Global and Regional MA Activity During H1 2016 Including Financial Advisor League Tables

Global and regional M&A: H1 2016
Including league tables of financial advisors
Global
Europe
US
C & S America
Asia-Pacific
Japan
Africa & Middle East
M&A League tables
PE league tables
Criteria
Regional M&A
comparison
$342.8bn 25.9%
$594.5bn 44.9% $30.7bn 2.5%
$
$307.4bn 22.9%
$23.8bn 3.8% $26.8bn 2.0%
9.3
$bn
* The % value on the map indicates market share in global M&A
Global M&A
$1.32tn, -26.8% vs. H1 2015
Cross-border $550.8bn 15.9%
Industrials & $244.0bn 51.0%
Chemicals
US Europe Asia-Pacific (excl. Japan)

$562.7bn, -31.5% vs. H1 2015 $342.8bn, -19.3% vs. H1 2015 $307.4bn, -29.7% vs. H1 2015
Inbound $167.9bn 13.8% Inbound $166.2bn 14.8% Inbound $33.9bn 32.7%
Outbound $82.8bn 21.7% Outbound $85.5bn 2.9% Outbound $134.7bn 70.3%
Pharma, $109.3bn 23.6% Industrials $107.7bn 126.8% Technology $53.3bn 22.0%
Medical & & Chemicals
Biotech
C & S America Africa & Middle East Japan

$23.8bn, 0.6% vs. H1 2015 $26.8bn, 50.8% vs. H1 2015 $30.7bn, 67.8% vs. H1 2015
Inbound $14.4bn 13.5% Inbound $18.8bn 27.3% Inbound $3.5bn 17.6%

Outbound $10.4bn 215.8% Outbound $8.4bn 62.6% Outbound $30.7bn 67.8%
Energy, $10.3bn 117.4% Consumer $11.9bn 1,463.3% Industrials $9.7bn 142.6%
Mining & & Chemicals
Utilities
Global and regional M&A: H1 2016 2 www.mergermarket.com

Global
uu An uncertain environment in 2016 caused by the UKs referendum on European Union (EU) membership and US elections are political
upheavals that have negatively impacted M&A activity, setting global M&A back 26.6% during H1 2016 with deals worth US$ 1.32tn
compared to US$ 1.81tn in H1 2015, and down 66.8% versus US$ 3.98tn in H2 2015.
uu The build-up and announcement of Brexit sent shockwaves through the dealmaking community. The UKs second quarter featured
the country's referendum and resulted in its Q2 value (US$ 19.3bn) crashing 50.5% from Q1 2016 (US$ 38.9bn). Firms postponed
deals, cautious of the impact exchange rates and questioning what they will actually be buying into, unaware of how future
negotiations will affect them. Foreign acquirers are delaying transactions, with the value of inbound deals plummeting more than
half (-60.1%) from Q1 2016 (US$ 32.8bn) into Q2 2016 (US$ 13.1bn). Private equity firms are holding back from casting any confidence
in the long-term UK environment - buyouts of UK companies amounted to only US$ 4.9bn, three quarters less (75.4%) than H1 2015.
uu Chinas spending spree adding pressure to US and European bidders in auction processes is set to increase - the Chinese government
selects which company it wants to bid for a non-Asian firm, but it will relax these regulations and allow multiple bidders if the foreign
company is worth more than US$ 2bn. China has made four of its largest outbound acquisitions on Mergermarket record in 2016,
buying quality over quantity Chem China/Syngnenta (US$ 45.9bn), Tencent Holdings/Supercell Oy (84.3% for US$ 8.6bn), Anbang
Insurance Group/Strategic Hotels & Resort (US$ 6.5bn) and Tianjin Tianhai Investment/Ingam Micro (US$ 6.1bn). The country has
already broken all annual totals for European (US$ 75.4bn) and US (US$ 32.9bn) acquisitions, up 156.6% and 179.4%, respectively from 2015.
uu German M&A rebounded as a buyer and a seller during H1 2016 after a dip in 2015. As a target, Germany attracted US$ 30.3bn-
worth of deals, with Industrials & Chemicals M&A (US$ 17.6bn in H1 2016, up 252.9% from H1 2015) and Chinese buyers (US$ 8.6bn)
accounting for a 28.4% share, being the key drivers. The country also emerged as a keen buyer with outbound deals worth US$
51.4bn being 90.7% above the whole of 2015 (US$ 27bn).
Quarterly M&A activity Q1 Q2 Q3 Q4 H1 2016: $1.32tn

Value of deals (US$bn)
2007 801.5 1,280.0 852.0 734.4 Total 3,667.8 H1 2016 vs. H1 2015 Lowest H1 value since
vs. 26.8% 2013 (US$ 1.0tn)
2008 593.2 678.2 684.9 458.8 Total 2,415.1 H1 2015
2009 420.8 396.4 327.6 570.1 Total 1,714.9 Q2 2016 Both Q1 and Q2 register
vs. 9.5% lowest valued quarters
2010 461.2 433.0 492.9 713.0 Total 2,100.1 Q1 2016 since Q1 2014 ($566.7bn)
2011 614.6 586.3 599.6 479.4 Total 2,279.8 Mega-deals vs. H1 2015
Lowest value & number
14 deals 60.8% of mega-deal since H2
(value) 2013 (6 deals, $198.2bn)
2012 464.8 565.5 522.9 757.5 Total 2,310.7 $266.3bn
2013 446.9 559.7 646.4 573.3 Total 2,226.3

Cross-border activity
2014 566.7 963.9 855.7 869.7 Total 3,256.0
Between vs. H1 2015 Half-year tally reaches
2015 758.9 1,047.1 971.2 1,205.1 Total 3,982.3 the lowest value since H1
countries 15.9% 2013 ($349.5bn)
$550.8bn
2016 633.0 688.7 Total 1,321.7
Lowest half-year value
UK inbound
Sector breakdown H1 2016 vs H1 2015 Q2 vs. Q1 2016
62.1% ($46bn) in two years (H2
2013, $54.3bn)
Industrials s
$161.7bn 9.0%
& Chemicals $244.0bn 18.5% Third annual increase to
China into US vs. H1 2015
highest on record from
Energy, Mining $305.3bn 16.9% and Europe 163.1% 2015 ($41.2bn)
& Utilities $165.6bn 12.5% $108.3bn
Pharma, Medical $182.4bn 10.1%
& Biotech $164.3bn 12.4% Misc
$204.7bn 11.3%
Technology
dical & Biotech Consumer
$150.8bn 11.4% PE Buyouts vs. H1 2015 Lowest half-year value
$96.5bn 5.3%
$161.3bn 2.2% since H2 2012 ($132.6bn)
Business Services 1,224 deals
$121.9bn 9.2%
$185.8bn 10.3% vs. H1 2015

Financial Services PE Exits First half-year below
$109.1bn 8.3%
$185.7bn 15.3% $200bn since H2 2013
1,006 deals ($173.3bn)
Consumer
$196.2bn 10.9%
Consumer
$93.8bn 7.1%
Lapsed M&A Up from 183 lapsed deals
$473.4bn 26.2%
156 deals vs. H1 2015 worth $150.3bn in H1
Other
$272.1bn 20.6% $403.5bn 168.4% 2015
* % indicates market share

Global
Top deals
Deal
Ann. Bidder Bidder Target Target Target Seller
value
date company country company country sector company
(US$bn)
China National Chemical
45.9 03-Feb China Syngenta AG Switzerland
Corporation
Republic of
35.2 11-Jan Shire Plc Baxalta Inc USA
Ireland
29.9 28-Apr Abbott Laboratories USA St Jude Medical Inc USA
25.5 13-Jun Microsoft Corporation USA LinkedIn Corporation USA
Republic of
16.2 25-Jan Johnson Controls Inc USA Tyco International plc
Ireland
Sector key
Industrials & Chemicals Pharma, Medical, Biotech Business Services
League table by value

Rank Company name H1 2016 H1 2015 Regional ranking comparison
Africa &
H1 H1 Value Deal Value % Value Asia-
Europe US Japan Middle C&S
2016 2015 (US$bn) Count (US$bn) change Pacific
East
1 1 Goldman Sachs 424.4 123 618.8 -31.4% 1 1 1 - 6 13
2 2 Morgan Stanley 258.8 121 442.0 -41.4% 2 2 8 1 17 2
3 4 JPMorgan 204.4 102 415.9 -50.8% 4 7 6 6 3 16
4 3 Bank of America Merrill Lynch 202.4 79 420.2 -51.8% 8 3 13 4 20 -
5 5 Citi 176.0 82 332.9 -47.1% 6 4 12 14 5 7
6 10 Barclays 167.1 80 169.2 -1.2% 10 5 32 16 55 11
7 9 Deutsche Bank 148.8 63 207.7 -28.4% 3 8 20 11 24 12
8 7 Credit Suisse 146.2 89 278.5 -47.5% 5 13 3 10 10 1
9 17 UBS Investment Bank 138.0 71 86.9 58.9% 7 14 4 18 13 6
10 16 Evercore Partners 124.1 64 87.9 41.3% 13 6 134 26 14 19
11 6 Lazard 116.6 102 296.5 -60.7% 9 9 17 7 4 10
12 66 China International Capital 102.6 25 7.5 1260.6% 16 19 2 12 - -
13 21 RBC Capital Markets 84.2 68 58.5 43.8% 21 10 56 - 15 43
14 13 HSBC 83.3 21 118.8 -29.9% 11 43 7 35 81 -
15 11 Rothschild 78.8 122 168.1 -53.2% 12 20 27 13 2 4
16 35 CITIC Securities 75.0 14 23.6 217.9% 14 173 5 21 - -
17 49 Wells Fargo Securities 52.8 30 12.1 337.5% 100 11 121 15 - -
18 155 N+1 50.2 32 1.6 3096.1% 15 245 9 57 - 33
19 14 Guggenheim Partners 47.5 8 116.4 -59.2% 129 12 - - - -
20 720 CCB International 46.2 3 - 271,635% 17 132 10 - - -

Europe
uu European dealmakers have battled political headwinds during the first half of 2016. Uncertainty surrounding the UKs EU referendum,
as well as the US governments clampdown on tax inversion deals have both served to slow M&A activity within the continent. As a
consequence, 3,110 deals worth US$ 342.8bn marked both the lowest H1 deal value and count since 2013 (2,784 deals, US$ 335.1bn).
Sellers have been forced to accept that their assets are worth less than they were a year ago, with average EBITDA multiple for
acquisitions dropping to 12.3x, down from 15.0x in H1 2015.
uu The run up to Brexit spooked dealmakers targeting the UK during the first half of the year. Following a record 2015, UK M&A activity
during H1 recorded 638 deals worth US$ 58.2bn, its lowest deal value since 2010 (US$ 56.3bn, 504 deals). A drop in activity was seen
in Q2 as the EU referendum drew closer, with US$ 19.3bn-worth of deals representing the lowest Q2 value since 2009. A decrease in
valuations highlight this uncertainty, with the average EBITDA multiple for transactions dropping to 13.4x, down from 17.8x in H1 2015.
uu German dealmakers are investing larger sums in US assets. During H1 2016, there were 22 deals worth US$ 12.3bn by German
companies acquiring US targets, up 70.8% by value compared to the whole of 2015 (50 deals, US$ 7.2bn). Bayer's ongoing US$ 62bn
pursuit of US-based Monsanto is further evidence of this trend, and if announced in Q3, will become the largest outbound acquisition
by a German company on Mergermarket record.
uu High quality German assets were sought after during the first half of the year, particularly by Chinese buyers. During H1 2016, Chinese
dealmakers partook in 16 deals worth US$ 8.6bn, up from just 12 deals worth US$ 393m for the whole of 2015, and overtaking all
annual deal values on record. Dealmakers have been motivated by the need to pick up Western industrial technologies, as seen
in Midea Group's US$ 4.3bn acquisition of robotics maker KUKA, and China National Chemical Corporations US$ 1bn purchase of
industrial machinery manufacturer KraussMaffei Technologies.
Quarterly M&A activity Q1 Q2 Q3 Q4 H1 2016: $342.8bn

2007 265.5 583.9 383.9 286.6 Total 1,519.9

H1 2016 Lowest H1 value since
19.3%
vs. 2013 (US$ 335.2bn)
2008 295.7 203.2 287.6 217.2 Total 1,003.7
H1 2015
2009 122.5 77.9 79.1 188.2 Total 467.7 Lapsed M&A Highest share on record
% of global 68.5% with $233.2bn-worth
2010 Total 638.3 of deals
127.8 114.9 152.2 243.4 deal value
2011 185.0 243.4 167.0 134.5 Total 730.0 Q2 2016 Lowest Q2 value since
vs. 11.5% Q2 2010 ($114.8bn)
2012 171.9 187.6 112.9 251.1 Total 723.5 Q1 2016
2013 136.2 199.0 147.8 158.4 Total 641.4

Cross-border activity
2014 178.5 309.8 208.8 210.0 Total 907.1
Europe
Second consecutive
2015 164.3 260.2 175.7 287.4 Total 877.6 inbound vs. H1 2015
half-year increase, and
595 deals 14.8% highest H1 since 2008
2016 181.9 160.9 Total 342.8 $166.2bn
Germany - US vs. FY 2015 Already overtaken 2015s
Sector breakdown H1 2016 vs H1 2015 22 deals 70.8% full deal value
$12.3bn
Industrials $47.5bn 11.2%
& Chemicals $107.7bn 31.4% US - Europe vs. H1 2015 Lowest half year value
$27.7bn 331 deals 13.7%
since H2 2013 ($ 49.0bn)
6.5%
Financial Services
$36.1bn $58.9bn
10.5%

& Biotech $35.2bn 10.3% UK activity
Energy, Mining $103.0bn 24.3%
& Utilities $28.0bn 8.2% UK M&A vs. H1 2015 Lowest H1 value since
$27.3bn 6.4% 638 deals 68.6% 2010 ($56.3bn)
Business Services $58.2bn
$24.1bn 7.0%
$43.1bn 10.1%
Technology Average Down from 17.8x in 2015
$23.5bn 6.9% 141.7%
EBITDA 13.4x
$47.8bn 11.3% multiple
Consumer
$18.4bn 5.4%
Lapsed M&A Overtaking all annual
$109.9bn 25.9%
Other 9 deals vs. FY 2015 values since 2008
$69.8bn 20.4% $21.6bn 15.5x

Europe
Top deals
Deal
value
(US$bn)
China National Chemical
45.9 03-Feb China Syngenta AG Switzerland
Corporation
Republic of
16.2 25-Jan Johnson Controls Inc US Tyco International plc Ireland
14.8 16-Mar Deutsche Boerse AG Germany London Stock Exchange plc UK
Boehringer Ingelheim
12.6 27-Jun Germany Merial SAS France
GmbH
9.9 10-Feb Mylan NV UK Meda AB Sweden
Sector key
Industrials & Chemicals Financial Services Pharma, Medical & BIotech

Rank Company name H1 2016 H1 2015
H1 H1 Value Deal Value % Value

2016 2015 (US$m) Count (US$m) change
1 1 Goldman Sachs 185,151 51 238,357 -22.3%
2 3 Morgan Stanley 104,059 42 186,182 -44.1%
3 7 Deutsche Bank 102,811 35 93,877 9.5%
4 6 JPMorgan 88,652 36 141,318 -37.3%
5 10 Credit Suisse 88,205 40 63,337 39.3%
6 8 Citi 88,147 37 84,483 4.3%
7 14 UBS Investment Bank 87,513 35 31,784 175.3%
8 2 Bank of America Merrill Lynch 83,877 40 205,640 -59.2%
9 4 Lazard 82,496 68 167,996 -50.9%
10 11 Barclays 81,632 33 55,879 46.1%
11 19 HSBC 73,976 18 17,636 319.5%
12 5 Rothschild 70,719 106 141,705 -50.1%
13 28 Evercore Partners 54,384 26 10,538 416.1%
14 - CITIC Securities 50,121 2 - -
15 84 N+1 50,115 27 1,571 3,090%
16 - China International Capital 47,399 3 - -
17= - CCB International 45,860 1 - -
17= - Dyalco 45,860 1 - -
19 12 Societe Generale 27,142 11 35,653 -23.9%
20 40 Centerview Partners 26,099 2 6,679 290.8%

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US
uu US dealmaking rounded out the first half of 2016 with a rebalancing act following 2015's record-breaking values. M&A activity totaled US$ 562.7bn
across 2,242 transactions, a 31.5% drop in value and decrease in volume by 342 transactions from H1 2015 (US$ 822bn, 2,582 deals). At the same time,
overall value remained 6.1% above Mergermarkets historic average H1 total deal value (US$ 530.2bn).
uu With so much uncertainty post-"Brexit, it is unclear exactly what kind of impact the referendum's results will have on transatlantic M&A in the coming
months. According to Mergermarket intelligence, some Mid-Atlantic dealmakers believe that short-term turmoil will give way to resuming strong
activity. Companies sitting on cash and signals from the Fed that interest rates will likely not rise for the time being, partially due to the referendum,
have buyers ready to seize attractive targets once the dust settles.
uu However, data leading up to the vote indicates that business may not continue as usual, and that the turmoil could last longer than suggested,
particularly as the UK scrambles to get organized and has yet to begin negotiating its exit, let alone trade agreements. From H1 2015 (US$ 28bn) to H1
2016 (US$ 20.5bn), US outbound activity into the UK fell 27%, the largest half-year drop since H2 2010s post-crisis peak (73%). Further, US bids for UK-
based targets tumbled 51.6% between Q1 2016 (US$ 13.8bn) and Q2 2016 (US$ 6.7bn) the vote having taken place in June. Firms looking to initiate
or complete deals may be inclined to hit the pause button until post-exit negotiations commence and it becomes clearer what the environment, and
available assets, might be. Inbound activity from the UK into the US also fell 62.3% from H1 2015 (US$ 15.6bn) to H1 2016 (US$ 5.9bn), the largest half-
year drop since the financial crisis in H2 2008 (86.3%). Now, with the pound having dropped to a three-decade low, it seems unlikely that UK firms will be
able to afford many US targets, at least in the short term.
uu Energy, Mining & Utilities (EMU) was the second-ranked US sector in H1 2016. Unlike number one Pharma, Medical & Biotech (PMB), EMU saw a rise in
overall value over the same period last year, mainly due to consolidations in the Utilities sub-sector. Though as a whole EMU continued to be rocked
by low commodity prices, volatile markets, and decreasing electricity demand in favor of renewables, Utilities skyrocketed 252.8% over H1 2015 (US$
6.7bn) to its second-highest overall value (US$ 23.6bn) since 2011s peak (US$ 29.4bn). The sub-sector also hit a record volume of 28 deals. Meanwhile,
Energy (US$ 63bn) and Mining (US$ 1.6bn) fell by 8.3% and 33.8%, respectively.

2007 352.9 502.7 258.3 229.7 Total 1,343.5

H1 2016 31.5% Lowest US half-year value
vs. since H1 2013
2008 146.2 268.1 264.4 78.7 Total 757.4
H1 2015
2009 199.2 186.5 98.7 205.8 Total 690.3
H1 2016 48.3% Largest US half-year drop
vs. by value since H1 2002
2010 147.2 181.0 155.4 246.0 Total 729.6
H2 2015
2011 249.3 187.9 208.3 192.9 Total 838.4 H1 2016 share Largest regional market
US
in global M&A share by value globally
42.4%
2012 128.9 190.3 235.5 316.2 Total 870.9
2013 180.0 177.1 316.4 230.8 Total 904.2

US-UK cross-border activity
2014 218.6 389.2 420.5 346.5 Total 1,374.8
2015 356.4 465.6 554.6 533.5 Total 1,910.2 US inbound vs.

Largest half-year drop by
H1 2015
from UK value since H2 2008
62.3%
2016 248.8 313.2 Total 562.0 $5.9bn
US outbound vs.
Largest half-year drop by
Sector breakdown H1 2016 vs H1 2015 to UK
H1 2015
27%
value since H2 2010
$20.5bn
& Biotech $109.3bn 19.4%
UK share of US In line with 26.5% share
Energy, Mining $77.8bn 9.5% outbound 24.7% from H1 2015
& Utilities $88.2bn 15.7%
$49.4bn 6.0%
Utilities sub-sector
Business Services
$82.2bn 14.6%
Industrials $113.5bn 7.9%

& Chemicals $69.0bn 14.5%
$65.0bn 13.8%
Total vs. Second-highest US H1
H1 2015 value after 2011
Technology $23.6bn
$81.8bn 12.3% 252.8%
$27.4bn 3.3%
Real Estate
$42.7bn 7.6% Share of US Largest US EMU market
EMU sector 26.7% share for Utilities on record
$74.9bn 9.1%
Consumer
$26.5bn 4.7%
$271.0bn 33.0% Great Plains Fourth-largest US Utilities

Other
$63.0bn 11.2% Energy/Westar $12.1bn deal on record
Energy

US
Top deals
Deal
Ann. Bidder Bidder Target Target Seller
value
date company country company sector company
(US$bn)
Republic of
35.2 11-Jan Shire Plc Baxalta Inc
Ireland
29.9 28-Apr Abbott Laboratories USA St Jude Medical Inc
25.5 13-Jun Microsoft Corporation USA LinkedIn Corporation
Danaher Corporation
14.8 01-Jun USA Fortive Corporation Danaher Corporation
(Shareholders)
Quintiles Transnational
12.9 03-May USA IMS Health Holdings Inc
Holdings Inc
Sector key
Pharma, Medical & Biotech Business Services Industrials & Chemicals


1 1 Goldman Sachs 287,768 81 345,685 -16.8%
2 5 Morgan Stanley 174,043 64 241,672 -28.0%
4 3 Citi 136,991 46 251,092 -45.4%
5 9 Barclays 134,788 57 143,542 -6.1%
6 14 Evercore Partners 121,713 54 82,384 47.7%
7 2 JPMorgan 112,019 73 305,435 -63.3%
8 13 Deutsche Bank 97,917 33 102,655 -4.6%
9 8 Lazard 60,455 46 151,314 -60.0%
10 20 RBC Capital Markets 55,133 40 24,953 120.9%
11 28 Wells Fargo Securities 52,397 29 12,072 334.0%
12 11 Guggenheim Partners 47,485 8 116,409 -59.2%
13 7 Credit Suisse 45,871 45 206,293 -77.8%
14 18 UBS Investment Bank 33,783 31 36,369 -7.1%
15 26 Qatalyst Group 31,630 6 13,565 133.2%
16 6 Centerview Partners 30,040 10 224,029 -86.6%
17 24 Jefferies 30,036 48 21,653 38.7%
18 10 Allen & Company 26,408 3 138,924 -81.0%
19 83 China International Capital 19,073 5 1,238 1,441%
20 15 Rothschild 16,403 36 48,128 -65.9%

Central & South
America
uu M&A in Central and South America remained stagnant in H1 2016, ending with US$ 23.8bn across 219 transactions, a 0.6% increase in value from H1
2015s US$ 23.7bn. The first half of this year is on par with H1 2015, though the two periods are the lowest half-year values since H2 2005 (US$ 17.7bn),
ranking as the fifth- and fourth-lowest H1 total values on record, respectively.
uu Ongoing political woes in Brazil have been largely responsible for eroded investor confidence in the region; in May, the countrys legislature
suspended President Dilma Rousseff on corruption charges. Despite this, Brazil reclaimed its position as the top country in Central and South America
in H1 with a total value of US$ 10.4bn, a 40% rise over H1 2015 (US$ 7.4bn) and 88.4% higher value than second-ranked Colombia (US$ 5.5bn). Hope
that interim President Michel Temer might get the country back on track has restored some confidence, though with Rousseffs impeachment trial still
underway, regional uncertainty is still expected to cast a shadow over dealmaking activity for the rest of the year.
uu Global market uncertainty following "Brexit" seems unlikely to affect Central and South America, given a host of other problems confronting the
region currently, such as political instability, weak currencies, and falling deal activity in general. Though inbound activity from the UK totaled US$
667m, a 658.2% rise over H1 2015 (US$88m), it still accounted for only 2.8% of all activity in Central and South America. Likewise, though outbound
activity to the UK fell 96.8% to US$ 48m from H1 2015 (US$ 1.5bn), the figure was just 0.2% of overall regional dealmaking activity.
uu Inbound activity into Central and South America grew by 13.5% in H1 2016 to US$ 14.4bn over H1 2015 (US$ 12.7bn), though mostly as a result of a
few large deals. Activity from Canada soared 2,611.1% to its highest value ever (US$ 6bn) mainly due to the US$ 4.7bn acquisition of Colombia-based
Isagen. Activity from China also jumped, by 460.9% to US$ 1.9bn, its second-highest H1 value since 2010s peak (US$ 3.1bn), due largely to the US$
1.5bn acquisition of Anglo Americans Niobium and Phosphate business in Brazil. Meanwhile, activity from the US fell 66.9% to US$ 2.6bn.
uu Attractive valuations in Central and South America, partially due to low global commodity prices, aided Energy, Mining & Utilities (EMU) in becoming
the periods top sector. EMU reached US$ 10.3bn in total value, a 117.4% rise over H1 2015 (US$ 4.7bn) and 43.3% of regional market share. By value,
the two aforementioned deals together accounted for 26.1% of total M&A in Central and South America. However, with such low activity overall in the
region, one large deal has shown that it can really change the game.

2007 12.3 18.6 20.4 32.6 Total 83.8

H1 2016 Second-lowest half-year
vs. 0.6% value since H2 2005
2008 29.9 22.9 10.9 38.4 Total 102.1
H1 2015
2009 12.1 18.6 25.8 18.0 Total 74.5
H1 2016 49.2% Fifth-lowest H1 total value
vs. on record
2010 65.4 27.6 28.8 45.1 Total 166.9 H2 2015
2011 40.4 18.8 46.0 28.8 Total 134.0 Share in On par with market share
Americas M&A 3.8% in 2015
2012 21.8 47.1 16.5 32.4 Total 117.7
2013 17.8 21.4 23.1 25.4 Total 87.7 Top targets

2014 24.8 39.9 38.0 28.5 Total 131.2
Brazil Second-lowest H1 value

2015 11.2 12.5 23.9 23.0 Total 70.5 vs. H1 2015 (after 2015) since 2005
$10.4bn
40%
2016 13.9 9.9 Total 23.7
Colombia Highest H1 value on
Sector breakdown H1 2016 vs H1 2015 $5.5bn vs. H1 2015 record
312.6%
Energy, Mining $4,723m 20.0%
& Utilities $10,268m 43.3% Chile Smallest increase in value
$2.3bn vs. H1 2015 on record
$581m 2.5%
Financial Services 10.7%
$3,873m 16.3%
Industrials $3,110m 13.2%

& Chemicals $2,626m 11.1% Inbound activity
Consumer
$4,488m 19.0%
$2,178m 9.2%
Canada Highest H1 value on
Construction
$1,446m 6.1% inbound vs. H1 2015 record
$1,163m 2,611.1%
4.9% $6bn
$860m 3.6%
Business Services Second-highest H1 value
$704m 3.0% China
inbound
vs. H1 2015 after 2010
$30m 0.1% $1.9bn 460.9%
Agriculture
$415m 1.7%
$8,409m 35.6% US vs. H1 2015 Lowest H1 value since

Other inbound 66.9% 2009
$2,504m 10.6%
$2.6bn

Central & South
America
Top deals
Deal
value
(US$bn)
Brookfield Renewable Energy
4.7 13-Jan Canada Isagen SA Colombia Government of Colombia
Partners LP
2.6 19-Feb BM&FBovespa SA Brazil Cetip SA Brazil
Anglo American Plc

1.5 28-Apr China Molybdenum Co Ltd China (Niobium and Phosphate Brazil Anglo American Plc
business in Brazil)
Servicos e Tecnologia de Consortium led by Capital

1.1 14-Mar DBTRANS SA USA Brazil
Pagamentos SA International Inc
Ontario Teachers' Pension Plan

Autopista Arco Norte SA de
1.1 09-Jun Canada Pension Plan Canada Mexico IDEAL
CV (49% Stake)
Investment Board
Sector key
Energy, Mining & Utilities Financial Services Industrials Transport


1 7 Credit Suisse 5,733 2 2,554 124.5%
2 8 Morgan Stanley 5,492 5 2,444 124.7%
3 5 Banco Bilbao Vizcaya Argentaria 4,689 5 3,252 44.2%
4 4 Rothschild 3,942 2 3,915 0.7%
5 11 Banco Bradesco BBI 3,392 5 1,928 75.9%
6 28 UBS Investment Bank 3,388 3 233 1,354%
7 24 Citi 3,074 6 366 739.9%
8 6 Banco BTG Pactual 3,040 9 3,061 -0.7%
9 10 Banco Itau BBA 2,785 9 1,948 43.0%
10 48 Lazard 2,192 9 43 4,998%
11 19 Barclays 1,583 2 783 102.2%
12 1 Deutsche Bank 1,500 2 5,323 -71.8%
13= 3 Goldman Sachs 1,500 1 4,010 -62.6%
13= - Industrial Securities 1,500 1 - -
15 25 Deloitte 1,350 2 257 425.3%

Asia-Pacific
(excl. Japan)
uu Following a peak in activity seen in 2015, M&A targeting the region has dropped back to 2014 levels. A total of 1,591 deals worth
US$ 307.4bn were announced during H1 2016, which although representing a 29.7% decrease by value compared to H1 2015, still
reached the second highest H1 on Mergermarket record (since 2001).
uu In an attempt to decrease reliance on their home market, Chinese dealmakers continue to seek industrial technologies abroad.
Europe has become their investment destination of choice, with 78 deals worth US$ 75.4bn accounting for 64.6% of total outbound
(non Asia-Pac) deal value. Chinese companies are willing to pay a higher price for quality European assets, with average premia paid
for a European listed target during H1 reaching 23.5%, up from 13.5% in 2015.
uu Taiwan has experienced an uptick in M&A deal value due to its highly attractive semi-conductor assets. The top four deals targeting
the country in H1 2016 all took place within the semi-conductor space, including the highest valued deal of Q2: Netherlands-based
ASML Holdings acquisition of Hermes Microvision for US$ 2.8bn. With eight deals worth US$ 7.3bn announced, M&A targeting the
countrys renowned Technology sector accounted for 87.0% of total deal value targeting the country, up 87.3% compared to FY 2015
(19 deals, US$ 3.9bn) to reach its highest half-year deal value on record.
uu Consolidation amongst Chinese companies has driven M&A activity within Asia-Pacific (excl. Japan)'s Media sector, resulting in an all-
time high H1 deal value, with 49 deals worth US$ 16.0bn announced. As a result, deal value reached its second largest half-year total
on record following H2 2015 (US$ 19.3bn). Chinese domestic media dealmaking (24 deals, US$ 12.5bn) accounted for 78.4% of the
total value, as companies seek to compete on the global stage. This deal value was heavily influenced by Wanda Cinema Lines US$
5.7bn acquisition of Wanda Media, allowing the company to expand its reach into the film production sector.

2007 85.1 91.1 75.4 91.8 Total 343.4

H1 2016 Lowest half-year deal
29.7% value since H1 2014
2008 75.1 125.9 56.6 90.2 Total 347.8 vs. ($283.7bn)
H1 2015
2009 45.8 76.8 66.2 105.8 Total 294.7 Down from the record
Average deal
size $222.3m $272.3m seen in 2015
2010 66.8 72.1 92.8 132.1 Total 363.8
2011 87.5 79.4 115.8 73.1 Total 355.9 Share in Highest share on record
global activity 23.2% despite fall in deal value
2012 83.1 81.2 105.0 85.6 Total 354.8
2013 69.0 107.8 118.2 117.0 Total 412.1

China into Europe
2014 114.3 169.4 140.0 218.6 Total 642.2
Outbound vs. FY 2015 Overtaking all annual
2015 194.4 243.0 164.4 300.4 Total 902.2
78 deals 156.6% deal values on record by
$75.4bn more than 150%
2016 145.3 162.1 Total 307.4
Average Up from 13.5% in H1 2015,
premia 23.5% and overtaking all
Sector breakdown H1 2016 vs H1 2015 annual premia on record
$43.7bn 10.0% Industrials Up compared to full

Technology
$53.3bn 17.6% & Chemicals vs. FY 2015 year 2015, overtaking all
27 deals 369.4% annual totals on record
Industrials $39.6bn $39.8bn
9.1%
& Chemicals $40.1bn $37.2bn $53.5bn
13.2%
Financial Services
$38.0bn
$39.7bn
8.7%
13.1%
Country breakdown
$64.6bn 14.8%
Real Estate Taiwan vs.Q1
vs.
vs. H1 H1 2015
2015
2015
$28.2bn 9.3% Highest H1 value since
22 deals 156.5% 2006 ($9.2bn)
Transport
$29.2bn 6.7% $8.4bn
$27.0bn 8.9%
Energy, Mining $74.1bn 16.9% China vs. H1 2015

Up compared to H1
& Utilities 757 deals 2015, and highest H1
$23.2bn 7.6% 15.7% value on record
$197.3bn
Consumer
$63.6bn 14.5%
$22.6bn 7.5% South Korea Lowest half year value
vs. H1 2015
19.3%
157 deals -64.4% since H2 2013 ($21.9bn)
$84.9bn
Other $22.2bn
$69.1bn 22.8%

Asia-Pacific
(excl. Japan)
Top deals
Deal
value
(US$bn)
Consortium for Asciano led

9.4 15-Mar Canada Asciano Limited Australia
by CPPIB GIP
Maanshan Dingtai Rare

An investor group led by
7.7 23-May Earth & New Materials Co China SF Holding (Group) Co Ltd China
Wang Wei (Private investor)
Ltd
Shenzhen Metro Qianhai
Shenzhen Metro Group
6.9 17-Jun China Vanke Co Ltd China International Development China
Co Ltd
Co Ltd
Casino Guichard Perrachon

6.2 8-Feb Berli Jucker Public Co Ltd Thailand Big C Supercenter PCL Thailand
SA
An investor group led by

5.7 13-May Wanda Cinema Line Co Ltd China Wanda Media Co Ltd China - Beijing Wanda Investment
Co Ltd
Sector key
Transport Real Estate Consumer TMT

H1 H1 Value Deal % Value

Value
2016 2015 (US$m) Count change
1 1 Goldman Sachs 103,936 31 112,654 -7.7%

2 33 China International Capital 102,592 25 7,540 1,261%
3 2 Credit Suisse 81,391 31 85,236 -4.5%
4 11 UBS Investment Bank 77,844 26 37,736 106.3%
5 18 CITIC Securities 75,014 14 23,600 217.9%
6 8 JPMorgan 70,669 19 68,885 2.6%
7 3 HSBC 62,240 8 84,818 -26.6%
8 10 Morgan Stanley 53,060 30 61,083 -13.1%
9 241 N+1 47,839 5 56 85,327%
10 297 CCB International 46,195 3 17 271,635%
11 - Dyalco 45,860 1 - -
12 6 Citi 35,733 25 75,139 -52.4%
14 31 Huatai United Securities 24,720 29 8,229 200.4%
15 19 Macquarie Group 14,916 14 19,491 -23.5%
16 29 China Renaissance Partners 14,807 21 10,361 42.9%
17 22 Lazard 13,912 19 15,303 -9.1%
18 49 China Securities 13,437 15 2,246 498.3%
19 12 PwC 12,646 45 36,069 -64.9%
20 4 Deutsche Bank 12,477 12 82,124 -84.8%

Japan
uu President Abes election campaign, with its focus on boosting the economy, seems to be creating returns for Japanese dealmakers.
With 195 deals worth US$ 30.7bn announced during H1 2016, Japans M&A deal value reached its largest H1 deal value since 2012
(US$ 40.4bn), increasing 67.8% compared to H1 2015. As a result, average deal size rose to US$ 251.6m, marking its highest since
2012 (US$ 328.1m).
uu A surge in consolidation between Japanese companies is driving M&A activity, as businesses snap up the less efficient within a
crowded market. During H1 2016, 175 domestic deals worth US$ 27.2bn represented a 93.4% increase by value compared to H1 2015
(US$ 14.0bn), despite accounting for 29 fewer deals. A surge in big-ticket deals has fuelled the rise, with six domestic deals over US$
1bn recorded, compared to just three in H1 2015.
uu Following an impressive 2015 for overseas deal activity, Japans outbound M&A has slowed during the first half of 2016, with 125
deals worth US$ 16.1bn dropping 70.7% by value compared to H1 2015 (US$ 55.1bn), its lowest half-year value since H1 2013 (US$
12.8bn). The size of deals has shrunk dramatically, with just four outbound deals over US$ 1bn announced in H1 2016, compared to
14 during the same period in 2015.
uu This drop in outbound activity has been felt most acutely within the Financial Services industry, which proved 2015's most targeted
sector by Japanese investors. In terms of Japan's overseas M&A activity, the industry saw 27 deals worth US$ 34.8bn during 2015,
marking its highest annual total on record. However a fall in activity was seen in H1 2016, with just US$ 1.3bn-worth of deals
representing a substantial 92% drop in value compared to H1 2015, and its lowest half year value since H2 2009 (US$ 409m).

2007 26.1 18.0 11.9 32.2 Total 88.2

Highest H1 value
H1 2016 since 2012 ($40.4bn)
2008 17.3 10.8 15.5 12.2 Total 55.8 vs. 67.8%
H1 2015
2009 10.6 14.1 24.1 29.7 Total 78.5 Highest average deal
Average size since 2012
deal size $251.6m
2010 13.9 7.3 33.3 6.8 Total 61.4 ($328.1m)
2011 12.1 17.2 32.6 21.5 Total 83.4 Value of deals Up from $8.5bn in
H1 2015, and highest
over $1bn $20.8bn value since 2012
2012 14.1 26.3 13.9 16.2 Total 70.5 ($25.9bn)
2013 8.1 15.2 4.7 7.3 Total 35.4 Cross-border activity

2014 7.1 10.8 5.0 9.3 Total 32.2
vs. H1 2015
Total 61.8 Outbound Lowest half-year deal
2015 9.1 9.2 21.7 21.8
125 deals
70.7% value since H1 2013
$16.1bn ($12.8bn)
2016 17.4 13.3 Total 30.7
Inbound Lowest half-year deal
Sector breakdown H1 2016 vs H1 2015 20 deals
$3.5bn
vs. H1 2015
17.6%
value since H1 2014
($3.4bn)
Industrials $3,991m 21.8%
& Chemicals $9,682m 31.5%
Domestic Highest H1 deal value
vs. H1 2015
175 deals since 2012 ($36.5bn)
Pharma, Medical $633m 3.5% 93.4%
& Biotech $6,611m 21.5% $27.2bn
$1,901m 10.4%
Outbound - Sectors
Consumer
$4,601m 15.0%
$4,548m 24.9%
Real Estate
$4,003m 13.0%
Financial vs. H1 2015 Lowest half-year value
Technology
$1,307m 7.1%
Services 92.0% since H2 2009 ($409m)
$1,641m 5.3% $1.3bn
$2,697m 14.7%
Financial Services Business Services Highest H1 value since
$1,487m 4.8% vs. H1 2015
$3.3bn 2012 ($5.0bn)
$389m 2.1% 48.7%
Transport
$1,426m 4.6%
$2,825m 15.4% Consumer

43.1% vs. H1 2015
Second highest H1
Other $3.2bn value since 2009
$1,238m 4.0% 518.2% ($6.9bn), following 2014
($18.3bn)

Japan
Top deals
Deal
Ann. Bidder Bidder Target Target Seller
value
date company country company sector company
(US$bn)
Toshiba Medical Systems
5.9 17-Mar Canon Inc Japan Toshiba Corporation
Corporation

3.3 29-Jan Toyota Motor Corporation Japan Daihatsu Motor Company Ltd
(48.8% Stake)
Nippon Steel & Sumitomo Nisshin Steel Co Ltd (42.8%

3.0 13-May Japan
Metal Corporation Stake)
Hon Hai Precision Industry Co,

Ltd; Foxconn Technology Pte
2.5 30-Mar Taiwan Sharp Corporation (66% Stake)
Ltd; and SIO International
Holdings Limited
Daiwa House Residential Daiwa House REIT Investment

2.4 15-Apr Japan
Investment Corporation Corp
Sector key
Pharma, Medical & Biotech Industrials Consumer Real Estate


1 3 Morgan Stanley 28,886 21 14,400 100.6%
2 1 Nomura Holdings 22,578 42 19,592 15.2%
3 2 Mizuho Financial Group 16,744 23 16,894 -0.9%
4= 4 Bank of America Merrill Lynch 8,600 2 12,710 -32.3%
4= 26 Raine Group 8,600 2 1,200 616.7%
6 5 JPMorgan 6,597 3 11,403 -42.1%
7 6 Lazard 6,391 2 11,167 -42.8%
8 17 Daiwa Securities Group 6,091 26 3,368 80.8%
9 10 Sumitomo Mitsui Financial Group 5,031 23 9,602 -47.6%
10 11 Credit Suisse 4,380 3 9,134 -52.0%
11 12 Deutsche Bank 3,886 2 8,684 -55.3%
12 - China International Capital 3,500 1 - -
13 23 Rothschild 3,320 3 1,489 123.0%
14= 14 Citi 3,055 1 6,577 -53.6%
14= - Wells Fargo Securities 3,055 1 - -

Africa & Middle
East
uu As a result of a few big-ticket deals, H1 deal value (174 deals, US$ 26.8bn) stormed 50.8% ahead of H1 2015 (244 deals, US$ 17.8bn),
despite accounting for 70 fewer deals. The size of deals taking place within the region is increasing, with an average deal size of US$
219.3m up compared to US$ 163.3m in 2015, reaching its highest value since 2013 (US$ 229.2m).
uu Energy, Mining & Utilities M&A continues to feel the effects of volatile commodity prices seen over the past year. Despite China
Molybdenum's US$ 2.7bn acquisition of a 56% stake in Congo-based Tenke Fungurume Mining bolstering Chinese activity (three
deals, US$ 4.0bn), an uptick in the number of deals has not been seen. With just 18 deals announced, deal volume within the sector
saw its lowest H1 performance since 2003 (nine deals).
uu As part of a global M&A strategy of picking up valuable assets abroad, Chinese dealmakers are investing in high valued transactions
within the region. With seven deals worth US$ 4.5bn announced, H1 2016 has already overtaken 2015s total annual value (US$ 1.9bn)
by 139.2%. This surge in activity has overtaken all annual values since 2013 US$ 9.0bn), and stands just three deals away from 2015's
record-breaking total deal volume.
uu M&A targeting the Consumer sector has gathered pace within the region, driven by M&A within the food sub-sector. During H1 2016,
16 deals worth US$ 10.4bn targeting the sub-sector has overtaken all annual deal values on record. According to Mergermarket
intelligence, a change in eating habits, such as an increase in dining out and ordering takeaways, has led to a rapid expansion and a
wave of M&A within the food industry.

2007 19.9 12.6 20.9 34.8 Total 88.2 Up from H1 2015, despite
H1 2016 vs.
50.8%
55.0% accounting for 70 fewer
2008 13.0 12.9 11.4 14.6 Total 52.0 H1 2015 deals
2009 5.5 4.0 15.5 7.9 Total 33.0 Up from $5.6bn in H1

Deals valued
$15.3bn 2015, with three more
> US$ 1bn deals
2010 25.4 8.0 8.2 12.8 Total 54.4
2011 19.8 6.6 11.5 7.4 Total 45.3 Average Highest average deal
deal size $219.3m value since 2013
2012 ($229.2m)
8.8 13.5 9.5 20.7 Total 52.6 $148.5
2013 12.3 21.6 13.7 15.5 Total 63.0 Cross-border

2014 7.2 19.3 9.5 24.4 Total 60.4
China Overtaking all annual
vs. FY 2015
2015 8.3 9.4 8.9 20.2 Total 46.9 Inbound deal values since 2013
139.3%
$4.5bn ($9.0bn)
2016 8.9 17.9 Total 26.8 7 deals
Outbound Lowest H1 value since
Sector breakdown H1 2016 vs H1 2015 $8.4bn
vs. H1 2015
62.6% 2013 ($8.3bn)
67 deals
Consumer
$761m 4.3%
$11,894m 44.4%
Up compared to H1
Domestic vs. H1 2015 2015, despite 46 fewer
Energy, Mining $7,523m 42.4% $14.3bn 76.6% deals. Lowest H1 volume
& Utilities $4,411m 16.5% 83 deals since 2005
$2,000m 11.3%
Sector breakdown
Technology
$2,665m 9.9%
$444m 2.5%
Telecommunications
$1,664m 6.1%
Consumer Highest half-year value
Pharma, Medical $1,208m 6.8%
$11.9bn
vs. FY 2015
on record
& Biotech $1,575m 5.9%
368.3%
t 31 deals
$1,647m 9.3%
Construction Energy, Mining Lowest half-year deal
$1,545m 5.8%
& Utilities vs. H1 2015
count since H1 2009 (17)
$1,363m 7.7% $4.4bn 41.4%
Financial Services
$1,326m 5.0% 18 deals
$2,805m 15.8% Technology Highest H1 value on
vs. H1 2015
Other $2.7bn record
$1,709m 6.4% 32.8%
27 deals

Africa & Middle
East
Top deals
Deal
value
(US$bn)
Bidvest Group Limited
5.8 14-Apr South Africa Bid Corporation Limited South Africa Bidvest Group Limited
(Shareholders)
United Arab Kuwait Food Company Al-Khair National for Stocks

3.2 18-Jun Adeptio LLC Kuwait
Emirates (Americana) KSCP and Real Estate Co
Tenke Fungurume Mining SA

2.7 09-May China Molybdenum Co Ltd China Congo Freeport-McMoRan Inc
(56% Stake)
YTL Power International

Attarat Power Company (60% Eesti Energia AS; and Near
1.3 06-May Berhad; and Guangdong China Jordan
Stake) East Investments
Yudean Group Co Ltd
1.3 17-Mar LaFarge Maroc Morocco Holcim Maroc Morocco LaFargeHolcim Ltd
Sector key
Consumer Energy, Mining & Utilities Construction


1 7 Standard Bank Group 6,727 7 5,300 26.9%
2 17 Rothschild 4,791 4 2,202 117.6%
3 1 JPMorgan 4,337 2 11,156 -61.1%
4 22 Lazard 3,931 6 1,371 186.7%
5 10 Citi 3,774 3 3,767 0.2%
6 3 Goldman Sachs 3,335 2 8,956 -62.8%
7 29 Jefferies 2,661 5 561 374.3%
8 - Societe Generale 2,146 2 - -
9 16 Moelis & Company 1,650 3 2,300 -28.3%
10= 23 Credit Suisse 1,497 2 1,230 21.7%
10= 32 Houlihan Lokey 1,497 2 459 226.1%
12 - Zaoui & Co 1,246 1 - -
13 27 UBS Investment Bank 1,213 4 770 57.5%
14 50 Evercore Partners 1,118 2 237 371.7%
15 39 RBC Capital Markets 940 1 391 140.4%
16 - Arma Partners 930 2 - -
17 5 Morgan Stanley 765 5 5,932 -87.1%
18 38 BNP Paribas 648 2 391 65.7%
19 8 Rand Merchant Bank 629 2 4,103 -84.7%
20 2 Bank of America Merrill Lynch 613 2 9,215 -93.3%

Global
league tables
Global by deal value Global by deal count
Rank Company name H1 2016 Rank Company name H1 2016
H1 H1 Value Deal Value H1 H1 Value Deal Count

2016 2015 (US$m) Count change 2016 2015 (US$m) Count change
1 1 Goldman Sachs 424,446 123 -31.4% 1 2 KPMG 6,351 149 -27
2 2 Morgan Stanley 258,838 121 -41.4% 2 1 PwC 20,869 143 -80
3 4 JPMorgan 204,428 102 -50.8% 3 6 Deloitte 9,116 132 -6
4 3 Bank of America Merrill Lynch 202,381 79 -51.8% 4 3 Goldman Sachs 424,446 123 -43
5 5 Citi 176,003 82 -47.1% 5 8 Rothschild 78,760 122 -9
6 10 Barclays 167,059 80 -1.2% 6 4 Morgan Stanley 258,838 121 -31
7 9 Deutsche Bank 148,809 63 -28.4% 7 5 JPMorgan 204,428 102 -42
8 7 Credit Suisse 146,170 89 -47.5% 8 9 Lazard 116,565 102 -13
9 17 UBS Investment Bank 137,979 71 58.9% 9 13 Credit Suisse 146,170 89 5
10 16 Evercore Partners 124,120 64 41.3% 10 7 EY 6,382 84 -51
11 6 Lazard 116,565 102 -60.7% 11 11 Citi 176,003 82 -14
12 66 China International Capital 102,592 25 1,261% 12 15 Houlihan Lokey 16,759 81 0
13 21 RBC Capital Markets 84,168 68 43.8% 13 16 Barclays 167,059 80 4
14 13 HSBC 83,299 21 -29.9% 14 10 Bank of America Merrill Lynch 202,381 79 -21
15 11 Rothschild 78,760 122 -53.2% 15 20 UBS Investment Bank 137,979 71 11

Europe
league tables
Europe by deal value Europe by deal count

1 1 Goldman Sachs 185,151 51 -22.3% 1 3 KPMG 4,926 122 7
2 3 Morgan Stanley 104,059 42 -44.1% 2 2 Rothschild 70,719 106 -9
3 7 Deutsche Bank 102,811 35 9.5% 3 1 PwC 8,733 97 -44
4 6 JPMorgan 88,652 36 -37.3% 4 5 Deloitte 4,688 84 -5
5 10 Credit Suisse 88,205 40 39.3% 5 6 Lazard 82,496 68 -4
6 8 Citi 88,147 37 4.3% 6 4 EY 2,633 61 -36
7 14 UBS Investment Bank 87,003 35 173.7% 7 7 Goldman Sachs 185,151 51 -20
8 2 Bank of America Merrill Lynch 83,877 40 -59.2% 8 23 BNP Paribas 25,437 47 20
9 4 Lazard 82,496 68 -50.9% 9 9 Morgan Stanley 104,059 42 -17
10 11 Barclays 81,632 33 46.1% 10 22 Credit Suisse 88,205 40 12
11 19 HSBC 73,976 18 319.5% 11 11 Bank of America Merrill Lynch 83,877 40 -8
12 5 Rothschild 70,719 106 -50.1% 12 12 Citi 88,147 37 -11
13 28 Evercore Partners 54,384 26 416.1% 13 8 JPMorgan 88,652 36 -24
14 - CITIC Securities 50,121 2 - 14 14 Deutsche Bank 102,811 35 -5
15 84 N+1 50,115 27 3,090% 15 17 UBS Investment Bank 87,003 35 3

Europe
league tables
UK by deal value UK by deal count

1 2 Bank of America Merrill Lynch 35,166 15 -74.5% 1 1 Rothschild 22,635 32 -20
2 1 Goldman Sachs 34,507 15 -76.8% 2 5 KPMG 753 29 -2
3 12 Deutsche Bank 30,305 10 31.9% 3 9 Lazard 24,010 24 1
4 15 UBS Investment Bank 25,800 15 113.0% 4 2 PwC 3,704 24 -16
5 5 Lazard 24,010 24 -75.4% 5 6 Deloitte 1,790 20 -9
6 7 JPMorgan Cazenove 23,451 10 -56.5% 6 11 Barclays 23,372 17 -2
7 8 Barclays 23,372 17 -36.2% 7 8 Bank of America Merrill Lynch 35,166 15 -9
8 4 Rothschild 22,635 32 -79.9% 8 3 Goldman Sachs 34,507 15 -24
9 24 HSBC 21,371 9 257.9% 9 21 UBS Investment Bank 25,800 15 3
10 17 RBC Capital Markets 18,718 11 93.6% 10 24 Evercore Partners 7,348 15 4
11 3 Morgan Stanley 17,138 14 -86.5% 11 12 Grant Thornton 211 15 -4
12 - Societe Generale 15,668 3 - 12 15 BDO 31 15 -1
13 11 Perella Weinberg Partners 15,652 3 -42.7% 13 10 Morgan Stanley 17,138 14 -8
14 6 Robey Warshaw 14,812 1 -81.7% 14 7 EY 702 14 -13
15 10 Citi 11,322 13 -62.1% 15 20 M&A International 103 14 1
Ireland by deal value Ireland by deal count


1 1 Goldman Sachs 51,865 3 102.2% 1 2 Goldman Sachs 51,865 3 -5
2= 3 Barclays 51,385 2 329.0% 2 5 Morgan Stanley 36,114 3 -2
2= 13 Citi 51,385 2 781.1% 3 28 Evercore Partners 35,619 3 2
4 7 Morgan Stanley 36,114 3 318.1% 4 22 PwC 76 3 1
5 17 Evercore Partners 35,619 3 806.8% 5= 15 Barclays 51,385 2 0
6 6 Deutsche Bank 35,219 1 293.6% 5= 18 Citi 51,385 2 0
7 14 Lazard 16,278 2 203.3% 7 10 Lazard 16,278 2 -1
8 26 Centerview Partners 16,166 1 1,756% 8 3 Davy Corporate Finance 126 2 -5
9= - MTS Health Partners 1,242 1 - 9 14 KPMG 102 2 -1
9= - RBC Capital Markets 1,242 1 - 10 - Key Capital 32 2 -
11= 2 JPMorgan 1,094 1 -95.2% 11 43 Deloitte 25 2 1
11= - Perella Weinberg Partners 1,094 1 - 12 56 Clearwater International - 2 1
13 36 Piper Jaffray & Co 895 1 645.8% 13 16 Deutsche Bank 35,219 1 -1
14 23 Jefferies 360 1 -68.4% 14 35 Centerview Partners 16,166 1 0
15= - LionTree Advisors 260 1 - 15= - MTS Health Partners 1,242 1 -
15= - Nomura Holdings 260 1 - 15= - RBC Capital Markets 1,242 1 -

Europe
league tables
Germanic by deal value Germanic by deal count

1 2 Goldman Sachs 80,512 13 114.0% 1 20 Credit Suisse 71,510 21 13
2 8 Credit Suisse 71,510 21 435.2% 2 4 PwC 2,355 21 -1
3 1 JPMorgan 69,306 12 67.4% 3 1 KPMG 378 21 -13
4 7 UBS Investment Bank 66,950 9 389.7% 4 5 Rothschild 19,290 19 0
5 19 HSBC 61,204 4 1,173% 5 13 Lazard 41,867 17 6
6 - CITIC Securities 50,121 2 - 6 14 Deutsche Bank 40,429 16 6
7 36 N+1 49,332 13 3,657% 7 3 Deloitte 1,475 15 -12
8= - CCB International 45,860 1 - 8 16 Lincoln International - 14 5
8= - China International Capital 45,860 1 - 9 8 Goldman Sachs 80,512 13 -1
8= - Dyalco 45,860 1 - 10 30 N+1 49,332 13 8
11 11 Lazard 41,867 17 293.6% 11 2 EY 1,237 13 -16
12 9 Deutsche Bank 40,429 16 212.1% 12 7 JPMorgan 69,306 12 -2
13 3 Bank of America Merrill Lynch 37,999 11 31.7% 13 18 Globalscope Partners - 12 3
14 6 Morgan Stanley 20,997 10 15.6% 14 15 Bank of America Merrill Lynch 37,999 11 2
15 5 Perella Weinberg Partners 20,787 4 8.2% 15 10 Citi 13,890 11 -2
Germany by deal value Germany by deal count


1 5 Bank of America Merrill Lynch 37,141 9 161.4% 1 5 Rothschild 16,412 15 2
2 8 Deutsche Bank 36,089 12 307.5% 2 1 KPMG 344 13 -13
3 11 Lazard 35,848 10 655.6% 3 12 Deutsche Bank 36,089 12 4
4 2 Goldman Sachs 34,652 11 47.0% 4= 11 Globalscope Partners - 12 3
5 3 Perella Weinberg Partners 20,787 4 8.2% 4= 18 Lincoln International - 12 6
6 1 JPMorgan 20,540 7 -32.5% 6 20 Goldman Sachs 34,652 11 6
7 6 Morgan Stanley 18,690 7 31.6% 7 4 PwC 1,994 11 -4
8 16 UBS Investment Bank 17,192 3 617.8% 8 13 Lazard 35,848 10 3
9 12 Rothschild 16,412 15 331.2% 9 3 Deloitte 10 10 -7
10 7 Barclays 16,044 4 31.5% 10 21 Bank of America Merrill Lynch 37,141 9 4
11 54 RBC Capital Markets 15,718 3 12,375% 11 7 Citi 10,378 8 -2
12 26 HSBC 15,344 2 1,935% 12 2 EY 234 8 -14
13 9 Credit Suisse 15,320 7 159.8% 13 43 Raymond James & Associates - 8 5
14= - Robey Warshaw 14,812 1 - 14 6 JPMorgan 20,540 7 -3
14= - Societe Generale 14,812 1 - 15 9 Morgan Stanley 18,690 7 -2

Europe
league tables
France by deal value France by deal count

1 12 Rothschild 34,658 47 111.4% 1 1 Rothschild 34,658 47 0
2 4 Bank of America Merrill Lynch 22,033 8 -22.5% 2 3 BNP Paribas 13,114 32 16
3 8 Goldman Sachs 19,039 12 -7.3% 3 9 Natixis 9,898 23 11
4 3 Lazard 18,382 21 -37.9% 4 2 Lazard 18,382 21 -3
5 6 BNP Paribas 13,114 32 -41.9% 5 5 Credit Agricole 12,363 20 7
6 13 Credit Agricole 12,363 20 -22.5% 6 8 KPMG 1,160 20 7
7 5 Morgan Stanley 11,343 6 -59.5% 7 11 Deloitte 360 13 3
8 1 Societe Generale 11,019 8 -64.8% 8 24 Goldman Sachs 19,039 12 7
9 21 Natixis 9,898 23 345.7% 9 15 JPMorgan 7,668 12 5
10 2 JPMorgan 7,668 12 -74.9% 10 10 Lincoln International 231 11 0

11 9 Credit Suisse 7,425 6 -62.4% 11 17 Bank of America Merrill Lynch 22,033 8 2
12= - JayDee Partners 6,155 1 - 12 4 Societe Generale 11,019 8 -6
12= - Maybank Investment Bank 6,155 1 - 13 7 DC Advisory 228 8 -5
14 18 HSBC 6,072 7 -11.2% Edmond de Rothschild Corporate
14 19 - 8 2
Finance
15 - Evercore Partners 5,794 3 - 15 16 HSBC 6,072 7 0
Benelux by deal value Benelux by deal count


1 3 Goldman Sachs 16,117 11 -84.1% 1 7 Rothschild 5,296 15 2
2 25 UBS Investment Bank 8,866 4 746.8% 2 1 KPMG 225 15 -2
3 1 Morgan Stanley 8,801 3 -91.6% 3 10 Deloitte 72 13 2
4 9 Credit Suisse 7,656 4 -56.9% 4 6 ING 476 12 -2
5= 11 LionTree Advisors 6,977 1 -11.2% 5 16 Goldman Sachs 16,117 11 4
5= 6 Robey Warshaw 6,977 1 -91.4% 6 3 PwC 183 10 -6
7 14 Citi 6,584 4 81.8% 7 2 Lazard 6,121 9 -7
8 2 Lazard 6,121 9 -94.1% 8 133 Houlihan Lokey 349 9 8
9 8 Deutsche Bank 5,916 3 -67.0% 9 12 BNP Paribas 578 8 0
10 5 Rothschild 5,296 15 -93.7% 10 18 Nielen Schuman 80 8 1
11 130 Greenhill & Co 3,490 2 - 11 5 EY 1,097 7 -8
12 15 Barclays 1,280 2 -64.4% 12 11 ABN AMRO Bank 1,056 6 -3
13 - Mizuho Financial Group 1,208 2 - 13 4 Rabobank 297 6 -9
14 - Ophoenix Capital Management 1,102 1 - 14 15 BDO - 6 -2
15 44 EY 1,097 7 280% 15 21 Degroof Petercam 298 5 -1

Europe
league tables
Iberia by deal value Iberia by deal count

1 16 Deutsche Bank 9,818 3 605.3% 1 2 KPMG 1,572 27 4
2 2 Morgan Stanley 9,484 5 -20.4% 2 3 Deloitte 461 16 -5
3 27 BNP Paribas 9,119 5 2,823% 3 1 PwC 3,258 14 -18
4= 62 Credit Suisse 7,475 2 - 4 12 Banco Bilbao Vizcaya Argentaria 1,727 10 5
4= 3 Goldman Sachs 7,475 2 -18.6% 5 74 N+1 150 8 7
6 1 Citi 3,690 5 -69.8% 6 4 EY 29 8 -5

Santander Global Banking and
7 9 PwC 3,258 14 0.8% 7 20 797 6 3
Markets
8 10 Bank of America Merrill Lynch 3,130 3 0.6% 8 5 Morgan Stanley 9,484 5 -5
9 4 Lazard 2,791 5 -69.4% 9 21 BNP Paribas 9,119 5 2
10 21 Banca IMI/Intesa Sanpaolo 1,906 3 145.9% 10 7 Citi 3,690 5 -4
11 8 UBS Investment Bank 1,872 2 -55.8% 11 8 Lazard 2,791 5 -3
12 25 Barclays 1,809 3 352.3% 12 56 Haitong Securities 234 5 4
13 24 Banco Bilbao Vizcaya Argentaria 1,727 10 240.0% 13 6 Rothschild 1,719 4 -6
14 6 Rothschild 1,719 4 -63.0% 14 - Credit Agricole 763 4 -
15 5 KPMG 1,572 27 -70.5% 15 75 Norgestion 174 4 3
Spain by deal value Spain by deal count


1 19 Deutsche Bank 9,818 3 1,770% 1 2 KPMG 1,504 24 1
2 1 Morgan Stanley 9,484 5 -20.4% 2 3 Deloitte 448 13 -8
3 23 BNP Paribas 9,119 5 4,181% 3 1 PwC 3,258 11 -20
4 3 Goldman Sachs 7,475 2 -18.2% 4 11 Banco Bilbao Vizcaya Argentaria 1,727 10 5
5 55 Credit Suisse 7,475 1 - 5 66 N+1 150 8 7
6 2 Citi 3,690 4 -68.8% 6 4 EY 29 8 -3

Santander Global Banking and
7 9 PwC 3,258 11 0.8% 7 16 797 6 3
Markets
8 10 Bank of America Merrill Lynch 3,130 3 0.6% 8 5 Morgan Stanley 9,484 5 -5
9 4 Lazard 2,791 5 -69.4% 9 22 BNP Paribas 9,119 5 3
10 16 Banca IMI/Intesa Sanpaolo 1,906 3 145.9% 10 8 Lazard 2,791 5 -3
11 8 UBS Investment Bank 1,872 2 -55.8% 11 7 Citi 3,690 4 -4
12 54 Barclays 1,809 2 - 12 6 Rothschild 1,719 4 -6
13 20 Banco Bilbao Vizcaya Argentaria 1,727 10 240.0% 13 67 Norgestion 174 4 3
14 6 Rothschild 1,719 4 -63.0% 14 34 Deutsche Bank 9,818 3 2
15 5 KPMG 1,504 24 -71.8% 15 14 Bank of America Merrill Lynch 3,130 3 0

Europe
league tables
Italy by deal value Italy by deal count

1 4 Mediobanca 9,913 13 -24.2% 1 13 KPMG 1,263 26 19
2 7 Lazard 8,115 7 -20.0% 2 2 UniCredit Group 7,462 22 6
3 3 Deutsche Bank 7,600 5 -50.0% 3 1 Mediobanca 9,913 13 -6
4 13 UniCredit Group 7,462 22 24.4% 4 5 Rothschild 6,735 12 3
5 6 Rothschild 6,735 12 -40.0% 5 3 Banca IMI/Intesa Sanpaolo 4,553 12 -2
6 2 Bank of America Merrill Lynch 6,047 4 -67.3% 6 7 PwC 945 10 1
7 8 Citi 4,956 4 -47.3% 7 40 EY 555 10 8
8 20 Banca IMI/Intesa Sanpaolo 4,553 12 68.1% 8 16 Fineurop Soditic 495 9 3
9 - Colombo & Associati 3,518 1 - 9 8 Lazard 8,115 7 -1
10 22 BNP Paribas 3,261 6 33.2% 10 6 Vitale & Co 2,093 7 -2
11 5 JPMorgan 2,928 4 -76.5% 11 28 Deloitte 484 7 4
12 19 Leonardo & Co 2,648 6 -24.1% 12 27 BNP Paribas 3,261 6 3
13 10 UBS Investment Bank 2,405 5 -70.4% 13 14 Leonardo & Co 2,648 6 0
14 11 Morgan Stanley 2,139 4 -67.9% 14 29 N+1 117 6 3
15 21 Vitale & Co 2,093 7 -19.3% 15 12 Deutsche Bank 7,600 5 -2
Nordics by deal value Nordics by deal count


1 31 Rothschild 14,381 10 2,748% 1 1 PwC 2,441 26 -8
2 3 Morgan Stanley 14,011 7 -29.1% 2 11 Danske Bank Corporate Finance 1,576 16 8
3 12 SEB 13,336 14 41.6% 3 14 ABG Sundal Collier Holding 1,754 15 8
4 7 Bank of America Merrill Lynch 12,301 5 -15.1% 4 8 SEB 13,336 14 5
5 44 Handelsbanken Capital Markets 11,943 10 4,275% 5 4 Carnegie Investment Bank 5,224 14 0
6 - Centerview Partners 9,933 1 - 6 7 KPMG 747 13 3
7= 21 Mizuho Financial Group 8,600 1 616.7% 7 3 EY 119 12 -6
7= 22 Raine Group 8,600 1 616.7% 8 12 Rothschild 14,381 10 2
9 4 Goldman Sachs 7,006 6 -63.1% 9 37 Handelsbanken Capital Markets 11,943 10 7
10 2 Citi 6,669 7 -68.9% 10 5 M&A International 74 10 -2
11 19 Nordea 5,487 6 247.9% 11 2 Deloitte 100 9 -9
12 43 Carnegie Investment Bank 5,224 14 1,677% 12 28 Swedbank 1,805 8 4
13 15 Jefferies 4,142 5 103.8% 13 9 Morgan Stanley 14,011 7 -1
14 5 Lazard 3,912 5 -77.7% 14 32 Citi 6,669 7 4
15 18 Pangea Property Partners 3,126 1 92.4% 15 31 United Bankers Group - 7 3

Europe
league tables
Denmark by deal value Denmark by deal count

1 - Evercore Partners 1,139 1 - 1 9 Danske Bank Corporate Finance 339 8 5
2= 40 Jefferies 1,080 1 - 2 2 PwC 106 7 -3
2= 20 Lazard 1,080 1 1,201% 3 13 SEB 626 6 4
2= 13 Moelis & Company 1,080 1 404.7% 4 1 Deloitte 67 6 -8
5 24 FIH Partners 1,066 3 2,861% 5 3 Carnegie Investment Bank 101 5 -3
6 16 Citi 993 1 700.8% 6 6 Clearwater International 87 5 0
7 1 SEB 626 6 -86.6% 7 10 FIH Partners 1,066 3 0
8 11 Rothschild 555 2 159.3% 8 32 ABG Sundal Collier Holding 60 3 2
9 22 KPMG 352 2 540% 9 16 Rothschild 555 2 0
10= 6 JPMorgan 352 1 35.9% 10 17 KPMG 352 2 0
10= - MHS Corporate Finance 352 1 - 11 37 Handelsbanken Capital Markets 24 2 1
12= - Rabobank 340 1 - 12 - IMAP M&A Consultants 11 2 -
12= - Robert W. Baird & Co 340 1 - 13= 11 Atrium Partners - 2 -1
14 15 Danske Bank Corporate Finance 339 8 85.2% 13= 4 EY - 2 -5
15= - Piper Jaffray & Co 185 1 - 13= 5 M&A International - 2 -4
15= 17 William Blair & Company 185 1 68.2%
Norway by deal value Norway by deal count


1 3 Arctic Securities 2,803 5 72.5% 1 2 ABG Sundal Collier Holding 1,646 9 3
2 - Morgan Stanley 2,307 3 - 2 14 Swedbank 1,805 7 5
3 20 Swedbank 1,805 7 2,185% 3 7 Danske Bank Corporate Finance - 6 2
4 9 ABG Sundal Collier Holding 1,646 9 366.3% 4 6 Arctic Securities 2,803 5 1
5 1 Goldman Sachs 1,602 3 -24.0% 5 38 Alpha Corporate Finance 170 5 4
6 18 Carnegie Investment Bank 1,563 4 1,432.% 6 4 EY - 5 0
7 - Citi 1,259 1 - 7 3 Carnegie Investment Bank 1,563 4 -2
8 - China International Capital 881 1 - 8 5 Pareto Securities 433 4 -1
9 - Barclays 677 2 - 9 - Morgan Stanley 2,307 3 -
10 2 SEB 672 3 -59.8% 10 10 Goldman Sachs 1,602 3 0
11 19 Pareto Securities 433 4 381.1% 11 12 SEB 672 3 1
12 - KPMG 335 3 - 12 - KPMG 335 3 -
13= - Altamar Advisory Partners 335 1 - 13 15 DNB Markets 198 3 1
13= - Bank of America Merrill Lynch 335 1 - 14 1 PwC 73 3 -5
15 - Advium Corporate Finance 322 2 - 15 8 M&A International - 3 -1

Europe
league tables
Sweden by deal value Sweden by deal count

1 36 Rothschild 14,057 8 19,156% 1 1 PwC 2,262 18 1
2 24 Handelsbanken Capital Markets 11,943 9 4,275% 2 28 Handelsbanken Capital Markets 11,943 9 7
3 6 SEB 10,605 6 238.4% 3 7 Rothschild 14,057 8 3
4 - Centerview Partners 9,933 1 - 4 10 Carnegie Investment Bank 3,856 8 3
5 76 Goldman Sachs 5,404 3 - 5 3 M&A International 74 8 1
6 5 Morgan Stanley 4,036 4 28.5% 6 18 KPMG 24 7 4
7 57 Carnegie Investment Bank 3,856 8 - 7 22 United Bankers Group - 7 4
8 28 Bank of America Merrill Lynch 3,366 2 2,057.7% 8 6 SEB 10,605 6 1
9 9 Nordea 3,310 3 132.9% 9 4 Danske Bank Corporate Finance 455 6 0
10 3 Citi 3,142 4 -55.9% 10 14 ABG Sundal Collier Holding 210 6 2
11 - Pangea Property Partners 3,126 1 - 11 33 HDR Partners 82 6 4
12 14 JPMorgan 2,687 4 495.8% 12 11 Morgan Stanley 4,036 4 0
13 - Jefferies 2,512 2 - 13 24 Citi 3,142 4 2
14 4 Lazard 2,511 3 -20.6% 14 26 JPMorgan 2,687 4 2
15 25 PwC 2,262 18 756.8% 15 30 Evli Bank 44 4 2
Finland by deal value Finland by deal count


1= 6 Bank of America Merrill Lynch 8,600 1 -40.0% 1 17 PCA Corporate Finance 44 6 4
1= 18 Mizuho Financial Group 8,600 1 616.7% 2 10 SEB 2,105 4 1
1= 3 Morgan Stanley 8,600 1 -48.2% 3 20 MCF Corporate Finance - 4 2
1= 19 Raine Group 8,600 1 616.7% 4 39 Nordea 2,077 3 2
5 13 SEB 2,105 4 15.8% 5 9 Danske Bank Corporate Finance 782 3 0
6 31 Nordea 2,077 3 2,373% 6 19 Advium Corporate Finance 322 3 1
7 2 Citi 1,275 2 -94.0% 7 55 Evli Bank 44 3 2
8= 8 Credit Suisse 1,275 1 -91.1% 8 2 KPMG 36 3 -3
8= - Perella Weinberg Partners 1,275 1 - 9 - Translink Corporate Finance - 3 -
10 12 Danske Bank Corporate Finance 782 3 -89.3% 10 13 Citi 1,275 2 0
11= 4 Goldman Sachs 712 1 -95.7% 11 21 Sisu Partners 402 2 0
11= - Jefferies 712 1 - 12 11 Access Partners 80 2 -1
13 48 Sisu Partners 402 2 - 13= 4 EY - 2 -2
14 - Novum Securities 402 1 - 13= - Globalscope Partners - 2 -
15 46 Advium Corporate Finance 322 3 - 13= 36 Handelsbanken Capital Markets - 2 1

Europe
league tables
Turkey by deal value Turkey by deal count

1 - Goldman Sachs 689 2 - 1 - EY 231 3 -
2= - Citi 689 1 - 2 5 Pragma Corporate Finance - 3 0
2= - Morgan Stanley 689 1 - 3 - Goldman Sachs 689 2 -
4 19 KPMG 250 2 - 4 19 KPMG 250 2 1
5 - EY 231 3 - 5 3 IS Investment Securities 110 2 -2
6 4 IS Investment Securities 110 2 -67.1% 6 4 PwC - 2 -1
7 - Stamford Partners 110 1 - 7= - Citi 689 1 -
8= - MP Corporate Finance 101 1 - 7= - Morgan Stanley 689 1 -
8= 7 Odin Financial Advisors 101 1 -8.2% 9 - Stamford Partners 110 1 -
10 - Standard Chartered 86 1 - 10= - MP Corporate Finance 101 1 -
11 13 N+1 50 1 16.3% 10= 8 Odin Financial Advisors 101 1 -1
12 - Deloitte 39 1 - 12 - Standard Chartered 86 1 -
13= - Endeavour Financial 18 1 - 13 15 N+1 50 1 0
13= - RBC Capital Markets 18 1 - 14 - Deloitte 39 1 -
15 15 Pragma Corporate Finance - 3 - 15= - Endeavour Financial 18 1 -
15= - RBC Capital Markets 18 1 -
CEE by deal value CEE by deal count


1 18 Rothschild 1,781 9 449.7% 1 15 EY 73 11 -6
2 5 UniCredit Group 938 8 -51.4% 2 18 Rothschild 1,781 9 5
3 1 JPMorgan 808 4 -83.6% 3 5 UniCredit Group 938 8 -1
4 51 Trigon Group 675 5 7,400% 4 30 PwC 265 8 1
5 7 Bank of America Merrill Lynch 409 2 -73.1% 5 35 Deloitte 253 8 2
6 4 Goldman Sachs 409 1 -82.5% 6 51 Trigon Group 675 5 4
7 11 Morgan Stanley 328 2 -68.0% 7 34 KPMG 73 5 -3
8 30 PwC 265 8 167.7% 8 1 JPMorgan 808 4 -1
9 - Jamieson Corporate Finance 265 1 - 9 19 Lazard 227 3 1
10 35 Deloitte 253 8 237.3% 10 43 Patria Corporate Finance - 3 -3
11 19 Lazard 227 3 -26.8% 11 7 Bank of America Merrill Lynch 409 2 1
12 3 Citi 160 2 -93.7% 12 11 Morgan Stanley 328 2 1
13 79 VTB Capital 160 1 - 13 3 Citi 160 2 -3
14 - Scotiabank 125 2 - 14 - Scotiabank 125 2 -
15= - Danske Bank Corporate Finance 124 2 - 15= - Danske Bank Corporate Finance 124 2 -
15= - Swedbank 124 2 - 15= - Swedbank 124 2 -

Europe
league tables
Poland by deal value Poland by deal count

1 24 Trigon Group 675 5 7,400% 1 28 Trigon Group 675 5 4
2 4 JPMorgan 674 2 -55.6% 2 12 UniCredit Group 631 5 3
3 28 UniCredit Group 631 5 - 3 5 PwC 265 5 2
4= 1 Bank of America Merrill Lynch 409 1 -73.1% 4 23 Rothschild 194 4 3
4= - Goldman Sachs 409 1 - 5 1 Deloitte 214 3 -2
6 - Morgan Stanley 328 2 - 6 4 KPMG 73 3 0
7 25 PwC 265 5 3,213% 7 16 JPMorgan 674 2 1
8 - Jamieson Corporate Finance 265 1 - 8 - Morgan Stanley 328 2 -
9 11 Deloitte 214 3 185.3% 9 20 Saski Partners 30 2 1
10 17 Rothschild 194 4 708.3% 10= 13 Bank of America Merrill Lynch 409 1 0
11 - Lazard 131 1 - 10= - Goldman Sachs 409 1 -
12 6 UBS Investment Bank 103 1 -76.2% 12 - Jamieson Corporate Finance 265 1 -
13 - The Valence Group 91 1 - 13 - Lazard 131 1 -
14 18 KPMG 73 3 305.6% 14 17 UBS Investment Bank 103 1 0
15 13 Saski Partners 30 2 -51.6% 15 - The Valence Group 91 1 -
Russia by deal value Russia by deal count


1 2 Rothschild 1,280 2 326.7% 1 2 Rothschild 1,280 2 -1
2= 4 Citi 160 1 -38.7% 2 - Scotiabank 125 2 -
2= 17 VTB Capital 160 1 - 3= 6 Citi 160 1 0
4 - Scotiabank 125 2 - 3= 17 VTB Capital 160 1 0
5 - Ingenious Corporate Finance 35 1 - 5 - Ingenious Corporate Finance 35 1 -
6 7 China Renaissance Partners 32 1 -68.0% 6 8 China Renaissance Partners 32 1 0
7 - Sozvezdie Capital 9 1 - 7 - Sozvezdie Capital 9 1 -
8= - Clearwater International - 1 - 8= - Clearwater International - 1 -
8= - Concorde MB Partners - 1 - 8= - Concorde MB Partners - 1 -
8= 9 EY - 1 - 8= 9 EY - 1 0
8= - PwC - 1 - 8= - PwC - 1 -
8= - Trigon Group - 1 - 8= - Trigon Group - 1 -
8= - UniCredit Group - 1 - 8= - UniCredit Group - 1 -

Americas
league tables
Americas by deal value Americas by deal count

1 1 Goldman Sachs 299,937 86 -15.9% 1 1 Goldman Sachs 299,937 86 -30
2 5 Morgan Stanley 179,466 68 -28.2% 2 2 JPMorgan 122,407 76 -18
3 3 Citi 151,792 53 -41.3% 3 4 Houlihan Lokey 16,031 71 -8
4 8 Barclays 146,164 65 -3.6% 4 3 Morgan Stanley 179,466 68 -26
5 4 Bank of America Merrill Lynch 143,041 55 -43.3% 5 6 Barclays 146,164 65 0
6 14 Evercore Partners 122,674 57 40.9% 6 17 RBC Capital Markets 66,934 62 20
7 2 JPMorgan 122,407 76 -61.0% 7 14 Evercore Partners 122,674 57 11
8 11 Deutsche Bank 103,863 38 -11.9% 8 7 Lazard 63,393 56 -8
9 15 RBC Capital Markets 66,934 62 24.7% 9 5 Bank of America Merrill Lynch 143,041 55 -15
10 7 Credit Suisse 64,283 51 -69.2% 10 8 Citi 151,792 53 -10
11 9 Lazard 63,393 56 -58.2% 11 11 Credit Suisse 64,283 51 -10
12 29 Wells Fargo Securities 52,397 29 334.0% 12 13 Jefferies 30,748 49 0
13 12 Guggenheim Partners 47,485 8 -59.2% 13 16 Raymond James & Associates 3,201 45 2
14 20 UBS Investment Bank 46,235 36 14.7% 14 23 Rothschild 21,993 44 8
15 27 Qatalyst Group 31,630 6 50.9% 15 21 Deloitte 5,358 44 7
US by deal value US by deal count


2 5 Morgan Stanley 174,043 64 -28.0% 2 2 JPMorgan 112,019 73 -18
3 4 Bank of America Merrill Lynch 141,400 53 -43.2% 3 4 Houlihan Lokey 15,129 67 -12
4 3 Citi 136,991 46 -45.4% 4 3 Morgan Stanley 174,043 64 -21
5 9 Barclays 134,788 57 -6.1% 5 8 Barclays 134,788 57 -2
6 14 Evercore Partners 121,713 54 47.7% 6 14 Evercore Partners 121,713 54 11
7 2 JPMorgan 112,019 73 -63.3% 7 5 Bank of America Merrill Lynch 141,400 53 -14
8 13 Deutsche Bank 97,917 33 -4.6% 8 11 Jefferies 30,036 48 0
9 8 Lazard 60,455 46 -60.0% 9 7 Citi 136,991 46 -13
10 20 RBC Capital Markets 55,133 40 120.9% 10 6 Lazard 60,455 46 -14
11 28 Wells Fargo Securities 52,397 29 334.0% 11 10 Credit Suisse 45,871 45 -9
12 11 Guggenheim Partners 47,485 8 -59.2% 12 16 Raymond James & Associates 3,088 42 3
13 7 Credit Suisse 45,871 45 -77.8% 13 13 Stifel/KBW 12,901 41 -4
14 18 UBS Investment Bank 33,783 31 -7.1% 14 22 RBC Capital Markets 55,133 40 11
15 26 Qatalyst Group 31,630 6 133.2% 15 21 Rothschild 16,403 36 5

Americas
league tables
US North East by deal value US North East by deal count

3 12 Barclays 51,607 31 1.1% 3 3 JPMorgan 45,623 38 -4
4 9 JPMorgan 45,623 38 -57.1% 4 10 Barclays 51,607 31 4
5 2 Morgan Stanley 44,096 31 -73.9% 5 2 Morgan Stanley 44,096 31 -21
6 4 Citi 42,620 21 -71.6% 6 8 Bank of America Merrill Lynch 60,750 30 2
8 13 Deutsche Bank 31,451 19 -13.9% 8 7 Credit Suisse 28,772 26 -5
9 6 Credit Suisse 28,772 26 -77.6% 9 12 Jefferies 21,955 25 2
10 14 UBS Investment Bank 26,184 16 -6.2% 10 9 Lazard 12,660 23 -4
11 24 RBC Capital Markets 23,817 16 150% 11 5 Citi 42,620 21 -16
12 21 Jefferies 21,955 25 85.3% 12 6 Deutsche Bank 31,451 19 -13
13 30 Wells Fargo Securities 19,243 13 231.7% 13 18 Rothschild 5,341 19 3
14 7 Lazard 12,660 23 -89.5% 14 13 Lincoln International 1,258 17 -4
15 3 Centerview Partners 12,325 5 -91.8% 15 15 UBS Investment Bank 26,184 16 -1
US Mid West by deal value US Mid West by deal count


2 13 Evercore Partners 79,672 13 441.8% 2 4 Houlihan Lokey 2,052 18 -3
3 6 Citi 70,973 14 32.9% 3 10 Lincoln International 644 16 0
4 7 Barclays 67,223 12 44.2% 4 1 JPMorgan 32,060 15 -16
5 4 Morgan Stanley 56,997 10 -31.0% 5 12 Citi 70,973 14 -1
6 8 Bank of America Merrill Lynch 42,869 9 12.0% 6 16 Raymond James & Associates 1,034 14 2
7 11 Guggenheim Partners 41,967 2 99.5% 7 22 Evercore Partners 79,672 13 5
8 15 Deutsche Bank 36,605 7 199.9% 8 7 Lazard 28,771 13 -4
9 1 JPMorgan 32,060 15 -73.1% 9 5 Barclays 67,223 12 -7
10 3 Lazard 28,771 13 -66.0% 10 17 Robert W. Baird & Co 1,899 12 1
11 2 Centerview Partners 16,625 3 -81.9% 11 19 Piper Jaffray & Co 962 12 2
12 53 Scotiabank 12,533 2 4,050% 12 8 Jefferies 4,149 11 -5
13 47 Sandler O'Neill & Partners 8,213 7 1,737% 13 3 Morgan Stanley 56,997 10 -18
14 14 UBS Investment Bank 6,660 9 -46.7% 14 14 Bank of America Merrill Lynch 42,869 9 -4
15 76 Rothschild 5,331 5 7,857% 15 31 UBS Investment Bank 6,660 9 4

Americas
league tables
US South by deal value US South by deal count

2 4 Bank of America Merrill Lynch 62,797 23 20.2% 2 11 Barclays 47,177 27 7
3 5 Barclays 47,177 27 -1.4% 3 3 JPMorgan 34,224 25 -7
4 9 Deutsche Bank 44,541 16 32.0% 4 6 Raymond James & Associates 1,523 25 0
5 18 RBC Capital Markets 43,458 23 580.8% 5 2 Houlihan Lokey 7,204 24 -11
6 20 Wells Fargo Securities 41,803 17 581.8% 6 4 Bank of America Merrill Lynch 62,797 23 -7
7 3 Citi 37,877 19 -42.4% 7 18 RBC Capital Markets 43,458 23 9
8 7 Morgan Stanley 36,793 23 -7.4% 8 5 Morgan Stanley 36,793 23 -3
9 1 JPMorgan 34,224 25 -61.3% 9 12 Credit Suisse 23,459 21 2
10 6 Credit Suisse 23,459 21 -50.9% 10 15 Jefferies 11,870 21 3
11 8 Lazard 18,430 19 -49.3% 11 9 Evercore Partners 14,459 20 -4
12 10 Evercore Partners 14,459 20 -47.1% 12 16 Citi 37,877 19 4
13 106 BMO Capital Markets 11,907 5 9,350% 13 8 Lazard 18,430 19 -5
14 29 Jefferies 11,870 21 257.2% 14 7 Stifel/KBW 9,766 19 -6
15 44 Stifel/KBW 9,766 19 653.5% 15 45 Robert W. Baird & Co 5,448 18 14
US West by deal value US West by deal count


1 1 Goldman Sachs 75,479 29 -31.2% 1 6 Morgan Stanley 74,901 32 14
2 10 Morgan Stanley 74,901 32 78.4% 2 1 Goldman Sachs 75,479 29 -2
3 2 JPMorgan 43,219 29 -56.1% 3 3 JPMorgan 43,219 29 2
4 14 Qatalyst Group 31,630 6 140.4% 4 2 Houlihan Lokey 4,402 27 -2
5 3 Bank of America Merrill Lynch 31,428 15 -53.6% 5 9 Barclays 23,278 18 1
6 5 Deutsche Bank 29,741 8 -49.3% 6 12 Evercore Partners 19,533 18 3
7 7 Allen & Company 25,614 2 -50.8% 7 19 Stifel/KBW 1,721 17 6
8 9 Citi 24,461 14 -45.8% 8 5 Bank of America Merrill Lynch 31,428 15 -4
9 6 Barclays 23,278 18 -56.4% 9 13 Citi 24,461 14 0
10 13 RBC Capital Markets 19,705 10 39.8% 10 7 Jefferies 11,740 14 -4
11 11 Evercore Partners 19,533 18 -50.6% 11 25 Raymond James & Associates 1,876 14 6
12 8 Credit Suisse 15,006 13 -70.9% 12 16 Credit Suisse 15,006 13 1
13 4 Centerview Partners 13,073 8 -78.2% 13 8 Moelis & Company 3,642 13 -5
14 16 Jefferies 11,740 14 -6.1% 14 22 UBS Investment Bank 9,097 11 2
15 44 China International Capital 9,568 2 672.9% 15 50 D.A. Davidson & Co 480 11 7

Americas
league tables
Canada by deal value Canada by deal count

1 13 Goldman Sachs 41,936 10 355.0% 1 1 RBC Capital Markets 14,272 26 3
2 1 JPMorgan 27,047 10 -41.3% 2 22 Deloitte 548 18 12
3 32 Lazard 25,198 9 1,333% 3 6 National Bank Financial 3,802 14 2
4 6 Morgan Stanley 24,683 8 18.5% 4 2 BMO Capital Markets 15,646 13 -2
5 - Wells Fargo Securities 22,454 3 - 5 11 TD Securities 8,478 11 1
6 12 Barclays 21,181 8 103.3% 6 16 Goldman Sachs 41,936 10 3
7 9 Credit Suisse 18,818 9 29.3% 7 7 JPMorgan 27,047 10 -1
8 24 Scotiabank 16,879 8 469.7% 8 15 Lazard 25,198 9 1
9 5 Citi 16,050 6 -25.8% 9 13 Credit Suisse 18,818 9 0
10 3 BMO Capital Markets 15,646 13 -59.1% 10 19 Bank of America Merrill Lynch 15,130 9 3
11 10 Bank of America Merrill Lynch 15,130 9 10.9% 11 3 CIBC World Markets 14,830 9 -6
12 11 CIBC World Markets 14,830 9 29.1% 12 12 Morgan Stanley 24,683 8 -1
13 2 RBC Capital Markets 14,272 26 -66.4% 13 20 Barclays 21,181 8 2
14 14 Macquarie Group 11,454 6 43.3% 14 17 Scotiabank 16,879 8 1
15 37 UBS Investment Bank 10,327 6 694.4% 15 49 Houlihan Lokey 1,316 8 6
C&S America by deal value C&S America by deal count


1 7 Credit Suisse 5,733 2 124.5% 1 1 Banco BTG Pactual 3,040 9 -2
2 8 Morgan Stanley 5,492 5 124.7% 2 2 Banco Itau BBA 2,785 9 -2
3 5 Banco Bilbao Vizcaya Argentaria 4,689 5 44.2% 3 33 Lazard 2,192 9 7
4 4 Rothschild 3,942 2 0.7% 4 25 Citi 3,074 6 4
5 11 Banco Bradesco BBI 3,392 5 75.9% Santander Global Banking and

5 8 1,081 6 1
Markets
6 28 UBS Investment Bank 3,388 3 124.5% 6 9 M&A International 118 6 1
7 24 Citi 3,074 6 1,354% 7 6 Morgan Stanley 5,492 5 -2
8 6 Banco BTG Pactual 3,040 9 -0.7% 8 5 Banco Bilbao Vizcaya Argentaria 4,689 5 -2
9 10 Banco Itau BBA 2,785 9 43.0% 9 13 Banco Bradesco BBI 3,392 5 1
10 48 Lazard 2,192 9 4,998% 10 32 KPMG 338 5 3
11 19 Barclays 1,583 2 102.2% 11 10 JPMorgan 1,209 4 0
12 1 Deutsche Bank 1,500 2 -71.8% 12 21 BR Partners 315 4 1
13= 3 Goldman Sachs 1,500 1 -62.6% 13 68 Artica Invest 20 4 3
13= - Industrial Securities 1,500 1 - 14 - Greenhill & Co 10 4 -
15 25 Deloitte 1,350 2 425.3% 15 26 UBS Investment Bank 3,388 3 1

Asia-Pacific
league tables
Asia-Pacific(excl. Japan) by deal value Asia-Pacific(excl. Japan) by deal count

1 1 Goldman Sachs 103,936 31 -7.7% 1 1 PwC 12,646 45 -23
2 33 China International Capital 102,592 25 1,261% 2 4 Goldman Sachs 103,936 31 -4
3 2 Credit Suisse 81,391 31 -4.5% 3 13 Credit Suisse 81,391 31 11
4 11 UBS Investment Bank 77,844 26 106.3% 4 5 Morgan Stanley 53,060 30 -2
5 18 CITIC Securities 75,014 14 217.9% 5 10 Huatai United Securities 24,720 29 6
6 8 JPMorgan 70,669 19 2.6% 6 8 Deloitte 4,204 29 4
7 3 HSBC 62,240 8 -26.6% 7 12 UBS Investment Bank 77,844 26 5
8 10 Morgan Stanley 53,060 30 -13.1% 8 25 China International Capital 102,592 25 12
9 241 N+1 47,839 5 85,327% 9 16 Citi 35,733 25 7
10 297 CCB International 46,195 3 271,635% 10 3 KPMG 988 25 -15
11 - Dyalco 45,860 1 - 11 2 EY 3,881 24 -17
12 6 Citi 35,733 25 -52.4% 12 14 China Renaissance Partners 14,807 21 1
13 7 Bank of America Merrill Lynch 28,595 17 -58.9% 13 6 JPMorgan 70,669 19 -7
14 31 Huatai United Securities 24,720 29 200.4% 14 29 Lazard 13,912 19 9
15 19 Macquarie Group 14,916 14 -23.5% 15 17 Bank of America Merrill Lynch 28,595 17 0
*Based on advisors to bidder on buyout deals only with the target domininant geography being Asia-Pacific (excl. Japan)

Asia-Pacific
league tables
Asia (excl. Australasia & Japan) by deal value Asia (excl. Australasia & Japan) by deal count

1 27 China International Capital 102,592 25 1,261% 1 1 PwC 12,415 39 -14
2 1 Goldman Sachs 92,753 25 -4.3% 2 8 Huatai United Securities 24,720 29 6
3 17 CITIC Securities 75,014 14 218% 3 5 Morgan Stanley 53,060 28 1
4 3 Credit Suisse 71,338 25 -13.4% 4 22 China International Capital 102,592 25 12
5 23 UBS Investment Bank 67,379 22 560.3% 5 4 Goldman Sachs 92,753 25 -3
6 2 HSBC 62,240 8 -26.6% 6 16 Credit Suisse 71,338 25 10
7 7 JPMorgan 61,243 18 -9.6% 7 29 UBS Investment Bank 67,379 22 13
8 10 Morgan Stanley 53,060 28 -9.5% 8 9 China Renaissance Partners 14,807 21 1
9 251 N+1 47,839 5 85,327% 9 3 EY 3,785 21 -9
10 261 CCB International 46,195 3 271,635% 10 2 KPMG 882 20 -10
11 - Dyalco 45,860 1 - 11 7 JPMorgan 61,243 18 -5
12 9 Bank of America Merrill Lynch 27,196 13 -55.2% 12 20 Citi 22,746 18 5
13 25 Huatai United Securities 24,720 29 200.4% 13 36 Lazard 13,405 16 9
14 6 Citi 22,746 18 -69.0% 14 14 Southwest Securities Company 11,459 16 0
15 22 China Renaissance Partners 14,807 21 42.9% 15 18 Deloitte 3,732 16 1
Australasia by deal value Australasia by deal count


1 4 Goldman Sachs 14,919 8 -4.9% 1 2 Macquarie Group 14,916 14 -1
2 3 Macquarie Group 14,916 14 -13.6% 2 4 Deloitte 589 14 1
3 16 Citi 12,987 7 523.2% 3 8 Goldman Sachs 14,919 8 1
4 1 UBS Investment Bank 12,607 5 -55.0% 4 10 Credit Suisse 12,393 8 2
5 13 Credit Suisse 12,393 8 287.9% 5 11 Citi 12,987 7 1
6 2 Gresham Advisory Partners 9,729 3 -45.6% 6 1 PwC 231 7 -11
7 5 Grant Samuel 9,497 3 -20.2% 7 6 KPMG 223 6 -4
8 24 JPMorgan 9,426 1 753.8% 8 3 UBS Investment Bank 12,607 5 -8
9 10 Deutsche Bank 3,427 3 -51.6% 9 18 Bank of America Merrill Lynch 1,399 4 0
10 14 Morgan Stanley 2,142 3 -13.7% 10 9 Gresham Advisory Partners 9,729 3 -3
11 - China Renaissance Partners 1,594 1 - 11 17 Grant Samuel 9,497 3 -1
12 8 Bank of America Merrill Lynch 1,399 4 -84.3% 12= 14 Deutsche Bank 3,427 3 -2
13 68 RBC Capital Markets 869 2 3,119% 12= 15 Morgan Stanley 2,142 3 -2
14 - Guosen Securities 755 1 - 14 16 Rothschild 640 3 -2
15 15 Rothschild 640 3 -69.9% 15 22 Lazard 507 3 0

Asia-Pacific
league tables
Greater China by deal value Greater China by deal count

1 19 China International Capital 102,592 25 1,261% 1 2 Huatai United Securities 24,720 29 6
2 4 Goldman Sachs 84,100 16 44.8% 2 12 China International Capital 102,592 25 12
3 6 CITIC Securities 74,233 13 214.5% 3 3 China Renaissance Partners 14,807 21 1
4 15 UBS Investment Bank 62,850 15 552.1% 4 4 Morgan Stanley 40,118 19 0
5 18 Credit Suisse 59,395 13 652.6% 5 6 Goldman Sachs 84,100 16 0
6 1 HSBC 57,220 6 -30.7% 6 9 Southwest Securities Company 11,459 16 0
7 5 JPMorgan 54,942 11 91.3% 7 21 UBS Investment Bank 62,850 15 7
8 163 N+1 47,813 4 88,443% 8 13 China Securities 13,437 15 3
9 189 CCB International 46,195 3 271,635% 9 16 Haitong Securities 9,604 14 4
10 - Dyalco 45,860 1 - 10 5 GF Securities 7,731 14 -3
11 8 Morgan Stanley 40,118 19 114% 11 7 CITIC Securities 74,233 13 -3
12 17 Huatai United Securities 24,720 29 200.4% 12 18 Credit Suisse 59,395 13 4
13 7 Bank of America Merrill Lynch 21,841 9 2.0% 13 30 Citi 18,048 12 6
14 14 Citi 18,048 12 79.4% 14 52 Lazard 11,685 12 9
15 13 China Renaissance Partners 14,807 21 42.9% 15 15 PwC 7,066 12 1
India by deal value India by deal count


1 1 JM Financial 5,187 6 10.6% 1 4 PwC 267 9 1
2 10 Standard Chartered 3,301 5 138.2% 2 1 EY 383 8 -12
3 23 ICICI Securities 2,469 4 853.3% 3 2 Avendus Capital 339 7 -7
4 2 Citi 1,641 3 -57.9% 4 5 JM Financial 5,187 6 0
5 6 Bank of America Merrill Lynch 1,479 3 -31.5% 5 17 Standard Chartered 3,301 5 3
6 19 Barclays 1,378 1 336.1% 6 39 Deloitte 497 5 4
7 24 Rothschild 1,340 3 436.0% 7 3 KPMG 130 5 -6
8 29 SBI Capital Markets 953 3 412.4% 8 40 ICICI Securities 2,469 4 3
9 4 Lazard 950 2 -59% 9 7 Citi 1,641 3 -1
10= - Arma Partners 900 1 - 10 33 Bank of America Merrill Lynch 1,479 3 2
10= - Societe Generale 900 1 - 11 20 Rothschild 1,340 3 1
12 8 Axis Capital 870 3 -41.0% 12 42 SBI Capital Markets 953 3 2
13 - UBS Investment Bank 760 2 - 13 8 Axis Capital 870 3 -1
14 27 Jefferies 711 2 272.3% 14 9 Goldman Sachs 357 3 -1
15 3 Morgan Stanley 706 1 -76.9% 15 12 o3 Capital Advisors 96 3 -1

Asia-Pacific
league tables
South Korea by deal value South Korea by deal count

1 1 Credit Suisse 5,833 5 -84.8% 1 1 PwC 4,815 16 -11
2 4 PwC 4,815 16 -84.6% 2 13 EY 3,168 9 6
3 22 EY 3,168 9 1,142% 3 10 Credit Suisse 5,833 5 2
4 3 Morgan Stanley 3,149 4 -91.3% 4 8 Morgan Stanley 3,149 4 0
5 19 Mirae Asset Daewoo 2,229 1 526.1% 5 7 Deloitte 1,211 4 -1
6 23 Korea Development Bank 1,694 3 734.5% 6 25 Korea Development Bank 1,694 3 2
7 9 Samsung Securities 1,284 1 -89.5% 7 23 Daiwa Securities Group 726 3 2
8 20 Deloitte 1,211 4 309% 8 3 Goldman Sachs 876 2 -4
9 15 Mizuho Financial Group 1,174 1 17.4% 9 27 Shinhan Investment 809 2 1
10 13 Bank of America Merrill Lynch 915 1 -51.0% 10 2 KPMG 41 2 -10
11 18 Nomura Holdings 878 1 99.5% 11 16 Mirae Asset Daewoo 2,229 1 -1
12 2 Goldman Sachs 876 2 -97.6% 12 6 Samsung Securities 1,284 1 -4
13 26 Shinhan Investment 809 2 513% 13 22 Mizuho Financial Group 1,174 1 0
14 16 Daiwa Securities Group 726 3 -22.8% 14 14 Bank of America Merrill Lynch 915 1 -1
15 7 Citi 689 1 -97.2% 15 15 Nomura Holdings 878 1 -1
Japan by deal value Japan by deal count


1 3 Morgan Stanley 28,886 21 100.6% 1 1 Nomura Holdings 22,578 42 -6
2 1 Nomura Holdings 22,578 42 15.2% 2 4 Daiwa Securities Group 6,091 26 8
3 2 Mizuho Financial Group 16,744 23 -0.9% 3 3 Mizuho Financial Group 16,744 23 -8
4= 4 Bank of America Merrill Lynch 8,600 2 -32.3% 4 2 Sumitomo Mitsui Financial Group 5,031 23 -17
4= 26 Raine Group 8,600 2 616.7% 5 7 Morgan Stanley 28,886 21 6
6 5 JPMorgan 6,597 3 -42.1% 6 8 Deloitte 1,602 14 0
7 6 Lazard 6,391 2 -42.8% 7 12 GCA Savvian 640 13 4
8 17 Daiwa Securities Group 6,091 26 80.8% 8 5 KPMG 636 9 -9
9 10 Sumitomo Mitsui Financial Group 5,031 23 -47.6% 9 - YAMADA Consulting Group 361 5 -
10 11 Credit Suisse 4,380 3 -52.0% 10 21 Plutus Consulting 248 5 1
11 12 Deutsche Bank 3,886 2 -55.3% 11 6 PwC 46 5 -11
12 - China International Capital 3,500 1 - 12 9 Frontier Management 854 4 -7
13 23 Rothschild 3,320 3 123.0% 13 26 Moelis & Company 802 4 1
14= 14 Citi 3,055 1 -53.6% 14 13 JPMorgan 6,597 3 -4
14= - Wells Fargo Securities 3,055 1 - 15 16 Credit Suisse 4,380 3 -3

Asia-Pacific
league tables
South East Asia by deal value South East Asia by deal count

1 26 Morgan Stanley 9,437 6 1,261.8% 1 1 CIMB Group 1,415 11 2
2 11 Goldman Sachs 8,727 6 277.1% 2 9 Credit Suisse 8,647 10 6

3 1 Credit Suisse 8,647 10 -76.2% 3 4 RHB Investment Bank 1,080 9 2
4 27 Maybank Investment Bank 6,970 6 987.4% 4 34 Morgan Stanley 9,437 6 4
5 22 JayDee Partners 6,186 2 729.2% 5 3 Goldman Sachs 8,727 6 -1
6 7 JPMorgan 5,515 4 -83.9% 6 12 Maybank Investment Bank 6,970 6 2
7 - BNP Paribas 5,175 3 - 7 44 UBS Investment Bank 3,769 5 4
8= - Credit Agricole 5,020 2 - 8 2 PwC 317 5 -3
8= 12 HSBC 5,020 2 119.0% 9 10 JPMorgan 5,515 4 0
8= - Natixis 5,020 2 - 10 15 Citi 3,236 4 1
11 35 Rothschild 4,017 3 877.4% 11 29 Deutsche Bank 2,068 4 2
12= 2 Bank of America Merrill Lynch 3,880 1 -89.0% 12 23 Deloitte 1,585 4 1
12= - Societe Generale 3,880 1 - 13 65 Kenanga Investment Bank 149 4 3
14 29 UBS Investment Bank 3,769 5 564.7% 14 8 EY 140 4 -1
15 3 Citi 3,236 4 -90.8% 15 - BNP Paribas 5,175 3 -

Africa & Middle East
league tables
Africa & Middle East by deal value Africa & Middle East by deal count

1 7 Standard Bank Group 6,727 7 26.9% 1 2 Standard Bank Group 6,727 7 -6
2 17 Rothschild 4,791 4 117.6% 2 15 Lazard 3,931 6 1
3 1 JPMorgan 4,337 2 -61.1% 3 17 Jefferies 2,661 5 1
4 22 Lazard 3,931 6 186.7% 4 7 Morgan Stanley 765 5 -3
5 10 Citi 3,774 3 0.2% 5 4 EY 111 5 -5
6 3 Goldman Sachs 3,335 2 -62.8% 6 11 Rothschild 4,791 4 -3
7 29 Jefferies 2,661 5 374.3% 7 52 UBS Investment Bank 1,213 4 3
8 - Societe Generale 2,146 2 - 8 20 KPMG 291 4 0
9 16 Moelis & Company 1,650 3 28.3% 9 12 Investec 174 4 -3
10= 23 Credit Suisse 1,497 2 21.7% 10 1 PwC 53 4 -10
10= 32 Houlihan Lokey 1,497 2 226.1% 11 5 Citi 3,774 3 -6
12 - Zaoui & Co 1,246 1 - 12 31 Moelis & Company 1,650 3 1
13 27 UBS Investment Bank 1,213 4 57.5% 13 18 Standard Chartered 501 3 -1
14 50 Evercore Partners 1,118 2 371.7% 14 13 Barclays 31 3 -2
15 39 RBC Capital Markets 940 1 140.4% 15 9 JPMorgan 4,337 2 -5

Private equity
league tables
Global buyouts by deal value Global buyouts by deal count

1 6 RBC Capital Markets 23,629 9 139.5% 1 1 PwC 5,354 23 6
2 4 Deutsche Bank 21,474 9 74.8% 2 2 KPMG 1,403 17 2
3 10 Citi 21,110 8 249.8% 3 17 Lazard 5,591 13 6
4 12 Barclays 20,438 10 242% 4 8 Goldman Sachs 15,935 11 1
5 2 Goldman Sachs 15,935 11 14.7% 5 19 Barclays 20,438 10 3
6 7 Lazard 5,591 13 -33.6% 6 4 Deloitte 330 10 -4
7 34 PwC 5,354 23 534.4% 7 16 RBC Capital Markets 23,629 9 2
8 5 Bank of America Merrill Lynch 4,998 5 -57.5% 8 7 Deutsche Bank 21,474 9 -2
9 28 Moelis & Company 4,540 2 306.4% 9 3 EY 552 9 -6
10 1 Macquarie Group 3,494 7 -84.7% 10 11 Citi 21,110 8 -1
11 9 JPMorgan 3,183 5 -53.6% 11 29 Evercore Partners 2,044 8 4
12 8 UBS Investment Bank 2,720 6 -61.8% 12 5 Macquarie Group 3,494 7 -5
13 16 Morgan Stanley 2,433 2 -44.3% 13 24 UniCredit Group 2,429 7 3
14 17 UniCredit Group 2,429 7 -34.8% 14 9 Rothschild 688 7 -3
15 14 Credit Suisse 2,404 5 -51.0% 15 13 UBS Investment Bank 2,720 6 -2
*Based on advisors to bidder on buyout deals with the target dominant geography being Global
US buyouts by deal value US buyouts by deal count


1 4 RBC Capital Markets 21,878 5 228.5% 1 14 Barclays 20,438 9 6
2 14 Barclays 20,438 9 1,054.7% 2 3 Goldman Sachs 14,027 8 3
3 13 Citi 19,337 4 775% 3 11 RBC Capital Markets 21,878 5 2
4 6 Deutsche Bank 16,347 3 205.9% 4 7 UBS Investment Bank 2,720 5 1
5 2 Goldman Sachs 14,027 8 62.1% 5 19 Citi 19,337 4 2
6 - Moelis & Company 4,540 2 - 6 1 Deutsche Bank 16,347 3 -3
7 3 Bank of America Merrill Lynch 4,083 3 -39.0% 7 5 Bank of America Merrill Lynch 4,083 3 -1
8 8 UBS Investment Bank 2,720 5 -42.0% 8 8 Credit Suisse 2,145 3 -1
9 15 Lazard 2,446 2 38.7% 9 9 PwC 2,051 3 -1
10 9 Credit Suisse 2,145 3 -42.1% 10 17 Evercore Partners 500 3 0
11 29 PwC 2,051 3 4,669.8% 11 - Moelis & Company 4,540 2 -
12 - NC Advisory 1,800 1 - 12 15 Lazard 2,446 2 -1
13 12 Jefferies 1,631 2 -46.9% 13 13 Jefferies 1,631 2 -1
14 1 Macquarie Group 1,336 2 -91.7% 14 2 Macquarie Group 1,336 2 -3
15 - TD Securities 1,200 2 - 15 - TD Securities 1,200 2 -
*Based on advisors to bidder on buyout deals with the target dominant geography being US

Private equity
league tables
Europe buyouts by deal value Europe buyouts by deal count

1 2 Deutsche Bank 5,030 5 -20.4% 1 4 PwC 3,286 18 8
2 31 PwC 3,286 18 453.2% 2 2 KPMG 1,403 14 2
3 1 Lazard 3,145 10 -52.8% 3 11 Lazard 3,145 10 6
4 16 JPMorgan 2,654 4 -5.6% 4 1 EY 552 8 -5
5 37 Morgan Stanley 2,433 2 385.6% 5 12 UniCredit Group 2,429 7 3
6 8 UniCredit Group 2,429 7 -34.8% 6 47 Fineurop Soditic 484 6 4
7 41 Mediobanca 1,924 3 325.7% 7 - Liberty Corporate Finance 233 6 -
8 6 Goldman Sachs 1,908 2 -54.2% 8 16 Deutsche Bank 5,030 5 2
9 9 Citi 1,773 4 -49.6% 9 21 JPMorgan 2,654 4 1
10 11 RBC Capital Markets 1,548 3 -51.7% 10 7 Citi 1,773 4 -2
11 58 Evercore Partners 1,544 3 1,125.4% 11 35 BNP Paribas 1,007 4 2
12 21 KPMG 1,403 14 8.5% 12 6 Rothschild 578 4 -4
13 3 Nomura Holdings 1,361 2 -77.2% 13 9 Lincoln International 116 4 -1
14 39 Societe Generale 1,129 2 149.8% 14 10 Clearwater International 89 4 -1
15 - Standard Chartered 1,088 2 - 15 29 BDO 16 4 1
*Based on advisors to bidder on buyout deals with the target dominant geography being Europe
Asia-Pac buyouts by deal value Asia-Pac buyouts by deal count


1 - JM Financial 1,147 2 - 1 - Deloitte 266 3 -
2 10 Bank of America Merrill Lynch 915 1 199.0% 2 - JM Financial 1,147 2 -
3 - Daiwa Securities Group 553 2 - 3 - Daiwa Securities Group 553 2 -
4 - JPMorgan 529 1 - 4 11 Bank of America Merrill Lynch 915 1 0
5 - Deloitte 266 3 - 5 - JPMorgan 529 1 -
6 4 Credit Suisse 259 1 -76.1% 6 3 Credit Suisse 259 1 -1
7 - Guorong Securities 255 1 - 7 - Guorong Securities 255 1 -
8 - Soochow Securities 241 1 - 8 - Soochow Securities 241 1 -
9 - China International Capital 191 1 - 9 - China International Capital 191 1 -
10 - Central China Securities 128 1 - 10 - Central China Securities 128 1 -
11 - Edelweiss Financial Services 121 1 - 11 - Edelweiss Financial Services 121 1 -
12 - Kingston Corporate Finance 119 1 - 12 - Kingston Corporate Finance 119 1 -
13 - Catalyst Corporate Finance 75 1 - 13 - Catalyst Corporate Finance 75 1 -
14 - DBS Bank 55 1 - 14 - DBS Bank 55 1 -
15 25 PwC 17 1 -5.6% 15 6 PwC 17 1 -1
*Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan)

Private equity
league tables
Global exits by deal value Global exits by deal count

1 1 Morgan Stanley 30,420 24 -24.8% 1 4 Rothschild 12,026 38 10
2 2 Goldman Sachs 29,899 21 -16.8% 2 5 Morgan Stanley 30,420 24 0
3 16 Jefferies 16,338 23 220.7% 3 10 Jefferies 16,338 23 6
4 7 Credit Suisse 12,545 12 26.2% 4 7 Houlihan Lokey 3,808 22 2
5 4 Rothschild 12,026 38 -21.1% 5 1 Goldman Sachs 29,899 21 -10
6 14 Barclays 10,613 6 80.8% 6 16 Robert W. Baird & Co 1,638 20 7
7 19 UBS Investment Bank 10,310 15 158.8% 7 2 Lincoln International 924 20 -10
8 5 Bank of America Merrill Lynch 9,455 11 -28.3% 8 3 William Blair & Company 3,179 19 -10
9 3 JPMorgan 8,770 7 -71.7% 9 9 Lazard 4,532 17 -1
10 10 Citi 8,568 8 -3.6% 10 25 UBS Investment Bank 10,310 15 7
11 17 Evercore Partners 7,627 10 53.1% 11 17 Raymond James & Associates 1,583 15 2
12 6 Deutsche Bank 6,944 6 -44.1% 12 15 Harris Williams & Co 1,472 13 0
13 9 Lazard 4,532 17 -49.5% 13 13 KPMG 313 13 -2
14 18 HSBC 3,971 4 -7.1% 14 14 Credit Suisse 12,545 12 -2
15 22 Moelis & Company 3,890 12 14.7% 15 21 Moelis & Company 3,890 12 2
*Based on advisors to target/seller on exit deals with the target dominant geography being Global
US exits by deal value US exits by deal count


1 1 Morgan Stanley 24,842 16 -2.1% 1 3 Houlihan Lokey 2,100 18 0
2 2 Goldman Sachs 23,614 13 30.2% 2 7 Morgan Stanley 24,842 16 7
3 20 Jefferies 12,415 15 486.4% 3 9 Jefferies 12,415 15 6
4 10 Credit Suisse 7,780 4 111.4% 4 4 Goldman Sachs 23,614 13 -2
5 12 Barclays 7,137 3 131.7% 5 2 Lincoln International 491 13 -6
6 3 JPMorgan 7,050 5 -52.5% 6 6 Harris Williams & Co 1,472 12 -1
7 31 UBS Investment Bank 6,718 5 1,075% 7 15 Robert W. Baird & Co 515 12 4
8 8 Evercore Partners 5,254 4 5.5% 8 13 Moelis & Company 3,245 10 2
9 18 Citi 4,157 4 68.0% 9 1 William Blair & Company 2,350 10 -14
10 7 Deutsche Bank 3,250 2 -37.7% 10 14 Raymond James & Associates 1,583 10 2
11 17 Moelis & Company 3,245 10 22.5% 11 12 Lazard 904 8 0
12 9 William Blair & Company 2,350 10 -44.9% 12 - Cain Brothers 70 8 -
13 11 Houlihan Lokey 2,100 18 -37.1% 13 17 JPMorgan 7,050 5 -2
14 35 Raymond James & Associates 1,583 10 352.3% 14 51 UBS Investment Bank 6,718 5 4
15 15 Harris Williams & Co 1,472 12 -49.2% 15 5 Piper Jaffray & Co 303 5 -9
*Based on advisors to target/seller on exit deals with the target dominant geography being US
Private equity
league tables
Europe exits by deal value Europe exits by deal count

1 3 Rothschild 11,236 34 -16.1% 1 1 Rothschild 11,236 34 9
2 8 Bank of America Merrill Lynch 8,680 7 63.7% 2 8 KPMG 313 12 2
3 1 Goldman Sachs 6,098 7 -63.1% 3 13 UBS Investment Bank 3,592 10 3
4 4 Morgan Stanley 4,010 5 -65.6% 4 11 DC Advisory 654 10 2
5 10 HSBC 3,971 4 -7.1% 5 12 Lazard 3,516 8 1
6 16 Jefferies 3,923 7 39.8% 6 43 Bank of America Merrill Lynch 8,680 7 5
7 11 Citi 3,911 3 -6.6% 7 4 Goldman Sachs 6,098 7 -5
8 6 Deutsche Bank 3,694 4 -48.6% 8 15 Jefferies 3,923 7 1
9 13 UBS Investment Bank 3,592 10 5.3% 9 20 Robert W. Baird & Co 1,123 7 2
10 9 Lazard 3,516 8 -27.8% 10 19 William Blair & Company 454 7 2
11 17 Barclays 3,476 3 24.6% 11 6 Lincoln International 433 7 -4
12 22 Numis Securities 2,694 3 43.4% 12 45 Natixis 422 7 5
13 - Evercore Partners 2,373 5 - 13 16 Deloitte 96 7 1
14 7 Jamieson Corporate Finance 2,111 6 -66.4% 14 7 Jamieson Corporate Finance 2,111 6 -4
15 12 Credit Suisse 1,859 5 -54.7% 15 2 PwC 69 6 -12
*Based on advisors to target/seller on exit deals with the target dominant geography being Europe
Asia-Pac exits by deal value Asia-Pac exits by deal count


1 22 Credit Suisse 2,906 3 3,723.7% 1 22 Credit Suisse 2,906 3 2
2= - Korea Development Bank 878 1 - 2 - Raymond James & Associates - 2 -
2= 6 Morgan Stanley 878 1 -12.2% 3= - Korea Development Bank 878 1 -
4 10 China International Capital 338 1 -32.3% 3= 10 Morgan Stanley 878 1 0
5 24 Fort Street Advisers 311 1 427.1% 5 13 China International Capital 338 1 0

BOCOM International Holdings
6 - Company
275 1 - 6 24 Fort Street Advisers 311 1 0
7 - Golden Sun Securities 235 1 - 7 - Company
275 1 -
8 - The Anglo Chinese Group 223 1 - 8 - Golden Sun Securities 235 1 -
9= - Capital Fortunes 195 1 - 9 - The Anglo Chinese Group 223 1 -
9= - Moelis & Company 195 1 - 10= - Capital Fortunes 195 1 -
11 9 Goldman Sachs 187 1 -68.1% 10= - Moelis & Company 195 1 -
12 7 Daiwa Securities Group 173 1 -81.6% 12 3 Goldman Sachs 187 1 -1
13 - Kudos 116 1 - 13 11 Daiwa Securities Group 173 1 0
14 - Alpha Advisory 75 1 - 14 - Kudos 116 1 -
15= 15 EY 55 1 -76.0% 15 - Alpha Advisory 75 1 -
15= - o3 Capital Advisors 55 1 -

*Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)
Private equity
league tables
Global buyouts + exits by deal value Global buyouts + exits by deal count

1 1 Goldman Sachs 45,834 32 -8.0% 1 2 Rothschild 12,714 45 7
2 2 Morgan Stanley 32,853 26 -26.7% 2 1 Goldman Sachs 45,834 32 -9
3 12 Barclays 31,051 16 162.1% 3 11 Lazard 10,123 30 5
4 9 Citi 29,678 16 98.9% 4 8 KPMG 1,716 30 0
5 6 Deutsche Bank 28,418 15 15.1% 5 3 PwC 5,423 29 -7
6 13 RBC Capital Markets 24,324 15 118.9% 6 6 Morgan Stanley 32,853 26 -6
7 15 Jefferies 17,969 25 61.9% 7 4 Lincoln International 1,040 26 -9
8 10 Credit Suisse 14,949 17 0.6% 8 12 Jefferies 17,969 25 0
10 7 Rothschild 12,714 45 -30.7% 10 23 Robert W. Baird & Co 1,638 21 5
11 14 UBS Investment Bank 12,320 20 11.0% 11 21 UBS Investment Bank 12,320 20 4
12 3 JPMorgan 11,953 12 -68.4% 12 5 William Blair & Company 3,689 20 -13
13 8 Lazard 10,123 30 -41.8% 13 15 Deloitte 450 19 -1
15 26 Moelis & Company 8,430 14 87.0% 15 14 Credit Suisse 14,949 17 -4
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Global
US buyouts + exits by deal value US buyouts + exits by deal count


1 2 Goldman Sachs 37,641 21 40.5% 1 3 Goldman Sachs 37,641 21 1
2 16 Barclays 27,575 12 468.6% 2 2 Houlihan Lokey 3,050 19 -3
3 1 Morgan Stanley 24,842 16 -13.8% 3 10 Jefferies 14,046 17 5
4 17 Citi 23,494 8 401.6% 4 6 Morgan Stanley 24,842 16 2
5 7 RBC Capital Markets 21,878 7 176.6% 5 4 Lincoln International 491 15 -4
6 6 Deutsche Bank 19,597 5 85.5% 6 8 Harris Williams & Co 1,472 13 -1
7 14 Jefferies 14,046 17 170.6% 7 15 Robert W. Baird & Co 515 13 4
8 9 Credit Suisse 9,925 7 34.4% 8 16 Barclays 27,575 12 4
9 13 UBS Investment Bank 9,438 10 79.4% 9 17 Moelis & Company 7,785 12 4
10 24 Moelis & Company 7,785 12 194.0% 10 14 Raymond James & Associates 1,583 11 2
11 3 JPMorgan 7,050 5 -61.5% 11 22 UBS Investment Bank 9,438 10 5
12 15 Evercore Partners 5,754 7 14.3% 12 12 Lazard 3,350 10 -1
13 5 Bank of America Merrill Lynch 4,358 5 -65.4% 13 1 William Blair & Company 2,350 10 -17
14 18 Lazard 3,350 10 -28.3% 14 23 Citi 23,494 8 3
15 20 Houlihan Lokey 3,050 19 -8.6% 15 - Cain Brothers 70 8 -
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US

Private equity
league tables
Europe buyouts + exits by deal value Europe buyouts + exits by deal count

1 3 Rothschild 11,814 38 -27.7% 1 1 Rothschild 11,814 38 5
2 4 Deutsche Bank 8,724 9 -35.4% 2 3 KPMG 1,716 26 4
3 7 Bank of America Merrill Lynch 8,680 8 -8.4% 3 2 PwC 3,355 24 -4
4 1 Goldman Sachs 8,006 9 -61.3% 4 11 Lazard 6,661 18 7
5 6 Lazard 6,661 18 -42.2% 5 7 DC Advisory 882 13 -4
6 5 Morgan Stanley 6,443 7 -47.0% 6 4 EY 684 11 -8
7 9 Citi 5,684 7 -26.2% 7 8 Lincoln International 549 11 -5
8 2 JPMorgan 4,374 6 -74.3% 8 6 Deloitte 107 11 -6
9 10 HSBC 3,971 4 -40.9% 9 14 UBS Investment Bank 3,592 10 0
10 15 Jefferies 3,923 7 -31.7% 10 61 Liberty Corporate Finance 811 10 7
11 106 Evercore Partners 3,917 8 3,008.7% 11 55 Natixis 538 10 7
12 16 UBS Investment Bank 3,592 10 -36.3% 12 19 Clearwater International 89 10 2
13 17 Barclays 3,476 4 -25.9% 13 16 Deutsche Bank 8,724 9 0
14 8 PwC 3,355 24 -57.9% 14 9 Goldman Sachs 8,006 9 -5
15 31 Numis Securities 2,694 3 43.4% 15 24 UniCredit Group 2,560 9 3
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Europe
Asia-Pac buyouts + exits by deal value Asia-Pac buyouts + exits by deal count

1 6 Credit Suisse 3,165 4 173.3% 1 3 Credit Suisse 3,165 4 1
2 - JM Financial 1,147 2 - 2 - Deloitte 266 4 -
3 21 Bank of America Merrill Lynch 915 1 199.0% 3 17 Daiwa Securities Group 726 3 2
4= 26 Korea Development Bank 878 1 332.5% 4 - JM Financial 1,147 2 -
4= 10 Morgan Stanley 878 1 -12.2% 5 19 China International Capital 529 2 1
6 11 Daiwa Securities Group 726 3 -22.8% 6 2 Goldman Sachs 187 2 -2
8 15 China International Capital 529 2 6.0% 7= 1 Macquarie Group - 2 -3
7 - JPMorgan 529 1 - 7= - Raymond James & Associates - 2 -
9 40 Fort Street Advisers 311 1 427.1% 9 24 Bank of America Merrill Lynch 915 1 0
10 - Company
275 1 - 10= 28 Korea Development Bank 878 1 0
10= 16 Morgan Stanley 878 1 0
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)

Criteria
All data is based on transactions over US$ 5m and is based on Mergermarkets M&A deals database. Deals with undisclosed deal values are included where
the targets turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.
Full deal inclusion criteria can be found here.
M&A Trends and Top Deals correct as of 9am (GMT), 30-June-2016. Cut off date 29-Jun-2016.
League tables correct as of 6pm (GMT), 30-Jun-2016. Cut off date 29--2016.
Trend data: based on the dominant geography of the target and excludes lapsed and withdrawn bids.
Sector trends based on the dominant sector of the target.
League tables: based on the dominant geography of the target, bidder, seller, and excludes lapsed and withdrawn bids.
Private equity buyout league tables based on financial advisors advising the bidder only on buyout deals and excludes lapsed and withdrawn bids. Private
equity exit league tables based on financial advisors advising the target/seller only on exit deals and excludes lapsed and withdrawn bids. Equal rankings are
based on having both identical values and deal counts reported in one table.
Global cross-border: based on the dominant geography of the target and bidder company being based in different regions.
Inbound
Global/US/Japan: The dominant geography of the target is X, and the dominant geography of the bidder is any other country/region excluding X.
Europe/Asia/Africa & Middle East: The dominant geography of the target is X, and the dominant geography of the bidder is any other region excluding X.
Outbound
Global/US/Japan: The dominant geography of the bidder is X, and the dominant geography of the target is any other country excluding X.
Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X, and the dominant geography of the target is any other region excluding X.
About Mergermarket
Mergermarket is a mergers & acquisitions (M&A) intelligence service.
Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong.
In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private
equity, acquisition finance, public relations (PR) and corporate markets.
With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, Mergermarket generates proprietary intelligence
and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers.
This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that
this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 1500 of the worlds foremost advisory
firms to assist in their origination process.
PR contacts
Americas: Asia: EMEA:
Chrissy Carney Su-Chin Zhang Luella Atabaki
T: +1 646 378 3118 T: +852 2158 9706 T: +44 20 3741 1124
Deal submission contacts

EMEA Asia Americas
Andrea Putaturo John Capulong Jason Loria
+ 44 20 3741 1274 + 852 2158 9723 + 1 646 378 3122

Global and Regional MA Activity During H1 2016 Including Financial Advisor League Tables

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Global and Regional MA Activity During H1 2016 Including Financial Advisor League Tables

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Global and regional M&A: H1 2016

Including league tables of financial advisors

Africa & Middle East

M&A League tables

* The % value on the map indicates market share in global M&A

US Europe Asia-Pacific (excl. Japan)

C & S America Africa & Middle East Japan

Inbound $14.4bn 13.5% Inbound $18.8bn 27.3% Inbound $3.5bn 17.6%

Global and regional M&A: H1 2016 2 www.mergermarket.com

Quarterly M&A activity Q1 Q2 Q3 Q4 H1 2016: $1.32tn

2013 446.9 559.7 646.4 573.3 Total 2,226.3

$185.8bn 10.3% vs. H1 2015

* % indicates market share

Global and regional M&A: H1 2016 3 www.mergermarket.com

29.9 28-Apr Abbott Laboratories USA St Jude Medical Inc USA

25.5 13-Jun Microsoft Corporation USA LinkedIn Corporation USA

League table by value

Global and regional M&A: H1 2016 4 www.mergermarket.com

Quarterly M&A activity Q1 Q2 Q3 Q4 H1 2016: $342.8bn

2007 265.5 583.9 383.9 286.6 Total 1,519.9

2013 136.2 199.0 147.8 158.4 Total 641.4

Pharma, Medical $18.3bn 4.3%

Global and regional M&A: H1 2016 5 www.mergermarket.com

14.8 16-Mar Deutsche Boerse AG Germany London Stock Exchange plc UK

9.9 10-Feb Mylan NV UK Meda AB Sweden

League table by value

H1 H1 Value Deal Value % Value

Global and regional M&A: H1 2016 6 www.mergermarket.com

Visit the website for more details: events.mergermarket.com/corporate2016

Quarterly M&A activity Q1 Q2 Q3 Q4 H1 2016: $562.7bn

2007 352.9 502.7 258.3 229.7 Total 1,343.5

2013 180.0 177.1 316.4 230.8 Total 904.2

2015 356.4 465.6 554.6 533.5 Total 1,910.2 US inbound vs.

Industrials $113.5bn 7.9%

$271.0bn 33.0% Great Plains Fourth-largest US Utilities

Global and regional M&A: H1 2016 8 www.mergermarket.com

29.9 28-Apr Abbott Laboratories USA St Jude Medical Inc

25.5 13-Jun Microsoft Corporation USA LinkedIn Corporation

League table by value

H1 H1 Value Deal Value % Value

Global and regional M&A: H1 2016 9 www.mergermarket.com

Quarterly M&A activity Q1 Q2 Q3 Q4 H1 2016: $23.8bn

2007 12.3 18.6 20.4 32.6 Total 83.8

2013 17.8 21.4 23.1 25.4 Total 87.7 Top targets

Brazil Second-lowest H1 value

Industrials $3,110m 13.2%

$8,409m 35.6% US vs. H1 2015 Lowest H1 value since

Global and regional M&A: H1 2016 10 www.mergermarket.com

2.6 19-Feb BM&FBovespa SA Brazil Cetip SA Brazil

Anglo American Plc

Servicos e Tecnologia de Consortium led by Capital

Ontario Teachers' Pension Plan

League table by value

H1 H1 Value Deal Value % Value

Global and regional M&A: H1 2016 11 www.mergermarket.com

Quarterly M&A activity Q1 Q2 Q3 Q4 H1 2016: $307.4bn

2007 85.1 91.1 75.4 91.8 Total 343.4

2013 69.0 107.8 118.2 117.0 Total 412.1

$43.7bn 10.0% Industrials Up compared to full

Energy, Mining $74.1bn 16.9% China vs. H1 2015

* % indicates market share

Global and regional M&A: H1 2016 12 www.mergermarket.com

Consortium for Asciano led

Maanshan Dingtai Rare