000.0 Volume $(Bln.) Deal Count
Financial Services Group Co

Top Adviser Yantai Wanhua Chemical Co Wanhua Chemical Group Greater China M&A: Quarterly Volume
5/9/2018 Multiple Sellers $10,231.6
JPMorgan Chase & Co Ltd Co Ltd $300 3000
Number of deals 11 Inner Mongolia BaoTou Steel Baotou Iron and Steel
4/20/2018 - $8,151.9 $200 2000
Volume (Bln.) $40.2 Union Co Ltd Group Co Ltd

Avg Deal Size (Bln.) $3.7 $100 1000

5/18/2018 Bhushan Steel Ltd TATA Steel Ltd - $6,808.9

$0 0

APAC M&A: Breakdown

Amount % % YoY
Volume $(Bln.) Deal Count
APAC Industry Breakdown Financial Deal Type (Bln.) Change Change
Communications Company Takeover $173.3 -2.0% 7.1% Japan M&A: Quarterly Volume
4% 3% 0%
Consumer Cyclical Cross Border $179.8 -0.9% 16.3% $150 1000
Consumer Non-cyclical Private Equity $119.6 2.5% 32.7%
7% $100
25% Industrial Asset sale $47.1 -3.5% -16.3%
500
10% Tender Offer $16.6 -11.1% -25.0%
Basic Materials $50
11% Venture Capital $50.2 8.4% 113.2%
14% Technology
Spin-off $4.4 2.1% -53.7% $0 0
13% Energy
13% Minority purchase $125.0 9.3% 26.4%
Utilities
Majority purchase $86.8 -4.4% 34.2% Volume $(Bln.) Deal Count
Diversified
Graphs represent any regional involvement (target, seller, or acquirer).

12
APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 14.4 84,845 35 3 10.6 3.8 JPMorgan Chase & Co 1 10.6 46,713 14 18 1.8 8.7
JPMorgan Chase & Co 2 14.3 84,279 25 17 2.6 11.7 Citigroup Inc 2 10.1 44,463 27 20 1.7 8.3
Lazard Ltd 3 11.2 66,058 23 19 2.2 9.0 Goldman Sachs & Co LLC 3 7.3 32,099 22 2 8.1 -0.9
Citigroup Inc 4 10.8 63,591 34 6 5.0 5.8 China International Capital Corp Ltd 4 6.9 30,302 15 4 6.9 0.0
Bank of America Merrill Lynch 5 10.0 59,219 18 4 9.4 0.7 CITIC Securities Co Ltd 5 6.2 27,144 16 7 4.1 2.0
Goldman Sachs & Co LLC 6 9.7 57,226 36 1 11.3 -1.6 Deutsche Bank AG 6 5.6 24,929 11 12 3.2 2.5
UBS AG 7 7.6 44,840 21 2 10.6 -3.1 Morgan Stanley 7 5.5 24,443 21 3 7.8 -2.3
Banco Comercial Portugues SA 8 6.7 39,409 2 119 0.1 6.6 Barclays PLC 8 3.8 16,898 5 27 1.0 2.8
China International Capital Corp Ltd 9 5.5 32,370 19 5 5.8 -0.4 UBS AG 9 3.8 16,626 18 1 8.5 -4.8
Barclays PLC 10 4.7 27,650 9 23 1.7 3.0 Macquarie Group Ltd 10 3.5 15,420 16 15 2.2 1.3
CITIC Securities Co Ltd 11 4.6 27,144 16 9 3.4 1.2 Credit Suisse Group AG 11 2.7 12,085 21 21 1.6 1.2
Deutsche Bank AG 12 4.4 26,049 13 16 2.8 1.6 CSC Financial Co Ltd 12 2.6 11,450 16 19 1.8 0.8
Macquarie Group Ltd 13 4.3 25,507 22 18 2.3 2.0 Ernst & Young 13 2.6 11,289 34 13 3.0 -0.5
Evercore Inc 14 3.2 18,773 8 70 0.2 3.0 Bank of America Merrill Lynch 14 2.1 9,281 12 5 5.8 -3.7
Canson Capital Partners 15 2.9 17,000 1 - - 2.9 Haitong Securities Co Ltd 15 2.0 8,824 10 16 1.9 0.1
Centerview Partners LLC 15 2.9 17,000 1 66 0.3 2.6 Lazard Ltd 16 1.6 6,973 14 23 1.4 0.2
TD Securities Inc 15 2.9 17,000 1 84 0.1 2.7 RBC Capital Markets 17 1.4 5,968 3 28 0.9 0.4
Guggenheim Capital LLC 15 2.9 17,000 1 - - 2.9 Huatai Securities Co Ltd 18 1.3 5,940 15 35 0.7 0.6
HSBC Bank PLC 19 2.3 13,630 6 116 0.1 2.2 JM Financial Ltd 19 1.2 5,490 4 79 0.1 1.1
Rothschild & Co 20 2.1 12,499 24 7 4.6 -2.5 Goetzpartners Corporate Finance GmbH 20 1.2 5,364 1 - - 1.2
TOTAL 591,397 6,681 478,457 TOTAL 441,724 5,756 390,812

APAC Private Equity (Any Involvement) 01/01/2018 - 06/30/2018

2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
JPMorgan Chase & Co 1 37.8 82,680 16 11 4.9 32.9
Morgan Stanley 2 24.4 53,346 24 2 19.4 5.0
Goldman Sachs & Co LLC 3 20.2 44,144 20 1 21.0 -0.9
Citigroup Inc 4 19.3 42,124 13 5 14.0 5.2
Lazard Ltd 5 14.5 31,610 13 8 7.2 7.3
Barclays PLC 6 12.1 26,349 3 14 4.5 7.5
Macquarie Group Ltd 7 10.8 23,592 9 9 6.4 4.4
Bank of America Merrill Lynch 8 10.7 23,305 8 4 17.4 -6.7
Deutsche Bank AG 9 9.6 21,064 7 17 3.8 5.8
China International Capital Corp Ltd 10 9.6 20,891 9 41 0.4 9.2
Evercore Inc 11 8.6 18,873 9 46 0.3 8.3
Canson Capital Partners 12 7.8 17,000 1 - - 7.8
Guggenheim Capital LLC 12 7.8 17,000 1 - - 7.8
Centerview Partners LLC 12 7.8 17,000 1 47 0.3 7.5
TD Securities Inc 12 7.8 17,000 1 - - 7.8
CITIC Securities Co Ltd 16 6.4 14,000 1 24 1.6 4.8
HSBC Bank PLC 17 5.8 12,719 2 - - 5.8
Nordea Bank AB 18 4.6 10,049 1 - - 4.6
LionTree Advisors LLC 18 4.6 10,049 1 88 - 4.6
UBS AG 20 4.1 8,893 5 3 18.6 -14.6
TOTAL 218,736 1,608 147,671

13
AU & NZ Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Japan Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Macquarie Group Ltd 1 34.3 22,745 20 2 24.3 10.0 JPMorgan Chase & Co 1 61.0 104,105 11 1 16.9 44.1
Morgan Stanley 2 19.2 12,735 9 12 5.9 13.3 Goldman Sachs & Co LLC 2 59.6 101,754 11 5 11.6 48.0
Citigroup Inc 3 16.5 10,957 11 15 3.9 12.6 Nomura Holdings Inc 3 57.1 97,375 49 3 14.1 42.9
Barclays PLC 4 15.9 10,570 3 25 0.6 15.4 Morgan Stanley 4 52.5 89,622 32 2 14.3 38.2
Nordea Bank AB 5 15.1 10,049 2 - - 15.1 Citigroup Inc 5 48.8 83,276 6 13 3.9 44.9
LionTree Advisors LLC 5 15.1 10,049 1 - - 15.1 Evercore Inc 6 47.1 80,395 3 6 10.6 36.5
JPMorgan Chase & Co 7 14.5 9,611 7 5 11.3 3.2 Barclays PLC 7 9.7 16,600 2 33 0.3 9.5
Deutsche Bank AG 8 11.7 7,794 5 3 18.6 -6.9 Sumitomo Mitsui Financial Group Inc 8 5.3 9,035 88 4 13.2 -7.9
Ernst & Young 9 10.8 7,135 9 7 10.2 0.5 Mizuho Financial Group Inc 9 2.4 4,021 52 9 7.1 -4.8
Lazard Ltd 10 10.5 6,973 10 6 11.0 -0.5 Lazard Ltd 10 1.6 2,710 5 7 9.3 -7.8
Credit Suisse Group AG 11 9.6 6,347 11 16 2.5 7.1 Rothschild & Co 11 1.6 2,663 3 24 1.3 0.3
RBC Capital Markets 12 9.4 6,268 5 9 9.4 0.0 Credit Suisse Group AG 12 1.3 2,181 2 12 5.2 -4.0
Goetzpartners Corporate Finance GmbH 13 8.1 5,364 1 - - 8.1 Daiwa Securities Group Inc 13 1.1 1,915 16 11 5.4 -4.3
UBS AG 14 7.1 4,712 7 1 29.2 -22.1 Bank of America Merrill Lynch 14 0.7 1,196 4 10 6.4 -5.7
Goldman Sachs & Co LLC 15 6.8 4,526 10 4 16.1 -9.3 GCA Corp 15 0.5 890 14 20 1.7 -1.1
Bank of America Merrill Lynch 16 5.6 3,713 8 8 9.5 -3.9 UBS AG 16 0.4 735 2 16 2.7 -2.2
Bank of Nova Scotia/The 17 3.2 2,126 4 - - 3.2 RBC Capital Markets 17 0.4 730 1 - - 0.4
Arpwood Capital Pvt Ltd 18 3.2 2,101 1 - - 3.2 KPMG Corporate Finance LLC 18 0.4 727 4 8 8.7 -8.3
Rothschild & Co 19 2.9 1,943 6 11 6.1 -3.2 Centerview Partners LLC 19 0.4 612 1 - - 0.4
Nomura Holdings Inc 20 2.0 1,295 4 31 0.2 1.7 Cowen & Co LLC 19 0.4 612 1 43 0.1 0.2
TOTAL 66,396 843 45,805 TOTAL 170,683 1,558 78,382

South Korea Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 China Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 9.6 4,055 3 3 8.6 0.9 Morgan Stanley 1 15.2 47,618 12 1 10.4 4.7
Credit Suisse Group AG 2 8.1 3,438 3 6 2.8 5.3 Banco Comercial Portugues SA 2 12.5 39,409 2 72 0.1 12.5
Macquarie Group Ltd 3 6.5 2,762 1 - - 6.5 UBS AG 3 10.8 33,806 9 5 8.0 2.8
Bank of America Merrill Lynch 3 6.5 2,762 1 14 0.9 5.7 Bank of America Merrill Lynch 4 10.4 32,519 4 4 8.8 1.6
Rothschild & Co 5 4.8 2,033 3 - - 4.8 China International Capital Corp Ltd 5 10.3 32,370 19 2 9.8 0.5
JPMorgan Chase & Co 6 3.4 1,429 3 13 0.9 2.5 Lazard Ltd 6 10.0 31,427 8 29 1.0 9.1
Deutsche Bank AG 7 2.9 1,221 1 8 1.7 1.2 CITIC Securities Co Ltd 7 8.5 26,723 15 7 5.7 2.8
Samsung Securities Co Ltd 8 2.0 835 3 10 1.6 0.4 Citigroup Inc 8 8.5 26,697 9 6 6.9 1.6
Ernst & Young 9 1.7 717 7 1 13.4 -11.7 Deutsche Bank AG 9 5.2 16,453 4 19 1.3 4.0
BNP Paribas SA 10 1.3 561 1 19 0.2 1.1 JPMorgan Chase & Co 10 4.8 14,951 6 13 2.3 2.5
UBS AG 10 1.3 561 1 - - 1.3 Goldman Sachs & Co LLC 11 4.3 13,532 13 3 9.6 -5.2
Duff & Phelps LLC 12 1.2 501 1 - - 1.2 CSC Financial Co Ltd 12 3.7 11,481 17 12 2.5 1.2
Barclays PLC 13 1.2 500 1 - - 1.2 Haitong Securities Co Ltd 13 2.8 8,824 10 10 2.8 0.0
RBC Capital Markets 14 1.2 488 1 - - 1.2 Huatai Securities Co Ltd 14 2.1 6,635 16 28 1.0 1.2
NH Investment & Securities Co Ltd 15 1.1 445 3 12 1.0 0.1 Sinolink Securities Co Ltd 15 1.4 4,316 3 - - 1.4
PricewaterhouseCoopers LLP 16 1.0 427 6 4 5.9 -4.9 China Renaissance Partners 16 1.1 3,400 1 78 0.1 1.0
Bank of Nova Scotia/The 17 0.6 250 2 - - 0.6 Messis Capital Ltd 17 1.1 3,290 1 - - 1.1
Citigroup Inc 18 0.5 216 2 - - 0.5 Nomura Holdings Inc 18 0.9 2,855 4 20 1.3 -0.4
Republic Partners Financial 18 0.5 216 1 - - 0.5 China Merchants Securities Co Ltd 19 0.8 2,617 8 18 1.3 -0.5
Nomura Holdings Inc 20 0.4 180 3 - - 0.4 Somerley Group Ltd 20 0.6 1,901 8 17 2.0 -1.4
TOTAL 42,462 905 49,105 TOTAL 314,253 2,765 283,721

14
Hong Kong Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 Taiwan Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
JPMorgan Chase & Co 1 24.2 15,871 5 12 3.5 20.7 Goldman Sachs & Co LLC 1 20.1 1,606 2 3 9.4 10.7
Deutsche Bank AG 2 22.2 14,580 4 - - 22.2 Citigroup Inc 2 9.3 740 2 - - 9.3
Citigroup Inc 3 22.2 14,576 5 37 0.5 21.7 Deloitte Touche Tohmatsu ILA Group Ltd 3 5.7 453 4 - - 5.7
CITIC Securities Co Ltd 4 21.4 14,000 1 19 2.8 18.6 Shenwan Hongyuan Group Co Ltd 4 1.1 88 1 - - 1.1
Morgan Stanley 4 21.4 14,000 5 2 9.5 11.8 Union Square Advisors LLC/NY 5 0.8 66 1 - - 0.8
China International Capital Corp Ltd 4 21.4 14,000 1 24 2.3 19.1 Cowen & Co LLC 6 0.6 45 1 - - 0.6
Goldin Financial Holdings Ltd 7 3.5 2,295 2 26 2.0 1.5 KGI Securities Co Ltd 7 0.5 36 2 4 8.0 -7.6
Gram Capital Ltd 7 3.5 2,295 2 14 3.2 0.3 Morgan Stanley 8 0.4 34 1 - - 0.4
Raymond James & Associates Inc 9 3.2 2,080 2 - - 3.2 Mizuho Financial Group Inc 9 0.4 33 1 - - 0.4
Nomura Holdings Inc 10 3.1 2,007 2 9 5.4 -2.4 KAF Investment Bank Bhd 10 0.1 9 1 - - 0.1
Qatalyst Partners LLC 11 2.6 1,680 1 - - 2.6 Ernst & Young 11 - - 1 - - -
Lazard Ltd 12 2.0 1,337 2 6 7.1 -5.1
Somerley Group Ltd 13 1.8 1,204 8 18 3.0 -1.2
Goldman Sachs & Co LLC 14 1.8 1,170 3 1 14.7 -12.9
HSBC Bank PLC 15 1.6 1,016 3 82 - 1.6
Red Sun Capital Ltd 16 1.3 856 3 41 0.3 1.0
China Construction Bank Corp 17 1.1 691 4 40 0.4 0.6
Euto Capital Partners Ltd 18 0.8 510 1 42 0.3 0.4
Duff & Phelps LLC 19 0.8 501 1 38 0.5 0.3
Moelis & Co 20 0.7 433 3 25 2.1 -1.4
TOTAL 65,582 719 75,060 TOTAL 8,001 94 5,883

SE Asia Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018 India Announced Deals (Any Involvement) 01/01/2018 - 06/30/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
JPMorgan Chase & Co 1 46.4 65,172 5 12 4.0 42.4 JPMorgan Chase & Co 1 43.3 35,436 4 14 1.9 41.3
Citigroup Inc 2 27.3 38,308 6 11 4.1 23.2 Goldman Sachs & Co LLC 2 24.3 19,891 6 3 34.9 -10.6
Goldman Sachs & Co LLC 3 24.5 34,395 5 13 3.6 20.9 Citigroup Inc 3 23.7 19,448 8 13 3.3 20.4
Morgan Stanley 4 23.6 33,142 8 1 9.3 14.3 Morgan Stanley 4 20.2 16,583 3 1 35.1 -14.9
Lazard Ltd 5 20.6 28,994 3 6 5.0 15.7 Barclays PLC 5 19.7 16,177 3 - - 19.7
Bank of America Merrill Lynch 6 15.5 21,701 5 20 2.6 12.9 CITIC Securities Co Ltd 6 17.1 14,000 1 - - 17.1
Evercore Inc 7 12.9 18,172 3 42 0.2 12.8 Deutsche Bank AG 6 17.1 14,000 1 10 3.4 13.7
Centerview Partners LLC 8 12.1 17,000 1 68 - 12.1 China International Capital Corp Ltd 6 17.1 14,000 1 - - 17.1
Canson Capital Partners 8 12.1 17,000 1 - - 12.1 JM Financial Ltd 9 6.7 5,490 4 18 1.1 5.6
Guggenheim Capital LLC 8 12.1 17,000 1 - - 12.1 UBS AG 10 6.7 5,462 2 2 34.9 -28.3
TD Securities Inc 8 12.1 17,000 1 - - 12.1 Bank of America Merrill Lynch 11 4.4 3,621 3 4 33.0 -28.6
Barclays PLC 12 11.4 16,000 1 10 4.3 7.1 Ernst & Young 12 4.3 3,486 16 20 0.9 3.4
China International Capital Corp Ltd Deutsche 13 11.0 15,500 3 21 2.5 8.5 State Bank of India 13 3.4 2,814 1 - - 3.4
Bank AG 14 11.0 15,474 3 23 2.4 8.6 Arpwood Capital Pvt Ltd 14 2.8 2,281 2 - - 2.8
CITIC Securities Co Ltd 15 10.0 14,000 1 - - 10.0 Rothschild & Co 15 2.3 1,851 3 5 32.6 -30.4
HSBC Bank PLC 16 9.0 12,614 3 54 0.1 8.9 Axis Bank Ltd 16 1.7 1,377 3 6 32.4 -30.7
Rothschild & Co 17 5.6 7,900 10 68 - 5.6 Avendus Capital Pvt Ltd 17 1.3 1,023 11 17 1.2 0.1
Credit Agricole Corporate & Investment Bank 18 4.0 5,634 1 - - 4.0 LionTree Advisors LLC 18 1.1 874 1 - - 1.1
Credit Suisse Group AG 19 2.5 3,522 6 9 4.5 -1.9 Kotak Mahindra Bank Ltd 19 0.9 722 5 7 32.0 -31.1
RHB 20 1.9 2,651 9 25 1.7 0.2 Credit Suisse Group AG 20 0.6 492 2 54 - 0.6
TOTAL 140,474 1,133 53,773 TOTAL 81,936 1,015 42,049

15
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:

{LEAG<GO>}: M&A

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.

16