Thomson Reuters M&a Review (2015)

REUTERS / Rickey Rogers
MERGERS & ACQUISITIONS REVIEW

FINANCIAL ADVISORS
Full Year 2015
Full Year 2015 | Mergers & Acquisitions | Financial Advisors
M&A Financial Advisory Review

Table of Contents
Global M&A
Any European Involvement Announced (AD21)
10
Any New Zealand Involvement Announced (AD39)
17
Global Deals Intelligence
Any European Involvement Completed (AF3)
10
Any New Zealand Involvement Completed (AF46)
17
Scorecard: Worldwide Announced M&A
Any UK Involvement Announced (AD32)
11
Scorecard: Worldwide Completed M&A
Any UK Involvement Completed (AF39)
11
Japan Deals Intelligence
18
Top Fifteen Worldwide Announced Deals
Any French Involvement Announced (AD33)
11
Top Ten Japanese Involvement Announced Deals
18
Worldwide Announced (AD1)
Any French Involvement Completed (AF40)
11
Any Japanese Involvement Announced (AD19)
19
Worldwide Completed (AF1)
Any Spanish Involvement Announced (AD34)
12
Any Japanese Involvement Completed (AF23)
19
Any Spanish Involvement Completed (AF41)
12
Americas Deals Intelligence
Any German Involvement Announced (AD35)
12
Top Ten US Announced Deals
Any German Involvement Completed (AF42)
12
Americas M&A
Any Americas Involvement Announced (AD49)

Any Americas Involvement Completed (AF55)
7
7
Any Italian Involvement Announced (AD36)

Any Italian Involvement Completed (AF43)
18
Fairness Opinion Rankings
20
Worldwide Announced Fairness Opinion
20
Any Americas Announced Fairness Opinion
20
Any USAnnounced Fairness Opinion
20
Any EMEA Announced Fairness Opinion
20
Any Asia Pacific Announced Fairness Opinion
20
Any Japanese Announced Fairness Opinion
20
13
13
US Target Announced (AD2)
Any Nordic Involvement Announced (AD37)
13
US Target Completed (AF2)
Any Nordic Involvement Completed (AF44)
13
Any US Involvement Announced (AD41)
Any Benelux Involvement Announced (AD40)
14
Any US Involvement Completed (AF48)
Any Benelux Involvement Completed (AF47)
14
Any Canadian Involvement Announced (AD42)
Any Canadian Involvement Completed (AF49)
Asia Pacific (ex-Japan) M&A
Japan M&A
Criteria Summary
21
15
Mergers & Acquisitions Criteria Summary
21
Asia Pacific (ex-Japan) Deals Intelligence
15
Regional Contacts
21
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
15
European Deals Intelligence
Any Asia (ex-Japan) Involvement Announced (AD25)
16
Top Ten European Involvement Announced Deals
Any Asia (ex-Japan) Involvement Completed (AF32)
16
Any EMEA Involvement Announced (AD47)
10
Any Australian Involvement Announced (AD24)
16
Any EMEA Involvement Completed (AF53)
10
Any Australian Involvement Completed (AF31)
16
EMEA M&A
Thomson Reuters Soultions for the Deal the Deal

Making Community
22
https://www.thomsonone.com
Full Year 2015

FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEW

WW M&A Breaks All-Time Record l Deals Over $10 billion Double l Healthcare, Energy Push US and Asia Pacific to All-Time Highs l Goldman Sachs Top Advisor
Global Deals Intelligence
Worldwide Completed M&A by Region - Imputed Fees
WORLDWIDE M&A UP 32%, STRONGEST YEAR FOR DEAL MAKING ON RECORD - Powered by a triple-digit
percentage increase in the number of deals over $10 billion, which account for record-breaking 41% of announced
M&A value, worldwide M&A totaled US$4.7 trillion during 2015, a 42% increase from comparable 2014 levels and
the strongest annual period for worldwide deal making since records began. Seventy-one deals with a value greater
than $10 billion were announced during 2015, their combined value more than double the level seen during 2014.
Overall, just over 42,300 worldwide deals were announced during 2015, a 0.2% increase compared to last year.
FOURTH QUARTER BREAKS ALL-TIME RECORD, THIRD CONSECUTIVE $1 TRILLION+ QUARTER - Fourth
quarter 2015 M&A totaled a record-breaking US$1.6 trillion, a 50% increase by value compared to the third quarter
of 2015. This quarter marks the third consecutive trillion-dollar plus quarter for worldwide M&A since records began
in 1980.
HEALTHCARE, ENERGY & POWER, AND TECH LEAD ACTIVITY - Driven by pharmaceutical M&A, deal making
in the
totaled
an increase
compared
t e Healthcare
ea t ca e sector
secto tota
ed US$672.9
US$6 9 billion
b o during
du g 2015,
0 5, a
c ease of
o 71%
% co
pa ed to 2014
0 levels,
e e s, while
e
Energy & Power increased 1% and Technology deal making doubled compared to a year ago.
CROSS BORDER M&A UP 27% Cross Border M&A activity totaled US$1.6 trillion during 2015, accounting for
one-third of overall M&A volume and an 27% increase over 2014 levels. Cross border M&A accounted for 37% of
total M&A activity during full year 2014.
COMPLETED M&A ADVISORY FEES UP 7% - According to estimates from Thomson Reuters/Freeman
Consulting, M&A advisory fees from completed transactions totaled US$29.4 billion during 2015, a 7% increase
from the comparable period in 2014.
Q4 Volume (US$b)
44.9%
Q1 Volume (US$b)
37.7%
35.2%
Rank Value (US$b)
$800
$256.2
$640.7
32.9%
$500.1
$307.0
25%
$326.0
$261.2
$363.4
$273.9
$165.6
$146.9
$200
$280.8
$407.9
$258.3
$0
2006
2007
2008
$272.0
$196.9
$204.3
$247.6
$203.7
$111.4
$315.1
$250.7
$203.3
$113.4
$235.4
2009
2010
2011
$428.0
19.3%
Q2 Volume (US$b)
Q1 Volume (US$b)
$177.7
20%
$600
$382.8
$342.4
10%
$272.1
$172.4
$132.6
2012
2013
$240.2
$289.2
5%
16.5%
$163.3
15.7%
13.1%
$158.9
$318.2
$118.7
$107.7
6.5%
$174.2
$200
$100
$153.4
$201.4
$35.9
$56.2
$96.2
$82.7
$74.6
$78.7
$0
2006
2015
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
2007
2008
14.9%
$184.2
8.8%
$300
$222.9
15%
12.7%
10.9%
0%
2014
$280.7
$500
$400
20%
% of YTD Global M&A
$700
15%
$236.4
$167.4
$175.5
Q3 Volume (US$b)
$113.0
35%
30%
27.0%
$600
$400
$800
40%
25%
Q4 Volume (US$b)
21.2%
35.3%
$154.2
$404.9
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
45%
37.3%
30.6%
$1,000
$0
Rank Value (US$b)
38.3%
$371.6
$1
% of YTD Global M&A
33.7%
$1,200
$2
$900
% of Global M&A
$1,400
$3
50%
Q3 Volume (US$b)
Q2 Volume (US$b)
$1,800
$1,600
Japan
Worldwide Announced Buyside Financial Sponsor Activity
$2,000
$431.0
Asia Pacific
$51.6
$36.3
$24.7
$15.9
2009
$60.2
$32.0
2010
$106.7
$92.9
$70.5
$91.5
$86.5
$74.9
$65.7
$63.0
2011
2012
$82.0
$135.9
$118.6
$135.5
5%
$79.8
$116.5
10%
% of Global M&A
Worldwide Cross Border Volume
EMEA
$4
Imputed Fees (US$b)
UNITED STATES & ASIA PACIFIC DEAL MAKING ACCOUNT FOR 74% OF ACTIVITY - M&A activity for United
States targets totaled US$2.3 trillion during 2015, an increase of 64% compared to the level of activity seen during
2014 and the strongest period for US M&A since records began in 1980. With US$1.1 trillion in announced deals
during 2015, Asia Pacific M&A also registered the strongest period for deal making in the region since records
began, topping US$1.0 trillion for the first time.
Americas
$5
$150.0
$165.1
2014
2015
0%
2013
1
Mergers & Acquisitions

Scorecard: Worldwide Announced M&A
Target Region/Nation
Worldwide
Americas
Caribbean
Central America
Mexico
North America
United States
Canada
South America
Brazil
Chile
Africa/Middle East
Middle East
North Africa
Sub-Saharan Africa
Europe
Eastern Europe
Western Europe
United Kingdom
Germany
France
Asia
Pacific
Asia-Pacific
Australasia
Australia
New Zealand
South East Asia
Singapore
Malaysia
North Asia
China
Hong Kong
South Asia
Central Asia
Japan
1/1/2015 - 12/31/2015
No.
Rank Val
US$m
Deals
4,747,567.3
2,517,835.6
18,752.5
21,762.8
19,791.9
2,425,775.4
2,344,405.8
81,369.7
51,544.9
40,471.9
5,993.2
80,107.2
21,958.2
3,618.4
53,015.9
907,480.4
55,729.3
851,751.1
423,539.5
83,818.5
81,784.6
1
142
542 3
1,142,542.3
120,842.6
111,574.6
8,396.9
53,186.0
28,541.5
10,228.1
940,606.2
684,289.2
153,831.6
27,907.5
1,514.7
99,601.9
Jan 1 - Dec 31
1/1/2014 - 12/31/2014
Rank Val
No.
US$m
Deals
42,313
12,753
121
229
181
11,437
9,962
1,475
966
573
119
1,253
428
163
613
14,786
3,235
11,551
2,547
1,487
2,589
11
250
11,250
1,357
1,138
190
1,798
375
446
6,964
5,137
625
1,131
49
2,271
3,338,146.8
1,666,870.9
18,748.6
16,528.4
14,416.9
1,538,281.5
1,426,675.9
111,605.7
93,312.4
48,958.6
18,806.4
65,124.1
22,313.0
6,108.1
28,274.4
842,946.8
49,729.4
793,217.3
178,313.4
75,329.3
149,657.0
702
449 3
702,449.3
88,131.2
78,087.4
5,153.1
69,408.2
34,567.5
14,948.3
514,245.3
394,061.8
45,896.0
30,664.6
8,428.7
60,755.7
42,220
13,187
131
257
203
11,821
10,129
1,692
978
530
126
1,317
453
145
652
14,374
3,322
11,052
2,538
1,604
2,140
11
201
11,201
1,499
1,258
211
1,858
460
514
6,752
4,650
595
1,092
67
2,141
% Change
in Rank
Value
42.2
51.1
0.0
31.7
37.3
57.7
64.3
-27.1
-44.8
-17.3
-68.1
23.0
-1.6
-40.8
87.5
7.7
12.1
7.4
137.5
11.3
-45.4
62
7
62.7
37.1
42.9
62.9
-23.4
-17.4
-31.6
82.9
73.7
235.2
-9.0
-82.0
63.9
Scorecard: Worldwide Completed M&A
Target Region/Nation
Worldwide
Americas
Caribbean
Central America
Mexico
North America
United States
Canada
South America
Brazil
Chile
Africa/Middle East
Middle East
North Africa
Sub-Saharan Africa
Europe
Eastern Europe
Western Europe
United Kingdom
France
Germany
Asia
Pacific
Asia-Pacific
Australasia
Australia
Papua New Guin
South East Asia
Singapore
Malaysia
North Asia
China
Hong Kong
South Asia
Central Asia
Japan
1/1/2015 - 12/31/2015
No.
Rank Val
Deals
US$m
3,160,761.4
1,672,097.0
18,019.5
13,305.0
12,608.1
1,593,364.9
1,503,075.9
90,289.0
47,407.6
37,903.1
5,018.3
68,439.1
20,838.6
4,658.5
38,028.3
669,009.4
41,163.5
627,845.9
146,399.0
108,774.5
64,723.6
691
792 1
691,792.1
79,896.5
75,517.9
2,417.7
41,134.7
20,368.9
7,062.9
547,134.9
341,010.6
118,196.7
41,134.7
4,913.7
59,423.8
31,213
10,729
79
176
141
9,755
8,579
1,176
719
432
97
849
314
114
382
12,441
2,658
9,783
2,170
2,440
1,224
5
768
5,768
958
805
9
1,153
271
322
2,849
1,720
317
1,153
39
1,426
Jan 1 - Dec 31 Worldwide Announced M&A Target Industry by Value

1/1/2014 - 12/31/2014
Rank Val
No.
US$m
Deals
2,531,512.4
1,374,115.5
7,048.7
13,455.1
11,661.5
1,260,784.3
1,154,166.5
106,617.8
92,827.4
45,469.9
15,890.1
48,635.8
13,935.2
7,551.3
20,584.7
610,356.9
64,197.3
546,159.6
123,049.6
95,919.7
77,765.9
438
413 2
438,413.2
91,473.8
83,441.5
4,063.5
45,656.4
26,458.0
6,742.0
283,941.2
185,726.6
38,287.9
45,656.4
6,564.6
59,991.0
31,700
11,050
88
188
148
9,996
8,652
1,344
778
448
87
896
338
99
406
12,203
2,730
9,473
2,226
2,013
1,338
6
111
6,111
1,104
929
10
1,134
311
322
3,134
1,816
314
1,134
53
1,440
% Change
in Rank
Value
24.9
21.7
155.6
-1.1
8.1
26.4
30.2
-15.3
-48.9
-16.6
-68.4
40.7
49.5
-38.3
84.7
9.6
-35.9
15.0
19.0
13.4
-16.8
57
8
57.8
-12.7
-9.5
-40.5
-9.9
-23.0
4.8
92.7
83.6
208.7
-9.9
-25.1
-0.9
9.9%
8.7%
12.7%
7.4%
Date Effective
Pending
Pending
Pending
Pending
Pending
Pending
Pending
7/2/2015
Pending
7/20/2015
6/3/2015
Pending
Pending
Pending
Pending
Target (% Sought/Acquired)
Allergan PLC (100%)
SABMiller PLC (100%)
BG Group PLC (100%)
Time Warner Cable Inc (98.5%)
DuPont (100%)
EMC Corp (100%)
The Williams Cos Inc (100%)
Kraft Foods Group Inc (100%)
Cigna Corp (100%)
Paypal Holdings Inc (100%)
Hutchison Whampoa Ltd (50.04%)
Allergan PLC-Generic Drug Bus (100%)
Norfolk Southern Corp (100%)
Broadcom Corp (100%)
Precision Castparts Corp (97.1%)
6.8%
12.7%
5.8%
4.8%
14.2%
3.6%
4.7%
Healthcare
Energy and Power
High Technology
Industrials
Financials
Real Estate
Materials
Consumer Staples
Media and Entertainment
Telecommunications
Consumer Products and Services
Retail
Government and Agencies
Top Fifteen Worldwide Announced Deals

Rank Date
11/23/2015
10/7/2015
4/8/2015
5/26/2015
12/11/2015
10/12/2015
6/22/2015
3/25/2015
6/20/2015
7/6/2015
1/9/2015
7/27/2015
11/17/2015
5/28/2015
8/10/2015
8.8%
Jan 1 - Dec 31 2015

Acquiror
Pfizer Inc
Anheuser-Busch Inbev
Royal Dutch Shell PLC
Charter Communications Inc
The Dow Chemical Co
Dell Inc
Energy Transfer Equity LP
HJ Heinz Co
Anthem Inc
Shareholders
Cheung Kong(Holdings)Ltd
Teva Pharmaceutical Industries
Canadian Pacific Railway Ltd
Avago Technologies Ltd
Berkshire Hathaway Inc
Acquiror / Target Nation

United States / United States
Belgium / United Kingdom
Netherlands / United Kingdom
Hong Kong / Hong Kong
Israel / United States
Canada / United States
Rank Value (US$m)

191,522.1
120,785.2
81,009.7
78,376.6
68,422.1
65,801.8
55,914.1
54,716.5
49,383.2
46,788.8
45,410.8
40,500.0
36,607.7
36,491.3
35,823.6
Target Macro / Mid Industry

Healthcare / Pharmaceuticals
Consumer Staples / Food and Beverage
Energy and Power / Oil & Gas
Media and Entertainment / Cable
Materials / Chemicals
High Technology / Computers & Peripherals
Healthcare / Healthcare Providers & Services (HMOs)
High Technology / Internet Software & Services
Telecommunications / Telecommunications Services
Industrials / Transportation & Infrastructure
High Technology / Semiconductors
Materials / Metals & Mining
2
Worldwide Rankings
Worldwide Announced (AD1)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Bank of America Merrill Lynch
Citi
Credit Suisse
Lazard
Barclays
Deutsche Bank
Centerview Partners LLC
UBS
Guggenheim Securities LLC
Moelis & Co
Evercore Partners
Rothschild
RBC Capital Markets
BNP Paribas SA
Robey Warshaw LLP
HSBC Holdings PLC
Allen & Co Inc
LionTree Advisors LLC
Greenhill & Co, LLC
Jefferies LLC
China International Capital Co
Anglo Chinese Corp Finance
Industry Total
Jan 1 - Dec 31
Rank Value per Advisor (US$m)

Market
Rank Value Market
2015 2014
Rank Rank
US$m Sh (%) Share Ch.
1
8.1
37.2
1
1,765,136.2
2
4
1,556,020.1
12.9
32.8
3
29.4
3
1,395,858.2
9.4
4
2
1,046,536.6
0.8
22.0
5
5
-0.5
810,986.9
17.1
4.5
6
9
722,234.6
15.2
15.1
7
7
1.7
717,641.6
673,716.9
8
14.2
6
0.0
9
8
654,429.2
13.8
1.4
10.3
489,758.6
6.5
10
15
477,386.5
10
11
10.1
2.0
365,755.6
7.0
12
45
7.7
5.9
13
34
343,072.2
7.2
7.0
17
330,553.8
14
4.0
11
15
317,619.5
6.7
0.3
16
16
231,163.9
4.9
1.2
209,144.5
4.4
12
-0.2
17
18
3.7
202,451.4
48
4.3
21
194,898.4
4.1
1.6
19
20
144,245.6
3.0
50
2.4
106 698 7
23
23
21
202
106,698.7
2.3
2.3
22
29
101,423.2
2.1
0.4
23
13
92,479.2
2.0
-2.1
28
24
87,803.8
1.9
0.1
95
83,020.8
1.8
1.6
25
100.0
4,747,567.3
Industry % Change from Same Period Last Year

Industry % Change from Last Quarter
42.2%
49.7%
Worldwide Completed (AF1)
Jan 1 - Dec 31
# of Deals per Advisor

# of Market Change in
Deals Sh ($) # of Deals
417
1.0 -21
407
1.0 +43
340
0.8 +7
-5
256
0.6
-6
0.7
287
225
0.5 -19
0.6
-5
257
0.5 -59
192
233
0.6 -20
49
0.1 +8
0.4 -12
178
0.1 +8
29
0.3 -23
110
146
0.3 -29
349
0.8 +43
125
0.3 -28
0.3
127
-9
3
0.0
0
80
0.2 +10
0.0 +8
13
0 0 +2
11
0.0
56
0.1 +17
152
0.4 +12
53
0.1 +15
0.0
-5
12
+93
42,313
Financial Advisor
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Citi
Lazard
Deutsche Bank
Credit Suisse
Barclays
UBS
Rothschild
HSBC Holdings PLC
RBC Capital Markets
BNP Paribas SA
Evercore Partners
Jefferies LLC
Perella Weinberg Partners LP
Somerley
Nomura
Zaoui & Co
Wells Fargo & Co
BMO Capital Markets
Industry Total
0.2%
-11.5%


Rank Value Market
Market
2015 2014
Rank Rank
1
1,085,472.6
8.2
1
34.3
23.2
0.0
2
3
731,647.3
-4.8
3
2
627,527.8
19.9
19.8
4
4
625,932.0
-1.8
5
6
532,415.3
16.8
0.8
6
10
477,640.0
15.1
5.7
7
364,270.8
11.5
-1.9
7
11.2
1.7
8
9
352,936.4
321,096.1
10.2
-8.9
9
5
267,049.5
8.5
-4.8
10
8
11
1.6
11
7.2
226,130.5
6.7
3.1
211,074.7
12
17
13
35
203,501.2
6.4
4.9
14
16
131,410.6
4.2
0.2
110,859.0
3.5
15
15
-1.2
18
16
107,785.8
3.4
0.1
104,915.9
17
79
3.3
3.0
171
18
86,031.5
2.7
2.6
-2.8
19
82,540.6
2.6
13
20
28
78,504.4
2.5
0.4
73 056 6
23
00
21
25
73,056.6
2.3
0.0
22
69,474.6
2.2
-0.2
23
23
70
1.8
2.2
68,919.9
24
1.9
-0.6
21
61,269.3
25
34
59,346.2
1.9
0.4
3,160,761.4
100.0
24.9%
-13.2%

Deals Sh (%) # of Deals
365
1.2 -11
0.9 -26
285
342
1.1 +13
225
0.7 -11
234
0.7
-5
226
0.7 -27
203
0.7 -13
0.6 -22
199
175
0.6 -52
145
0.5 -20
0.9 +46
292
38
0.1 +3
67
0.2 +17
0.4 -23
118
0.4 -13
114
119
0.4 -36
0.1 +22
38
0.0 +5
12
148
0.5 +15
19
0.1 -14
0 1 +1
28
0.1
141
0.5 +2
7
0.0 +3
0.2 -17
53
51
0.2
-6
-487
31,213
Imputed Fees (US$m)

Advisor Market
Market
Fees Sh (%) Share Ch.
2.1
2,802.6
9.5
6.2
1,810.5
0.6
1,926.9
6.6
1.0
1,306.2
0.2
4.4
1,006.5
3.4
0.0 893.2
0.2
3.0
2.5
0.6
734.2
3.0
882.5
0.1
802.6
2.7
0.8
1.7
509.0
0.3
0.4
2.6
762.9
0.6
1.8
516.8
0.3
209.2
0.7
1.3
378.5
0.6
275.9
0.9
0.2
478.2
1.6
0.3
80.0
0.3
0.2
0.1
0.1
15.3
527.0
1.8
0.0 0.0 159.0
0.5
24 3
01
00 24.3
0.1
0.0
200.6
0.7
0.1
51.7
0.2
0.2
215.4
0.7
0.4
152.0
0.5
0.2
29,387.0
100.0
-1.5%
-15.5%
7.2%
-2.5%
* tie
Rank Val US$m
Energy and Power

Goldman Sachs & Co
Morgan Stanley
JP Morgan
Healthcare
JP Morgan
Morgan Stanley
Goldman Sachs & Co
High Technology
Goldman Sachs & Co
JP Morgan
Real Estate
Goldman Sachs & Co
Morgan Stanley
Financials
Morgan Stanley
Goldman Sachs & Co
JP Morgan
361,857.4
217,360.3
216,372.2
193,056.3
338,258.1
363,495.4
354,706.3
349,211.0
237,436.3
249,736.7
213,071.7
170,852.6
220,115.9
92,698.3
88,145.9
75,546.6
174,465.0
148,082.8
107,909.6
101,732.4
Jan 1 - Dec 31
Rank
1
2
3
1
2
3
Mkt.
Share
36.1
36.0
32.1
54.0
52.7
51.9
1
2
3
41.6
35.5
28.4
1
2
3
22.5
21.4
18.3
1
2
3
35.5
25.8
24.4
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
No.
Deals
1,341
40
39
30
1,351
38
29
38
3,224
53
43
38
1,498
28
11
38
2,296
69
56
55
SABMILLER PLC/Anheuser-Busch Inc
$1,800
BG Group PLC/Royal Dutch Shell

Time Warner Cable/Charter Communications
191.5
$1,600
120.8
81.0
78.4
68.4
$1,400
$1,200
213.9
$1,000
DuPont/The Dow Chemical Co
191.5
Other Top 15 Deals
120.8
81.0
78.4
68.4
191.5
207.7
235.3
$800
120.8
81.0
$600
All Other Transactions
120.8
81.0
78.4
78.4
230.6
194.0
1,011.11
808.20
$400
767.23
Morgan
Stanley
120.8
JP Morgan
120.8
198.7
120.8
354.22
375.44
158.2
176.4
535.73
Goldman
Sachs & Co
32.1
78.4
243.4
$200
$0
Jan 1 - Dec 31 2015
Allergan PLC/Pfizer Inc
$2,000
Rank Value (US$bil)
Top WW Announced M&A Advisors by Target Industry
Bank of
America
Merrill Lynch
538.58
Citi
368.37
Credit Suisse
270.99
Lazard
191.5
171.1
78.4
54.7
306.29
165.14
Barclays
Deutsche
Bank
Centerview
Partners LLC
UBS
3
Worldwide M&A Matrix
Jan 1 - Dec 31
Exit Multiple Matrix - Average Rank Value / EBITDA

2015 UP
2015 DOWN
World
Americas
USA
Canada
EMEA
Europe
UK
Asia ex. Japan
Japan
2015
14.8x
11.7x
11.0x
13.0x
11.8x
14.7x
13.2x
11.9x
13.1x
12.2x
12.2x
11.1x
21.8x
12.0x
13.2x
Consumer Staples
15.3x
15.7x
14.9x
14.5x
15.6x
16.7x
6.4x
9.8x
13.8x
15.8x
13.3x
14.7x
14.1x
24.4x
17.8x
16.7x
8.2x
8.2x
Energy and Power
12.0x
12.6x
11.4x
11.0x
12.2x
12.7x
11.2x
9.6x
9.6x
11.3x
9.8x
11.6x
11.6x
8.1x
15.6x
16.2x
16.7x
16.7x
Healthcare
17.1x
18.5x
15.6x
18.1x
15.5x
18.8x
18.1x
18.1x
15.0x
15.1x
15.0x
15.8x
18.1x
22.5x
22.1x
24.0x
6.9x
24.0x
High Technology
17.2x
14.0x
18.9x
17.1x
19.3x
17.2x
14.1x
16.6x
15.6x
12.9x
15.8x
13.3x
16.5x
14.8x
18.7x
15.1x
13.4x
15.1x
9.3x
Industrials
13.5x
13.0x
15.3x
11.5x
15.4x
11.1x
9.7x
14.6x
11.6x
12.0x
12.0x
12.3x
12.2x
12.4x
16.2x
14.6x
9.0x
14.6x
Materials
14.4x
13.9x
11.7x
15.1x
14.5x
16.3x
8.4x
17.1x
11.4x
11.5x
12.7x
11.7x
11.7x
11.7x
17.9x
16.1x
9.3x
16.1x
13.8x
12.8x
13.8x
9.8x
14.0x
10.5x
6.3x
12.7x
11.8x
12.7x
11.3x
11.6x
9.0x
15.6x
15.4x
13.9x
15.4x
Real Estate
19.7x
19.7x
20.3x
24.7x
23.2x
28.4x
6.1x
20.9x
22.4x
21.5x
22.3x
19.1x
19.1x
18.2x
16.0x
21.7x
16.0x
Retail
12.8x
13.0x
11.6x
12.3x
10.7x
9.7x
3.5x
3.5x
12.5x
Telecommunications
11.8x
11.6x
11.7x
14.1x
14.0x
15.7x
Average Industry Total
14.9x
14.1x
14.5x
14.2x
15.8x
15.4x
10.1x
11.5x
12.5x
12.7x
12.3x
11.4x
13.6x
18.2x
14.0x
11.4x
14.0x
8.5x
9.8x
9.0x
9.7x
12.4x
12.4x
16.9x
12.4x
16.8x
12.4x
13.1x
13.1x
13.3x
13.1x
13.3x
13.1x
18.0x
15.7x
11.8x
15.7x
Bid Premium Matrix - Average Premium to 4 Week Stock Price

2015 UP
2015 DOWN
World
Jan 1 - Dec 31
Americas
USA
Canada
EMEA
Europe
UK
Asia ex. Japan
Japan
2014
28.6
28.0
26.4
34.2
23.3
35.1
16.9
16.9
35.0
28.7
37.8
32.0
20.1
84.8
24.0
26.5
23.2
Consumer Staples
22.5
22.7
42.0
43.8
36.6
47.0
42.1
21.0
21.9
17.5
19.6
14.4
47.4
53.3
15.3
19.3
33.2
29.2
Energy and Power
29.5
28.7
34.6
30.5
24.0
20.8
56.1
43.5
26.1
25.3
25.1
27.1
44.9
25.9
23.9
25.7
23.2
23.2
Financials
28.3
27.6
32.5
35.3
34.0
37.8
17.9
17.9
25.1
22.1
26.4
23.7
32.2
48.2
24.5
21.9
28.9
14.7
Healthcare
31.4
28.0
39.4
38.0
44.3
38.1
39.3
35.4
24.5
27.0
26.0
26.5
26.2
28.6
19.2
17.3
17.3
High Technology
27.6
28.2
36.2
41.4
36.7
42.3
31.6
32.0
28.4
28.5
27.6
28.4
34.1
36.8
22.3
23.3
28.9
27
Industrials
26.8
20.7
33.0
27.6
35.7
23.0
16.6
48.8
30.6
26.0
34.5
28.0
47.3
40.7
20.9
17.1
22.8
18.3
Materials
27.1
29.3
33.3
30.8
24.2
29.0
38.8
31.2
18.6
30.6
17.5
31.7
25.4
45.0
21.3
25.5
24.5
14.9
25.2
24.0
36.4
27.7
38.4
29.0
21.3
23.0
26.2
23.0
26.2
27.8
24.5
24.3
22.1
11.4
22.4
Real Estate
22.5
20.8
17.6
29.4
17.4
30.7
21.6
24.5
19.9
18.3
18.7
20.3
31.8
22.3
29.0
22.0
16.0
13.2
Retail
29.8
22.5
45.7
35.0
44.7
31.1
17.5
18.2
17.5
18.2
65.2
26.1
41.9
11.8
24.7
23.3
Telecommunications
25.0
24.8
50.1
22.6
50.1
24.5
24.1
25.9
20.1
24.5
15.2
23.6
24.5
4.7
Average Industry Total
27.2
25.7
34.7
34.0
34.6
34.8
39.1
33.4
25.5
24.5
25.9
25.5
34.1
36.1
22.8
21.7
24.7
21.8
17.9
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.
* The data given refers to the time period 01/01/2014 - 12/31/2015 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.
* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.
* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
4
Worldwide Announced Rankings* - A Decade in Review
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Bank of America Merrill

Lynch
Citi
Credit Suisse
10
10
Rank
2006
2007
2008
2009
2010
2011
2012
2013
2014
Lazard
Barclays
Deutsche Bank
2015
* League Table positions reflect consolidation within the banking sector.

Rankings shown are as of the current quarter end in each calendar year
5
Americas M&A
Americas M&A up 43% | Healthcare Volume Drives US Activity | Canadian Activity Rises 36%
Americas Deals Intelligence
US Announced Advisors by Target Industry
Americas M&A volume during 2015 increased 43.3% over comparable 2014 levels totals, accruing nearly US$2.9 trillion
in activity from 15,922 announced deals. Estimated fees generated from completed deals in the Americas totaled
US$21.1 billion, a 9.6% increase from fees earned duirng full year 2014.
The Healthcare sector led the US market, with deal volume totaling US$558.3 billion, accounting for a 23.8% market
share. High Technology followed, accruing US$387.2 billion for a 16.5% share of the market. Energy & Power rounded
out the top 3 sectors, with US$267.8 billion and an 11.4% share of the market.
Accumulating US$278.6 billion in transaction value, announced Canadian Involvement activity rose 36% over the totals
reached during full year 2014. Completed Canadian Involvement activity was up 13.2% compared to full year 2014,
accruing US$216.2 billion from 1,865 deals.
In the Americas, Media and Entertainment saw the highest average increase in exit multiples during full year 2015,
climbing 4 turns on EBITDA - to 13.8x from the average of 9.8x in 2014. Overall average multiples across industries in
the Americas saw a slight increase compared to full year 2015, at 14.5x compared to 14.2x during full year 2014.
US Target Announced M&A Target Industry by Value (US$ bil)
Jan 1 Dec 31 2015
7.8%
350.0
7.3%
20.6 52.1%
170.8
91.2
41.5%
Rnk Val US$bil
5.7%
4.9%
Energy and Power

Industrials
Consumer Staples
Telecommunications
200.0
84.3
Date Effective
Pending
Pending
Pending
Pending
Pending
7/2/2015
Pending
7/20/2015
Pending
Pending
58.5
45.9
41.3
1
2
3
50.7
41.7
39.3
1
2
3
60.5
52.9
44.7
1
2
3
60.7
59.2
56.6
57.1%
55.6%
52.7%
60.0%
50.0%
44.3%
137.1
40.0%
48.8
55.8
109.9
64.7
5.0
110.4
50.0
60.6
-
2007
18.5
28.7
17.5
2008
110.2
30.0%
60.5
27.5%
2006
Allergan PLC (100%)
Time Warner Cable Inc (98.5%)
DuPont (100%)
EMC Corp (100%)
The Williams Cos Inc (100%)
Kraft Foods Group Inc (100%)
Cigna Corp (100%)
Paypal Holdings Inc (100%)
Norfolk Southern Corp (100%)
1
2
3
192.7
28.4
13.6
33.5
2009
2010
51.2
41.5
43.9
33.0
33.5
34.6
77.2
84.4
2011
2012
2013
2014
26.6
20.0%
47.3
52.9
39.3
Top Ten US-Target Announced Deals

Rank Date
11/23/2015
5/26/2015
12/11/2015
10/12/2015
6/22/2015
3/25/2015
6/20/2015
7/6/2015
7/27/2015
11/17/2015
64.8
60.4
57.4
250.0
100.0
High Technology
Financials
Retail
1
2
3
No.
Deals
1,021
28
15
22
1,737
33
24
24
654
23
15
18
523
14
14
11
841
11
6
3
46.0%
150.0
Healthcare
Materials
Real Estate
Mkt.
Share
42.7%
300.0
5.9%
23.8%
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of WW FS Volume YTD
55.5%
400.0
7.6%
16.5%
Rank
US Buyside Financial Sponsor Activity

450.0
11.4%
Rank Val
(US$m)
558,347.9
361,881.7
337,204.5
320,290.0
387,176.9
226,563.3
177,740.2
159,763.3
267,807.9
135,743.2
111,779.8
105,127.0
183,458.5
111,013.0
97,085.8
82,063.6
177,809.9
107,953.7
105,277.5
100,547.9
Healthcare
JP Morgan
Morgan Stanley
Goldman Sachs & Co
High Technology
Goldman Sachs & Co
JP Morgan
Energy and Power
Citi
Barclays
Morgan Stanley
Materials
Goldman Sachs & Co
Morgan Stanley
Lazard
Goldman Sachs & Co
US Targeted M&A also posted significant gains, rising 64.3% over announced M&A during full year 2014. US-targeted
volume accrued a total of US$2.3 trillion during full year 2015, driven by 9,962 deals.
Jan 1 - Dec 31 2015
115.1
26.6
10.0%
0.0%
2015
Jan 1 Dec 31 2015

Acquiror
Pfizer Inc
Charter Communications Inc
The Dow Chemical Co
Dell Inc
Energy Transfer Equity LP
HJ Heinz Co
Anthem Inc
Shareholders
Canadian Pacific Railway Ltd

Canada / United States
Rank Value (US$m)

191,522.1
78,376.6
68,422.1
65,801.8
55,914.1
54,716.5
49,383.2
46,788.8
40,500.0
36,607.7

Materials / Chemicals
High Technology / Computers & Peripherals
Healthcare / Healthcare Providers & Services (HMOs)
High Technology / Internet Software & Services
6
Americas Rankings
Any Americas Involvement Announced (AD49)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Citi
Credit Suisse
Barclays
Lazard
Deutsche Bank
UBS
Moelis & Co
Evercore Partners
RBC Capital Markets
Allen & Co Inc
Rothschild
Greenhill & Co, LLC
M Klein & Co LLC
Needham & Co LLC
Jefferies LLC
BMO Capital Markets
BNP Paribas SA
Intrepid
p Investment Bankers
Industry Total

Rank Value Market
Market
2015 2014
Rank Rank
1
1
1,225,443.8
42.6
7.0
2
5
1,055,102.9
36.6
16.9
3
3
1,026,838.0
35.7
11.6
4
2
660,226.6
22.9
-3.5
5
4
658,194.9
22.9
2.3
6
8
577,032.7
20.0
7.4
7
6
510,061.2
17.7
-0.7
8
11
486,732.4
16.9
10.6
9
7
437,410.9
15.2
1.0
10
9
376,111.5
13.1
0.7
11
33
365,713.2
12.7
11.5
12
12
345,931.1
12.0
6.4
13
23
323,679.5
11.2
9.4
14
14
304,318.6
10.6
6.3
15
13
226,390.2
7.9
2.4
16
36
144,005.8
5.0
4.0
17
15
113,076.5
3.9
-0.2
18
111
98,429.3
3.4
3.3
19
19
93,815.9
3.3
0.9
20
75,038.9
2.6
2.6
21
127
71,180.4
2.5
2.4
22
10
70,118.1
2.4
-4.1
23
22
61,591.4
2.1
0.3
24
31
56,531.3
2.0
0.7
25
468*
55,914.1
,
1.9
1.9
2,879,525.2 100.0

43.3%
27.4%
Note: Industry Totals include multiple competing bids for the same Target.
US Target Announced (AD2)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Citi
Credit Suisse
Barclays
Lazard
Moelis & Co
Evercore Partners
Deutsche Bank
UBS
RBC Capital Markets
Allen & Co Inc
Greenhill & Co, LLC
M Klein & Co LLC
Needham & Co LLC
Jefferies LLC
Intrepid Investment Bankers
Wells Fargo & Co
Rothschild
BNP Paribas SA
Industry Total

Rank Value Market
Market
2015 2014
Rank Rank
1
1,091,460.8
46.6
8.9
1
2
6
961,010.5
41.0
22.0
3
3
903,502.8
38.5
13.4
4
4
610,920.4
26.1
3.1
5
2
592,976.7
25.3
-3.2
6
8
514,865.7
22.0
9.0
7
5
481,331.1
20.5
-0.3
8
11
480,060.5
20.5
13.3
9
7
399,031.0
17.0
2.2
10
23
365,587.9
15.6
14.0
11
19
310,422.6
13.2
10.9
12
13
299,220.6
12.8
7.5
13
9
291,558.5
12.4
2.4
14
12
291,480.3
12.4
6.3
15
15
179,904.7
7.7
3.2
16
25
140,946.8
6.0
4.6
98,210.9
4.2
17
75
4.1
18
17
79,722.6
3.4
0.3
19
74,033.9
3.2
3.2
3.0
2.9
20
77
71,122.0
10
59,832.5
2.6
21
-6.1
22
267*
55,914.1
2.4
2.4
23
14
45,523.3
1.9
-2.7
24
29
0.9
44,410.8
1.9
25
45
42,005.9
1.8
1.4
2,344,405.8 100.0
64.3%
32.3%
Note: Industry Totals include multiple competing bids for the same Target.
Jan 1 Dec 31
Any Americas Involvement Completed (AF55)

285
1.8 -34
245
1.5 +13
224
1.4
-1
191
1.2 +9
175
1.1
-5
151
0.9 -16
137
0.9 -53
46
0.3 +7
141
0.9 -12
130
0.8 -20
27
0.2 +7
82
0.5
-6
95
0.6 -10
117
0.7 -31
113
0.7 -29
12
0.1 +7
116
0.7 +8
10
0.1 +1
38
0.2 +10
5
0.0 +5
19
0.1
0
124
0.8 +1
59
0.4 +1
45
0.3 +8
5
0.0
-2
15,922
-386
Financial Advisor
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Citi
Lazard
Barclays
Credit Suisse
Deutsche Bank
UBS
RBC Capital Markets
Rothschild
Evercore Partners
Jefferies LLC
Wells Fargo & Co
BMO Capital Markets
Allen & Co Inc
HSBC Holdings PLC
Houlihan Lokey
BNP Paribas SA
Nomura
Greenhill & Co,, LLC
Industry Total
-2.4%
-12.0%

Jan 1 Dec 31
188
1.9 -15
157
1.6 +27
153
1.5 +8
110
1.1 -13
124
1.2
-1
94
0.9 -15
96
1.0 -40
41
0.4 +8
81
0.8 -16
26
0.3 +10
75
0.8 -19
104
1.0
-7
81
0.8
-5
47
0.5
-4
74
0.7 -17
11
0.1 +7
9
0.1 +1
28
0.3 +10
4
0.0 +4
16
-2
0.2
98
1.0
-1
0.1
-2
5
45
0.5 -29
24
0
0.2
0.1 +4
11
9,962
-180
-1.8%
-13.0%

Rank Value Market
Market
2015 2014
Rank Rank
1
1
774,792.5
38.7
7.5
2
2
621,562.7
31.0
3.9
3
5
455,534.7
22.7
-2.3
4
3
382,452.5
19.1
-6.8
5
6
366,035.9
18.3
-0.2
6
10
337,756.8
16.9
7.8
7
4
261,951.8
13.1
-12.6
8
9
235,445.5
11.8
2.4
9
8
225,146.6
11.2
-0.8
10
15
208,048.5
10.4
4.8
11
7
128,107.1
6.4
-7.0
12
14
118,184.4
5.9
-0.1
13
24
103,737.8
5.2
3.0
14
16
91,801.4
4.6
0.0
15
12
77,877.6
3.9
-4.3
16
39
76,458.8
3.8
2.9 17
17
60,999.3
3.1
-0.8
18
20
59,346.2
3.0
0.7
19
30
58,298.0
2.9
1.6
20
11
57,829.7
2.9
-5.7
21
68
45,981.0
2.3
2.0
22
21
43,202.6
2.2
-0.1
23
35
39,007.8
2.0
1.0
24
37
35,493.3
1.8
0.8
25
19
33,856.1
,
1.7
-0.8
2,003,032.7 100.0
24.7%
-17.9%
Jan 1 Dec 31
258
1.9
-7
211
1.6 +4
162
1.2 -11
218
1.6 +13
156
1.2 +2
129
1.0 -17
127
1.0 -44
136
1.0 -14
124
0.9 +2
35
0.3 +3
70
0.5
-4
106
0.8 -26
103
0.8 +26
98
0.7 -35
122
0.9 +6
15
0.1
-9
52
0.4 -17
51
0.4
-4
7
0.1 +1
23
0.2 +5
19
0.1 +7
196
1.5 +24
46
0.3 +16
26
0.2
-6
28
0.2 +10
13,255
-285
9.6%
1.1%
-2.1%
-13.3%
US Target Completed (AF2)
Financial Advisor
Goldman Sachs & Co
JP Morgan
Citi
Lazard
Morgan Stanley
Barclays
Credit Suisse
Deutsche Bank
UBS
Evercore Partners
RBC Capital Markets
Jefferies LLC
Allen & Co Inc
Wells Fargo & Co
Houlihan Lokey
Greenhill & Co, LLC
Blackstone Group LP
Stifel/KBW
Moelis & Co
Qatalyst Partners
BMO Capital Markets
Rothschild
Industry Total
Jan 1 Dec 31

Rank Value Market
Market
2015 2014
Rank Rank
1
1
618,420.0
41.1
7.2
2
492,659.2
32.8
0.7
2
3
5
22.8
-6.5
342,535.3
4
6
316,405.7
21.1
1.7
5
13
297,061.2
19.8
13.5
6
4
283,658.8
18.9
-11.2
7
3
227,144.9
15.1
-15.9
8
15
180,736.5
12.0
6.5
9
11
175,238.8
11.7
2.4
10
12
136,238.5
9.1
0.2
11
7
98,383.4
6.6
-10.5
12
14
82,620.7
5.5
-0.5
13
18
73,529.1
4.9
1.4
14
10
67,891.7
4.5
-5.8
15
8
57,829.7
3.9
-7.9
24
16
55,239.0
3.7
2.0
17
17
54,754.8
3.6
-0.5
18
20
41,972.2
2.8
0.2
19
19
31,577.9
2.1
-1.1
20
32
29,519.4
2.0
1.0
21
29
1.7
0.5
26,126.2
16
24,191.7
1.6
22
-2.9
1.6
-0.3
23
23
23,983.8
24
34
1.5
0.7
23,158.8
25
30
22,199.6
1.5
0.3
1,503,075.9 100.0

Imputed Fees (US$m)

Advisor Market
Market
2,343.0
11.1
2.6
1,585.7
7.5
1.3
1,084.3
5.1
0.2
1,545.4
7.3
1.1
792.2
3.8
0.0 629.4
3.0
0.0 650.2
3.1
1.1
685.7
3.3
0.0 529.2
2.5
0.3
502.2
2.4
0.8
287.9
1.4
0.3
337.9
1.6
1.0
316.0
1.5
0.5
412.8
2.0
0.5
481.4
2.3
0.1
145.2
0.7
0.2
212.2
1.0
0.5
152.0
0.7
0.2
117.0
0.6
0.3
193.0
0.9
0.4
45.1
0.2
0.0 381.5
1.8
0.0 118.2
0.6
0.2
67.9
0.3
0.0 123.1
0.6
-0.1
21,076.2 100.0
30.2%
-23.8%

174
2.0 +13
140
1.6
-4
112
1.3
-1
102
1.2
-1
87
1.0 +1
126
1.5
0
89
1.0 -33
27
0.3
-2
85
1.0 -12
79
0.9 +9
42
0.5
-8
85
1.0 -18
67
0.8 -22
98
1.1 +7
23
0.3 +10
6
0.1 +2
46
0.5 -18
170
2.0 +19
19
0.2 +6
0.2
-8
13
82
1.0 -16
72
0.8 -13
15
0.2 +3
19
0.2
-8
20
0.2
-2
8,579
-73
-0.8%
-16.1%
Imputed Fees (US$m)

Advisor Market
Market
1,912.7
12.5
3.9
1,292.7
8.4
1.5
908.7
5.9
0.7
609.4
4.0
0.0 519.6
3.4
0.6
1,147.8
7.5
0.9
512.7
3.4
1.2
439.4
2.9
0.8
539.2
3.5
0.2
338.3
2.2
0.4
186.5
1.2
0.7
353.4
2.3
0.9
230.9
1.5
0.7
418.4
2.7
0.0 188.5
1.2
0.7
104.7
0.7
0.3
195.1
1.3
0.8
339.8
2.2
0.0 94.9
0.6
0.1
99.5
0.7
0.3
142.7
0.9
0.3
240.9
1.6
0.8
312.9
2.0
0.7
48.6
0.4
0.3
83.9
0.6
0.2
15,311.0 100.0
11.6%
-4.0%
* tie
Americas Rankings
Any US Involvement Announced (AD41)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Citi
Credit Suisse
Barclays
Lazard
Deutsche Bank
UBS
Moelis & Co
Evercore Partners
RBC Capital Markets
Allen & Co Inc
Greenhill & Co, LLC
Rothschild
M Klein & Co LLC
Needham & Co LLC
Jefferies LLC
Intrepid Investment Bankers
BNP Paribas SA
Wells Fargo & Co
Industry Total

Rank Value Market
Market
2015 2014
Rank Rank
1
1
1,193,729.3
45.2
8.7
2
5
1,028,610.6
39.0
19.5
14.5
3
3
1,000,857.4
37.9
4
2
646,955.1
24.5
-3.7
23.7
5
4
625,901.0
2.5
6
8
21.3
561,575.0
9.5
6
507,445.3
19.2
0.4
7
11.3
8
11
485,934.5
18.4
16.3
9
7
429,485.9
1.1
26
13.9
10
365,713.2
12.5
11
9
332,737.6
12.6
1.6
12
12
329,353.8
12.5
6.4
13
21
315,970.6
12.0
10.0
14
15
303,584.5
11.5
7.0
15
13
180,353.2
6.8
1.8
16
144,005.8
5.5
4.4
28
3.7
3.6
17
98,210.9
100
3.6
18
17
93,709.3
0.9
19
19
3.5
1.3
91,345.4
20
74,033.9
2.8
2.8
21
108
71,180.4
2.7
2.6
22
10
63,079.0
2.4
-5.0
23
385*
55,914.1
2.1
2.1
24
37
53,500.1
2.0
1.4
25
14
51,767.8
2.0
-2.6
2 640 336 5 100.0
2,640,336.5
100 0

49.1%
25.3%
Any Canadian Involvement Announced (AD42)
Financial Advisor
JP Morgan
Morgan Stanley
RBC Capital Markets
BMO Capital Markets
Goldman Sachs & Co
Citi
Deutsche Bank
Credit Suisse
CIBC World Markets Inc
Macquarie Group
Moelis & Co
Scotiabank
TD Securities Inc
Barclays
UBS
Gresham Partners
Rothschild
INFOR Financial Inc
Lenner & Partners
Danske Bank
HSBC Holdings PLC
Jefferies LLC
Sandler O'Neill Partners
Ernst & Young LLP
Industry Total

Market
Rank Value Market
2015 2014
Rank Rank
1
3
107,683.8
38.7
15.4
26.7
2
5
74,400.5
11.7
3
2
63,868.0
22.9
-0.6
11.2
4
10
63,428.7
22.8
52,757.1
7.1
5
9
18.9
1
6
43,571.2
-11.6
15.6
0.1
7
8
34,252.5
12.3
8
7
12.0
-0.7
33,293.7
6.0
9
20
26,360.4
9.5
13
25,173.6
9.0
1.2
10
19
8.1
3.4
11
22,529.4
12
68
18,886.0
6.8
6.7
13
6
15,534.9
5.6
-7.5
14
11
5.4
-3.7
15,071.5
15
4
13,107.5
4.7
-17.0
16
32
10,501.4
3.8
2.7
17
9,306.6
3.3
3.3
18
24
9,051.2
3.3
0.4
19
7,274.3
2.6
2.6
20*
6,954.1
2.5
2.5
20*
6,954.1
2.5
2.5
22
47
6,435.5
2.3
1.9
23
46
6,292.8
2.3
1.9
24
5,596.1
2.0
2.0
25
38
4,886.3
1.8
1.2
278,637.1 100.0

36.0%
82.7%
Jan 1 Dec 31
260
2.0 -26
220
1.7 +20
211
1.6 +13
171
1.3 +8
150
1.1 -14
135
1.0
-1
128
1.0 -44
45
0.3 +7
125
1.0 -17
27
0.2 +8
113
0.9 -23
68
0.5 -13
90
0.7 -12
113
0.9 -16
0.6 -24
78
12
0.1 +7
9
0.1 +1
36
0.3 +9
91
0.7 +17
0.0 +4
19
0.1
0
115
0.9
-3
5
0.0
-2
36
0.3 +13
51
0.4 -28
13 066
13,066
-236
236
-1.8%
-13.7%
Jan 1 Dec 31
25
1.0 +4
22
0.9
-3
52
2.2
-5
18
0.7 +4
38
1.6 +3
22
0.9 -12
0.4
-1
10
17
0.7 +9
17
0.7 +7
38
1.6 -14
18
0.7
-3
0.5 +9
12
15
0.6 -12
30
1.2 -20
-7
0.6
15
0.4 +4
9
1
0.0 +1
13
0.5 +2
0.2 +5
5
1
0.0 +1
1
0.0 +1
5
0.2 +4
10
0.4 +2
5
0.2 +5
7
0.3
-1
2,412
-241
-9.1%
-10.3%
Any US Involvement Completed (AF48)
Financial Advisor
Goldman Sachs & Co
JP Morgan
Citi
Morgan Stanley
Lazard
Barclays
Credit Suisse
Deutsche Bank
UBS
Evercore Partners
RBC Capital Markets
Jefferies LLC
Rothschild
Wells Fargo & Co
Allen & Co Inc
Houlihan Lokey
HSBC Holdings PLC
Greenhill & Co, LLC
Blackstone Group LP
Moelis & Co
BNP Paribas SA
Industry Total

Market
Rank Value Market
2015 2014
Rank Rank
1
722,301.1
1
7.3
40.5
2
2
551,276.9
1.2
30.9
3
5
437,796.1
24.5
-1.5
4
6
343,164.7
19.2
0.4
-9.2
5
3
334,877.3
18.8
6
18.4
8.6
9
327,809.2
7
4
241,939.5
13.6
-14.3
8
14
207,250.6
11.6
5.4
9
13
205,146.8
11.5
3.0
10
8
169,990.7
9.5
-2.3
11
7
115,105.4
6.5
-8.1
12
15
83,940.4
4.7
-0.5
13
16
74,420.1
4.2
-0.4
12
71,724.1
4.0
-5.2
14
15
33
69,250.5
3.9
2.9
16
24
63,656.0
3.6
1.9
17
60,999.3
3.4
-1.0
17
1.9
18
27
58,298.0
3.3
19
10
57,829.7
3.2
-6.5
20
21
42,589.5
2.4
0.2
21
1.9
1.6
61
34,267.4
22
19
33,749.4
1.9
-1.0
23
34
30,866.0
1.7
0.7
24
18
29,571.5
1.7
-2.2
25
45
28,005.9
1.6
1.1
1 785 171 5 100.0
1,785,171.5
100 0

26.2%
-17.5%
Jan 1 Dec 31
-9
231
2.1
189
1.7 +1
149
1.3
0
141
1.3 +5
1.7 +7
189
118
1.1 -18
116
1.0 -42
34
0.3 +3
114
1.0
-9
112
1.0 +3
60
0.5
-7
92
0.8 -25
70
0.6 -30
114
1.0 +3
0.1
-9
14
77
0.7 +22
52
0.5 -17
7
0.1 +1
23
0.2 +6
186
1.7 +19
12
0.1 +4
26
0.2 +9
17
0.2 -10
85
0.8 -11
34
0.3 +16
11 177
11,177
-132
132
9.6%
-0.1%
-1.2%
-15.1%
Any Canadian Involvement Completed (AF49)
Financial Advisor
JP Morgan
RBC Capital Markets
BMO Capital Markets
Goldman Sachs & Co
Deutsche Bank
Morgan Stanley
Credit Suisse
Citi
Barclays
TD Securities Inc
Nomura
Macquarie Group
UBS
Rothschild
Scotiabank
BNP Paribas SA
INFOR Financial Inc
Lenner & Partners
Danske Bank
Jefferies LLC
Union Square Advisors LLC
Qatalyst Partners
Industry Total

Rank Value Market
Market
2015 2014
Rank Rank
18.9
1
5
74,720.0
34.6
52,730.5
24.4
-6.6
2
1
52,497.5
24.3
3
9
11.7
4
3
50,931.1
23.6
6.6
5
11
34,468.1
15.9
6.5
6
4
28,181.3
13.0
-3.2
7
8
26,324.5
12.2
-2.1
11.4
6.6
8
19
24,716.1
9
24,077.1
11.1
7
-3.6
10
14
19,657.2
9.1
2.1
11
17,977.7
8.3
-12.4
2
12
12
15,459.6
7.2
-1.6
13
47
12,797.7
5.9
5.6
14
15
-1.5
10,477.8
4.9
23
9,167.7
15
4.2
1.6
16
29
9,085.1
4.2
2.8
17
6
8,718.5
4.0
-11.3
18
27
7,301.8
3.4
1.7
19
7,274.3
3.4
3.4
20*
6,954.1
3.2
3.2
20*
6,954.1
3.2
3.2
22
5,441.0
2.5
2.5
23
26
4,990.3
2.3
0.5
24*
4,674.0
2.2
2.2
24*
4,674.0
2.2
2.2
216,204.8 100.0

13.2%
-38.0%
Imputed Fees (US$m)

Advisor Market
Market
2,200.1
11.7
11.7
1,474.4
7.9
7.9
1,030.2
5.5
5.5
3.9
732.0
3.9
7.5
1,409.6
7.5
614.1
3.3
3.3
610.6
3.3
3.3
495.5
2.6
2.6
631.6
3.4
3.4
472.1
2.5
2.5
261.3
1.4
1.4
380.5
2.0
2.0
237.1
1.3
1.3
461.4
2.5
2.5
135.8
0.7
0.7
247.2
1.3
1.3
212.2
1.1
1.1
117.0
0.6
0.6
193.0
1.0
1.0
363.1
1.9
1.9
29.1
0.2
0.2
120.5
0.6
0.6
108.2
0.6
0.6
288.0
1.5
1.5
90.3
0.5
0.5
18 740 9 100.0
18,740.9
100 0
Jan 1 Dec 31
22
0.1 +3
47
0.2
-2
36
0.1 +2
21
0.1
-8
10
0.0
0
15
0.0 +1
18
0.1
-5
16
0.1 +4
8
0.0
-3
40
0.1 +2
17
0.1
-5
32
0.1
-9
1
0.0
0
15
0.0
-9
9
0.0 +4
12
0.0 +3
0.0 -13
14
4
0.0
-4
5
0.0 +5
1
0.0 +1
1
0.0 +1
0.0 +2
2
8
0.0
-2
2
0.0 +2
1
0.0 +1
1,865
-197
-9.6%
-13.9%
Imputed Fees (US$m)

Advisor Market
Market
149.4
5.7
2.7
136.2
5.2
3.7
116.4
4.5
0.5
148.9
5.7
0.8
67.8
2.6
0.9
110.4
4.2
0.9
123.5
4.7
0.5
0.2
68.8
2.6
63.5
2.4
0.3
136.9
5.3
1.2
78.2
3.0
1.0
92.5
3.6
0.7
23.4
0.9
0.8
41.7
1.6
0.4
23.7
0.9
0.2
41.2
1.6
0.3
44.6
1.7
4.0
21.8
0.8
0.4
10.1
0.4
0.4
15.0
0.6
0.6
12.7
0.5
0.5
0.5
0.5
13.7
26.4
1.0
0.5
3.5
0.1
0.1
46.0
1.8
1.8
2,605.8 100.0
-2.4%
-21.5%
* tie
EMEA M&A
EMEA Announced M&A Up 13.9% | Consumer Staples Highest Valued Sector | Financial Sponsor Activity drops
EMEA Deals Intelligence
EMEA Involvement Announced Advisors by Target Industry

Rank Val US$m
Announced M&A activity with EMEA involvement totaled US$1.45 trillion in the full year of 2015, up 13.9% compared to the
US$1.26 trillion reached last year.
Consumer Staples
Lazard
Goldman Sachs & Co
Energy and Power
Lazard
Industrials
Rothschild
Citi
Healthcare
Barclays
Goldman Sachs & Co
Morgan Stanley
Financials
Goldman Sachs & Co
Morgan Stanley
UBS
Estimated fees accumulated on EMEA deals completed in the full year of 2015 were up 3.7% from last year, totaling US$11.7
trillion, according to estimates from Thomson Reuters/Freeman Consulting.
The Consumer Staples sector led the EMEA marketplace, with 1,324 deals totaling a combined US$190.4 billion, including the
SABmiller PlC and Anheuser-Busch Inbev deal, which was the largest European deal of the year, valued at US$120.8 billion.
Energy and Power accrued US$174.7 billion, and Industrials totaled US$172.0 billion of activity.
Financial sponsors were less active this year so far compared to full year of 2014. EMEA-targeted buyside financial sponsor
activity reached US$130.2 billion in the full year of 2015, down 21.5% from the US$165.8 billion reported for the same period last
year.
Acquirors listed on the Euronext Brussels Exchange were EMEA's most acquisitive companies for the full year of 2015, with a
combined total of US$130.7 billion in offers.
Jan 1 - Dec 31 2015
$250
Amsterdam
$45.6
Rank Value (US$b)
New York
$113.6
Zurich
Nasdaq
$64.0
1
2
3
31.5
30.4
30.1
1
2
3
48.7
46.9
35.8
1
2
3
68.9
49.3
46.8
$200
% of YTD EMEA M&A
$54.2
$100
$50
13.2%
$24.9
$46.1
$75.9
$74.8
BMFBOVESPA
$44.3
9.4%
7.5%
2006
2007
$31.6
$22.3
$24.9
$37.2
$23.9
$37.7
$24.2
$18.6
$33.3
$27.4
$16.6
$15.6
$21.9
$18.5
$25.8
2008
2009
2010
2011
2012
2013
Top Ten EMEA Involvement Announced Deals
$29.8
$31.5
10%
$27.5
$24.0
$18.5
$14.6
$9.0
$0
15%
$45.1
10.2%
$85.6
20%
18.3%
14.1%
$60.4
$28.2
OMX Stockholm
18.3%
17.1%
13.2%
$150
25%
Q1 Volume (US$b)
$68.0
Madrid
$82.1
53.9
53.4
Q2 Volume (US$b)
$90.8
Swiss Stock Exchange
$57.9
1
2
1,324
13
9
8
1,248
16
13
2,834
50
26
17
1,070
8
22
11
1,977
6
3
5
Q3 Volume (US$b)
19.7%
London
$130.7
75.5
73.1
71.8
Q4 Volume (US$b)
$300
$44.7
No. Deals
1
2
3
EMEA Targeted
Financial Sponsor
Investments (Buyside
Sponsor
Activity)
g
p
( y
p
y)
Euronext Brussels
$16.8 $16.6 $15.9
Rank
% of EMEA
Primary
EMEA Companies
- Top
y Listing
g of Most Acquisitive
q
p
p 10 ((US$b)
$ )
190,447.5
143,865.9
139,120.5
136,704.6
174,694.7
94,105.2
93,361.3
172,012.7
54,136.5
52,345.3
51,725.0
163,624.2
79,635.4
76,741.3
58,507.3
158,364.1
21,013.3
15,038.6
14,277.8
Jan 1 - Dec 31 2015

Mkt.
Share
$19.3
$43.2
$41.0
$47.7
5%
$30.2
0%
2014
2015
Jan 1 Dec 31 2015
Rank Date
Status
Acquiror
Rank Value (US$m)
10/7/2015
4/8/2015
7/27/2015
8/4/2015
7/1/2015
11/2/2015
12/7/2015
9/17/2015
11/10/2015
7/9/2015
Pending
Pending
Pending
Pending
Pending
Pending
Completed
Pending
Pending
Pending
SABMiller PLC (100%)

BG Group PLC (100%)
Baxalta Inc (100%)
Chubb Corp (100%)
Visa Europe Ltd (100%)
Steinhoff International (100%)
Cablevision Systems Corp (100%)
New Kansai Intl-Op Concession (100%)
Procter & Gamble Co-Beauty (100%)
Anheuser-Busch Inbev
Royal Dutch Shell PLC
Shire PLC
ACE Ltd
Visa Inc
Genesis Intl Hldg NV
Investor Group
Kansai Airports
Coty Inc
Belgium / United Kingdom

Netherlands / United Kingdom
Ireland-Rep / United States
Switzerland / United States
United States / United Kingdom
Netherlands / South Africa
Netherlands / United States
France / Japan
120,785.2
81,009.7
40,500.0
33,741.4
28,533.6
23,964.4
22,671.4
18,108.5
17,911.2
16,917.8

Financials / Insurance
Financials / Other Financials
Consumer Products and Services / Home Furnishings
Consumer Products and Services / Other Consumer Products
* Undisclosed
9
EMEA Rankings
Any EMEA Involvement Announced (AD47)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Deutsche Bank
Barclays
Lazard
Rothschild
Citi
BNP Paribas SA
Robey Warshaw LLP
Credit Suisse
UBS
HSBC Holdings PLC
Evercore Partners
Greenhill & Co, LLC
Societe Generale
Zaoui & Co
Moelis & Co
Jefferies LLC
Nomura
Mediobanca
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Rank Value
Market
Market
2014
Rank
US$m
Sh (%) Share Ch.
583,918.1
8.5
1
40.4
2
547,755.8
37.9
11.9
12.5
3
37.8
546,742.7
10.3
31.8
5
459,873.5
23.6
0.9
341,458.1
4
8.2
8
339,047.1
23.5
23.1
5.0
7
333,957.1
246,859.6
9
2.6
17.1
213,463.6
-5.6
6
14.8
11
206,664.6
14.3
2.5
29
202,451.4
12.3
14.0
166,048.5
11.5
10
-1.3
119,448.3
12
8.3
-2.6
78,253.9
5.4
0.1
17
5.3
3.1
22
76,049.8
2.9
34
59,249.0
4.1
-2.8
3.8
15
54,640.7
19
-0.6
49,575.7
3.4
-5.6
13
47,530.5
3.3
1.9
31
47,031.7
3.3
16
2.4
34,917.3
-3.2
34,809.7
48
2.4
1.6
33,532.0
0.5
27
2.3
20
29,739.7
2.1
-1.4
32
27,463.1
1.9
0.7
1
445 267 3
100
0
1,445,267.3
100.0

13.9%
15.9%
Any European Involvement Announced (AD21)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Deutsche Bank
Lazard
Barclays
Rothschild
Citi
BNP Paribas SA
Robey Warshaw LLP
Credit Suisse
UBS
HSBC Holdings PLC
Evercore Partners
Societe Generale
Zaoui & Co
Moelis & Co
Mediobanca
Nomura
Sumitomo Mitsui Finl Grp Inc
Credit Agricole CIB
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Market
Rank Value
Market
2014
US$m
Sh (%) Share Ch.
Rank
8.9
42.4
563,258.4
1
40.3
535,902.5
2
13.2
501,298.5
37.7
11.3
3
34.0
5
451,843.6
11.6
25.4
337,915.9
2.3
4
333,112.1
6.2
25.1
7
293,907.4
22.1
6.6
8
9
235,450.6
2.8
17.7
208,956.3
15.7
-4.9
6
11
206,664.6
15.6
3.3
202,451.4
29
13.4
15.2
10
166,048.5
12.5
-0.9
-2.2
12
119,207.3
9.0
17
77,672.6
5.8
0.6
22
75,310.3
5.7
3.4
15
54,640.7
4.1
-2.8
18
3.7
-0.5
49,575.7
3.5
31
47,031.7
2.0
-5.9
3.4
13
45,610.3
16
34,917.3
2.6
-3.3
2.6
60
34,630.1
2.1
27,463.1
0.8
32
2.1
2.0
-1.6
20
26,906.4
2.0
186
2.0
26,498.8
24,547.9
-5.2
14
1.9
100.0
1,329,096.0

38.3%
1.9%
Jan 1 Dec 31
Any EMEA Involvement Completed (AF53)

170
0.4 +1
155
0.4 -14
149
0.4 -10
129
0.3 +8
112
0.3 -34
97
0.2 -24
161
0.4
-3
295
0.7 +38
0.3 +12
139
112
0.3
-7
3
0.0
0
84
0.2 -14
77
0.2 -18
57
0.1 +7
0.1
-6
49
0.1 +5
25
-4
0.1
53
0.0
11
-7
0.0
10
-9
0.0 +1
6
0.0
-3
30
-5
0.1
0.1 +17
62
45
0.1 +8
0.1 +2
48
18
210
+224
18,210
Financial Advisor
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Citi
Lazard
Deutsche Bank
Rothschild
Credit Suisse
Barclays
BNP Paribas SA
UBS
HSBC Holdings PLC
Zaoui & Co
Societe Generale
Credit Agricole CIB
Nomura
Natixis
Mediobanca
Jefferies LLC
Evercore Partners
Macquarie Group
RBC Capital Markets
Industry Total
1.2%
-14.3%

Jan 1 Dec 31
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Rank Value Market
Market
2014
Rank
354,510.1
-0.9
1
35.3
3
-5.1
262,905.5
26.1
23.8
-7.8
2
239,196.8
8
214,720.3
21.4
6.9
6.7
9
20.7
207,900.1
20.1
-9.5
201,923.4
4
7
-1.5
194,780.0
19.4
176,902.2
17.6
7.3
13
14
139,314.3
13.9
5.1
11.4
-12.8
114,951.1
5
12
10.4
104,942.6
-0.7
10.3
6
-11.7
103,181.2
7.1
27
90,195.4
9.0
6.9
47
68,919.9
6.0
63,307.2
6.3
19
2.4
17
53,843.4
5.4
0.3
-0.8
16
50,062.3
5.0
26
46,067.7
4.6
2.7
18
-0.9
37,542.1
3.7
51
35,913.6
3.6
2.9
1.1
24,364.4
2.4
36
24,295.5
2.4
29
0.7
23,982.0
2.4
1.0
35
25
21,792.0
0.3
2.2
21,451.2
2.1
0.9
38
1
005 646 0
100
0
1,005,646.0
100.0
-3.9%
14.5%
Jan 1 Dec 31
154
1.0
-2
138
0.9 +1
144
1.0 +6
112
0.7 +9
140
0.9 -23
103
0.7
0
104
0.7 -20
1.6 +40
247
0.5 -16
76
90
0.6 -14
0.6 -21
94
71
0.5 -12
49
0.3 +16
0.0 +3
10
0.1
-8
43
0.3 -15
44
0.3 -14
38
0.3 +7
12
0.1
-1
45
0.3 +29
37
-8
0.2
56
0.4 +11
34
-9
0.2
29
-5
0.2
0.1
21
-2
14
999
+116
14,999
0.8%
-16.9%
3.7%
4.0%
Any European Involvement Completed (AF3)

-2
162
0.9
147
0.9 -19
143
0.8 -12
0.7 +8
123
0.6 -33
109
-3
0.9
157
0.5 -20
90
290
+40
1.7
130
0.8 +10
-3
111
0.7
0.0
0
3
-9
83
0.5
0.4 -12
75
52
0.3 +8
-7
45
0.3
0.3
53
-4
0.1
-7
11
0.0 +1
6
0.0 -10
7
6
0.0
-3
-5
27
0.2
0.3 +2
48
0.3 +10
44
0.1 +9
15
44
0.3 -15
+291
17,053
Financial Advisor
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Lazard
Citi
Deutsche Bank
Rothschild
Credit Suisse
Barclays
BNP Paribas SA
UBS
HSBC Holdings PLC
Zaoui & Co
Societe Generale
Credit Agricole CIB
Nomura
Natixis
Mediobanca
Evercore Partners
Jefferies LLC
Macquarie Group
RBC Capital Markets
Industry Total
3.4%
-0.1%

2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Rank Value Market
Market
2014
Rank
349,726.8
36.7
1
-1.0
257,055.0
3
27.0
-5.4
2
25.0
238,425.5
-7.4
9
207,055.1
7.3
21.7
8
205,363.8
21.5
6.7
4
193,893.6
20.3
-9.9
7
184,194.9
19.3
-2.3
176,627.2
13
18.5
8.0
14
139,314.3
14.6
5.7
108,055.9
5
-13.7
11.3
12
104,822.6
11.0
-0.3
6
-11.6
102,940.1
10.8
27
86,648.0
7.1
9.1
47
68,919.9
7.2
6.2
19
62,316.4
6.5
2.5
0.3
17
5.6
53,843.4
15
50,062.3
5.3
-0.7
25
2.5
43,234.5
4.5
37,542.1
18
3.9
-0.9
51
3.0
35,913.6
3.8
1.3
2.6
36
24,364.4
1.0
23,882.0
2.5
35
2.5
29
0.7
23,720.8
0.5
28
21,792.0
2.3
1.1
40
21,451.2
2.3
953,926.8
100.0
-5.1%
17.4%
Imputed Fees (US$m)

Market
Advisor
Market
Fees
Sh (%) Share Ch.
8.3
0.8
963.0
0.6
675.2
5.8
1.2
6.2
721.8
0.0 384.7
3.3
418.8
3.6
0.9
3.3
0.1
384.0
1.1
3.1
365.3
5.2
0.6
605.4
0.1
287.4
2.5
0.6
2.7
313.2
0.4
235.2
2.0
0.3
195.4
1.7
131.7
1.1
0.5
0.3
0.4
51.7
0.1
86.6
0.7
0.5
67.7
0.6
0.2
42.7
0.4
110.0
0.9
0.3
94.1
0.2
0.8
39.6
0.3
0.1
0.5
52.6
0.1
1.1
0.3
127.3
0.1
0.3
0.2
0.8
89.4
0.1
0.7
0.1
83.6
11
654 8
100
0
11,654.8
100.0
Jan 1 Dec 31
-7
147
1.0
133
-1
0.9
1.0 +5
139
1.0 -21
137
0.7 +4
105
97
0.7
-1
99
0.7 -21
1.7 +39
243
74
0.5 -15
0.6 -13
85
0.6 -19
92
69
0.5
-4
43
0.3 +11
0.0 +3
7
0.1
8
-8
0.3 -15
43
0.3 -14
44
0.3 +6
37
0.1
-1
12
0.3 +29
45
37
0.3
-8
0.2
-9
32
52
0.4 +8
28
0.2
-4
0.1
21
-1
14,210
+143
1.0%
-17.7%
Imputed Fees (US$m)

Market
Advisor
Market
Sh (%) Share Ch.
Fees
921.4
8.3
0.6
0.3
632.1
5.7
705.9
6.4
1.3
3.7
0.8
411.6
3.2
0.1
360.5
362.1
3.3
0.0 350.6
3.2
1.1
5.4
0.7
599.0
266.7
2.4
0.2
2.7
0.6
298.4
227.0
2.0
0.3
191.1
1.7
0.2
113.4
1.0
0.5
0.5
51.7
0.4
75.2
0.7
0.1
67.7
0.6
0.5
0.2
42.7
0.4
106.5
0.3
1.0
0.9
0.2
94.1
39.6
0.4
0.2
0.5
52.6
0.1
0.3
1.2
132.2
0.4
.2
0.1
85.8
0.1
0.8
83.6
0.1
0.8
11,125.2
100.0
2.7%
7.0%
e
* ttie
10
EMEA Rankings
Any UK Involvement Announced (AD32)
Financial Advisor
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Lazard
Robey Warshaw LLP
Barclays
Deutsche Bank
Rothschild
BNP Paribas SA
UBS
Credit Suisse
HSBC Holdings PLC
Citi
Moelis & Co
Evercore Partners
Greenhill & Co, LLC
Macquarie Group
Jefferies LLC
Nomura
Qatalyst Partners
RBC Capital Markets
Ernst & Young LLP
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Rank Value
Market
Market
2014
Rank
Sh (%) Share Ch.
US$m
338,271.5
56.0
20.8
2
50.9
1
307,868.1
15.4
18.9
3
285,258.6
47.2
21.0
6
41.9
253,345.3
8
241,988.9
40.0
22.3
13
27.9
202,451.4
33.5
4
186,620.5
30.9
6.0
180,686.7
10.9
29.9
7
9
12.7
25.1
151,523.5
123,151.3
20.4
15.5
16
77,383.8
10
12.8
3.5
14
64,366.0
10.7
5.3
42,509.6
24
3.9
7.0
11
41,282.6
-1.1
6.8
5
37,357.4
-14.9
6.2
40
28,725.4
4.1
4.8
28,530.4
21
4.7
1.3
17,751.4
23
2.9
-0.3
26
16,856.8
0.0
2.8
15,358.9
19
2.5
-1.1
-2.1
15,034.9
17
2.5
8,928.1
1.5
1.5
15
-3.6
8,881.9
1.5
108
1.4
1.5
8,877.9
18
-2.3
8,348.1
1.4
604
416 8
100
0
604,416.8
100.0

58.9%
115.2%
Any French Involvement Announced (AD33)

* tie
Financial Advisor
BNP Paribas SA
Morgan Stanley
Rothschild
Citi
Societe Generale
Goldman Sachs & Co
JP Morgan
Deutsche Bank
Credit Suisse
Zaoui & Co
Barclays
Credit Agricole CIB
HSBC Holdings PLC
Lazard
UBS
Sycomore Corporate Finance SAS
Davy
Goodbody Stockbrokers
Canaccord Genuity
Duff & Phelps
DC Advisory
Callisto
Natixis
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19*
19*
21
22
23
24
25

Market
Market
Rank Value
2014
Sh (%) Share Ch.
Rank
US$m
17.7
63,278.6
13
38.6
-16.7
33.0
1
54,094.4
52,439.5
32.0
-9.9
5
50,065.5
30.5
-13.3
3
48,735.4
29.7
2.7
9
8
47,952.5
29.2
0.0
4
47,247.4
28.8
-13.5
37,778.0
23.0
0.8
12
17.4
10
-8.5
28,569.4
-22.4
6
25,195.1
15.4
-2.8
14.7
15
24,036.4
17
22,167.1
13.5
-1.4
12.9
7
21,211.0
-20.0
11.0
18,065.2
11.0
-9.1
14
17,902.5
10.9
2
16,852.0
10.3
-37.0
12,290.1
7.5
-17.2
11
7,959.4
21
4.9
1.3
4.5
4.5
7,369.6
7,369.6
4.5
4.5
2.0
3,943.3
46
2.4
3,583.2
2.2
2.1
76
3,305.8
2.0
1.7
47
3,219.6
2.0
1.4
39
2,932.3
1.8
-14.3
16
164,071.3
100.0

* tie
-28.8%
130.7%
Jan 1 Dec 31
87
2.1 +13
63
1.5
-8
57
1.4 +2
33
0.8 -13
54
1.3 +4
0.1
3
0
50
1.2 +1
35
-7
0.8
122
3.0 +22
24
0.6 +4
30
0.7
-1
30
0.7 +9
26
0.6 +7
-2
5
0.1
40
1.0
0
0.4
0
16
26
0.6
-7
0.3 +5
13
29
0.7 +11
38
0.9 +11
0.6 +9
24
0.0 +2
2
0.4 +1
16
3
0.1 +2
64
1.6 -21
4
129
41
4,129
-41
-1.0%
-17.9%
Jan 1 Dec 31
Any UK Involvement Completed (AF39)
Financial Advisor
Goldman Sachs & Co
JP Morgan
Citi
Rothschild
Lazard
Morgan Stanley
Barclays
Deutsche Bank
UBS
Credit Suisse
HSBC Holdings PLC
Zaoui & Co
Nomura
Macquarie Group
RBC Capital Markets
Jefferies LLC
Evercore Partners
Robey Warshaw LLP
BNP Paribas SA
PricewaterhouseCoopers
Ernst & Young LLP
VTB Capital
Altium Capital Limited
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Jan 1 Dec 31

Market
Rank Value Market
2014
Rank
1
2
12
11
10
3
5
9
6
28
41
4
33
39
29
34
30
32
14
13
31
16
235*
119
108,708.3
102,980.8
84,459.6
64,269.9
63,818.4
56,267.7
56,129.4
44,969.8
32,192.9
31,181.2
26,059.0
25,802.7
23,101.6
20,340.7
19,351.5
18,142.3
17,673.2
12,428.2
11,871.5
9,366.2
8,650.4
7,615.6
6,840.1
5,704.9
5,525.1
314
026 2
314,026.2
34.6
32.8
26.9
20.5
20.3
17.9
17.9
14.3
10.3
9.9
8.3
8.2
7.4
6.5
6.2
5.8
5.6
4.0
3.8
3.0
2.8
2.4
2.2
1.8
1.8
100
0
100.0
-15.7
-16.7
21.5
12.4
11.4
-31.1
-28.1
-0.4
-29.6
7.9
7.6
-40.6
7.4
5.4
5.3
4.0
4.5
2.4
2.6
-0.3
-1.4
1.2
-1.1
1.8
1.7

74
0.2 +22
59
0.2 +5
39
0.1 +9
103
0.3 +32
45
0.1 +6
0.1
0
46
43
0.1 +6
32
0.1
-4
0.1
-5
25
27
0.1 +9
0.1 +6
21
0.1 -17
25
0.0 +3
3
0.1 +12
22
0.1 +8
21
15
0.0 +3
0.1 +14
38
18
0.1 -10
5
0.0 +1
2
0.0
0
22
0.1 +7
89
0.3 +1
62
0.2 -14
0
1
0.0
25
0.1 +8
3
449
88
3,449
-88
Imputed Fees (US$m)

Advisor
Market
Market
Fees
Sh (%) Share Ch.
385.1
2.6
9.7
256.7
0.4
6.5
1.3
132.8
3.3
7.0
1.8
279.4
135.8
0.4
3.4
4.9
0.7
194.5
137.7
3.5
0.9
106.4
0.0
0.8
73.3
0.5
1.8
81.3
0.7
2.0
62.3
1.6
0.9
71.0
1.8
2.9
12.5
0.3
0.3
44.3
1.1
0.3
68.7
1.7
0.9
0.3
59.0
1.5
0.2
1.8
70.7
61.9
1.6
0.0 0.5
20.5
0.2
0.4
15.2
0.2
1.0
38.2
0.2
0.4
0.0 14.1
0.3
10.3
0.0 0.2
6.1
0.2
21.9
0.6
0.4
3
976 0
100
0
3,976.0
100.0
-17.9%
-1.5%
12.0%
-41.5%
-7.1%
-15.8%
Any French Involvement Completed (AF40)

-2
0.4
15
1.7
-1
59
0.6 -15
22
3.5 +31
118
0.5 +4
18
1.2
42
-8
0
0.6
22
0.6
-3
19
0.4
-8
15
0.7 +5
23
-2
0.1
3
-2
0.4
14
1.2 -11
42
0.1 +2
2
0
0.4
12
1.4
-4
48
0.5 +3
17
0
0.1
5
0.0 +1
1
0.0 +1
0.2 +3
8
3
0.1
-1
1.0 +15
35
5
0.1 +1
44
1.3 +26
+494
3,413
Financial Advisor
BNP Paribas SA
Goldman Sachs & Co
Rothschild
Morgan Stanley
Lazard
Credit Suisse
Societe Generale
HSBC Holdings PLC
Credit Agricole CIB
UBS
Citi
Deutsche Bank
Zaoui & Co
JP Morgan
Natixis
Barclays
Sycomore Corporate Finance SAS
Itau Unibanco
Davy
Goodbody Stockbrokers
Santander
Callisto
Canaccord Genuity
Industry Total
16.9%
-4.4%

2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21*
21*
23
24
25

Rank Value Market
Market
2014
Rank
1
84,281.1
46.9
-7.2
83,244.2
7
46.3
20.9
10
82,506.6
23.1
45.9
77,447.7
4
13.6
43.1
42.6
76,588.3
7.9
2
10.1
65,901.8
36.7
6
7.0
12
51,633.2
28.7
51,561.1
22
28.7
25.6
46,698.6
-3.7
3
26.0
13
23.9
42,956.8
5.8
41,748.0
6.7
14
23.2
39,919.0
-2.2
8
22.2
38,088.1
14.8
21.2
16
-7.9
5
20.5
36,823.5
9
20.4
-3.7
36,616.4
17
20.0
35,913.6
15.0
12,510.6
7.0
11
-15.4
24
12,415.9
6.9
4.3
6.0
33
10,839.7
5.0
10,701.7
6.0
82*
5.9
4.1
7,369.6
4.1
7,369.6
4.1
4.1
4,900.8
0.9
28
2.7
2.4
71
2.2
4,251.8
2.0
1.5
43
3,625.1
100.0
179,798.9
19.3%
-50.2%
Jan 1 Dec 31
1.6 -12
50
0.8 +4
24
97
3.1 +22
27
0.9
-3
40
1.3
-5
28
0.9 +13
37
-6
1.2
11
0.4 +1
40
1.3 -15
16
0.5 +3
13
0.4 +1
17
0.5
-2
0.1
-2
2
21
0.7
-2
0.5 +5
17
44
1.4 +29
0.5 +1
16
5
0.2 +1
0.2 +2
5
0.0
1
0
1
0.0 +1
1
0.0 +1
0.1
-3
2
0.2 +2
6
0.2 +1
+491
3,132
Imputed Fees (US$m)

Market
Advisor
Market
Fees
Sh (%) Share Ch.
2.4
127.3
6.2
150.8
7.3
2.4
1.0
10.9
224.7
119.6
5.8
0.4
1.8
110.7
5.4
103.3
2.3
5.0
54.2
2.6
1.8
31.0
1.5
0.8
39.4
1.9
1.3
44.3
2.2
0.6
1.2
24.2
1.3
51.3
2.5
0.1
16.7
0.8
0.5
75.6
3.7
1.5
73.0
2.1
3.5
39.1
1.0
1.9
44.2
2.1
0.4
10.0
0.5
0.4
0.0
0.2
0.3
0.3
5.1
3.5
0.2
0.2
.3
0.0
0.0 7.8
0.1
0.4
9.6
0.5
0.4
0.0
0.3
.0
2,060.8
100.0
18.6%
-7.9%
7.8%
-25.7%
11
EMEA Rankings
Any Spanish Involvement Announced (AD34)
Financial Advisor
UBS
HSBC Holdings PLC
Lazard
Moelis & Co
Goldman Sachs & Co
Rothschild
Deloitte
Morgan Stanley
Citi
Deutsche Bank
Credit Suisse
JP Morgan
Macquarie Group
Nomura
Societe Generale
BBVA
RBC Capital Markets
Ernst & Young LLP
BNP Paribas SA
Mediobanca
KPMG
Santander
Banca IMI (Intesa Sanpaolo)
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Rank Value
Market
Market
2014
Rank
US$m
Sh (%) Share Ch.
9
23,080.6
29.7
10.8
21.3
31
16,505.3
20.3
15,709.3
17
20.2
13.9
57
15,381.2
19.8
19.7
2
16.0
-24.3
12,446.6
18
10.2
12,279.6
15.8
27
12,122.0
13.3
15.6
10,901.4
14.1
10
-3.4
11
13.9
-0.4
10,754.8
-13.1
5
8,105.9
10.4
3
9.3
-23.3
7,230.7
29
6,127.7
5.7
7.9
6,018.9
7.8
-34.4
1
15
5.3
-4.4
4,083.5
3,830.0
4.9
20
-0.1
7
4.7
3,655.3
-15.7
6
3,348.3
4.3
-17.2
12
2,893.3
-7.7
3.7
3.3
44
2,800.0
3.6
2,791.7
-0.3
23
3.6
8
2,162.6
2.8
-17.0
2.7
28
0.4
2,106.6
21
2,026.8
2.6
-1.9
4
1.7
-22.4
1,340.7
33
1,198.9
1.5
1.0
77
611 8
100
0
77,611.8
100.0

-22.2%
-42.6%
Any German Involvement Announced (AD35)
Financial Advisor
JP Morgan
Deutsche Bank
Goldman Sachs & Co
Morgan Stanley
Credit Suisse
Citi
Rothschild
UBS
Puhl GmbH & Co KG
Lazard
Ernst & Young LLP
Mizuho Financial Group
UniCredit
Nomura
Deloitte
ING
ABN AMRO Bank
Evercore Partners
Barclays
Mediobanca
Jefferies LLC
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Rank Value
Market
Market
2014
US$m
Rank
Sh (%) Share Ch.
43,701.9
3
-3.8
31.6
-11.1
42,969.6
1
31.1
-11.7
23.6
4
32,616.6
-16.3
2
23.5
32,498.9
11.9
13
26,827.4
19.4
18.4
25,521.7
6
-1.7
9
24,827.0
17.9
2.5
22,014.1
15.9
5
-13.2
12
18,317.2
13.2
4.7
15
17,727.1
12.8
7.9
8,141.3
-9.6
8
5.9
5,900.6
-9.6
4.3
10
5,011.1
99
3.6
3.6
5,005.6
31
2.9
3.6
4,942.7
2.9
32
3.6
-1.7
3.1
36
4,324.0
3.1
2.5
50
4,238.1
2.9
-13.2
40
4,065.0
3,961.7
2.9
4.7
3,193.8
2.3
7.9
25
64
3,155.5
2.3
-9.6
7
-9.6
2.2
3,102.1
2,599.3
3.6
51
1.9
28
2,389.0
1.7
2.9
30
2,229.6
1.6
2.9
138,367.3
101.0

-38.2%
-18.8%
Jan 1 Dec 31
-5
7
0.6
6
0.5 +5
1.2
-3
14
1
0.1
0
13
1.2
-2
14
1.2 +4
67
6.0 +13
14
1.2
-3
19
1.7 +14
0
10
0.9
0.4
4
-7
4
0.4
-5
-9
6
0.5
10.0 +9
113
-4
0.3
3
0.6 +2
7
5
0.4
-3
12
-4
1.1
0.1
0
1
37
3.3 -18
11
1.0
-4
2
-6
0.2
74
6.6 -14
7
0.6 -11
0.2
-2
2
1
126
56
1,126
-56
-4.7%
-27.3%
Jan 1 Dec 31
17
0.8
-4
1.4 -13
31
13
0.6 -13
0.9 -10
21
0.4
9
-3
16
0.7
-4
1.6 +2
37
0.5
-7
11
-3
0.2
5
2
0.1
0
-5
16
0.7
61
2.7
-8
6
0.3 +1
0.5 +1
12
5
0.2
0
13
0.6 +5
5
0.2 +2
0.1
-4
1
0.0 +1
0.1 +2
21
0.9 +12
8
0.4
-6
0.1 +1
0.4 +5
8
0.2
5
0
2,262
-112
-4.7%
-20.5%
Any Spanish Involvement Completed (AF41)
Financial Advisor
Goldman Sachs & Co
JP Morgan
Nomura
Morgan Stanley
Deutsche Bank
Citi
Lazard
Societe Generale
Santander
UBS
Deloitte
Rothschild
Macquarie Group
Evercore Partners
N+1
Ernst & Young LLP
BBVA
BNP Paribas SA
Barclays
Mediobanca
KPMG
HSBC Holdings PLC
LXG Capital
M&A International
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25*
25*
25
Jan 1 Dec 31

Market
Rank Value Market
2014
Rank
1
2
20
5
7
3
6
23
16
8
10
4
22
11
43
34
29
12
9
26
27
19
13
41

31,105.2
25,061.9
17,269.6
14,324.9
13,500.7
12,763.0
12,559.0
9,123.4
8,814.3
6,876.0
6,823.8
5,624.6
4,610.9
4,526.0
4,060.8
3,881.2
3,357.7
3,304.8
2,950.1
2,747.9
2,486.2
2,218.0
2,092.1
1,922.0
882.8
882
8
882.8
72,138.9
43.1
34.7
23.9
19.9
18.7
17.7
17.4
12.7
12.2
9.5
9.5
7.8
6.4
6.3
5.6
5.4
4.7
4.6
4.1
3.8
3.5
3.1
2.9
2.7
1.2
1
2
1.2
100.0
-0.6
-1.4
15.7
-9.9
-6.2
-16.1
-10.7
5.7
0.9
-12.3
-10.7
-22.3
-0.7
-13.6
5.2
5.4
3.9
1.2
-11.6
-17.7
-1.0
-0.4
-5.6
-9.8
1.2
0
8
0.8
-23.4%
-25.0%

1.5
-1
15
6
0.6 -10
0.6 +1
6
14
0
1.4
3
0.3
-8
9
0.9
-2
1.1 +2
11
12
-5
1.2
115
11.4 +11
4
0.4
-4
0.9
9
-4
-4
5
0.5
5.3
-2
54
0
12
1.2
0.4 +2
4
0.4 +4
4
9
0.9
-1
38
-6
3.8
13
1.3
-3
0.7
-6
7
-1
0.5
-5
3
0.3
77
7.6 +1
4
0.4 +2
1
0.1 +1
1
0
1
3
0.1
-3
-45
1,010
-4.3%
-28.7%
-10.2%
-19.0%
Any German Involvement Completed (AF42)
Financial Advisor
Deutsche Bank
JP Morgan
Goldman Sachs & Co
Morgan Stanley
Rothschild
Citi
Lazard
Credit Suisse
UBS
Puhl GmbH & Co KG
Kempen and Co NV
Zaoui & Co
Barclays
Evercore Partners
BNP Paribas SA
Nomura
UniCredit
Ernst & Young LLP
Macquarie Group
Jefferies LLC
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Rank Value Market
Market
2014
Rank
37.5
56,115.6
1
-0.8
54,097.8
36.1
0.0 5
29.4
-7.5
44,024.9
3
25.8
-11.1
38,638.8
2
8
34,328.0
22.9
1.5
18.6
27,787.5
-6.5
7
25,740.8
10
17.2
5.9
12.6
-20.0
4
18,874.5
17
6.3
11.9
17,839.6
11
0.8
17,292.7
11.6
11.2
16,729.2
11.2
12,563.3
42
8.0
8.4
80
7.0
10,431.4
7.0
5.2
7,730.2
5.2
4.4
-7.0
9
6,598.0
6,180.4
4.1
3.0
39
19
3.8
-1.5
5,608.3
1.4
27
5,327.7
3.6
3.3
1.5
29
5,005.6
-22.0
6
3.3
4,930.7
37
3,983.3
2.7
1.5
3,872.4
2.6
100
2.6
2.2
2.2
92
3,328.6
-0.2
3,281.9
26
2.2
0.4
31
2.1
3,202.1
149,683.2
100.0

-1.8%
61.5%
Imputed Fees (US$m)

Market
Advisor
Market
Fees
Sh (%) Share Ch.
10.6
0.3
86.0
40.5
5.0
2.2
4.9
39.8
3.4
66.2
8.2
2.8
21.4
2.6
2.3
0.1
26.0
3.2
47.8
5.9
1.7
4.8
38.5
2.2
0.1
15.5
1.9
7.9
1.0
1.5
0.4
18.2
2.2
1.6
13.2
0.8
0.7
0.2
5.8
2.9
0.4
23.5
1.8
1.5
14.2
2.1
16.8
2.1
2.8
22.9
1.6
0.7
0.0 5.5
2.7
0.3
21.9
1.8
0.5
14.4
1.0
0.6
7.9
0.2
1.2
9.6
1.2
0.2
9.9
7.3
0.9
0.5
1.6
0.2
0.2
4
9
0
6
0
1
4.9
0.6
0.1
810.9
100.0
Jan 1 Dec 31
-9
1.5
28
0
18
1.0
17
0.9 -11
-3
1.2
22
-6
29
1.6
0
0.9
17
16
0.9
-7
0.5
-7
-2
0.4
8
6
0.3
-1
2
0.1 +2
2
0.1 +1
1
0.1
-2
0.1 +1
1
-8
9
0.5
2
0
0.1
-3
9
0.5
0.3 +1
6
11
0
0.6
61
3.3 +6
24
1.3 -19
7
0.4 +4
18
1.0 +12
0.3
5
-9
0.2
4
-2
-89
1,852
-4.6%
-25.5%
Imputed Fees (US$m)

Advisor
Market
Market
Fees
Sh (%) Share Ch.
107.3
2.9
6.7
140.0
8.7
4.3
1.1
7.7
123.2
9.1
2.4
146.5
0.4
100.7
6.3
4.3
0.6
68.3
2.2
30.6
1.9
1.7
59.3
3.7
0.1
28.8
1.8
0.1
21.6
1.4
1.5
23.9
1.5
0.4
6.6
0.2
0.4
7.8
0.5
1.4
22.3
1.4
43.5
2.7
0.0 0.7
16.6
1.0
0.2
23.3
1.5
0.9
14.5
0.5
12.9
0.8
0.3
0.7
0.1
11.0
3.0
0.1
0.2
0.2
0.2
3.0
11.7
0.5
0.7
13.5
0.8
0.6
17.5
0.1
1.1
1,602.8
100.0
-4.9%
7.1%
* tie
12
EMEA Rankings
Any Italian Involvement Announced (AD36)
Financial Advisor
Morgan Stanley
Goldman Sachs & Co
Lazard
Mediobanca
Deutsche Bank
Citi
Credit Suisse
HSBC Holdings PLC
JP Morgan
UniCredit
Rothschild
Leonardo & Co
UBS
Barclays
Banca Agricola Mantovana
ChemChina Finance Co Ltd
BDT & Co LLC
Nomura
Credit Agricole CIB
Equita SIM SpA
IMAP
First Annapolis Capital
Boston Consulting Group
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17*
17*
19
20
21
22
23
24*
24*

Market
Market
Rank Value
2014
Rank
US$m
Sh (%) Share Ch.
2
33,654.1
43.5
16.1
5
27,836.7
35.9
14.7
26,251.5
1
33.9
5.4
9
20.4
25,207.0
32.6
29.0
7.4
22,437.4
4
21,255.7
10.7
27.5
6
13.9
13
19,460.7
25.1
8
20.9
8.1
16,162.2
20.5
11
15,852.2
8.8
15,650.7
20.2
19.6
33
20.0
15,472.1
10
8.2
12
15,159.6
19.6
8.1
14,608.3
18.9
7
2.8
14.0
15
10,876.1
5.0
10.4
24
8,048.8
7.6
3
10.2
7,883.9
-16.5
9.1
9.1
7,064.9
7,064.9
9.1
9.1
6,715.4
8.7
8.7
36
4,502.3
5.8
5.3
3,789.9
4.9
27
2.9
47
2,960.7
3.8
3.5
2,171.1
2.8
2.1
31
2.7
2.7
2,083.1
2.7
2.7
2,083.1
77
445 8
100
0
77,445.8
100.0

39.0%
-25.0%
Jan 1 Dec 31
10
1.0
-6
15
1.5 +3
-5
2.4
24
38
3.9 +5
1.6 +5
16
2.0 +11
20
1.5 +6
15
-2
8
0.8
34
3.4
-5
0.6 +3
6
6
0.6
0
4.3 +8
42
-5
30
3.0
12
-8
1.2
1.0 +3
10
8
0.8
-2
1
0.1 +1
1
0.1 +1
1
0.1 +1
0.6 +2
6
0.3 +2
3
5
0.5
-6
1.2
-1
12
1
0.1 +1
2
0.2 +2
987
+151
18.1%
-18.3%
Any Italian Involvement Completed (AF43)
Financial Advisor
Mediobanca
Goldman Sachs & Co
Citi
Morgan Stanley
Lazard
Deutsche Bank
Rothschild
JP Morgan
UniCredit
Barclays
Leonardo & Co
Credit Suisse
Banca Agricola Mantovana
ChemChina Finance Co Ltd
UBS
Stifel/KBW
Credit Agricole CIB
HSBC Holdings PLC
Equita SIM SpA
Nomura
Ernst & Young LLP
IMAP
First Annapolis Capital
Boston Consulting Group
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15*
15*
17
18
19
20
21
22
23
24
25*
25*
25

Rank Value Market
Market
2014
Rank
13
4
16
6
10
1
9
2
5
7
8
3
14
23
26
25
30
46
35
38
27
-

Any Nordic Involvement Announced (AD37)
Financial Advisor
Deutsche Bank
Citi
Morgan Stanley
JP Morgan
Credit Suisse
Goldman Sachs & Co
Credit Agricole CIB
Zaoui & Co
Societe Generale
SEB
Danske Bank
Lenner & Partners
Lazard
Evercore Partners
Deloitte
ABG Sundal Collier
Pangea Property Partners AB
Mitsubishi UFJ Financial Group
Moelis & Co
Rothschild
Nordea
Houlihan Lokey
Industry Total
2015
Rank
1
2
3
4
5
6
7
8*
8*
8*
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Market
Rank Value
Market
2014
Sh (%) Share Ch.
US$m
Rank
1
27.9
7.8
24,094.8
8
22,005.9
25.5
13.7
6
20,043.6
9.5
23.2
3
22.4
5.4
19,328.3
18,910.0
28
20.3
21.9
11
20.1
17,318.9
16.0
18.7
16,140.5
4
2.5
56
13,784.4
15.5
16.0
13,784.4
16.0
16.0
16.0
16.0
112*
13,784.4
-5.1
2
12.2
10,530.8
38
7,445.3
7.6
8.6
57
8.1
7.7
6,954.1
19
8.0
5.7
6,927.9
4,327.7
5.0
5.0
3,836.3
4.4
52
3.8
26
3,487.8
4.0
2.2
14
3.8
3,288.7
0.1
-0.8
12
3.3
2,802.4
2,763.6
3.2
24
1.2
2,727.3
3.2
3.2
35
2,512.1
2.9
1.8
7
2,482.7
-9.8
2.9
2.6
5
2,221.9
-11.4
62
2,211.8
2.3
2.6
100.0
86,352.6

-22.9%
5.7%
Jan 1 Dec 31
Jan 1 Dec 31
21,122.1
20,896.7
18,352.3
17,932.6
17,751.6
15,848.7
15,739.7
14,888.3
14,845.6
14,047.5
13,164.5
11,419.0
11,329.9
11,169.3
7,064.9
7,064.9
6,948.5
5,832.3
3,789.9
3,663.2
2,960.7
2,472.2
2,400.3
2,171.1
2,083.1
2
083 1
2,083.1
53,815.9
39.3
38.8
34.1
33.3
33.0
29.5
29.3
27.7
27.6
26.1
24.5
21.2
21.1
20.8
13.1
13.1
12.9
10.8
7.0
6.8
5.5
4.6
4.5
4.0
3.9
3
9
3.9
100.0
29.2
16.7
26.6
17.3
20.4
-0.8
16.1
1.0
7.6
12.5
11.2
-1.3
12.2
18.3
13.1
13.1
10.9
10.8
4.9
5.6
5.1
4.1
4.0
2.1
3.9
3
9
3.9

28
3.4
-4
12
1.4
-2
15
1.8 +5
1.1
9
-1
1.0 +1
8
18
2.2 -15
34
4.1
-5
1.3
11
0
21
2.5 -10
7
0.8
-1
32
3.8
-2
1.0
0
8
12
1.4 -12
6
0.7
0
1
0.1 +1
1
0.1 +1
1.2 +7
10
1
0.1 +1
0.4 +2
3
4
0.5 +1
0.5
-3
4
2
0.2
-2
12
1.4 +1
13
1.6
-2
1
0.1 +1
2
0
2 +2
0.2
+145
835
4.2%
21.0%
9.6%
84.2%
-27.0%
70.0%
Any Nordic Involvement Completed (AF44)

0.3
6
-6
10
0.5 +1
8
0.4 +2
17
0.9 +1
3
0.2
-4
0.4 +2
8
8
-5
0.4
0.1
-1
2
0.1 +1
1
0.1
1
0
-6
19
1.0
9
-2
0.5
0.1
2
0
0
11
0.6
0.1 +1
0.2 +2
4
19
1.0 +7
-4
66
3.4
7
-9
0.4
10
0.5 +5
0.1 +2
2
0.3
5
0
19
1.0 +4
18
0.9 +4
2
0.1
-1
1,960
-2
Financial Advisor
Deutsche Bank
Citi
SEB
Danske Bank
Lazard
Lenner & Partners
Morgan Stanley
JP Morgan
Deloitte
Goldman Sachs & Co
Evercore Partners
Pangea Property Partners AB
Nordea
Houlihan Lokey
Moelis & Co
Arctic Securities ASA
Nomura
DNB ASA
Swedbank
Carnegie
ABG Sundal Collier
Global M&A
UBS
Industry Total
-0.1%
9.7%

2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Imputed Fees (US$m)

Advisor
Market
Market
Sh (%) Share Ch.
Fees
5.1
1.6
41.2
46.8
5.8
1.9
27.0
3.3
1.0
6.5
52.6
3.7
24.7
1.3
3.0
5.9
39.6
4.9
5.0
0.1
40.3
15.2
1.9
1.5
47.8
2.8
5.9
2.2
0.2
18.3
4.1
0.7
33.3
2.2
2.1
17.8
24.9
3.1
0.1
31.4
3.9
2.9
2.6
0.3
0.3
0.3
2.6
0.3
20.9
2.6
1.1
0.0
0.0 .0
0.2
0.0 1.4
- 1.0
8.0
0.6
6.8
0.8
0.4
2.0
0.3
0.2
1.7
0.9
13.7
0.2
1.2
0.2
1
7
0
2
0
2
1.7
0.2
0.2
813.0
100.0

Rank Value Market
Market
2014
Rank
-11.0
17.4
2
11,003.1
1.7
7
10,213.5
16.2
-8.7
3
9,967.3
15.8
10
11.4
7,189.9
5.2
7,087.8
11.2
16
8.1
11.0
49
10.6
6,954.1
22
5,775.2
6.7
9.1
7.9
6.3
35
5,008.6
-9.6
7.8
5
4,936.5
7.3
4,580.2
4
-13.3
7.0
4,395.6
60
6.7
1
4,175.3
6.6
-23.0
3,511.8
5.6
3.7
29
3,105.1
4.9
57*
4.5
4.8
-10.1
6
3,002.8
108*
4.1
4.1
2,568.6
37
2,512.1
4.0
2.8
56
1,757.1
2.8
2.4
2.6
54*
1,662.2
2.2
21
1,582.3
0.1
2.5
77
1,549.6
2.5
2.4
11
1,496.5
2.4
-3.4
25
1,389.9
2.2
-0.1
26
0.1
1,353.9
2.1
1,347.4
9
2.1
-6.8
63,198.9
100.0
-40.5%
38.4%
Jan 1 Dec 31
-8
6
0.4
-4
0.4
5
17
1.3 -16
-6
6
0.4
0
12
0.9
2
0.1
-1
0.4
0
6
53
3.9
-3
6
0.4
-1
-9
6
0.4
1.1 +6
15
5
0.4 -15
4
0.3 +1
9
0.7 +7
12
0.9
-2
0.2 +1
-1
5
0.4
7
0.5 +4
5
0.4 +4
7
0.5
-5
5
0.4
-1
17
-7
1.3
0.4
-6
6
0.2
-6
3
5
-2
0.4
1,353
-148
-9.9%
-27.0%
Imputed Fees (US$m)

Market
Market
Advisor
Sh (%) Share Ch.
Fees
2.9
28.5
3.4
30.5
3.1
0.6
34.2
3.5
0.8
1.6
15.3
0.4
1.1
3.3
32.7
1.6
1.1
15.5
1.5
29.7
3.0
0.0 0.6
5.9
0.6
30.1
3.1
1.9
18.9
5.3
2.7
0.3
0.2
1.9
6.6
18.3
1.8
22.9
2.3
1.0
0.6
9.9
22.2
2.3
0.2
0.7
6.6
0.4
52.8
5.4
4.2
1.4
0.9
13.9
1.1
1.4
13.3
0.9
0.4
9.2
0.7
0.3
7.1
1.8
17.9
0.1
0.2
12.9
1.3
1.0
0.3
9.8
0.0 12.9
1.3
982.8
100.0
-20.1%
34.1%
* tie
13
EMEA Rankings
Any Benelux Involvement Announced (AD40)
Financial Advisor
JP Morgan
Goldman Sachs & Co
Morgan Stanley
Lazard
Robey Warshaw LLP
Deutsche Bank
BNP Paribas SA
Barclays
Rothschild
Credit Suisse
PJT Partners LP
Citi
HSBC Holdings PLC
Zaoui & Co
Jefferies LLC
ING
ABN AMRO Bank
UBS
Societe Generale
Mediobanca
Rabobank NV
Industry Total
2015
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Jan 1 Dec 31

Market
Rank Value
Market
2014
Rank
US$m
Sh (%) Share Ch.
4
285,752.0
31.9
68.6
5
283,512.7
68.1
37.2
3
273,013.5
65.5
27.6
252,985.0
1
60.7
16.1
229,336.8
6
55.0
29.1
201,794.9
48.4
48.4
2
151,680.0
36.4
-3.3
10
151,253.1
36.3
18.1
11
18.4
148,206.4
35.6
13
88,435.3
21.2
8.5
-7.6
9
60,289.1
14.5
7
7.7
-16.0
32,078.1
5.0
5.0
21,006.3
4.5
-18.7
8
18,854.9
37
18,175.9
4.4
3.9
18
15,037.1
3.6
-2.2
1.6
3.0
30
12,283.7
2.6
10,880.8
2.6
9,838.6
2.4
0.8
27
-1.1
22
2.2
8,952.3
-5.2
7,057.8
1.7
16
6,002.0
12
1.4
-13.0
14
-10.0
5,912.0
1.4
5,537.5
-0.5
1.3
26
1.3
0.9
5,462.2
43
416
652
3
100
0
416,652.3
100.0

121.3%
195.3%
Any Benelux Involvement Completed (AF47)

1.5 +5
28
37
2.0 +17
1.6 +10
30
1.6 +3
30
1.7 +11
32
2
0.1 +2
-7
20
1.1
33
1.8 +12
15
0.8 +4
33
1.8 +7
0.8 +2
15
-4
2
0.1
2
0.1 +2
15
0.8
-5
2
0.1 +1
3
0.2
0
5
-5
0.3
0.1 +2
2
11
0.6 +2
2.2 +17
41
15
0.8 -13
0.6
-2
11
0.5 +6
10
0.5 +4
9
-3
39
2.1
1
842
120
1,842
-120
7.8%
-14.8%

22
1.4 +3
1.9 +2
29
1.4 +2
22
25
1.6 +4
21
1.3 +3
2.0 +8
31
0
14
0.9
24
1.5 +4
29
1.9 +9
0.9 +3
14
3
0.2
-1
0.1
-7
2
4
0.3 +3
0.1 +1
0.8
-4
12
0.6
-2
10
-2
1
0.1
28
1.8 +6
8
0.5 +3
11
0.7 +5
0.4
6
0
1
0.1 +1
6
0.4 +4
5
0.3 +3
4
0.3 +4
1
556
+55
1,556

Market
Rank Value Market
2014
Rank
2015
Rank
Financial Advisor
Deutsche Bank
Morgan Stanley
JP Morgan
Goldman Sachs & Co
Lazard
Credit Suisse
BNP Paribas SA
Rothschild
Barclays
Kempen and Co NV
Puhl GmbH & Co KG
Citi
UBS
Banco BTG Pactual SA
ING
Mediobanca
Leonardo & Co
HSBC Holdings PLC
BDT & Co LLC
Credit Agricole CIB
RBC Capital Markets
Industrial & Comm Bank China
Industry Total
Jan 1 Dec 31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
50,967.8
48,701.4
43,836.2
42,359.4
40,692.0
30,940.3
30,623.8
21,591.7
20,144.8
14,713.0
12,678.9
10,855.1
10,736.2
10,431.4
8,629.9
8,362.5
7,208.3
5,618.4
5,107.8
4,923.0
4,632.8
4,212.9
3,617.8
3,550.1
3,321.4
168
418 3
168,418.3
7
1
3
4
2
9
12
11
16
10
8
31
35
5
6
26
17
23
72
18
13
29
-

30.3
28.9
26.0
25.2
24.2
18.4
18.2
12.8
12.0
8.7
7.5
6.5
6.4
6.2
5.1
5.0
4.3
3.3
3.0
2.9
2.8
2.5
2.2
2.1
2.0
100
0
100.0
3.2
-17.6
-16.8
-15.2
-20.2
-2.7
0.0
-5.9
-1.3
-10.1
-14.2
5.3
5.7
6.2
-31.8
-24.1
2.6
-6.5
0.8
2.8
-6.2
2.5
-15.5
0.7
2.0
Imputed Fees (US$m)

Market
Advisor
Market
Fees
Sh (%) Share Ch.
0.3
93.5
4.8
7.8
0.3
150.7
0.9
117.8
6.1
6.0
115.7
2.2
93.1
0.0 4.8
100.9
5.2
0.7
2.4
47.0
0.1
3.4
1.0
65.7
72.8
0.5
3.8
45.9
2.4
0.7
0.1
27.3
1.4
0.2
0.5
9.4
1.7
41.4
2.1
0.1
1.3
0.1
42.4
2.2
3.4
1.3
26.1
1.2
15.5
0.6
0.8
1.6
31.9
0.0 13.7
0.7
0.3
10.7
0.6
0.4
0.8
16.4
0.5
2.3
0.1
0.1
7.0
0.4
0.3
1.2
0.6
23.9
14.1
0.7
0.7
1
941
6
100
0
1,941.6
100.0
12.3%
-16.8%
12.9%
132.9%
16.5%
27.7%
* tie
EMEA Inv. Announced M&A Target Sector by Value ($bil)

$73.9
$52.9
Jan 1 Dec 31 2015
Quarterly EMEA Cross Border Volume

$600
$190.4
Inbound (US$b)
Outbound (US$b)
2,500
Number of deals
$81.7
$174.7
$500
2,000
$172.0
$120.7
$158.4
$163.6
Consumer Staples
Energy and Power
Industrials
Healthcare
Financials
Real Estate
Telecommunications
Materials
High Technology
Retail
$400
Rank Value (US$b)
$88.5
1,500
$300
# of Deals
$83.9
$84.5
1,000
$200
500
$100
$0
4
2007
2008
2009
2010
2011
2012
2013
2014
2015
14
Asia Pacific (ex-Japan) M&A

Asian M&A Hits Record High I Imputed Fees Up 11% I Australian M&A Up 24%
Asia Pacific (ex-Japan) Deals Intelligence
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
Announced Mergers & Acquisitions activity with Asian involvement in 2015 hit the trillion dollar mark for the first time in history, with US$1.165 trillion, a
59% increase over the US$731.3 billion recorded last year. The majority of activity involving Asian companies targeted the Industrials sector, followed
by High Technology and Financials.
Rank Val US$m
Industrials
Goldman Sachs & Co
Morgan Stanley
High Technology
JP Morgan
Huatai Securities Co Ltd
Southwest Securities Co Ltd
Financials
Morgan Stanley
JP Morgan
Real Estate
HSBC Holdings PLC
Goldman Sachs & Co
Telecommunications
HSBC Holdings PLC
Goldman Sachs & Co
Morgan Stanley
The top deal with Asian involvement in the region was Cheung Kong's purchase of the remaining 50.035% interest in Hutchison Whampoa Ltd for
US$45.4 billion, the biggest-ever acquisition involving Asia Pacific (excluding Japan) deals. This surpassed the prior record holder from 2014 CITIC
Pacifics acquisition of its state-owned parent, CITIC Group, valued at US$42.2 billion.
Asian buy-side financial sponsor M&A activities reached US$133.2 billion last year, a 76% increase over US$75.6 billion last year. Companies in the
High Technology sector were the most targeted, followed by Retail and Financials.
According to estimates from Thomson Reuters/ Freeman Consulting Co., M&A advisory fees from completed transactions in the region totaled US$3.1
billion in 2015, an 11% increase from the US$2.8 billion recorded last year. The top earner was Morgan Stanley, with US$208.1 million, followed by
Goldman Sachs & Co., with US$161.6 million and Citi, with US$140.2 million.
China cross-border activity accrued US$161.9 billion in 2015, a 61% increase from the US$100.8 billion accumulated last year. Outbound investment
volume reached US$112.7 billion, where companies in the Financials sector were the most targeted.
Announced M&A activity with Australian involvement grossed US$144.2 billion, a 24.4% increase over the US$115.9 billion recorded last year;
Australias cross border activity recorded US$81.3 billion, while outbound activity amounted to US$24.7 billion.
China Cross Border Announced M&A
Rank
1
2
3
25.6
19.6
12.7
1
2
3
12.4
8.7
8.4
1
2
3
18.0
10.3
10.1
1
2
3
33.9
28.8
26.0
1
2
3
58.6
42.7
39.4
No. Deals
1,604
12
16
14
1,870
12
21
9
1,383
19
11
12
723
5
2
3
213
4
3
7
Asian Completed M&A by Region - Imputed Fees

Outbound (US$b)
$60
100%
$0.5
North Asia
Inbound (US$b)
South Asia
Southeast Asia
Australasia
$0.4
% of Cross Border is Outbound
$50
80%
$40
60%
$30
40%
$20
Imputed Fees (US$b)
$0.4
% Outbound
Rank Value (US$b)
163,677.9
41,949.7
32,063.7
20,828.9
162,478.9
20,206.7
14,077.2
13,586.1
144,718.8
25,973.5
14,844.1
14,585.3
139,421.4
47,290.0
40,182.4
36,183.6
127,087.3
74,430.2
54,262.3
50,041.6
Jan 1 - Dec 31 2015

Mkt.
Share
$0.3
$0.2
$0.2
$0.1
20%
$10
$0.3
$0.1
$0.0
4Q15
3Q15
2Q15
1Q15
4Q14
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
4Q11
1Q12
3Q11
2Q11
1Q11
4Q10
3Q10
2Q10
1Q10
4Q09
0%
3Q09
$0
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Top Ten Any Asia (ex-Japan) Involvement Announced Deals

Rank Date
1/9/2015
6/3/2015
4/20/2015
10/14/2015
1/23/2015
4/21/2015
11/7/2015
11/6/2015
5/26/2015
12/24/2015
Date Effective
6/3/2015
6/3/2015
8/1/2015
10/31/2015
Pending
9/1/2015
Pending
Pending
9/1/2015
Pending
Hutchison Whampoa Ltd (50.04%)
Cheung Kong (Hldg) Ltd- Ppty (100%)
SK Holdings Co Ltd (58.23%)
China-Telecommun tower asts (100%)
O2 PLC (100%)
Ondereel Ltd,Best-Growth es (100%)
Sanxia Jinsha River Chuanyun (100%)
Tongfang Guoxin Electn Co Ltd (79.2%)
Samsung C&T Corp (100%)
PetroChina United Pipelines (100%)
Jan 1 - Dec 31 2015

Acquiror
Cheung Kong(Holdings)Ltd
Shareholders
SK C&C Co Ltd
China Tower Corp Ltd
Hutchison Whampoa Ltd
China Resources (Hldg) Co Ltd
China Yangtze Power Co Ltd
Investor Group
Cheil Industries Inc
PetroChina Pipelines Co Ltd

South Korea / South Korea
China / China
Hong Kong / United Kingdom
China / China
China / China
South Korea / South Korea
China / China
Rank Value (US$m)

45,410.8
35,632.4
23,059.6
18,349.3
15,381.2
14,027.7
14,006.3
12,039.3
11,238.8
10,873.3

Real Estate / Other Real Estate
Telecommunications / Wireless
Retail / Food & Beverage Retailing
Energy and Power / Power
High Technology / Electronics
Industrials / Building/Construction & Engineering
Industrials / Building/Construction & Engineering
15
Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Involvement Announced (AD25)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
HSBC Holdings PLC
Somerley
Citi
CITIC
JP Morgan
Deutsche Bank
UBS
Credit Suisse
Rothschild
China Securities Co Ltd
Guotai Junan Securities
NH Investment & Securities Co
Haitong Securities Co Ltd
Lazard
Moelis & Co
GF Securities
Industry Total
Jan 1 - Dec 31

Rank Value Market
Market
2015 2014
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
5
1
26
6
7
37
4
3
2
10
9
8
14
20
24
19
11
17
12
28
147
15
13
56
65

194,035.0
175,559.4
140,971.5
91,889.5
87,803.8
83,020.8
82,333.1
77,922.7
71,295.1
69,570.7
69,441.4
59,992.5
57,017.0
41,333.6
37,282.5
35,758.1
30,001.6
29,107.0
28,966.4
24,953.4
24,157.9
23,784.5
20,798.7
20,477.9
19,818.9
1
165 836 5
1,165,836.5
16.6
15.1
12.1
7.9
7.5
7.1
7.1
6.7
6.1
6.0
6.0
5.2
4.9
3.6
3.2
3.1
2.6
2.5
2.5
2.1
2.1
2.0
1.8
1.8
1.7
100
0
100.0
6.8
-0.4
10.3
-1.8
-0.6
6.3
-3.0
-4.2
-5.1
-1.2
-1.3
-2.4
0.9
1.4
1.4
0.9
-4.2
-0.2
-3.6
0.5
2.1
-1.1
-2.8
1.4
1.4
59.4%
40.3%
Any Australian Involvement Announced (AD24)
Financial Advisor
UBS
Macquarie Group
Goldman Sachs & Co
Deutsche Bank
Citi
Gresham Partners
Credit Suisse
JP Morgan
Morgan Stanley
RBC Capital Markets
Lazard
Moelis & Co
Fort Street Advisers
Rothschild
Greenhill & Co, LLC
Barclays
Evercore Partners
Flagstaff Partners Pty Ltd
Santander
Azure Capital
Hartleys Ltd
Euroz Securities Ltd
Industry Total

Rank Value Market
Market
2015 2014
Rank Rank
47,958.5
1
3
33.3
15.4
2
2
2.1
45,318.7
31.4
3
1
24.4
35,246.7
-15.3
4
7
23.8
11.6
34,335.8
5
5
19,081.3
13.2
-0.9
14
6
4.8
15,953.8
11.1
15,514.7
10.8
-1.6
7
6
8
17
11,233.4
7.8
3.3
9
9,697.5
4
6.7
-7.4
10
-5.5
8
9,118.9
6.3
23
8,679.1
6.0
4.5
11
5.9
12
8,556.8
-4.3
9
5.0
13
8,462.1
29
5.9
14
4.5
16
6,502.0
-0.1
6,143.0
4.3
15
4.3
-4.8
4,728.2
16
10
3.3
17
1.8
25
4,081.5
2.8
18
21
1.7
-0.2
2,421.0
19
1.7
1.7
2,375.6
20
62*
2,254.8
1.6
1.5
21
1.1
1,618.8
1.1
57
1,479.9
1.0
22
0.8
23
1,422.2
1.0
1.0
24
0.8
52
1.0
1,390.6
46*
25
1,372.4
0.6
1.0
144,192.0
100.0

24.4%
87.1%
Any Asia (ex-Japan) Involvement Completed (AF32)

Market
Rank Value Market
2015 2014
Rank Rank

-1
66
0.6
91
0.8 +30
0.3 +6
32
23
0.2 -16
53
0.5 +15
0.1
12
-5
71
0.6 +27
0.6 -14
63
0.6 +28
66
0.6 +5
62
52
0.5 +8
0.4 +5
45
44
0.4 +1
70
0.6 +34
98
0.9 -49
-7
33
0.3
56
0.5 +29
65
0.6 +31
86
0.8 -61
52
0.5 +24
0.0 +4
5
33
0.3 +4
22
0.2 +3
8
0.1 -11
0.4 +24
47
10
990
+133
10,990
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
HSBC Holdings PLC
Citi
Deutsche Bank
Somerley
UBS
Credit Suisse
JP Morgan
Rothschild
CITIC
Lazard
NH Investment & Securities Co
Barclays
Great Wall Securities Co Ltd
Industry Total
1.2%
-12.1%

Jan 1 - Dec 31
Jan 1 - Dec 31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
5
1
7
26
18
6
54
8
2
11
10
9
12
22
31
3
21
13
23
4
45
93
28
19
88
167,112.5
148,230.6
116,867.3
104,915.9
103,548.4
90,956.0
86,031.5
78,118.6
73,056.6
60,151.4
56,077.9
43,556.7
35,674.7
34,636.6
31,743.5
31,410.5
31,314.9
28,798.4
26,694.9
26,016.6
25,551.0
24,157.9
21,501.9
16,498.2
15,636.7
712
373 9
712,373.9
23.5
20.8
16.4
14.7
14.5
12.8
12.1
11.0
10.3
8.4
7.9
6.1
5.0
4.9
4.5
4.4
4.4
4.0
3.8
3.7
3.6
3.4
3.0
2.3
2.2
100
0
100.0
12.6
-0.2
8.0
13.0
11.1
2.1
11.7
3.5
-2.9
3.2
0.7
-1.3
0.1
2.5
3.2
-8.4
1.8
-0.7
1.5
-7.2
3.1
3.2
1.5
-1.0
2.0
61.1%
0.6%

52
0.9
-4
66
1.2 +6
30
0.5 +2
38
0.7 +22
21
0.4 +5
44
0.8 -13
12
0.2 +5
41
0.7 +6
0.5 +1
28
25
0.5
-5
33
0.6
-4
31
0.6 -14
94
1.7 -27
28
0.5
0
1.0 +33
58
29
0.5
-2
77
1.4 -34
10
0.2 -12
39
0.7 +16
29
0.5
-4
23
0.4 +7
5
0.1 +3
37
0.7 +2
0.2 -17
9
25
0.5 +21
5
555
5
789
-5,789
5,555
-4.0%
-19.8%
11.2%
-12.7%
Any Australian Involvement Completed (AF31)

Rank Value Market
Market
2015 2014
Rank Rank
4.8
1
1
38,190.0
38.3
2
6
30,861.3
30.9
3.8
22.7
3
2
22,619.7
-10.7
15.1
4
5
15,102.5
-12.2
8
5
11,299.0
11.3
-11.9
10,096.4
6
9
10.1
-7.9
8.7
29
7.9
7
8,698.2
8.7
-19.6
8
8,653.5
3
22
8,539.6
7.1
9
8.6
-6.0
11
7,222.3
7.2
10
4
-20.3
11
7,159.1
7.2
12
14
0.3
6,456.9
6.5
13
6.2
6.2
6,143.0
5,436.7
5.5
7
-19.1
14
-14.0
3,451.6
10
3.5
15
-1.9
18
16
2,479.6
2.5
2.4
2.4
17
2,375.6
2,214.9
2.2
62*
18
2.1
-3.7
2,201.5
16
2.2
19
20
21
0.2
1,732.6
1.7
21
1,618.8
1.6
1.6
22
26
1.5
1,520.8
0.5
23
1.5
1.3
1,486.2
53
1.4
1.4
24
1,422.2
1.2
25
60
1,390.6
1.4
99,762.5
100.0

-4
1.9
30
3.0
48
-3
26
1.6 -12
19
1.2 +9
1.0 +3
16
10
-5
0.6
16
1.0 +1
0.6
10
-3
8
0.5
-4
1.2 +3
19
0.3
5
-2
7
0.4
-7
0.6
0
9
0.5
-2
8
2
0.1 +2
1.0
16
-5
0
0.5
8
-3
4
0.3
0.5 +8
8
0.2 +2
3
0.2 +3
1
-3
0.1
0.1 +2
2
2
0
0.1
0.1 +1
2
1,592
-141
Financial Advisor
UBS
Macquarie Group
Goldman Sachs & Co
Deutsche Bank
JP Morgan
Moelis & Co
Credit Suisse
RBC Capital Markets
Lazard
Citi
Gresham Partners
Morgan Stanley
Rothschild
Fort Street Advisers
Evercore Partners
Flagstaff Partners Pty Ltd
Grant Samuel
Barclays
Santander
Greenhill & Co, LLC
Azure Capital
Hartleys Ltd
Industry Total
-8.1%
-8.3%

-13.8%
62.7%
Imputed Fees (US$m)

Advisor Market
Market
161.6
5.3
1.2
208.1
6.8
0.3
133.5
4.4
0.9
80.0
2.6
1.7
86.1
2.8
1.5
134.3
4.4
0.3
15.3
0.5
0.3
140.2
4.6
1.3
24.3
0.8
0.3
94.0
3.1
0.6
125.8
4.1
0.7
82.0
2.7
1.6
2.9
0.2
88.7
94.6
3.1
1.3
8.1
0.3
0.2
0.1
19.9
0.7
11.8
0.4
0.1
26.8
0.9
2.5
4.9
0.2
0.1
0.1
7.2
0.2
0.2
9.1
0.3
11.5
0.4
0.2
4.1
0.1
0.0 38.5
1.3
-0.8
2.4
0.1
-0.1
3
070 3
100
0
3,070.3
100.0
Jan 1 - Dec 31
23
2.1 -14
3.2 -13
35
1.9 -13
21
-3
9
0.8
8
0.7
-5
7
-7
0.6
-1
9
0.8
15
1.4
-1
5
-1
0.5
0.5 -10
5
1.0 +1
11
-7
7
0.6
2
0.2 +2
11
1.0
-5
10
0.9
-9
5
0.5
-3
6
0.6 +6
0.1
0
1
0.6 +1
6
0.4
-3
4
0.2 +2
2
0.7 +2
8
2
0.2
-2
2
0.2 +2
2
0.2 +1
1,089
-163
-13.0%
-19.7%
Imputed Fees (US$m)

Market
Advisor Market
1.5
77.8
7.2
11.5
2.3
124.3
97.0
9.0
2.2
28.6
0.9
2.6
2.4
0.8
26.3
0.8
23.6
2.2
16.0
1.5
0.3
1.0
46.5
4.3
1.3
0.0 13.7
20.2
1.5
1.9
0.1
35.9
3.3
1.4
0.9
15.1
11.3
1.1
1.1
3.7
39.8
0.8
27.5
2.5
1.8
3.6
0.3
1.1
27.4
2.5
2.5
1.1
0.1
0.1
0.4
0.0 4.8
1.8
0.7
19.6
0.9
9.8
0.9
1.3
0.3
13.6
0.8
0.5
8.6
0.5
0.5
4.8
0.4
0.3
4.8
1,082.7
100.0
-6.4%
4.5%
* tie
16
Asia (ex-Japan) Rankings

Asia (ex-Japan) Buyside Financial Sponsor Activity
Q4 Volume (US$b)
Q3 Volume (US$b)
$120
$30.7
Q2 Volume (US$b)
Rank Value (US$b)
16%
14.4%
Q1 Volume (US$b)
$100
14%
% of WW FS Volume YTD
11.0%
10.7%
$80
12%
$42.3
10%
$13.9
7.8%
$60
10.0%
8%
8.1%
$40
3.1%
$7.4
$4.4
$0
$6.0
$7.4
$3.1
2006
2007
$2.3
$3.9
$4.0
$9.6
$9.8
$13.3
$6.6
$3.3
$3.9
$3.5
$6.6
$6.0
$8.9
$6.1
2008
2010
2011
2012
2013
$5.9
$31.7
6%
$46.2
$8.1
$17.3
$2.9
$5.1
$3.9
$1.0
2009
8.0%
$3.4
$10.0
2.3%
$20
Financial Advisor
Goldman Sachs & Co
Rothschild
Cameron Partners Ltd
Macquarie Group
Citi
Industry Total
18%
$8.2
4%
$17.3
2%
$12.7
$14.1
2014
2015
0%
Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Dec 31
6.4 +12
15
9.0
+2
3
1.7 +1
4
2.1 +3
5
-7
22
9.4
2
0.9 +2
233
-29

Rank Value Market
Market
2015 2014
Rank Rank
2,294.2
1
-15.3
1
24.3
2*
26
9.0
8.9
848.4
29*
9.0
2*
848.4
9.0
0.4
4
7*
7.8
732.5
5
6
667.7
7.1
-2.5
6
314.6
3.3
3.3
9,424.9
100.0
20%
18.8%
% of Asia (ex-Japan) Volume
$140
Any New Zealand Inv Announced (AD39)

-11.1%
4.5%
-21.7%
304.1%
Any New Zealand Involvement Completed (AF46)
Jan 1 - Dec 31

Market
Rank Value Market
2015 2014
Rank Rank
9
4,966.8
55.7
1
64.8
4,665.9
2*
60.9
60.9
60.9
4,665.9
2*
60.9
4,665.9
60.9
60.9
2*
7.4
563.8
7.4
5
100.0
7,662.1
Financial Advisor
Goldman Sachs & Co
Barclays
JP Morgan
Industry Total
Imputed Fees (US$m)

Advisor Market
Market
29.3
28.5
25.1
2.5
2.5
2.5
7.4
7.6
7.4
2.5
2.5
2.5
4.3
4.2
4.2
102.9
100.0
-18.2%
20 5%
20.5%
37.1%
-20 7%
-20.7%

* tie

10
6.2 +7
0.6 +1
1
0.6 +1
1
1
0.6 +1
0.6 +1
1
162
-36
8.0%
0 0% 0.0%
Australian Cross Border Announced M&A

$40
100%
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
12%
11%
80%
$30
10%
12%
7%
4%
4%
14%
4%
60%
$20
40%
Outbound
5%
Rank Value (US$b)
14%
$10
20%
4Q15
3Q15
2Q15
1Q15
4Q14
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
0%
4Q11
$0
1Q12
3Q11
Consumer Staples
2Q11
1Q11
Retail
4Q10
Energy and Power
Healthcare
3Q10
Telecommunications
Materials
2Q10
Real Estate
1Q10
Financials
4Q09
High Technology
3Q09
Industrials
17
Japan M&A
Japanese M&A Up 56% | Financial Sector Drives M&A Activity | Outbound Highest On Record
Japan Deals Intelligence
Japanese Involvement Announced M&A - Top Advisors by Target Industry
Driven by 40 large scale deals valued at US$1 billion or more, announced M&A activity with Japanese involvement
totaled US$195.2 billion during full year 2015, a 55.5% increase from comparable 2014 levels and the second strongest
full year period for Japanese M&A on record after 1999s US$242.4 billion. Orix and Vincis Kansai Airports acquisition
of New Kansai International Airports operating rights worth US$17.9 billion was the largest Japanese deal in 2015 and
the tenth largest Japanese involvement deal, since records began in 1980.
Rank Val
US$m
Financials
Mitsubishi UFJ Morgan Stanley
Goldman Sachs & Co
Nomura
Industrials
Rothschild
Citi
High Technology
Deloitte
Real Estate
Nomura
Nomura
ING
The financials sector led the Japanese market in 2015, with deal volume totaling US$60.9 billion, accounting for 31.2%
market share and a 225.9% increase compared to 2014. Industrials followed, accruing US$43.3 billion for a 22.2%
share of the market.
Outbound activity continued to drive the Japanese M&A market, reaching a new record high with total value worth
US$87.8 billion, a 53.4% increase compared to 2014. Number of deals recorded 701 deals and the second highest
deal count since 2012's 732 deals. Seven out of the top 10 deals were outbound deals. Americas targets were the
most sought-after by Japanese companies, recording US$38 billion with a 43.3% market share and the second highest
volume on record.
Japanese Domestic market activity totaled US$72.6 billion, registering 52.2% increase compared to the same period in
2014, the first increase after three years of decline on domestic M&A activity. The fourth quarter of 2015 recorded
US$32.4 billion, a 184% increase compared to the last three months of 2014 and the second highest volume since
1999s US$74.3 billion on record.
Any Japanese Involvement Announced M&A

$225
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
# of Deals Q4
3,500
54.0
49.7
48.9
1
2
3
35.2
34.4
28.5
1
2
3
40.1
35.9
28.7
1
2
3
18.9
13.8
12.3
Domestic Value
Inbound Value
Outbound Value
Outbound #
Inbound #
Domestic #
40.0
700
2,500
35.0
600
30.0
$51.9
$28.7
$30.2
$38.9
$22.5
$75
$28.7
$50.2
$42.4
$47.5
$51.8
$37.1
$50.1
$26.9
$21.6
$34.0
$23.4
$26.8
$32.6
$45.9
$32.2
$40.1
$19.2
$35.2
$35.2
$45.1
$24.4
$50.3
$42.4
$31.1
$25
2,000
$33.0
$32.9
$38.8
$37.0
$25.6
$42.1
$51.0
1,500
1,000
Rank Value (US$b)
$59.3
$48.5
500
25.0
400
20.0
300
15.0
200
10.0
500
# of Deals
$66.1
$50.5
# of Deals
Rank Value (US$b)
1
2
3
190
14
6
16
470
4
5
12
553
13
29
9
187
5
9
6
357
8
2
1
3,000
$150
$50
48.0
44.4
42.3
* tie
$175
$100
1
2
3
Jan 1 - Dec 31 2015

No.
Deals
Any Japanese Involvement by Market
$200
$125
Rank
60,897.0
29,239.3
27,008.0
25,740.4
43,270.4
23,379.2
21,509.2
21,136.9
17,328.9
6,106.6
5,961.0
4,937.3
16,370.0
6,564.2
5,883.7
4,698.6
14,385.1
2,713.5
1,983.8
1,768.3
Mkt.
Share
100
5.0
0
$0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
.0
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
Top Ten Japanese Involvement Announced Deals

Rank Date
11/10/2015
6/10/2015
10/19/2015
2/18/2015
1/20/2015
9/8/2015
9/29/2015
7/23/2015
12/15/2015
1/20/2015
Date Effective
Pending
Completed
Completed
Completed
Pending
Pending
Pending
Pending
Pending
Pending
New Kansai Intl-Op Concession (100%)
HCC Insurance Holdings Inc (100%)
Japan Post Holdings Co Ltd (8.52%)
Toll Holdings Ltd (100%)
CITIC Ltd (11.8%)
Amlin PLC (100%)
Reynolds Amer Inc-Natural (100%)
StanCorp Financial Group Inc (100%)
Gen Elec Co-Coml Lending (100%)
CITIC Ltd (10%)
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
Jan 1 - Dec 31 2015

Acquiror
Kansai Airports
Tokio Marine & Nichido Fire
Japan Post Holdings Co Ltd
Japan Post Co Ltd
Chia Tai Bright Investment
Mitsui Sumitomo Insurance
Japan Tobacco Inc
Meiji Yasuda Life Insurance Co
Sumitomo Mitsui Fin & Leasing
Chia Tai Bright Investment

Japan, France / Japan
Japan / United States
Japan / Japan
Japan / Australia
Japan / United Kingdom
Japan / Japan
Rank Value (US$m)

17,911.2
7,540.9
6,121.1
6,021.2
5,924.0
5,296.5
5,005.2
4,961.3
4,755.8
4,433.3

Consumer Products and Services / Professional Services
Consumer Staples / Tobacco
Financials / Credit Institutions

18
Japan Rankings
Any Japanese Involvement Announced (AD19)
Financial Advisor
Nomura
Citi
Goldman Sachs & Co
Rothschild
JP Morgan
Lazard
Evercore Partners
UBS
CITIC
Somerley
Deutsche Bank
Daiwa Securities Group Inc
Credit Suisse
KPMG
Deloitte
Gresham Partners
GCA Savvian Group Corp
SEB
ING
Industry Total
Jan 1 - Dec 31

Market
Rank Value Market
2015 2014
Rank Rank
1
7.5
1
74,000.0
37.9
2
2
56,593.7
11.2
29.0
3
7
22.7
44,337.9
12.7
4
6
9.5
42,050.8
21.5
5
9
19.2
37,414.2
10.9
6
3
36,906.5
1.8
18.9
18.6
7
36,225.5
15.6
16
31,331.5
16.1
8
20
14.7
8
15.0
5.6
29,365.0
9
8.4
10
8.8
34
17,263.4
11
15,104.8
7.7
3.7
13
5.5
12
13,325.6
6.8
24
10,630.2
5.5
5.5
13
10,357.2
14
5.3
5.3
15
9,969.8
5.1
3.7
23
16
10
9,714.2
5.0
-1.7
17
5
9,590.5
4.9
-8.9
2.2
18
17
9,317.5
4.8
4.8
19
11
9,288.5
-0.5
20
30
8,062.7
4.1
3.4
21
6,021.2
3.1
3.1
22
12
1.6
-3.6
3,048.4
23
38
2,958.4
1.5
1.2
1.2
2,372.8
1.2
24
33
1 768 3
09
05
25
1,768.3
0.9
0.5
195,224.4
100.0

55.5%
46.4%

2.0 +5
62
4.2 +24
132
5.2 +11
163
5.4 +10
169
0
19
0.6
0.6
-2
19
16
0.5 +8
0.4
0
11
25
0.8 +2
12
0.4 +7
0.3 +1
8
11
0.4 +4
4
0.1 +4
2
0.1 +2
0
0.2
7
2.1 +5
66
0.3
0
8
63
2.0 +10
80
2.6 +15
2.3 +6
70
1
0.0 +1
29
0.9
-1
41
1.3 +9
1
0.0 +1
00
2
1
0.0
-2
3,108
+178
6.1%
-5.8%
Any Japanese Involvement Completed (AF23)
Jan 1 - Dec 31

Rank Value Market
Market
2015 2014
Rank Rank
1
29,370.7
24.2
6.9
4
28,715.8
23.6
1
2
-12.1
3
2
25,430.1
20.9
-5.6
9
22,993.2
18.9
4
7.5
5
5
15,748.8
-3.9
13.0
13,604.1
10.3
30
11.2
6
11
7
13,367.4
11.0
4.2
21
8
10,165.1
8.4
6.0
9
5.9
22
8.0
9,766.5
10
10
9,356.3
7.7
-2.6
3
8,063.1
11
6.6
-12.8
12
6.3
25
7,674.1
4.9
5.8
7,004.1
13
14
0.5
14
5.5
33
6,671.7
4.8
6,459.4
5.3
15
8
-7.4
16
5.0
5.0
6,021.2
17
4,471.1
3.7
17
-0.2
-1.6
15
4,098.6
3.4
18
4,068.7
3.4
3.4
19
7
3.2
-9.6
20
3,934.3
3,634.4
-2.6
21
3.0
13
6
3,380.4
-11.0
22
2.8
2.6
23
2.6
3,154.5
2.1
47
24
2.4
2,955.2
29
2 570 2
21
11
25
2,570.2
2.1
1.1
121,469.0
100.0
Financial Advisor
Goldman Sachs & Co
Nomura
Evercore Partners
Citi
Deutsche Bank
Lazard
Credit Suisse
Rothschild
GCA Savvian Group Corp
Deloitte
Gresham Partners
Ernst & Young LLP
ICICI Bank Ltd
JP Morgan
KPMG
MTS Health Partners LP
UBS
Industry Total

0.9
-5
18
2.4 -12
47
107
5.4 +3
7.9 +9
157
7.3 +7
145
-1
6
0.3
16
0.8 +4
6
-3
0.3
8
0.4 +4
63
3.2 +6
0.3
-5
6
9
0
0.5
23
1.2 -11
2.6
52
-1
10
0.5
-4
0.1 +1
1
20
1.0 +7
2.3
45
-3
1
0.1 +1
0.6 -12
12
3.0 +3
60
3
0.2 +1
1
0.1 +1
35
1.8 +2
0 5 +7
10
0.5
1,993
-1
-0.1%
-3.1%
4.6%
110.8%

Imputed Fees (US$m)

Advisor Market
Market
139.9
9.9
4.4
139.4
2.8
9.9
1.5
101.2
7.2
0.9
99.7
7.1
2.2
4.8
68.4
35.7
1.6
2.5
1.5
46.5
3.3
20.4
0.6
1.4
1.3
2.2
31.1
0.3
3.6
50.9
1.9
2.1
29.3
31.6
0.7
2.2
2.0
0.0 28.7
26.1
1.1
1.9
3.4
48.2
0.4
0.7
9.9
0.7
0.1
0.0 1.7
7.7
0.2
0.6
0.2
2.8
0.2
36.7
2.6
1.6
0.3
6.1
0.4
0.2
37.8
2.7
0.7
0.7
9.4
0.6
16.4
1.2
19 8
14
11
19.8
1.4
1.1
1,413.7
100.0
-1.0%
77.2%
* tie
Japanese Involvement Announced M&A Target Industry by Value
Japanese Target Completed M&A Fees

$1,000
$800
7.4%
31.2%
Industrials
High Technology
Consumer Staples
1Q
3000
# of Deals YTD
Retail
Healthcare
Materials
Energy and Power
Telecommunications
2500
202.1
255.9
$600
2000
176.6
$191.4
208.8
$206.5
$500
$400
$144.9
$160.9
237.7
155.9
$138.5
$239.6
$180.4
$142.2
$132.3
$200
$89.5
$202.9
$116.5
$140.3
$191.0
$236.8
$227.2
$212.7
$175.3
$217.8
$128.0
0
$0
2006
19
500
$224.0
$98.2
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1000
$75.8
$147.8
$267.2
1500
195.6
$192.6
$106.3
$269.0
149.0
$223.3
$273.6
$300
$100
239.1
178.2
$700
Imputeed Fees (US$mil)
6.3%
Real Estate
2Q
2007
2008
2009
2010
2011
2012
2013
2014
2015
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Number of Deals
8.4%
Financials
3Q
$900
8.9%
22.2%
4Q
Fairness Opinion Rankings

Worldwide Announced
Fairness Opinion
Jan 1 Dec 31
Based on Number of Transactions

Change in
# of Deals
0
+31
+24
+32
+26
+26
+11
+26
+23
-2
+21
-7
-3
+6
+10
+13
-2
+5
+10
+1
-2
-2
-21
+17
+14
+365
32.6%
44.1%
Any EMEA Inv Announced

Fairness Opinion
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
2.6
37,352.0
16,173.9
1.1
26,106.2
1.8
1.1
15,860.0
0.7
9,994.0
444,259.0
31.3
36,224.1
2.6
19,613.9
1.4
0.1
1,127.4
15,297.1
1.1
20,733.0
1.5
10.3
146,300.1
23,377.2
1.6
9,506.8
0.7
0.2
3,372.3
1.3
18,347.2
7,370.2
0.5
16,401.9
1.2
8,949.8
0.6
14,638.4
1.0
76,333.1
5.4
1,801.8
0.1
7,204.6
0.5
2,259.8
,
0.2
158,861.7
11.2
1,417,907.2
100.0
55.5%
129.5%
Jan 1 Dec 31
Fairness Opinion Provider

Duff & Phelps
Stout Risius Ross Inc
JP Morgan
Houlihan Lokey
Stifel/KBW
Morgan Stanley
Prairie Capital Advisors Inc
Evercore Partners
Cormark Securities Inc
Goldman Sachs & Co
Pendo Advisors LLC
GMP Capital Corp
Jefferies LLC
BMO Capital Markets
Deutsche Bank
Raymond James Financial Inc
Rothschild
Credit Suisse
Moelis & Co
Hovde Group LLC
Evans & Evans Inc
Industry
y Total

2015 2014
Rank Rank
3
18
10.3
1
+7
1
2
16
9.1
-1
15*
13
3
+10
7.4
4
4*
10
+2
5.7
8*
8
+3
4.6
5
+2
3.4
12*
6*
6
26*
+5
3.4
6*
+5
2.9
8*
5
5
22*
2.9
8*
+3
8*
5
+2
2.9
15*
+3
11*
26*
2.3
4
2.3
12*
0
11*
4
2
2.3
-12
11*
4
11*
26*
4
2.3
+3
15*
15*
3
1.7
0
15*
15*
3
1.7
0
15*
3
1.7
+3
175
+16

10.1%
4.5%
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
22.9
78,634.6
0.2
651.5
15.3
52,622.5
119,253.8
34.7
95,598.0
27.8
3,658.3
1.1
2,505.3
0.7
2,255.1
0.7
281.0
0.1
1.1
3,729.5
37.5
0.0
8,136.6
2.4
27,991.4
8.1
8,968.3
2.6
880.8
0.3
20,774.0
6.0
276.7
0.1
343,810.3
100.0

Change in
# of Deals
+13
-2
+11
-5
-21
-9
+13
-4
-6
+1
+8
-11
+4
+2
+3
+3
-1
-8
+2
-2
+1
+5
-14
83.3%
16.5%
* tie
Fairness Opinion rankings include fairness opinions provided as a standalone mandate
as well as fairness opinions provided as part of a broader advisory mandate.
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
9,769.4
1.1
1,127.4
0.1
424,087.6
48.8
20,733.0
2.4
0.2
1,801.8
13.1
114,171.5
.0
0.0
70,132.9
8.1
3,434.0
0.4
75,530.4
8.7
475.9
0.1
62,928.8
7.2
30.5
0.0
2,430.0
0.3
24,329.2
2.8
28,533.0
3.3
0.4
3,203.5
0.2
1,364.6
13,030.2
1.5
24,625.9
2.8
2,517.3
0.3
188.0
0.0
36.1
0.0
869,306.1
100.0
,
Jan 1 Dec 31

Duff & Phelps
JP Morgan
Houlihan Lokey
Stifel/KBW
Morgan Stanley
Prairie Capital Advisors Inc
Evercore Partners
Goldman Sachs & Co
Pendo Advisors LLC
Deutsche Bank
Rothschild
Hovde Group LLC
Jefferies LLC
Raymond James Financial Inc
Piper Jaffray Cos
Simmons & Co International
Industry Total

# of Market
2015 2014
Rank Rank
Deals Sh (%)
1
3
52
13.2
2
1
10.7
42
3
36
9.2
5
30
4
7.6
4
5
4.8
19
2
15
6
6
3.8
7*
53*
3.6
14
7*
3.6
14
7
9
9
13
3.3
10
2.5
10
13
8
9
11
2.3
23*
8
2.0
12
13*
18*
6
1.5
13*
23*
6
1.5
13*
20*
6
1.5
13*
23*
6
1.5
17*
11
5
1.3
17*
33*
5
1.3
17*
5
1.3
393

Change in
# of Deals
+13
-2
+10
-2
-21
-6
+13
-6
-4
+1
-9
+4
0
+2
+1
+2
-6
+3
+5
-15
-3.7%
12.8%
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
9,769.4 1.2
1,127.4 0.1
416,335.9 51.3
20,733.0 2.6
1,801.8 0.2
112,416.3 13.9
.0 0.0
3,434.0 0.4
70,132.9 8.6
75,530.4 9.3
62,928.8 7.8
30.5 0.0
3,203.5 0.4
13,030.2 1.6
188.0 0.0
24,056.3 3.0
1,297.4 0.2
2,195.0 0.3
537.1 0.1
811,140.9
100.0
42.9%
159.6%
Any Japan Inv Announced

Fairness Opinion
Jan 1 Dec 31

# of Market
2015 2014
Deals Sh (%)
Rank Rank
65
6.9
1
1
6.6
2
2
62
5.4
3*
3*
51
3*
3*
5.4
51
47
5
6*
5.0
6
6*
44
4.7
7
39
4.1
11
8
28
5
3.0
9
12
27
2.9
10
2.8
13*
26
11
9*
24
2.5
12
22
2.3
6*
20
13
13*
2.1
19
2.0
58*
14
32*
18
1.9
15
16*
81*
16
1.7
1.7
16*
17
16
1.5
18
16
14
1.4
19*
44*
13
1.4
19*
32*
13
19*
13
1.4
22*
9*
11
1.2
22*
32*
11
1.2
22*
58*
11
1.2
947

Jan 1 Dec 31
41.8%
152.2%
-2.9%
14.9%
Any Asia Pacific Inv Announced

Fairness Opinion

CITIC
GF Securities
Somerley
Guosen Securities Co Ltd
Industrial Securities Co Ltd
Sinolink Securities Co Ltd
Shenwan Hongyuan Securities Co
Citi
New Times Securities Co Ltd
China Merchants Securities Co
Deutsche Bank
Gram Capital
Minsheng Securities Co Ltd
Essence Securities Co Ltd
Bank of China Ltd
Great Wall Securities Co Ltd
Zheshang Securities Co Ltd
Duff & Phelps
Industry Total
Any US Involvement Announced

Fairness Opinion

# of Market
2015 2014
Rank
Deals Sh (%)
Rank
52
1
3
11.1
2
1
42
9.0
3
5
39
8.3
30
4
4
6.4
4.1
5
2
19
6
16
3.4
6
66*
14
3.0
7*
14
7*
3.0
9
7*
7*
14
3.0
13*
10
2.1
10*
45*
10
10*
2.1
9
12
7*
1.9
28*
13
8
1.7
1.5
7
14*
24*
1.5
7
14*
28*
1.5
7
14*
28*
17*
16*
6
1.3
17*
11
6
1.3
17*
28*
6
1.3
17*
15
6
1.3
19*
6
1.3
17*
24*
6
1.3
17*
66*
6
1.3
17*
469

JP Morgan
KPMG
Goldman Sachs & Co
Rothschild
Deloitte
Evercore Partners
Somerley
Duff & Phelps
Citi
UBS
Lazard
Investec
Morgan Stanley
equinet AG
Industry Total
Jan 1 Dec 31

# of Market
2015 2014
Rank
Rank
Deals Sh (%)
4.4
1*
6
65
2
1*
4.4
65
Duff & Phelps
62
4.2
3
8
3.4
51
4*
10*
51
3.4
4*
10*
JP Morgan
3.4
4*
3*
51
CITIC
47
3.2
7
16*
GF Securities
44
3.0
8
16*
9
1
42
2.8
Somerley
10
2.6
23*
39
11
5
Houlihan Lokey
2.0
30
28
1.9
Morgan Stanley
12*
7
28
12*
1.9
15
27
Guosen Securities Co Ltd
25
14
1.8
15
Industrial Securities Co Ltd
27*
1.8
26
16*
9
24
1.6
Citi
21*
16*
1.6
24
Sinolink Securities Co Ltd
Deutsche Bank
18
27*
23
1.6
Shenwan Hongyuan Securities Co 19
16*
22
1.5
KPMG
20*
13*
21
1.4
13*
21
1.4
20*
Stifel/KBW
19
1.3
22*
3*
New Times Securities Co Ltd
19
1.3
22*
99*
China Merchants Securities Co
18
24
1.2
62*
Goldman Sachs & Co
25
16*
1.2
17
1,484
Industry Total
Any Americas Involvement

Announced Fairness Opinion
20
65.0%
64.9%
Change in
# of Deals
+31
+32
+26
+26
+26
+23
+21
+6
+10
+13
+5
+1
+7
+17
+14
+15
+5
+2
+10
+9
+13
-8
+7
+9
+373
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
37,352.0
9.1
26,106.2
6.4
15,860.0
3.9
9,994.0
2.4
36,224.1
8.9
4.8
19,613.9
3.7
15,297.1
23,377.2
5.7
9,506.8
2.3
0.8
3,372.3
1.8
7,370.2
8,949.8
2.2
3.4
13,721.8
1.8
7,204.6
2,259.8
0.6
11,717.8
2.9
754.0
0.2
2,808.4
0.7
5,425.8
1.3
1,715.4
0.4
5,904.4
1.4
2,957.8
0.7
851.5
0.2
2,892.9
0.7
408,362.5
100.0

JP Morgan
Plutus Consulting Co Ltd
Nomura
Deloitte
GF Securities
Evercore Partners
Morgan Stanley
es Networks Co Ltd
Moelis & Co
CITIC
ACE Consulting
Lazard
Goldman Sachs & Co
Panmure Gordon & Co Ltd
Duff & Phelps
Industry Total

2015 2014
Rank Rank
1
1
5
17.2
-4
5*
13.8
+3
2*
4
4
13.8
+1
2*
2
2*
4
13.8
+4
+3
10.3
5
3
0
3*
2
6.9
6
+1
7*
1
3.5
1
0
7*
5*
3.5
5*
7*
1
3.5
0
7*
1
3.5
+1
3.5
1
+1
7*
3.5
1
-1
7*
3*
3.5
1
+1
7*
+1
3.5
1
7*
+1
3.5
1
7*
+1
3.5
1
7*
+1
3.5
1
7*
+1
3.5
1
7*
0
3.5
1
5*
7*
29
+5

20.8%
-66.7%
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
796.9 4.1
756.4 3.9
450.5 2.3
2,523.1 13.0
1,773.3 9.1
2,414.7 12.4
1,631.1 8.4
410.4 2.1
3,817.4 19.6
.0 0.0
7.8 0.0
574.0 3.0
.0 0.0
13.1 0.1
988.8 5.1
4,961.3 25.5
84.3 0.4
.1 0.0
825.7 4.2
19,450.6
100.0
-24.3%
-66.7%
95.8%
67.8%
Ranking Criteria Summary

- Announced league tables include all deals that were announced between January 1, 2014 and December 31, 2015 and of which Thomson Reuters was made aware. All current data
If you would like to participate in the submission

process, receive quarterly press releases, or have
questions about league table criteria please
contact:
and previous year's data is as of 5:00pm EST on December 31, 2015.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
Americas
Robert Levine
Tel: +1 646 223 5682
E-mail: robert.levine@thomsonreuters.com
- A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
EMEA
Christina Mavraki
Tel: +44 (0) 20 7542 7381
- Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the
E-mail: christina.mavraki@thomsonreuters.com
Asia-Pacific
Kelvin Bian
Tel: +852 3761 1852
time of announcement of terms.
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion
of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for
the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any
involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and
unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter
or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
allocated to syndicated members.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms
in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are
reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley.
E-mail: kelvin.bian@thomsonreuters.com
Japan
Kaori Motohashi
Tel: +813 6441 1338
E-mail: kaori.motohashi@thomsonreuters.com
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for
any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to
the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction
or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or
selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
2016 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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MERGERS & ACQUISITIONS REVIEW

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review

Any European Involvement Announced (AD21)

Any New Zealand Involvement Announced (AD39)

Global Deals Intelligence

Any European Involvement Completed (AF3)

Any New Zealand Involvement Completed (AF46)

Scorecard: Worldwide Announced M&A

Any UK Involvement Announced (AD32)

Scorecard: Worldwide Completed M&A

Any UK Involvement Completed (AF39)

Japan Deals Intelligence

Top Fifteen Worldwide Announced Deals

Any French Involvement Announced (AD33)

Top Ten Japanese Involvement Announced Deals

Worldwide Announced (AD1)

Any French Involvement Completed (AF40)

Any Japanese Involvement Announced (AD19)

Worldwide Completed (AF1)

Any Spanish Involvement Announced (AD34)

Any Japanese Involvement Completed (AF23)

Any Spanish Involvement Completed (AF41)

Americas Deals Intelligence

Any German Involvement Announced (AD35)

Top Ten US Announced Deals

Any German Involvement Completed (AF42)

Any Americas Involvement Announced (AD49)

Any Italian Involvement Announced (AD36)

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

Any EMEA Announced Fairness Opinion

Any Asia Pacific Announced Fairness Opinion

Any Japanese Announced Fairness Opinion

US Target Announced (AD2)

Any Nordic Involvement Announced (AD37)

US Target Completed (AF2)

Any Nordic Involvement Completed (AF44)

Any US Involvement Announced (AD41)

Any Benelux Involvement Announced (AD40)

Any US Involvement Completed (AF48)

Any Benelux Involvement Completed (AF47)

Any Canadian Involvement Announced (AD42)

Any Canadian Involvement Completed (AF49)

Asia Pacific (ex-Japan) M&A

Mergers & Acquisitions Criteria Summary

Asia Pacific (ex-Japan) Deals Intelligence

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

European Deals Intelligence

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

Top Ten European Involvement Announced Deals

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

Any EMEA Involvement Announced (AD47)

Any Australian Involvement Announced (AD24)

Any EMEA Involvement Completed (AF53)

Any Australian Involvement Completed (AF31)

Thomson Reuters Soultions for the Deal the Deal

Full Year 2015

MERGERS & ACQUISITIONS REVIEW

Worldwide Completed M&A by Region - Imputed Fees

Rank Value (US$b)

Thomson Reuters M&a Review (2015)

Thomson Reuters M&a Review (2015)