Bloomberg Global MA Financial Rankings 1H 2018 Preliminary

GLOBAL
M&A
MARKET
REVIEW
FINANCIAL RANKINGS
1H 2018
1H 2018
GLOBAL M&A FINANCIAL ADVISORY RANKINGS
The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The
CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry
sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-
1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash
2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards.
3. Global M&A Regional Review
4. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We
5. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a
6. Americas M&A League Tables network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends.
Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance,
8. EMEA M&A Regional Review
and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal
9. EMEA M&A League Tables
trends.
12. APAC M&A Regional Review
13. APAC M&A League Tables Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league
16. Disclaimer table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.
Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data
found on the Bloomberg Professional Service.
DATA SUBMISSIONS AND QUERIES
Contact Phone Email

North America Nageen Qasim +1-646-324-2878 nqasim1@bloomberg.net
EMEA Madeeha Ahmad +44-20-3525-3754 mchaudhry13@bloomberg.net
Asia Pacific Sayaka Sakashita +81-3-3201-2198 ssakashita@bloomberg.net
General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net
©2018 Bloomberg Finance L.P. All rights reserved.

Global M&A Heat Map
Eastern Europe
Western Europe USD 38.9B
North America USD 660.5B
USD 1.3T 1.JPMorga n Cha s e & Co 11.7%
1. Morga n Sta nl ey 31.3% 2. BNP Pa ri ba s SA 11.3%
1. Morgan Stanl ey 38.6% 2. JPMorga n Cha s e & Co 26.1% 3. Li onTree Advi s ors LLC 8.8%
2. Gol dman Sachs & Co 34.7% 3. La za rd Ltd 20.4%
3. JPMorgan Chas e & Co 33.5%
Asia Pacific
Middle East & Africa USD 693.5B
USD 85.2B 1. Morga n Sta nl ey 24.8%
1. JPMorga n Cha s e & Co 34.8% 2. JPMorga n Cha s e & Co 24.7%
2. Gol dma n Sa chs & Co 23.5% 3. Ci ti group Inc 19.6%
Latin America
USD 99.0B 3. Ba rcl a ys PLC 23.3%
1. Morga n Sta nl ey 31.6%
2. Ba nk of Ameri ca Merri l l Lynch 20.7%
3. Ba nco Ita u BBA SA 20.2%
Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2018.
2
Global M&A Regional Review Global M&A: Premium Breakdown
2% 1%
Global M&A Review | 1H 2018

• Global merger and acquisition activity reached $2.0 trillion in 1H 2018, representing a 33.3% 5%
0-10%
increase from the same period last year. The consumer, non-cyclical sector experienced year-on-
21% 10-25%
year growth of 60.8%, with $484.4 billion in deal activity for the period. Takeda Pharmaceutical
Co Ltd’s announced acquisition of Shire Plc for $80.2 billion was the largest deal announced 25-50%
within the sector as well as globally.
39% 50-75%
• Private equity activity increased 24.1% year-on-year to $497.0 billion in transactions. The United
States continued to be the most acquisitive country in 1H2018, accounting for 43.8% of the 32% 75-100%
global private equity volume.
100%+
• Cross border deals reached $910.3 billion in deal volume for 1H2018, representing an increase of
34.3% from 1H2017.
Global M&A: Highlights of 1H 2018 Global M&A: Industry Breakdown

Total Amount % YoY
Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change
Takeda
Number of deals 20,029 Consumer Non-cyclical $483.8 23.7% 60.6%
5/8/2018 Shire PLC Pharmaceutical Co - $80,163.1
Volume (Bln.) $2,000.6 Ltd Financial $416.0 20.3% 5.7%
Avg Deal Size (Mln.) $99.8 Communications $269.4 13.2% 140.0%
3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7
Consumer Cyclical $173.8 8.5% 0.0%
Top Adviser Energy $168.5 8.2% -8.7%
4/29/2018 Sprint Corp T-Mobile US Inc - $57,805.6
Morgan Stanley Industrial $161.1 7.9% 9.8%
Number of deals 161 Technology $141.3 6.9% 75.8%
4/25/2018 Sky PLC Comcast Corp - $40,647.0
Volume (Bln.) $599.8 Utilities $129.6 6.3% 144.1%
Avg Deal Size (Bln.) $3.7 Marathon Basic Materials $96.6 4.7% 180.6%
4/30/2018 Andeavor - $30,465.0
Petroleum Corp Diversified $4.0 0.2% -37.9%
Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown

Amount % Change % Change
$1,400 14,000 Deal Type (Bln.) Deal Count Volume
$1,200 12,000 Company Takeover $1,226.5 -1.2% 60.6%
$1,000 10,000 Cross Border $905.7 -1.5% 33.7%
$800 8,000 Private Equity $490.6 0.9% 22.5%
$600 6,000 Asset sale $338.2 -8.2% 16.0%
$400 4,000 Tender Offer $205.5 -26.1% 31.3%

Venture Capital $99.8 5.1% 63.3%
$200 2,000
Spin-off $25.0 27.6% -13.2%
$0 0
2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 Minority purchase $246.9 4.4% 27.7%
Majority purchase $162.8 -3.8% 27.4%
Volume $(Bln.) Deal Count
Quarterly Volume represents any involvement (target, seller, or acquirer). 3
Global Announced Deals 01/01/2018 - 06/25/2018 Cross Border Announced Deals 01/01/2018 - 06/25/2018
2018 2017 2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
Morgan Stanley 1 29.9 599,758 161 2 16.1 13.8 Morgan Stanley 1 36.1 327,161 81 4 18.6 17.5
Goldman Sachs & Co LLC 2 25.7 517,177 167 1 21.0 4.7 JPMorgan Chase & Co 2 29.4 266,898 86 5 16.3 13.2
JPMorgan Chase & Co 3 25.2 506,073 156 5 13.0 12.2 Goldman Sachs & Co LLC 3 26.9 244,265 88 1 27.3 -0.4
Citigroup Inc 4 16.3 327,393 116 3 14.4 1.9 Citigroup Inc 4 23.5 212,799 65 2 19.5 3.9
Bank of America Merrill Lynch 5 13.5 271,948 94 4 13.2 0.4 Evercore Inc 5 17.2 156,132 35 19 3.0 14.2
Evercore Inc 6 12.9 258,579 66 12 4.9 8.0 Barclays PLC 6 15.5 140,288 46 12 6.2 9.3
Lazard Ltd 7 11.7 234,143 106 9 7.8 3.9 Bank of America Merrill Lynch 7 14.0 126,647 49 3 19.3 -5.3
Barclays PLC 8 11.3 227,534 88 6 8.7 2.6 Lazard Ltd 8 12.3 111,729 72 8 11.3 1.0
Centerview Partners LLC 9 8.9 178,262 24 18 2.6 6.3 Nomura Holdings Inc 9 9.8 88,428 25 29 1.8 7.9
Deutsche Bank AG 10 6.7 134,838 50 13 4.7 2.0 UBS AG 10 8.9 80,678 36 9 9.0 -0.1
PJT Partners Inc 11 6.0 120,191 15 28 1.6 4.4 Robey Warshaw LLP 11 7.2 65,631 3 16 4.4 2.8
Credit Suisse Group AG 12 5.9 117,471 84 7 8.3 -2.5 Deutsche Bank AG 12 6.7 61,082 26 11 7.4 -0.7
UBS AG 13 5.8 115,565 64 10 6.1 -0.4 PJT Partners Inc 13 6.2 56,576 7 21 2.7 3.5
Rothschild & Co 14 5.5 110,988 142 8 8.3 -2.8 Rothschild & Co 14 5.9 53,121 99 6 12.0 -6.2
Nomura Holdings Inc 15 4.9 99,336 58 29 1.4 3.5 RBC Capital Markets 15 5.7 51,379 32 13 5.0 0.6
RBC Capital Markets 16 4.8 96,742 63 14 3.9 0.9 Credit Suisse Group AG 16 4.9 44,834 49 7 11.4 -6.5
Sumitomo Mitsui Financial Group Inc 17 3.3 66,841 86 46 0.7 2.7 Wells Fargo & Co 17 4.8 43,065 9 23 2.3 2.5
Robey Warshaw LLP 18 3.3 65,631 3 22 2.0 1.2 LionTree Advisors LLC 18 3.9 35,301 5 181 0.0 3.9
Mizuho Financial Group Inc 19 3.1 61,826 52 65 0.4 2.7 Macquarie Group Ltd 19 3.2 28,832 31 33 1.7 1.5
Wells Fargo & Co 20 2.9 59,048 22 23 2.0 1.0 Guggenheim Capital LLC 20 3.1 28,260 4 126 0.1 3.1
TOTAL 2,009,539 20,079 1,522,686 TOTAL 906,872 7,314 705,012
Global Private Equity Announced Deals 01/01/2018 - 06/25/2018

2018 2017
MKT SHR VOLUME USD DEAL MKT SHR MKT SHR
FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE
JPMorgan Chase & Co 1 26.0 127,401 60 5 14.0 12.0
Morgan Stanley 2 21.1 103,301 65 2 23.0 -2.0
Goldman Sachs & Co LLC 3 20.9 102,616 73 1 23.1 -2.2
Citigroup Inc 4 17.8 87,289 42 6 12.6 5.2
Barclays PLC 5 11.0 53,935 38 8 10.1 0.9
Lazard Ltd 6 9.9 48,386 46 15 4.0 5.9
Bank of America Merrill Lynch 7 8.9 43,553 31 3 14.8 -5.9
Evercore Inc 8 8.5 41,545 33 21 2.2 6.3
Deutsche Bank AG 9 7.0 34,549 22 10 6.2 0.8
Macquarie Group Ltd 10 6.0 29,585 21 17 3.0 3.0
Credit Suisse Group AG 11 5.9 29,164 35 4 14.4 -8.4
Guggenheim Capital LLC 12 5.6 27,389 8 75 0.2 5.4
Rothschild & Co 13 5.6 27,284 71 9 6.4 -0.8
UBS AG 14 4.6 22,674 24 7 11.5 -6.9
TD Securities Inc 15 4.4 21,797 8 86 0.2 4.3
RBC Capital Markets 16 4.3 21,251 24 14 5.6 -1.3
Centerview Partners LLC 17 4.3 20,890 11 13 5.6 -1.4
China International Capital Corp Ltd 18 4.2 20,759 8 94 0.1 4.1
Canson Capital Partners 19 3.5 17,000 1 - - 3.5
CITIC Securities Co Ltd 20 2.9 14,000 1 47 0.6 2.3
TOTAL 490,666 6,140 422,931
4
Americas M&A Regional Review Americas M&A: Country Breakdown
Amount % YoY
• Deal activity in the Americas reached a volume of $1.0 trillion in 1H2018, representing a 58.4%
Global M&A Review |1H 2018

Country (Bln.) % of Total Change
increase compared to the same period last year. The United States contributed to 94.7% of the United States $932.5 89.0% 62.9%
region’s total and continued to be most targeted country for M&A transactions.
Canada $47.2 4.5% -22.6%
• Deals exceeding $1.0 billion in value accounted for 80.8% of the region’s total deal volume in 1H2018.
Brazil $24.2 2.3% 15.5%
The consumer non-cyclical industry continued to be the most targeted sector in the region accounting
Bermuda $16.1 1.5% 1941.9%
for approximately 34% of the overall deal volume. Takeda Pharmaceutical Co Ltd’s announced
acquisition of Shire Plc for $80.2 billion was the largest deal announced within the sector. Chile $8.7 0.8% 337.2%
• Morgan Stanley ranked as the top financial adviser in the Americas with a market share of 39.4% and British Virgin Islands $6.0 0.6% 26.3%
involvement in 86 deals including the pending acquisition of Sprint Corp by T-Mobile US Inc for $57.8 Mexico $0.9 0.1% -69.0%
billion. Colombia $0.6 0.1% -58.8%
Americas M&A: Highlights of 1H 2018 Americas M&A: Industry Breakdown

Total Value Amount % YoY
Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change
Number of deals 8,514 Takeda Pharmaceutical Co Consumer Non-cyclical $339.6 31.8% 102.4%
5/8/2018 Shire PLC - $80,163.1
Volume (Bln.) $1,048.3 Ltd Financial $202.1 18.9% 50.4%
Avg Deal Size (Mln.) $122.9 Energy $123.0 11.5% -6.9%
3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7
Communications $102.0 9.5% 94.2%
Top Adviser - Technology $89.2 8.3% 124.9%
4/29/2018 Sprint Corp T-Mobile US Inc $57,805.6
Number of deals 86 Consumer Cyclical $65.0 6.1% -0.1%
4/30/2018 Andeavor Marathon Petroleum Corp - $30,465.0
Volume (Bln.) $419.4 Utilities $45.9 4.3% 115.4%
Avg Deal Size (Bln.) $4.9 Brookfield Property Basic Materials $31.7 3.0% 196.7%
3/27/2018 GGP Inc - $27,760.8
Partners LP Diversified $0.7 0.1% 407.5%
Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown

$1,000 6,000 Deal Type (Bln.) Deal Count Volume
5,000 Company Takeover $765.7 3.7% 83.0%
$800
Cross Border $342.9 2.2% 39.4%
4,000
$600 Private Equity $228.7 6.1% 15.6%
3,000
Asset sale $149.0 -11.4% 0.8%
$400
2,000 Tender Offer $62.3 -35.0% 18.6%
$200 1,000 Venture Capital $37.6 7.9% 24.5%
Spin-off $11.5 52.5% -26.3%
$0 0
2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 Minority purchase $84.0 9.3% 63.5%
Majority purchase $37.2 -4.3% 136.7%
5
Quarterly Volume represents any involvement (target, seller, or acquirer).
US Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 US Announced Deals (Target or Seller) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Morgan Stanley 1 38.6 464,446 99 2 23.1 15.5 Goldman Sachs & Co LLC 1 41.2 415,109 118 1 32.2 9.0
Goldman Sachs & Co LLC 2 35.7 429,794 134 1 30.7 5.0 Morgan Stanley 2 39.3 395,912 85 2 27.0 12.3
JPMorgan Chase & Co 3 33.8 406,455 112 5 17.4 16.4 JPMorgan Chase & Co 3 34.3 345,475 92 3 18.2 16.1
Evercore Inc 4 21.5 258,298 61 9 8.2 13.3 Citigroup Inc 4 21.5 216,881 67 4 16.9 4.7
Citigroup Inc 5 20.4 245,873 77 3 19.4 1.0 Evercore Inc 5 19.2 193,562 51 7 9.2 10.1
Barclays PLC 6 16.4 197,630 71 6 13.2 3.3 Centerview Partners LLC 6 17.0 171,627 22 12 5.7 11.3
Centerview Partners LLC 7 14.3 171,627 22 15 4.7 9.6 Barclays PLC 7 13.8 139,302 57 6 15.1 -1.3
Bank of America Merrill Lynch 8 13.7 165,176 60 4 17.4 -3.7 Lazard Ltd 8 11.9 119,484 37 13 5.2 6.7
Lazard Ltd 9 12.2 146,467 52 8 8.3 3.8 Bank of America Merrill Lynch 9 11.6 116,473 50 5 15.8 -4.2
PJT Partners Inc 10 9.6 115,243 12 21 2.8 6.8 Deutsche Bank AG 10 9.7 98,039 29 11 5.9 3.8
Deutsche Bank AG 11 9.4 113,021 32 12 5.4 4.0 Credit Suisse Group AG 11 8.4 84,868 51 8 7.0 1.4
Credit Suisse Group AG 12 8.0 96,567 57 7 12.3 -4.3 Nomura Holdings Inc 12 8.1 81,313 5 40 0.7 7.4
Nomura Holdings Inc 13 6.9 83,213 7 30 1.1 5.8 PJT Partners Inc 13 6.9 69,315 10 20 3.4 3.5
RBC Capital Markets 14 5.7 68,442 47 11 5.9 -0.2 RBC Capital Markets 14 6.4 64,742 41 10 6.4 0.0
Wells Fargo & Co 15 4.9 59,048 21 19 3.4 1.5 Sumitomo Mitsui Financial Group Inc 15 5.8 58,010 5 49 0.5 5.3
Sumitomo Mitsui Financial Group Inc 16 4.8 58,010 5 38 0.8 4.0 Mizuho Financial Group Inc 16 5.7 57,836 4 46 0.6 5.2
Raine Group LLC 17 4.8 57,986 3 97 0.1 4.7 Raine Group LLC 17 5.7 57,806 2 86 0.1 5.6
Mizuho Financial Group Inc 18 4.8 57,836 4 49 0.5 4.3 Guggenheim Capital LLC 18 4.0 40,338 9 24 1.6 2.4
Robey Warshaw LLP 19 3.6 43,818 2 23 2.1 1.5 Jefferies LLC 19 3.2 32,389 60 17 3.8 -0.6
Guggenheim Capital LLC 20 3.4 40,338 9 27 1.3 2.0 UBS AG 20 2.8 28,288 23 9 6.7 -3.9
TOTAL 1,202,947 9,176 833,715 TOTAL 1,007,538 7,508 684,451
Canada Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Canada Announced Deals (Target or Seller) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Morgan Stanley 1 31.5 42,750 14 7 11.4 20.1 TD Securities Inc 1 40.2 30,087 15 4 23.2 17.0
JPMorgan Chase & Co 2 31.0 42,065 15 1 33.2 -2.3 Goldman Sachs & Co LLC 2 33.9 25,401 8 3 25.9 8.1
Citigroup Inc 3 27.1 36,728 11 8 11.3 15.8 Morgan Stanley 3 30.9 23,103 7 14 6.7 24.2
Goldman Sachs & Co LLC 4 23.1 31,353 10 2 25.0 -1.9 Citigroup Inc 4 29.7 22,247 7 8 12.5 17.2
TD Securities Inc 5 22.9 31,012 17 5 17.6 5.2 Bank of America Merrill Lynch 5 28.2 21,066 2 11 7.9 20.3
Deutsche Bank AG 6 17.8 24,181 4 19 4.6 13.2 JPMorgan Chase & Co 6 27.2 20,374 7 1 36.6 -9.4
RBC Capital Markets 7 17.0 23,028 22 3 22.7 -5.7 Centerview Partners LLC 7 22.7 17,000 1 - - 22.7
Bank of America Merrill Lynch 8 16.5 22,423 6 12 7.2 9.3 Canson Capital Partners 7 22.7 17,000 1 - - 22.7
Centerview Partners LLC 9 12.8 17,300 2 16 5.7 7.1 Guggenheim Capital LLC 7 22.7 17,000 1 - - 22.7
Canson Capital Partners 10 12.5 17,000 1 - - 12.5 RBC Capital Markets 10 17.8 13,348 17 2 26.4 -8.6
Guggenheim Capital LLC 10 12.5 17,000 1 - - 12.5 Bank of Nova Scotia/The 11 15.1 11,332 16 5 23.2 -8.0
BMO Capital Markets Corp/Toronto 12 12.5 16,951 24 13 7.2 5.3 Lazard Ltd 12 14.9 11,122 4 9 10.4 4.5
Lazard Ltd 13 12.4 16,860 9 9 10.4 2.0 BMO Capital Markets Corp/Toronto 13 14.4 10,810 20 12 7.3 7.2
China International Capital Corp Ltd 14 10.3 14,000 1 - - 10.3 CIBC 14 9.2 6,897 14 7 15.0 -5.7
CITIC Securities Co Ltd 14 10.3 14,000 1 - - 10.3 Greenhill & Co Inc 15 8.4 6,310 2 33 0.5 8.0
Bank of Nova Scotia/The 16 8.4 11,445 17 6 13.1 -4.7 Canaccord Genuity Corp 16 6.0 4,460 11 30 0.7 5.3
Barclays PLC 17 8.2 11,140 9 4 17.8 -9.6 Sinolink Securities Co Ltd 17 5.4 4,066 1 - - 5.4
Credit Suisse Group AG 18 7.8 10,638 9 11 7.3 0.5 GMP Securities LP 18 5.0 3,732 8 28 0.8 4.2
PJT Partners Inc 19 7.0 9,547 4 24 2.6 4.4 Credit Suisse Group AG 19 3.4 2,565 5 15 4.6 -1.1
CIBC 20 6.2 8,467 18 10 9.9 -3.7 GMP FirstEnergy 20 3.4 2,504 2 - - 3.4
TOTAL 135,719 1,669 139,796 TOTAL 74,842 1,113 79,348
6
Latin America Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Brazil Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Morgan Stanley 1 47.0 23,452 7 1 15.8 31.2 Banco Itau BBA SA 1 73.8 19,974 13 8 8.2 65.6
Bank of America Merrill Lynch 2 40.8 20,318 9 3 12.8 28.0 Morgan Stanley 2 71.7 19,386 5 3 16.0 55.7
Banco Itau BBA SA 3 40.1 19,974 13 11 5.3 34.7 Riza Capital Consultoria de Investimentos S 3 60.4 16,332 4 - - 60.4
Riza Capital Consultoria de Investimentos S 4 32.8 16,332 4 - - 32.8 Bank of America Merrill Lynch 4 56.3 15,219 4 1 19.1 37.2
Goldman Sachs & Co LLC 6 11.3 5,636 8 16 3.9 7.5 Banco BTG Pactual SA 6 12.6 3,395 3 2 16.3 -3.7
Sinolink Securities Co Ltd 7 8.2 4,066 1 - - 8.2 Credit Suisse Group AG 7 4.5 1,207 3 5 12.7 -8.2
Banco BTG Pactual SA 8 7.4 3,668 5 5 10.7 -3.3 Cooperatieve Rabobank UA 8 3.6 969 1 30 - 3.6
Citigroup Inc 9 6.1 3,058 7 12 4.8 1.4 Jefferies LLC 8 3.6 969 1 - - 3.6
Credit Suisse Group AG 10 4.3 2,150 6 2 14.2 -9.8 Goldman Sachs & Co LLC 10 2.6 693 3 14 2.5 0.1
Lazard Ltd 11 3.4 1,695 7 8 7.2 -3.8 Vinci Partners Investimentos Ltda 11 1.8 489 1 30 - 1.8
Jefferies LLC 12 2.5 1,269 2 - - 2.5 Banco Bradesco BBI SA 12 1.1 307 3 6 11.4 -10.2
GBS Finanzas SA 13 2.3 1,120 1 34 0.1 2.1 XP Investimentos Corretora de Cambio Titul 13 0.1 22 1 9 7.2 -7.1
Deutsche Bank AG 13 2.3 1,120 1 41 - 2.3 Artica Participacoes e Assessoria Financeira 14 - - 3 30 - -
Cooperatieve Rabobank UA 15 1.9 969 1 41 - 1.9 Lazard Ltd 14 - - 2 11 4.8 -4.8
Vinci Partners Investimentos Ltda 16 1.0 489 1 41 - 1.0 Broadspan Asset Management LLC 14 - - 1 - - -
Rothschild & Co 17 0.8 421 4 15 4.2 -3.4 Rothschild & Co 14 - - 1 13 2.7 -2.7
Banco Bradesco BBI SA 18 0.6 307 3 7 7.4 -6.8 RGS Partners Assessoria em Fusoes e Aquis 14 - - 3 27 0.1 -0.1
Greenhill & Co Inc 19 0.6 284 1 - - 0.6 Pi Capital International LLC 14 - - 1 - - -
Banco Santander SA 20 0.2 105 2 4 12.0 -11.8 Cypress Associates 14 - - 1 - - -
TOTAL 49,863 347 38,926 TOTAL 27,056 155 25,347
Latin America Announced Deals (Target or Seller) 01/01/2018 - 06/25/2018 Brazil Announced Deals (Target or Seller) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Morgan Stanley 1 39.3 30,395 8 2 27.9 11.5 Banco Itau BBA SA 1 80.1 19,974 13 8 8.5 71.6
Bank of America Merrill Lynch 2 26.0 20,121 8 1 30.3 -4.3 Morgan Stanley 2 70.1 17,467 3 5 10.2 59.9
Banco Itau BBA SA 3 25.9 19,974 13 14 3.1 22.7 Riza Capital Consultoria de Investimentos S 3 65.5 16,332 4 - - 65.5
Riza Capital Consultoria de Investimentos S 4 21.1 16,332 4 - - 21.1 Bank of America Merrill Lynch 4 61.1 15,219 4 3 16.2 44.9
Citigroup Inc 6 17.0 13,150 7 3 27.3 -10.3 Banco BTG Pactual SA 6 13.6 3,395 3 1 17.6 -4.0
Goldman Sachs & Co LLC 7 7.3 5,636 8 4 26.7 -19.4 Goldman Sachs & Co LLC 7 2.8 693 3 15 1.1 1.7
Sinolink Securities Co Ltd 8 5.3 4,066 1 - - 5.3 Vinci Partners Investimentos Ltda 8 2.0 489 1 28 - 2.0
Banco BTG Pactual SA 9 4.8 3,668 5 9 7.3 -2.5 Banco Bradesco BBI SA 9 1.2 307 3 4 13.7 -12.5
Credit Suisse Group AG 10 3.3 2,562 7 11 3.6 -0.3 Credit Suisse Group AG 10 1.0 257 2 9 8.5 -7.4
Gram Capital Ltd 11 3.2 2,444 4 19 1.9 1.3 XP Investimentos Corretora de Cambio Titul 11 0.1 22 1 6 8.7 -8.6
Goldin Financial Holdings Ltd 12 3.0 2,295 2 - - 3.0 Artica Participacoes e Assessoria Financeira 12 - - 3 28 - -
Lazard Ltd 13 2.5 1,940 8 15 2.9 -0.4 Lazard Ltd 12 - - 2 22 0.5 -0.5
China International Capital Corp Ltd 14 1.7 1,311 1 - - 1.7 Broadspan Asset Management LLC 12 - - 1 - - -
GBS Finanzas SA 15 1.5 1,120 1 41 0.1 1.4 Rothschild & Co 12 - - 1 11 3.2 -3.2
Deutsche Bank AG 15 1.5 1,120 1 59 - 1.5 RGS Partners Assessoria em Fusoes e Aquis 12 - - 3 26 0.1 -0.1
Vinci Partners Investimentos Ltda 17 0.6 489 1 59 - 0.6 Pi Capital International LLC 12 - - 1 - - -
Rothschild & Co 18 0.5 421 5 16 2.9 -2.3 Cypress Associates 12 - - 1 - - -
Banco Bradesco BBI SA 19 0.4 307 3 10 5.0 -4.6 Olimpia Partners 12 - - 1 - - -
Jefferies LLC 20 0.4 300 2 59 - 0.4 HSBC Bank PLC 12 - - 1 12 2.6 -2.6
TOTAL 77,280 417 57,284 TOTAL 24,923 140 21,035
7
EMEA M&A Regional Review EMEA M&A: Country Breakdown
Amount % YoY

• Deal volume for EMEA-based targets increased 32.3% from the same period last year to $535.7 billion. Country (Bln.) % of Total Change
The United Kingdom was the most sought-after country in 1H2018, with $178.1 billion in transactions. United Kingdom $174.7 32.9% 52.3%
• The communications sector was the most targeted industry experiencing a year-over-year growth of Germany $92.1 17.3% 233.4%
616.4% and accounting for 19.9% of the transactions for the period. Comcast Corp's pending Switzerland $32.0 6.0% -3.4%
acquisition of Sky PLC for $40.6 billion was the largest deal announced in the sector and region. France $30.0 5.6% -59.5%
• Private equity activity for EMEA-based targets reached a volume of $149.7 billion in 1H2018,
Netherlands $25.6 4.8% 59.1%
representing a 25.3% increase from the same period last year.
Spain $24.3 4.6% 38.6%
Italy $14.6 2.7% -60.7%
Finland $1.4 0.3% -69.2%
EMEA M&A Highlights of 1H 2018 EMEA M&A: Industry Breakdown

Total Amount % YoY
Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change
Number of deals 5,192 Communications $106.4 19.4% 616.3%
4/25/2018 Sky PLC Comcast Corp - $40,647.0
Volume (Bln.) $531.7 Financial $104.0 19.0% -16.1%
Avg Deal Size (Mln.) $102.4 Consumer Non-cyclical $90.8 16.5% 1.5%
5/11/2018 EDP - Energias de Portugal SA China Three Gorges Corp - $28,159.9
Utilities $69.4 12.7% 295.4%
Top Adviser Liberty Global Consumer Cyclical $53.8 9.8% -15.5%
5/9/2018 Multiple targets Vodafone Group PLC $21,813.2
PLC
Number of deals 42 Energy $32.3 5.9% -6.8%
3/12/2018 Innogy SE E.ON SE RWE AG $21,669.9
Volume (Bln.) $153.9 Technology $23.3 4.2% 103.9%
Avg Deal Size (Bln.) $3.7 Consumer healthcare business/Novartis Basic Materials $22.8 4.1% 293.4%
3/27/2018 GlaxoSmithKline PLC Novartis AG $13,000.0
AG Diversified $0.8 0.1% -68.7%
EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

$500 5,000 Deal Type (Bln.) Deal Count Volume
$400 4,000 Company Takeover $307.6 -7.7% 51.9%

Cross Border $402.3 -3.7% 39.3%
$300 3,000 Private Equity $149.5 -7.2% 25.2%
$200 2,000 Asset sale $143.3 -5.3% 60.0%

Tender Offer $128.0 -39.8% 55.4%
$100 1,000 Venture Capital $12.3 -3.4% 57.5%
Spin-off $9.2 52.9% 151.8%
$0 0
2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 Minority purchase $41.0 -9.1% -11.1%
Majority purchase $45.8 -1.3% -6.8%
Quarterly Volume represents any involvement (target, seller, or acquirer).

Europe Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Europe Announced Deals (Target or Seller) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
JPMorgan Chase & Co 2 25.4 170,850 73 7 15.4 10.0 Bank of America Merrill Lynch 2 23.5 127,104 31 3 22.5 1.1
Lazard Ltd 3 20.1 134,978 70 6 16.2 3.9 JPMorgan Chase & Co 3 22.2 119,700 60 7 15.8 6.4
Bank of America Merrill Lynch 4 19.6 132,148 39 2 23.7 -4.0 Lazard Ltd 4 21.1 113,784 61 5 18.3 2.8
Goldman Sachs & Co LLC 5 19.0 128,098 61 1 28.8 -9.7 Rothschild & Co 5 18.5 99,590 118 4 21.3 -2.8
Citigroup Inc 6 15.3 102,654 44 3 22.0 -6.7 Goldman Sachs & Co LLC 6 17.3 93,285 45 2 24.4 -7.1
Rothschild & Co 7 14.8 99,590 122 5 18.0 -3.2 Barclays PLC 7 15.7 84,859 27 14 5.6 10.1
Barclays PLC 8 13.3 89,622 36 16 4.8 8.5 UBS AG 8 15.7 84,719 25 10 10.9 4.8
UBS AG 9 13.2 88,715 30 10 9.2 4.0 Citigroup Inc 9 14.3 77,068 34 1 25.5 -11.3
Evercore Inc 10 10.9 73,164 22 30 1.6 9.3 Evercore Inc 10 13.2 71,228 20 29 1.8 11.4
Robey Warshaw LLP 11 9.8 65,631 3 15 5.8 4.0 Robey Warshaw LLP 11 12.2 65,631 3 23 3.0 9.2
PJT Partners Inc 12 7.7 51,895 5 22 2.8 4.9 PJT Partners Inc 12 9.6 51,895 5 21 3.2 6.4
BNP Paribas SA 13 7.0 47,040 35 8 14.4 -7.4 BNP Paribas SA 13 8.4 45,294 29 6 17.4 -9.0
Wells Fargo & Co 14 6.4 43,065 9 20 3.3 3.1 Wells Fargo & Co 14 7.9 42,395 7 19 3.6 4.2
LionTree Advisors LLC 15 5.9 39,854 5 143 0.0 5.9 LionTree Advisors LLC 15 7.4 39,854 5 195 - 7.4
Credit Suisse Group AG 16 5.6 37,397 36 9 13.1 -7.5 Credit Suisse Group AG 16 6.6 35,784 26 8 15.1 -8.5
Deutsche Bank AG 17 4.9 33,126 21 11 8.1 -3.2 Banco Comercial Portugues SA 17 5.2 28,160 1 87 0.1 5.1
Banco Comercial Portugues SA 18 4.2 28,160 1 92 0.1 4.1 RBC Capital Markets 18 4.3 23,083 11 32 1.5 2.8
RBC Capital Markets 19 3.5 23,423 18 28 1.7 1.8 Perella Weinberg Partners LP 19 4.0 21,670 3 33 1.4 2.6
Perella Weinberg Partners LP 20 3.2 21,670 3 26 2.3 0.9 Macquarie Group Ltd 20 3.9 21,084 18 41 1.0 2.9
TOTAL 672,779 6,167 540,280 TOTAL 539,881 5,028 443,354
UK Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Germany Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
JPMorgan Chase & Co 2 27.2 83,450 32 5 15.6 11.5 BNP Paribas SA 2 26.7 32,299 3 24 1.2 25.5
Barclays PLC 3 25.8 79,250 21 16 6.0 19.8 Morgan Stanley 3 26.6 32,138 11 5 7.5 19.1
Robey Warshaw LLP 4 21.4 65,631 3 7 13.7 7.7 Rothschild & Co 4 26.2 31,707 14 9 5.0 21.2
Bank of America Merrill Lynch 5 20.1 61,649 21 3 29.2 -9.1 JPMorgan Chase & Co 5 22.9 27,713 16 8 5.4 17.5
Evercore Inc 6 17.9 55,087 18 30 1.6 16.4 Lazard Ltd 6 22.9 27,672 5 10 3.8 19.1
UBS AG 7 17.8 54,662 13 4 16.8 0.9 Bank of America Merrill Lynch 7 21.0 25,366 5 16 1.9 19.1
PJT Partners Inc 8 16.9 51,895 5 14 6.3 10.6 UBS AG 8 19.5 23,656 4 7 6.1 13.5
Rothschild & Co 9 16.8 51,682 62 10 11.8 5.0 Citigroup Inc 9 19.0 23,031 5 1 16.2 2.8
Citigroup Inc 10 16.1 49,487 21 6 15.5 0.6 LionTree Advisors LLC 10 18.0 21,813 1 - - 18.0
Goldman Sachs & Co LLC 11 15.8 48,553 29 1 44.3 -28.5 Robey Warshaw LLP 10 18.0 21,813 1 - - 18.0
Wells Fargo & Co 12 13.2 40,647 4 13 7.0 6.2 Perella Weinberg Partners LP 12 17.9 21,670 1 - - 17.9
LionTree Advisors LLC 13 10.4 31,862 2 88 0.1 10.3 Goetzpartners Corporate Finance GmbH 13 7.9 9,561 5 38 0.4 7.5
Deutsche Bank AG 14 9.7 29,813 10 8 13.0 -3.3 Deutsche Bank AG 14 6.2 7,480 4 4 8.5 -2.4
Credit Suisse Group AG 15 8.7 26,859 19 9 12.5 -3.8 Macquarie Group Ltd 14 6.2 7,480 6 20 1.7 4.5
RBC Capital Markets 16 7.3 22,320 13 21 3.7 3.6 Ernst & Young 16 5.3 6,367 17 2 13.8 -8.6
Macquarie Group Ltd 17 6.8 20,934 13 34 1.4 5.4 RBC Capital Markets 17 4.4 5,364 1 55 - 4.4
Greenhill & Co Inc 18 4.6 14,054 3 25 2.4 2.2 D'Angelin & Co Ltd 18 4.0 4,788 1 - - 4.0
China International Capital Corp Ltd 19 4.6 14,005 2 35 1.3 3.2 Societe Generale SA 18 4.0 4,788 1 55 - 4.0
CITIC Securities Co Ltd 20 4.6 14,000 1 - - 4.6 China International Capital Corp Ltd 20 2.7 3,245 2 26 1.1 1.5
TOTAL 307,356 2,359 227,524 TOTAL 121,067 1,055 51,930
9
France Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Italy Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
JPMorgan Chase & Co 1 49.8 49,268 16 13 8.9 41.0 Goldman Sachs & Co LLC 1 23.0 6,168 3 9 4.6 18.3
Lazard Ltd 2 36.0 35,595 35 5 24.4 11.6 Morgan Stanley 2 15.3 4,108 3 6 6.4 8.9
Morgan Stanley 3 26.1 25,790 10 8 13.3 12.8 Barclays PLC 3 14.9 4,015 5 15 2.2 12.8
Rothschild & Co 4 17.6 17,430 36 2 48.2 -30.6 Rothschild & Co 4 12.2 3,269 12 1 64.5 -52.4
Ardea Partners LLC 5 15.4 15,201 1 - - 15.4 Bank of America Merrill Lynch 5 11.9 3,189 3 5 10.0 1.9
BNP Paribas SA 6 14.1 13,918 21 1 56.6 -42.5 Banco Itau BBA SA 6 11.6 3,105 1 34 0.0 11.5
Guggenheim Capital LLC 7 11.3 11,137 1 - - 11.3 Banco BTG Pactual SA 6 11.6 3,105 1 - - 11.6
Societe Generale SA 8 7.9 7,820 7 7 17.5 -9.6 Mediobanca Banca di Credito Finanziario SpA 8 11.4 3,049 3 4 37.5 -26.2
Credit Agricole Corporate & Investment Ban 9 7.6 7,480 7 4 27.8 -20.3 Credit Suisse Group AG 9 10.7 2,887 2 11 3.6 7.1
Goldman Sachs & Co LLC 10 5.9 5,801 5 6 21.5 -15.6 Nomura Holdings Inc 10 8.0 2,140 3 31 0.1 7.9
Evercore Inc 11 5.6 5,539 4 19 1.6 4.0 Lazard Ltd 11 7.8 2,104 9 14 2.3 5.5
Citigroup Inc 12 5.0 4,939 5 3 34.9 -29.9 UBS AG 12 5.5 1,472 3 23 0.4 5.1
D'Angelin & Co Ltd 13 4.8 4,788 1 - - 4.8 Deutsche Bank AG 13 4.1 1,109 2 7 5.0 -0.9
Arpwood Capital Pvt Ltd 14 2.1 2,101 1 - - 2.1 JPMorgan Chase & Co 14 2.8 756 5 8 5.0 -2.2
Bank of America Merrill Lynch 14 2.1 2,101 1 11 11.0 -8.9 Alpha Bank AE 15 2.5 660 1 - - 2.5
Nomura Holdings Inc 16 1.3 1,310 3 17 3.9 -2.5 Alantra Srl 15 2.5 660 2 20 0.7 1.7
Ernst & Young 17 1.2 1,191 5 35 0.3 0.9 Robert W Baird & Co Inc 17 2.4 639 4 19 0.8 1.6
KPMG Corporate Finance LLC 18 1.0 1,000 5 40 0.2 0.8 BNP Paribas SA 18 2.3 630 6 3 59.6 -57.3
UBS AG 19 1.0 997 7 25 0.8 0.2 Houlihan Lokey Inc 19 1.9 497 3 13 2.8 -1.0
Jefferies LLC 20 0.9 927 2 20 1.3 -0.4 Gruppo Banca Leonardo SpA 19 1.9 497 5 12 3.2 -1.3
TOTAL 98,902 881 134,341 TOTAL 26,876 349 44,248
Benelux Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Iberia Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Lazard Ltd 1 43.4 33,075 18 6 18.1 25.3 Lazard Ltd 1 51.2 32,522 5 12 8.3 43.0
JPMorgan Chase & Co 2 35.1 26,733 14 2 30.1 5.0 Morgan Stanley 2 50.4 32,040 4 1 21.2 29.3
Evercore Inc 3 19.4 14,738 2 23 2.8 16.6 Bank of America Merrill Lynch 3 45.0 28,565 4 15 7.3 37.7
Morgan Stanley 4 17.7 13,505 10 9 12.5 5.3 Banco Comercial Portugues SA 4 44.3 28,160 1 29 1.8 42.5
Goldman Sachs & Co LLC 5 17.7 13,495 6 7 15.7 2.1 UBS AG 4 44.3 28,160 3 5 15.0 29.4
HSBC Bank PLC 6 17.2 13,080 3 30 0.6 16.6 Citigroup Inc 6 17.6 11,156 5 4 15.2 2.4
Citigroup Inc 7 9.8 7,454 3 1 33.7 -23.9 JPMorgan Chase & Co 7 11.7 7,419 3 3 18.2 -6.6
BNP Paribas SA 8 7.0 5,354 6 4 21.7 -14.6 Societe Generale SA 8 9.4 5,966 2 17 4.7 4.7
Barclays PLC 9 6.1 4,605 5 24 2.4 3.6 Banco Santander SA 9 8.0 5,053 7 7 9.8 -1.9
Credit Suisse Group AG 10 5.6 4,256 4 12 5.2 0.4 PricewaterhouseCoopers LLP 10 6.4 4,063 30 16 5.1 1.3
LionTree Advisors LLC 11 4.5 3,438 2 - - 4.5 Goldman Sachs & Co LLC 11 5.5 3,500 4 8 9.8 -4.3
Kempen & Co NV 12 4.3 3,275 4 51 0.0 4.3 Evercore Inc 12 3.5 2,200 2 30 1.7 1.8
Rothschild & Co 13 3.2 2,449 22 3 28.0 -24.8 Deutsche Bank AG 13 2.2 1,368 3 13 7.7 -5.6
Wells Fargo & Co 14 2.6 1,990 3 - - 2.6 RBC Capital Markets 14 1.9 1,178 1 46 0.2 1.7
Bank of America Merrill Lynch 15 2.6 1,957 4 10 11.7 -9.1 GBS Finanzas SA 15 1.8 1,120 2 44 0.3 1.5
Nomura Holdings Inc 16 2.4 1,811 2 28 1.1 1.3 Ernst & Young 16 1.6 1,029 23 6 14.6 -12.9
UBS AG 17 2.1 1,617 2 17 3.9 -1.7 Barclays PLC 17 1.4 882 3 23 2.9 -1.5
BMO Capital Markets Corp/Toronto 18 1.9 1,470 2 13 4.6 -2.7 Rothschild & Co 18 1.3 796 6 2 18.3 -17.0
Jefferies LLC 19 1.6 1,209 6 35 0.4 1.2 Alpha Bank AE 19 1.0 660 1 - - 1.0
Lincoln International LLC 20 1.1 847 2 50 0.1 1.1 Nomura Holdings Inc 19 1.0 660 3 26 2.6 -1.5
TOTAL 76,138 764 79,530 TOTAL 63,519 353 32,665
10
Nordic Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Eastern Europe Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
LionTree Advisors LLC 1 31.5 18,041 3 51 0.2 31.3 JPMorgan Chase & Co 1 11.7 4,544 4 30 - 11.7
Morgan Stanley 2 31.1 17,813 10 7 9.1 22.0 BNP Paribas SA 2 11.3 4,395 2 30 - 11.3
Barclays PLC 3 27.3 15,646 6 38 0.6 26.7 LionTree Advisors LLC 3 8.8 3,438 1 - - 8.8
Nordea Bank AB 4 25.5 14,602 3 5 10.1 15.4 Barclays PLC 3 8.8 3,438 1 - - 8.8
Macquarie Group Ltd 5 17.5 10,049 3 36 0.9 16.7 VTB Capital JSC 5 6.3 2,448 4 4 8.7 -2.4
Goldman Sachs & Co LLC 6 11.5 6,598 7 2 14.5 -3.0 Evercore Inc 6 5.7 2,200 1 8 3.5 2.2
Citigroup Inc 7 10.7 6,161 8 16 3.3 7.5 Morgan Stanley 7 4.1 1,584 2 2 10.4 -6.3
Rothschild & Co 8 10.7 6,145 11 24 1.9 8.8 Citigroup Inc 8 3.3 1,281 2 9 3.3 -
Bank of America Merrill Lynch 9 9.4 5,400 5 9 6.7 2.7 Deutsche Bank AG 9 3.0 1,172 2 3 8.9 -5.9
Ondra LLP 10 7.9 4,553 1 - - 7.9 Rothschild & Co 10 2.5 956 3 1 11.6 -9.1
JPMorgan Chase & Co 11 7.3 4,182 8 1 17.9 -10.6 Bank of America Merrill Lynch 11 1.6 606 1 - - 1.6
BNP Paribas SA 12 6.0 3,438 2 63 - 6.0 Credit Suisse Group AG 12 1.3 500 3 - - 1.3
Skandinaviska Enskilda Banken AB 13 5.1 2,900 10 21 2.3 2.8 UniCredit SpA 13 1.0 393 1 30 - 1.0
Evercore Inc 14 4.3 2,481 3 23 2.1 2.2 Superia Corporate Finance 14 1.0 386 3 - - 1.0
Svenska Handelsbanken AB 15 4.2 2,432 5 30 1.1 3.1 Lazard Ltd 15 0.7 286 2 11 2.1 -1.4
Ernst & Young 16 4.1 2,338 17 4 11.0 -6.9 Goldman Sachs & Co LLC 16 0.6 213 2 18 0.7 -0.2
Carnegie Fondkommission AB 17 3.5 2,009 13 45 0.4 3.1 Avendus Capital Pvt Ltd 17 0.5 210 2 - - 0.5
Deutsche Bank AG 18 3.3 1,904 5 34 1.0 2.3 Houlihan Lokey Inc 18 0.4 153 1 19 0.5 -0.1
Lazard Ltd 19 2.7 1,562 7 6 9.2 -6.5 UBS AG 18 0.4 153 2 30 - 0.4
Sundling & Warn Partners 20 2.1 1,195 1 - - 2.1 Erneholm & Haskel 18 0.4 153 1 - - 0.4
TOTAL 57,341 932 37,242 TOTAL 38,878 519 21,902
Africa/ME Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018

2018 2017
Barclays PLC 2 23.6 20,026 5 24 0.7 22.9
Goldman Sachs & Co LLC 3 23.4 19,899 5 5 6.2 17.2
Morgan Stanley 4 12.2 10,392 4 9 4.1 8.1
Bank of America Merrill Lynch 5 11.0 9,350 4 8 4.6 6.4
Lazard Ltd 6 9.9 8,382 6 13 3.2 6.6
Evercore Inc 7 8.9 7,589 3 50 - 8.9
Rothschild & Co 8 8.3 7,038 10 23 1.1 7.2
Greenhill & Co Inc 9 8.0 6,833 1 25 0.5 7.5
Credit Agricole Corporate & Investment Ban 10 6.3 5,389 2 30 0.4 6.0
Citigroup Inc 11 3.6 3,058 4 14 2.9 0.7
Arpwood Capital Pvt Ltd 12 2.5 2,101 1 - - 2.5
UBS AG 13 1.2 1,033 3 1 17.8 -16.6
PowerOne Capital Markets Ltd 14 0.9 748 1 - - 0.9
GMP Securities LP 14 0.9 748 1 15 2.5 -1.6
KPMG Corporate Finance LLC 16 0.6 520 5 41 0.1 0.6
PricewaterhouseCoopers LLP 17 0.5 446 6 32 0.2 0.3
Ares Management LP 18 0.5 400 1 - - 0.5
M Klein & Co LLC 18 0.5 400 1 - - 0.5
Avendus Capital Pvt Ltd 20 0.4 305 3 35 0.2 0.2
TOTAL 85,022 691 45,611
11
APAC M&A Regional Review APAC M&A: Quarterly Volume
$600 6,000
• In 1H2018, M&A activity targeting the Asia-Pacific region experienced an increase of 13.2% to $433.6

$400 4,000
billion compared to the same period last year. Deals exceeding $1.0 billion in value decreased by 3.2% $200 2,000
to 60 deals. The value of deals targeting Chinese companies or assets in China accounted for 51.2% of
$0 0
the total deal volume.
• The financial and communications sectors were the most targeted industries, accounting for 41.3% of
the region's overall volume. The pending acquisition of Flipkart Online Services to a consortium led by Volume $(Bln.) Deal Count
Walmart Inc for approximately $16.0 billion was the largest private equity deal announced both in the
region and quarter. Australia/NZ M&A: Quarterly Volume
• Private equity related deals increased 39.8% year-on-year to $117.2 billion. Sequoia Capital was the $60 600
most active investor in 1H2018 with its involvement in 34 deals including the $2.0 billion round of
financing for Jingdong Express Group Corp led by a consortium of investors such as Tencent Holdings. $40 400
APAC M&A: Highlights of 1H 2018
Total $20 200
Summary Date Target Acquirer Seller Value
Number of deals 6,325 Flipkart Online Services $0 0
5/9/2018 Walmart Inc Multiple Sellers $16,000.0
Volume (Bln.) $431.5 Pvt Ltd
Zhejiang Ant Small &
Avg Deal Size (Mln.) $68.2
6/8/2018 Micro Financial Services Multiple Acquirers - $14,000.0 Volume $(Bln.) Deal Count
Grou
Top Adviser Yantai Wanhua Wanhua Chemical Group Co Greater China M&A: Quarterly Volume
5/9/2018 Multiple Sellers $10,231.6
JPMorgan Chase & Co Chemical Co Ltd Ltd $300 3000
Number of deals 10 Inner Mongolia Baotou Iron and
4/20/2018 BaoTou Steel Union Steel Group Co - $8,151.9 $200 2000
Volume (Bln.) $39.9 Co Ltd Ltd
Avg Deal Size (Bln.) $3.9 $100 1000
5/18/2018 Bhushan Steel Ltd TATA Steel Ltd - $6,808.9
$0 0
APAC M&A: Breakdown

Amount % Change % YoY
APAC Industry Breakdown Financial Deal Type (Bln.) Deal Change
1%
Communications Company Takeover $162.6 -2.8% 10.9% Japan M&A: Quarterly Volume
4% 3% Consumer Cyclical Cross Border $170.1 -1.3% 17.3% $150 1000
Consumer Non-cyclical Private Equity $117.4 3.3% 40.0%
7% $100
25% Industrial Asset sale $47.4 -2.6% -10.8%
500
9%
Basic Materials Tender Offer $15.2 -15.3% -29.7% $50
11% Venture Capital $49.8 10.4% 116.0%
14% Technology
Spin-off $4.3 -2.1% -54.8% $0 0
13% Energy
13% Minority purchase $121.8 9.6% 27.3%
Utilities
Majority purchase $81.3 -5.1% 28.3% Volume $(Bln.) Deal Count
Diversified
Graphs represent any regional involvement (target, seller, acquirer).
12
APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Morgan Stanley 1 15.1 83,945 33 3 10.6 4.5 JPMorgan Chase & Co 1 11.0 46,512 13 18 1.8 9.2
JPMorgan Chase & Co 2 15.0 83,833 24 17 2.6 12.5 Citigroup Inc 2 8.1 34,404 23 20 1.7 6.4
Lazard Ltd 3 11.8 65,783 22 19 2.2 9.6 China International Capital Corp Ltd 3 6.7 28,400 13 4 6.9 -0.1
Bank of America Merrill Lynch 4 10.6 59,329 18 4 9.3 1.3 Goldman Sachs & Co LLC 4 6.4 26,870 16 2 8.1 -1.8
Citigroup Inc 5 9.6 53,554 31 6 5.0 4.6 CITIC Securities Co Ltd 5 6.3 26,723 15 7 4.1 2.2
Goldman Sachs & Co LLC 6 9.3 51,996 30 1 11.3 -2.0 Deutsche Bank AG 6 5.8 24,557 10 12 3.2 2.6
UBS AG 7 6.9 38,575 19 2 10.6 -3.7 Morgan Stanley 7 5.6 23,543 19 3 7.8 -2.2
China International Capital Corp Ltd 8 5.5 30,467 17 5 5.8 -0.4 Barclays PLC 8 4.0 16,898 5 27 1.0 3.0
Banco Comercial Portugues SA 9 5.1 28,160 1 119 0.1 5.0 Macquarie Group Ltd 9 3.6 14,998 15 15 2.2 1.4
Barclays PLC 10 5.0 27,650 9 23 1.7 3.2 CSC Financial Co Ltd 10 2.7 11,291 15 19 1.8 0.9
CITIC Securities Co Ltd 11 4.8 26,723 15 9 3.4 1.4 Ernst & Young 11 2.7 11,289 34 13 3.0 -0.4
Deutsche Bank AG 12 4.6 25,676 12 16 2.8 1.8 UBS AG 12 2.5 10,361 16 1 8.5 -6.1
Macquarie Group Ltd 13 4.5 25,086 21 18 2.3 2.2 Credit Suisse Group AG 13 2.4 10,294 17 21 1.6 0.9
Evercore Inc 14 3.3 18,528 8 70 0.2 3.1 Bank of America Merrill Lynch 14 2.2 9,391 12 5 5.8 -3.6
Canson Capital Partners 15 3.1 17,000 1 - - 3.1 Haitong Securities Co Ltd 15 2.1 8,824 10 16 1.9 0.2
Centerview Partners LLC 15 3.1 17,000 1 66 0.3 2.8 Lazard Ltd 16 1.6 6,943 13 23 1.4 0.3
TD Securities Inc 15 3.1 17,000 1 84 0.1 2.9 RBC Capital Markets 17 1.4 5,968 3 28 0.9 0.5
Guggenheim Capital LLC 15 3.1 17,000 1 - - 3.1 Huatai Securities Co Ltd 18 1.4 5,851 14 35 0.7 0.7
HSBC Bank PLC 19 2.4 13,630 6 116 0.1 2.4 JM Financial Ltd 19 1.3 5,490 4 79 0.1 1.2
Ernst & Young 20 2.2 12,118 41 8 3.5 -1.3 Goetzpartners Corporate Finance GmbH 20 1.3 5,364 1 - - 1.3
TOTAL 557,921 6,346 478,516 TOTAL 422,724 5,467 390,871
APAC Private Equity (Any Involvement) 01/01/2018 - 06/25/2018

2018 2017
Morgan Stanley 2 24.3 52,136 21 2 19.4 4.8
Goldman Sachs & Co LLC 3 18.0 38,758 16 1 21.0 -3.0
Citigroup Inc 4 16.7 35,913 11 5 14.0 2.7
Lazard Ltd 5 14.6 31,365 13 8 7.2 7.4
Barclays PLC 6 12.3 26,349 3 14 4.5 7.8
Macquarie Group Ltd 7 11.0 23,592 9 9 6.4 4.6
Bank of America Merrill Lynch 8 10.9 23,305 8 4 17.4 -6.5
Deutsche Bank AG 9 9.8 21,064 7 17 3.8 6.0
China International Capital Corp Ltd 10 9.7 20,759 8 41 0.4 9.3
Evercore Inc 11 8.7 18,628 9 46 0.3 8.4
Canson Capital Partners 12 7.9 17,000 1 - - 7.9
Guggenheim Capital LLC 12 7.9 17,000 1 - - 7.9
Centerview Partners LLC 12 7.9 17,000 1 47 0.3 7.6
TD Securities Inc 12 7.9 17,000 1 - - 7.9
CITIC Securities Co Ltd 16 6.5 14,000 1 24 1.6 5.0
HSBC Bank PLC 17 5.9 12,719 2 - - 5.9
Nordea Bank AB 18 4.7 10,049 1 - - 4.7
LionTree Advisors LLC 18 4.7 10,049 1 88 - 4.7
Rothschild & Co 20 3.7 7,852 11 13 4.7 -1.1
TOTAL 214,836 1,536 147,648
13
AU & NZ Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Japan Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Macquarie Group Ltd 1 35.1 22,324 19 2 24.3 10.8 JPMorgan Chase & Co 1 61.5 102,505 10 1 16.9 44.7
Barclays PLC 3 16.6 10,570 3 25 0.6 16.0 Nomura Holdings Inc 3 58.5 97,375 49 3 14.1 44.3
Nordea Bank AB 4 15.8 10,049 2 - - 15.8 Morgan Stanley 4 53.1 88,412 30 2 14.3 38.7
LionTree Advisors LLC 4 15.8 10,049 1 - - 15.8 Citigroup Inc 5 50.0 83,276 6 13 3.9 46.1
JPMorgan Chase & Co 6 14.8 9,410 6 5 11.3 3.5 Evercore Inc 6 48.3 80,395 3 6 10.6 37.7
Deutsche Bank AG 7 11.7 7,422 4 3 18.6 -6.9 Barclays PLC 7 10.0 16,600 2 33 0.3 9.7
Lazard Ltd 8 10.9 6,943 9 6 11.0 -0.1 Sumitomo Mitsui Financial Group Inc 8 5.4 9,035 84 4 13.2 -7.8
Ernst & Young 9 10.7 6,835 8 7 10.2 0.5 Mizuho Financial Group Inc 9 2.4 4,021 51 9 7.1 -4.7
RBC Capital Markets 10 9.9 6,268 5 9 9.4 0.4 Lazard Ltd 10 1.6 2,710 5 7 9.3 -7.7
Goetzpartners Corporate Finance GmbH 11 8.4 5,364 1 - - 8.4 Rothschild & Co 11 1.6 2,663 3 24 1.3 0.3
Credit Suisse Group AG 12 8.1 5,154 8 16 2.5 5.7 Credit Suisse Group AG 12 1.3 2,181 2 12 5.2 -3.9
Citigroup Inc 13 7.4 4,724 9 15 3.9 3.5 Daiwa Securities Group Inc 13 1.2 1,915 16 11 5.4 -4.2
UBS AG 14 7.4 4,712 7 1 29.2 -21.8 Bank of America Merrill Lynch 14 0.7 1,196 4 10 6.4 -5.7
Bank of America Merrill Lynch 15 5.8 3,713 8 8 9.5 -3.7 GCA Corp 15 0.5 890 14 20 1.7 -1.1
Goldman Sachs & Co LLC 16 5.1 3,253 8 4 16.1 -11.0 UBS AG 16 0.4 735 2 16 2.7 -2.2
Bank of Nova Scotia/The 17 3.3 2,126 4 - - 3.3 RBC Capital Markets 17 0.4 730 1 - - 0.4
Arpwood Capital Pvt Ltd 18 3.3 2,101 1 - - 3.3 KPMG Corporate Finance LLC 18 0.4 727 4 8 8.7 -8.3
Rothschild & Co 19 3.1 1,943 5 11 6.1 -3.1 Centerview Partners LLC 19 0.4 612 1 - - 0.4
Nomura Holdings Inc 20 2.0 1,295 4 31 0.2 1.8 Cowen & Co LLC 19 0.4 612 1 43 0.1 0.2
TOTAL 63,651 804 45,805 TOTAL 166,576 1,493 78,382
South Korea Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 China Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Credit Suisse Group AG 2 7.2 2,839 2 6 2.8 4.5 UBS AG 2 11.3 32,977 8 5 8.0 3.3
Macquarie Group Ltd 3 7.0 2,762 1 - - 7.0 Bank of America Merrill Lynch 3 11.2 32,519 4 4 8.8 2.4
Bank of America Merrill Lynch 3 7.0 2,762 1 14 0.9 6.2 Lazard Ltd 4 10.8 31,427 8 29 1.0 9.8
Rothschild & Co 5 5.2 2,033 3 - - 5.2 China International Capital Corp Ltd 5 10.5 30,467 17 2 9.8 0.6
JPMorgan Chase & Co 6 3.6 1,429 3 13 0.9 2.7 Banco Comercial Portugues SA 6 9.7 28,160 1 72 0.1 9.6
Deutsche Bank AG 7 3.1 1,221 1 8 1.7 1.4 CITIC Securities Co Ltd 7 9.2 26,723 15 7 5.7 3.5
Samsung Securities Co Ltd 8 1.9 747 2 10 1.6 0.3 Citigroup Inc 8 9.2 26,697 9 6 6.9 2.3
Ernst & Young 9 1.8 717 7 1 13.4 -11.6 Deutsche Bank AG 9 5.6 16,453 4 19 1.3 4.4
BNP Paribas SA 10 1.4 561 1 19 0.2 1.2 JPMorgan Chase & Co 10 5.1 14,951 6 13 2.3 2.8
UBS AG 10 1.4 561 1 - - 1.4 Goldman Sachs & Co LLC 11 4.3 12,482 11 3 9.5 -5.3
Duff & Phelps LLC 12 1.3 501 1 - - 1.3 CSC Financial Co Ltd 12 3.9 11,321 16 12 2.5 1.4
Barclays PLC 13 1.3 500 1 - - 1.3 Haitong Securities Co Ltd 13 3.0 8,824 10 10 2.8 0.2
RBC Capital Markets 14 1.2 488 1 - - 1.2 Huatai Securities Co Ltd 14 2.3 6,546 15 28 1.0 1.3
NH Investment & Securities Co Ltd 15 1.1 445 3 12 1.0 0.2 Sinolink Securities Co Ltd 15 1.5 4,316 3 - - 1.5
PricewaterhouseCoopers LLP 16 1.1 427 6 4 5.9 -4.9 China Renaissance Partners 16 1.2 3,400 1 78 0.1 1.1
Bank of Nova Scotia/The 17 0.6 250 2 - - 0.6 Messis Capital Ltd 17 1.1 3,290 1 - - 1.1
Citigroup Inc 18 0.6 216 1 - - 0.6 Nomura Holdings Inc 18 1.0 2,855 4 20 1.3 -0.3
Republic Partners Financial 18 0.6 216 1 - - 0.6 China Merchants Securities Co Ltd 19 0.9 2,617 8 18 1.3 -0.4
Nomura Holdings Inc 20 0.5 180 3 - - 0.5 Somerley Group Ltd 20 0.5 1,582 5 17 2.0 -1.5
TOTAL 39,376 862 49,105 TOTAL 291,531 2,627 283,803
14
Hong Kong Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 Taiwan Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
JPMorgan Chase & Co 1 25.5 15,871 5 12 3.5 22.0 Goldman Sachs & Co LLC 1 23.1 1,606 2 3 9.4 13.7
Citigroup Inc 2 23.4 14,598 6 37 0.5 22.9 Citigroup Inc 2 10.6 740 1 - - 10.6
Deutsche Bank AG 3 23.4 14,580 4 - - 23.4 Deloitte Touche Tohmatsu ILA Group Ltd 3 6.6 460 4 - - 6.6
CITIC Securities Co Ltd 4 22.5 14,000 1 19 2.8 19.7 Shenwan Hongyuan Group Co Ltd 4 1.3 88 1 - - 1.3
Morgan Stanley 4 22.5 14,000 5 2 9.5 13.0 Union Square Advisors LLC/NY 5 1.0 66 1 - - 1.0
China International Capital Corp Ltd 4 22.5 14,000 1 24 2.2 20.2 Cowen & Co LLC 6 0.7 45 1 - - 0.7
Goldin Financial Holdings Ltd 7 3.7 2,295 2 26 2.0 1.7 Morgan Stanley 7 0.5 34 1 - - 0.5
Gram Capital Ltd 7 3.7 2,295 2 14 3.2 0.5 Mizuho Financial Group Inc 8 0.5 33 1 - - 0.5
Raymond James & Associates Inc 9 3.3 2,080 2 - - 3.3 KAF Investment Bank Bhd 9 0.1 9 1 - - 0.1
Nomura Holdings Inc 10 3.2 2,007 2 9 5.4 -2.2 Ernst & Young 10 - - 1 - - -
Qatalyst Partners LLC 11 2.7 1,680 1 - - 2.7
Lazard Ltd 12 2.1 1,337 2 6 7.1 -5.0
HSBC Bank PLC 13 1.6 1,016 3 82 - 1.6
Red Sun Capital Ltd 14 1.4 856 3 41 0.3 1.0
China Construction Bank Corp 15 1.1 691 4 40 0.4 0.7
Goldman Sachs & Co LLC 16 0.8 520 2 1 14.6 -13.8
Euto Capital Partners Ltd 17 0.8 510 1 42 0.3 0.5
Duff & Phelps LLC 18 0.8 501 1 38 0.5 0.3
Moelis & Co 19 0.7 433 3 25 2.1 -1.4
CIMB 20 0.7 427 2 - - 0.7
TOTAL 62,347 677 75,306 TOTAL 6,956 85 5,883
SE Asia Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018 India Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018
2018 2017 2018 2017
Citigroup Inc 2 25.2 34,482 5 11 4.1 21.1 Citigroup Inc 2 24.2 19,448 8 13 3.3 20.8
Goldman Sachs & Co LLC 3 24.8 34,022 4 13 3.6 21.2 Goldman Sachs & Co LLC 3 21.1 16,985 4 3 34.9 -13.8
Morgan Stanley 4 24.2 33,142 7 1 9.3 14.9 Morgan Stanley 4 20.6 16,583 3 1 35.1 -14.5
Lazard Ltd 5 21.0 28,749 3 6 5.0 16.0 Barclays PLC 5 20.1 16,177 3 - - 20.1
Bank of America Merrill Lynch 6 15.9 21,811 5 20 2.6 13.3 CITIC Securities Co Ltd 6 17.4 14,000 1 - - 17.4
Evercore Inc 7 13.1 17,927 3 42 0.2 12.9 Deutsche Bank AG 6 17.4 14,000 1 10 3.4 14.0
Centerview Partners LLC 8 12.4 17,000 1 68 - 12.4 China International Capital Corp Ltd 6 17.4 14,000 1 - - 17.4
Canson Capital Partners 8 12.4 17,000 1 - - 12.4 JM Financial Ltd 9 6.8 5,490 4 18 1.1 5.7
Guggenheim Capital LLC 8 12.4 17,000 1 - - 12.4 Bank of America Merrill Lynch 10 4.5 3,621 3 4 33.0 -28.5
TD Securities Inc 8 12.4 17,000 1 - - 12.4 Ernst & Young 11 4.3 3,486 16 20 0.9 3.5
Barclays PLC 12 11.7 16,000 1 10 4.3 7.4 State Bank of India 12 3.5 2,814 1 - - 3.5
China International Capital Corp Ltd 13 11.3 15,500 3 21 2.5 8.8 Arpwood Capital Pvt Ltd 13 2.8 2,281 2 - - 2.8
Deutsche Bank AG 14 11.0 15,102 2 23 2.4 8.6 Rothschild & Co 14 2.3 1,851 3 5 32.6 -30.3
CITIC Securities Co Ltd 15 10.2 14,000 1 - - 10.2 Axis Bank Ltd 15 1.7 1,377 3 6 32.4 -30.7
HSBC Bank PLC 16 9.2 12,614 3 54 0.1 9.1 Avendus Capital Pvt Ltd 16 1.3 1,023 11 17 1.2 0.1
Rothschild & Co 17 5.6 7,655 10 68 - 5.6 LionTree Advisors LLC 17 1.1 874 1 - - 1.1
Credit Agricole Corporate & Investment Ban 18 3.9 5,389 1 - - 3.9 Kotak Mahindra Bank Ltd 18 0.7 551 4 7 32.0 -31.3
Credit Suisse Group AG 19 2.6 3,522 6 9 4.5 -1.9 Credit Suisse Group AG 19 0.6 492 2 54 - 0.6
RHB 20 1.9 2,651 9 25 1.7 0.3 Jefferies LLC 20 0.5 405 1 19 0.9 -0.4
TOTAL 137,002 1,066 53,773 TOTAL 80,508 976 42,027
15
Bloomberg League Criteria
Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are
converted to US dollars at the time of announcement.
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Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held
company where applicable.
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Advisory fees hold no weight over advisory credit.
General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by
the target company.
Deals that are considered to be in proposed status will not be granted credit.
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{LEAG<GO>}: M&A
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Bloomberg Global MA Financial Rankings 1H 2018 Preliminary

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GLOBAL M&A FINANCIAL ADVISORY RANKINGS

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Global M&A Review | 1H 2018

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

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

$400 4,000 Tender Offer $205.5 -26.1% 31.3%

Global Private Equity Announced Deals 01/01/2018 - 06/25/2018

Global M&A Review |1H 2018

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

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

Global M&A Review |1H 2018

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

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

$400 4,000 Company Takeover $307.6 -7.7% 51.9%

$200 2,000 Asset sale $143.3 -5.3% 60.0%

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

Africa/ME Announced Deals (Any Involvement) 01/01/2018 - 06/25/2018

Global M&A Review |1H 2018

APAC M&A: Breakdown

APAC Private Equity (Any Involvement) 01/01/2018 - 06/25/2018

Advisory fees hold no weight over advisory credit.

General Database Criteria

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