GLOBAL M&A MARKET REVIEW...Morgan Inc.’s $48.9 billion acquisition of Kinder Morgan Energy...

GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS

1ST 3Q 2014

CONTENTS

1. Introduction

2. Global Market Commentary

8. Global M&A Activity by Region

9. Global M&A Activity by Industry

10. Global Announced Deals

11. Cross Border Announced Deals

12. Global Private Equity Announced Deals

13. North America Announced Deals

17. Latin America Announced Deals

19. EMEA Announced Deals

30. APAC Announced Deals

38. Disclaimer

DisclaimerDATA SUBMISSIONS AND QUERIES

Contact Phone Email

North America Rachel Campanelli +1-212-617-2546 [email protected]

EMEA Paula Cook Dinan +44-20-3525-8104 [email protected]

Asia Pacific Parker Leung +852-2977-6108 [email protected]

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

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

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

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

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

Q3 2014

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

©2014 Bloomberg Finance L.P. All rights reserved.1

mailto:[email protected]

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

Scale in USD bil.

0 - 1

2 - 3

4 - 9

10 - 31

32 - 9

10 - 31

32 - 61

62 - 184

185 - 553

554 -

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* Quarterly deal value and adviser market share for any regional involvement (target, seller, or acquirer). Scale in USD billions.

Global M&A Regional Review 3Q

Eastern Europe USD 13 billion 1. Goldman Sachs & Co 24.6%2. Citi 19.1% 3. Evercore Partners Inc 18.5%

Asia Pacific USD 200 billion 1. Morgan Stanley 14.8% 2. Citi 14.8% 3. Goldman Sachs & Co 12.5%

Western Europe USD 365 billion 1. Goldman Sachs & Co 45.8%2. Deutsche Bank AG 44.0%3. Morgan Stanley 35.9%

Latin America & CaribbeanUSD 38 billion 1. Morgan Stanley 33.5% 2. Banco Itau BBA SA 33.3%3. Rothschild 32.1%

Middle East & Africa USD 18 billion 1. Citi 27.0% 2. Morgan Stanley 10.9% 3. Deutsche Bank AG 10.3%

North America USD 614 billion 1. Citi 39.1% 2. Goldman Sachs & Co 30.8%3. JP Morgan 29.4%

2

Global M&A Quarterly Volume

*Graphs represent any regional involvement (target, seller, or acquirer). Scale in USD billions.

EMEA M&A Quarterly Volume

Global M&A Regional Review 3Q

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Quarterly Regional Volume: Notable Highlights Global M&A deal volume represented $888.9 billion, the highest third quarter in seven years, up

29% compared to a year ago despite a 9% decline from the second quarter of 2014. The Americas

led this quarter’s increase with $642 billion, accounting for over half the total volume for the

period. Capital flow within North America accounted for nearly 40% of total deals, led by Kinder

Morgan Inc.’s $48.9 billion acquisition of Kinder Morgan Energy Partners LP.

In the third quarter, Europe, Middle East & Africa (EMEA)-based targets attracted 48% more M&A

activity than the previous year, accounting for 27% of global volume, led by AbbVie Inc.’s takeover

of Ireland-based Shire PLC. Companies in Ireland received the most takeover interest in history,

with $55.9 billion worth of deals being announced, an increase of 700% over last year’s $7 billion.

Swiss-based companies also presented a notable increase of 317% from $2.4 billion in 2013’s third

quarter to $10 billion in 2014 ’s third quarter, led by Archer-Daniels-Midland Co’s acquisition of Wild

Flavors GmbH from KKR & Co LP.

Asia-based deal volume increased by 13% from the same period last year, with $199.5 billion in

the third quarter. China’s 71% rise in activity year-over-year was a key driver to the boost for the

region, led by Sinopec’s $17.5 billion sale of 30% in its retail business.

APAC M&A Quarterly Volume

Americas M&A Quarterly Volume

$0

$500

$1,000

$1,500

0

2,000

4,000

6,000

8,000

10,000

2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3

Volume $(bil.) Deal Count

$0

$500

$1,000

0

2,000

4,000

6,000

2009Q3

2010Q3

2011Q3

2012Q3

2013Q3

2014Q3


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$400

$600

0

1,000

2,000

3,000

2009Q3

2010Q3

2011Q3

2012Q3

2013Q3

2014Q3


$0

$100

$200

$300

0

2,000

4,000

2009Q3

2010Q3

2011Q3

2012Q3

2013Q3

2014Q3


3

Top Advisers: Consumer, Non-cyclicalQ3 Industry Deal Volume (USD bil.)

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Quarterly Deal Activity by Target Industry

Global M&A Industry Review 3Q Q3 2014 Industry Deal Volume

All total deal value figures in USD

Deal count remained relatively consistent this quarter, with a total of 7,738 deals announced,

compared to last quarter's deal count of 7,638. Around 77% of deal volume this quarter was over $500

million, compared to an average of 70% from the past five third quarters, indicating the presence of larger

sized deals announced this quarter.

The consumer non-cyclical industry proved to be the most targeted industry for the second quarter in a

row. Similar to the second quarter, this quarter's targets were dominated by those in the pharmaceuticals

sector. AbbVie Inc’s offer to buy Shire PLC for $54.9 billion accounted for 30% of deal volume in the

consumer non-cyclical industry this quarter and was also the largest deal of the quarter. The second most

targeted sector in this industry was agriculture, with a specific focus on the tobacco sub-sector. Reynolds

American Inc's pending acquisition for Lorillard Inc accounted for over half of all deals announced in the

agricultural space and represents the largest deal between two tobacco companies on record.

The energy industry was the second most targeted industry, with deals in the pipelines sector

dominating. Kinder Morgan Inc was the most active buyer by volume in the energy space, with three

offers pending for Kinder Morgan Energy Partners LP, Kinder Morgan Management LLC, and El Paso

Pipeline Partners LP. These deals helped to push volume in the energy industry 124% higher than in the

second quarter. Graph represents target industry

Top Advisers: Energy

$

$50

$100

$150

$200

$250

2013

2014

Basic Materials

6%

Communications 9%

Consumer, Non-cyclical

21%

Consumer, Cyclical

15% Diversified

1%

Energy 18%

Financial 17%

Industrial 6%

Technology 5%

Utilities 2%

Communications

9%

Firm Rank Total Deal Value (bil.) Deal Count

Citi 1 93.07 12

JP Morgan 2 92.19 18

Goldman Sachs & Co 3 73.15 9

Morgan Stanley 4 64.64 9

Deutsche Bank AG 5 63.64 9

Firm Rank Total Deal Value (bil.) Deal Count

Citi 1 95.56 10

Barclays 2 80.56 12

Jefferies LLC 3 60.21 5

Goldman Sachs & Co 4 32.52 5

Lazard Ltd 5 28.77 4

4

Run BI DEAL<GO> to access proprietary Bloomberg Intelligence's M&A Research.

Global M&A Industry Review 3Q

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All volume figures in USD bil.

Global M&A Deal Review 3Q

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Quarterly Aggregate Deal Statistics The total number of mega-deals (over $10 billion) tripled to 12 as compared to the same period last

year. Private equity buyouts remained consistent in volume in comparison to the third quarter of 2013.

The use of the hybrid payment type of cash & stock represented 30% of the total payment types this

quarter, up from 8% in the same period last year. The payment option of cash or stock represented less

than 1% of the payment types this quarter as compared to 3% in the third quarter last year.

Announced premiums in the 10-25% range were up by 39% compared to the preceding quarter. This

range was the highest, representing 47% of the total this quarter. However, premiums within the range of

25-50% made up 44% of deals in the preceding quarter as compared to only 37% of deals in this quarter.

The highest announced premiums this quarter on deals above $1 billion were for the acquisition of

InterMune Inc by Roche Holding AG (55%) and Infineon Technologies AG's purchase of International

Rectifier Corp (56%).

0.4, 0% 1.5, 1%13.1, 4%

132.4, 37%

168.1, 47%

39.2, 11%

Q3 Announced Deal Premiums (Volume in USD B,%)

>100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%

Public Target Multiples Min - Max Median Book Value .00 - 1926.80x 2.23x Cashflow from Ops. .00 - 4884.36x 15.45x EBIT .00 - 2541.53x 16.25x EBITDA .00 - 3070.31x 10.54x Enterprise Value .00 - 113.02x 1.09x Market Cap .00 - 1878.91x 1.28x Net Income .00 - 2032.65x 23.03x Net Income + Deprec .00 - 2032.65x 16.33x Revenue .00 - 501.91x 1.47x Total Assets .00 - 96.70x 1.02x

Payment Type Summary Volume Percent Cash 502.10 56.48 Cash & Stock 268.62 30.22 Stock 74.07 8.33 Undisclosed 23.62 2.66 Cash or Stock 7.09 0.80 Cash & Debt 5.03 0.57 Stock & Debt 4.25 0.48 Cash, Stock & Debt 2.15 0.24 Debt 0.10 0.01

Deal Type Summary Volume Percent Company Takeover 615.52 69.24 Cross Border 455.48 51.24 Private Equity 189.53 21.32 Asset Sale 143.59 16.15 Additional Stake Purchase 96.41 10.85 Minority Purchase 95.60 10.75 PE Seller 82.37 9.27 Tender Offer 57.09 6.42 Majority Purchase 38.35 4.31 Option Agreement 26.30 2.96 PE Buyout 24.45 2.75 Venture Capital 17.15 1.93 Private Placement 16.63 1.87

Other 69.93 7.89

6

Americas

APAC

EMEA

All value figures in USD.

Top Third Quarter Deals by Target Region

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Global M&A Deal Review 3Q

Target Name Acquirer Name Seller Name Total Value (mil.)

Kinder Morgan Energy Partners LP Kinder Morgan Inc/DE 48,881.9Lorillard Inc Reynolds American Inc 26,477.1Sigma-Aldrich Corp Merck KGaA 16,394.6TRW Automotive Holdings Corp ZF Friedrichshafen AG 12,857.3Tim Hortons Inc Burger King Worldwide Inc 12,112.3Kinder Morgan Management LLC Kinder Morgan Inc/DE 10,680.7Global Village Telecom Holding SA Telefonica Brasil SA Vivendi SA 10,284.8El Paso Pipeline Partners LP Kinder Morgan Inc/DE 10,275.6Family Dollar Stores Inc Dollar General Corp 9,721.5Family Dollar Stores Inc Dollar Tree Inc 9,093.5


Sinopec Marketing Co Ltd Multiple acquirers 17,459.9KEPCO headquarters/Gangnam Multiple acquirers Korea Electric Power Corp 10,093.8Hong Yuan Securities Co Ltd China Investment Corp 6,388.4S-Oil Corp Saudi Arabian Oil Co Korean Air Lines Co Ltd 4,602.9Sinopec Oilfield Service Corp Sinopec Yizheng Chemical Fibre Co Ltd China Petrochemical Corp 4,180.8Sound Global Ltd Sound Environmental Resources Co Ltd 2,928.6Samsung Engineering Co Ltd Samsung Heavy Industries Co Ltd 2,783.4China Network Systems Co Ltd Private Investor MBK Partners Ltd 2,400.0China Huarong Asset Management Co Ltd Multiple acquirers 2,367.3Malaysian oil & gas assets Pertamina Persero PT Murphy Oil Corp 2,000.0


Shire PLC AbbVie Inc 54,858.9Alliance Boots GmbH Walgreen Co Multiple sellers 24,397.8Corio NV Klepierre 9,874.7Multiple Targets British Sky Broadcasting Group PLC Twenty-First Century Fox Inc 9,701.5Developed mkts branded generics pharma Mylan Inc/PA Abbott Laboratories 5,355.0Catalunya mortgage portfolio Blackstone Group LP/The Caixa d'Estalvis de Catalunya Tarragona i Manresa 4,890.4Jazztel PLC Orange SA 4,752.8BSH Bosch und Siemens Hausgeraete GmbH Robert Bosch GmbH Siemens AG 3,849.6Rottapharm SpA Meda AB 3,482.5Sky Deutschland AG British Sky Broadcasting Group PLC 3,387.3

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Global M&A Activity

Regional Breakdown by Target Region/Country

1/1/14 - 9/30/14 2014 2013

REGION VOLUME

USD (Mln)

DEAL

COUNT

VOLUME

USD (Mln)

DEAL

COUNT

VOLUME

CHANGE

Americas $1,388,574 10,862 $876,537 9,677 58.42%

Latin America $92,504 635 $61,071 704 51.47%

North America $1,312,181 10,332 $825,779 9,082 58.90%

Canada $84,651 1,196 $68,249 1,138 24.03%

United States $1,202,990 8,948 $743,675 7,765 61.76%

EMEA $650,820 5,770 $526,264 5,768 23.67%

Eastern Europe $32,764 736 $59,021 914 -44.49%

Western Europe $594,986 4,506 $424,243 4,376 40.25%

UK $134,227 1,618 $102,747 1,468 30.64%

Germany $69,484 633 $69,726 635 -0.35%

France $121,135 426 $49,176 488 146.33%

Asia-Pacific ex-Japan $437,149 4,922 $322,711 4,653 35.46%

Australia $57,314 765 $42,217 656 35.76%

New Zealand $4,753 92 $3,054 88 55.61%

China $182,822 1,649 $127,857 1,569 42.99%

Hong Kong $32,693 355 $15,264 309 114.18%

South East Asia $53,029 811 $58,038 815 -8.63%

India $25,708 487 $16,341 497 57.32%

Japan $33,049 1,189 $50,789 1,187 -34.93%

Global $2,515,375 22,971 $1,778,977 21,434 41.39%

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.

8

01/01/14 - 09/30/14 2014

FIRM RANK MKT VOLUME SHARE USD (Mln)

DEAL COUNT

Goldman Sachs & Co 1 14.1 60,955 57

Morgan Stanley 2 13.6 58,925 44 JPMorgan Chase & Co 3 12.5 53,936 42 Bank of America Merrill Lynch 4 9.1 39,318 31 Deutsche Bank AG 5 8.3 35,781 31 Citigroup Inc 6 7.0 30,341 34 UBS AG 7 6.0 25,752 22 Barclays PLC 8 5.7 24,793 33 Lazard Ltd 9 5.0 21,761 27 Somerley International Ltd 10 5.0 21,737 8

TOTAL $432,950 4,036

01/01/14 - 09/30/14 2014


DEAL COUNT

Citigroup Inc 1 40.8 118,836 29

Barclays PLC 2 34.8 101,146 27 Jefferies LLC 3 22.4 65,255 8 Goldman Sachs & Co 4 20.5 59,605 22 Morgan Stanley 5 14.5 42,304 13 Deutsche Bank AG 6 12.1 35,110 12 Lazard Ltd 7 11.1 32,312 10 Tudor Pickering Holt & Co 8 10.8 31,537 22 Bank of America Merrill Lynch 9 9.7 28,205 11 JPMorgan Chase & Co 10 9.0 26,042 18

TOTAL $291,020 1,278

M&A League Tables by Industry Global Announced Deals - Consumer, Non-cyclical Global Announced Deals - Financial

01/01/14 - 09/30/14 2014


DEAL COUNT

Goldman Sachs & Co 1 48.5 279,558 49

Morgan Stanley 2 36.2 208,552 45 Bank of America Merrill Lynch 3 33.9 195,495 40 JPMorgan Chase & Co 4 29.2 168,159 50 Citigroup Inc 5 25.3 145,744 38 Barclays PLC 6 20.0 115,170 33 Centerview Partners LLC 7 15.7 90,648 19 Lazard Ltd 8 15.4 88,812 43 Deutsche Bank AG 9 13.8 79,205 26 Credit Suisse Group AG 10 13.5 77,830 31

TOTAL $576,226 4,706

Global Announced Deals - Communications Global Announced Deals - Energy

01/01/14 - 09/30/14 2014


DEAL COUNT

Morgan Stanley 1 47.5 185,319 34 Goldman Sachs & Co 2 37.2 145,381 37 Bank of America Merrill Lynch 3 37.1 144,921 23 JPMorgan Chase & Co 4 31.1 121,569 30 Citigroup Inc 5 28.8 112,591 17 Lazard Ltd 6 28.1 109,503 11 Barclays PLC 7 27.8 108,468 15 Allen & Co Inc 8 22.2 86,580 4 PJT Capital LLC 9 19.4 75,705 2 Centerview Partners LLC 10 18.0 70,245 4

TOTAL $390,375 2,781

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Bloomberg

M&A Financial Advisory League Tables

Global Announced Deals

Ranked by Volume

1/1/14 - 9/30/14

FIRM RANK MKT

2014

VOLUME DEAL

2013

RANK MKT MKT SHARE

SHARE USD (Mln) COUNT SHARE CHANGE

Goldman Sachs & Co

Morgan Stanley

Citigroup Inc

Bank of America Merrill Lynch

JPMorgan Chase & Co

Barclays PLC

Lazard Ltd

Deutsche Bank AG

Credit Suisse Group AG

Centerview Partners LLC

Rothschild Ltd

UBS AG

RBC Capital Markets

Evercore Partners Inc

BNP Paribas SA

Jefferies LLC

Perella Weinberg Partners LP

Allen & Co Inc

PJT Capital LLC

Societe Generale SA

1 30.1

2 27.5

3 22.5

4 20.5

5 18.7

6 17.9

7 16.9

8 14.7

9 10.9

10 8.8

11 6.5

12 5.8

13 4.8

14 4.5

15 4.3

16 3.8

17 3.6

18 3.5

19 3.0

20 3.0

755,753

692,413

566,094

515,556

470,878

449,359

425,256

369,627

274,344

220,361

163,699

145,059

121,435

113,646

108,129

97,688

91,010

87,776

75,705

74,234

274 1

241 3

198 11

174 4

203 2

174 5

162 9

156 8

150 7

36 14

179 17

98 6

111 16

95 18

81 15

93 25

22 28

9 39

2 12

35 24

26.5

22.6

7.6

21.6

24.3

17.7

9.1

9.3

9.3

4.9

3.6

12.6

3.7

3.3

4.6

1.5

1.3

0.8

7.3

1.5

3.6

4.9

14.9

(1.1)

(5.6)

0.2

7.8

5.4

1.6

3.9

2.9

(6.8)

1.1

1.2

(0.3)

2.3

2.3

2.7

(4.3)

1.5

TOTAL $2,515,375 22,971 $1,778,977


*Total Volume represents all announced transactions in US$ millions.

10

Bloomberg


Cross Border Announced Deals

Ranked by Volume

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co

Morgan Stanley

Deutsche Bank AG

Citigroup Inc

Lazard Ltd

JPMorgan Chase & Co



Rothschild Ltd

Barclays PLC


UBS AG


BNP Paribas SA

HSBC Bank PLC

Societe Generale SA

RBC Capital Markets

Credit Agricole Corporate & Investment Bank SA

Macquarie Group Ltd

Banco Santander SA

1 36.0

2 34.8

3 26.0

4 24.7

5 23.6

6 20.7

7 16.7

8 13.3

9 12.3

10 9.3

11 8.5

12 7.5

13 7.3

14 7.0

15 6.5

16 4.8

17 3.6

18 2.8

19 2.7

20 2.4

394,684

381,345

284,956

270,453

258,364

226,995

182,829

145,274

135,264

102,175

93,630

81,816

79,900

76,304

71,414

52,393

39,004

30,680

29,688

26,110

157 1

138 2

91 10

99 9

102 12

112 3

87 4

79 11

128 14

75 5

19 25

56 6

38 49

57 15

32 13

21 17

41 38

14 76

46 35

20 53

39.2

34.4

9.4

9.8

5.5

32.1

28.0

9.0

5.1

26.7

1.5

24.1

0.7

4.0

5.1

3.2

1.2

0.2

1.2

0.6

(3.2)

0.4

16.6

14.9

18.1

(11.4)

(11.3)

4.3

7.2

(17.4)

7.0

(16.6)

6.6

3.0

1.4

1.6

2.4

2.6

1.5

1.8

TOTAL $1,096,311 7,904 $791,819



11

Bloomberg


Global Private Equity Announced Deals

Ranked by Volume 1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co 1 30.8 156,642 101 3 23.9 6.9

Morgan Stanley 2 24.2 122,993 83 8 13.3 10.9

Deutsche Bank AG 3 20.8 105,842 62 5 17.1 3.7

Citigroup Inc 4 16.4 83,598 48 13 9.4 7.0

Lazard Ltd 5 16.3 82,626 52 9 12.4 3.9

Bank of America Merrill Lynch 6 15.5 79,035 49 2 24.2 (8.7)

JPMorgan Chase & Co 7 15.0 76,211 63 1 26.7 (11.7)

Barclays PLC 8 12.5 63,615 55 7 14.6 (2.1)

Credit Suisse Group AG 9 11.5 58,223 54 4 21.7 (10.2)

UBS AG 10 9.9 50,525 28 18 5.4 4.5

RBC Capital Markets 11 6.3 31,762 33 11 11.8 (5.5)

Centerview Partners LLC 12 6.3 31,759 7 6 15.6 (9.3)

Rothschild Ltd 13 4.1 20,678 60 22 3.4 0.7

CITIC Securities Co Ltd 14 3.9 19,910 2 104 0.1 3.8

Allen & Co Inc 15 3.8 19,371 7 38 0.8 3.0

Wells Fargo & Co 16 3.8 19,123 25 12 10.4 (6.6)

Jefferies LLC 17 3.7 18,968 64 19 4.0 (0.3)

PricewaterhouseCoopers LLP 18 3.1 15,529 64 27 2.0 1.1

Evercore Partners Inc 19 2.8 14,340 31 14 7.1 (4.3)

Banco Santander SA 20 2.7 13,833 7 64 0.2 2.5

TOTAL $508,536 5,585 $295,909 *Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.


12

Bloomberg


United States Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co

Morgan Stanley

Citigroup Inc


JPMorgan Chase & Co

Barclays PLC

Lazard Ltd

Deutsche Bank AG




RBC Capital Markets

Jefferies LLC

Allen & Co Inc

UBS AG

PJT Capital LLC


Greenhill & Co Inc

Wells Fargo & Co

Rothschild Ltd

1 35.7

2 31.9

3 26.4

4 25.6

5 25.4

6 25.2

7 17.6

8 15.6

9 14.2

10 10.3

11 6.8

12 6.6

13 6.1

14 5.7

15 5.1

16 4.9

17 3.9

18 2.9

19 2.9

20 2.3

550,277

491,540

406,475

394,657

391,475

388,415

271,710

241,083

218,749

159,161

104,585

102,123

93,897

87,776

79,230

75,705

60,719

44,768

44,543

34,699

186 2

149 4

122 13

117 3

137 1

129 5

91 11

96 10

34 12

98 9

79 15

76 16

78 20

9 51

54 6

2 8

18 42

27 23

60 17

40 24

35.6

28.0

7.8

32.4

35.7

25.9

9.4

10.1

9.1

13.2

5.7

4.8

2.1

0.5

17.4

13.8

0.6

1.7

4.8

1.3

0.1

3.9

18.6

(6.8)

(10.3)

(0.7)

8.2

5.5

5.1

(2.9)

1.1

1.8

4.0

5.2

(12.3)

(8.9)

3.3

1.2

(1.9)

1.0

TOTAL $1,542,821 11,115 $941,038



13

Bloomberg


United States Announced Deals

Target or Seller

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co

Morgan Stanley

Barclays PLC


Citigroup Inc

JPMorgan Chase & Co

Lazard Ltd


Deutsche Bank AG


Jefferies LLC

Allen & Co Inc

RBC Capital Markets

PJT Capital LLC

UBS AG



Greenhill & Co Inc

Tudor Pickering Holt & Co

Wells Fargo & Co

1 35.3

2 30.2

3 28.2

4 27.6

5 24.2

6 23.4

7 17.8

8 15.1

9 11.5

10 10.1

11 6.7

12 6.6

13 6.3

14 5.7

15 5.5

16 4.6

17 3.6

18 3.3

19 2.6

20 2.4

470,316

401,813

375,790

367,715

322,816

311,615

237,568

200,474

153,236

134,076

89,189

87,776

83,609

75,705

72,742

60,719

48,272

43,390

33,907

32,279

144 3

128 4

116 5

102 2

104 14

121 1

68 11

30 12

79 10

82 9

69 19

9 43

65 17

2 8

43 6

18 49

70 15

22 22

25 31

55 16

35.9

30.0

28.7

36.5

7.8

37.7

10.6

10.6

11.1

11.2

2.2

0.5

5.5

16.0

19.8

0.5

6.6

1.8

0.9

5.5

(0.6)

0.2

(0.5)

(8.9)

16.4

(14.3)

7.2

4.5

0.4

(1.1)

4.5

6.1

0.8

(10.3)

(14.3)

4.1

(3.0)

1.5

1.7

(3.1)

TOTAL $1,331,562 9,306 $810,694



14

Bloomberg


Canada Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


RBC Capital Markets

Barclays PLC

JPMorgan Chase & Co

Goldman Sachs & Co

Morgan Stanley

Citigroup Inc

Bank of Nova Scotia/The

BMO Capital Markets Corp/Toronto


Deutsche Bank AG

Lazard Ltd

TD Securities Inc

Wells Fargo & Co


CIBC

Canaccord Genuity Corp

National Bank of Canada Financial Inc

Macquarie Group Ltd



1 25.5

2 22.1

3 19.7

4 19.6

5 16.3

6 15.0

7 14.5

8 13.4

9 10.0

10 9.1

11 8.7

12 8.1

13 8.1

14 8.0

15 7.7

16 6.0

17 5.6

18 5.5

19 5.4

20 4.4

39,365 47 1

34,094 16 13

30,312 18 22

30,196 26 4

25,181 16 3

23,163 12 17

22,291 24 6

20,705 27 9

15,459 11 2

13,955 6 7

13,343 6 83

12,492 31 8

12,439 3 28

12,253 13 12

11,930 27 5

9,205 7 11

8,610 22 26

8,521 16 20

8,352 8 10

6,843 1 -

25.6

3.3

1.5

13.9

16.6

2.3

9.9

7.7

20.0

9.4

0.0

8.8

0.6

3.5

10.6

6.1

0.8

1.6

7.7

-

(0.1)

18.8

18.2

5.7

(0.3)

12.7

4.6

5.7

(10.0)

(0.3)

8.7

(0.7)

7.5

4.5

(2.9)

(0.1)

4.8

3.9

(2.3)

4.4

TOTAL $154,208 1,843 $116,524



15

Bloomberg


Canada Announced Deals

Target or Seller

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


RBC Capital Markets

JPMorgan Chase & Co

Citigroup Inc

Morgan Stanley


Goldman Sachs & Co


Barclays PLC

Lazard Ltd

Wells Fargo & Co


TD Securities Inc

National Bank of Canada Financial Inc

CIBC

Deutsche Bank AG

XMS Capital Partners LLC


Canaccord Genuity Corp


Macquarie Group Ltd

1 32.7

2 20.6

3 19.4

4 18.8

5 16.9

6 14.2

7 14.2

8 13.2

9 12.8

10 11.8

11 10.3

12 10.0

13 8.4

14 7.4

15 5.3

16 5.3

17 5.2

18 4.0

19 1.9

20 1.9

33,484 40 1

21,050 10 23

19,823 7 15

19,229 9 4

17,333 23 9

14,515 14 7

14,502 18 5

13,503 8 13

13,081 3 66

12,112 2 40

10,548 6 2

10,229 25 6

8,600 21 19

7,562 24 3

5,460 2 46

5,400 2 -

5,273 10 10

4,128 4 8

1,912 2 37

1,894 10 20

26.4

0.5

1.9

14.3

9.0

10.6

13.1

2.0

0.0

0.2

19.8

12.2

1.1

15.5

0.2

-

5.3

9.1

0.3

0.9

6.3

20.1

17.5

4.5

7.9

3.6

1.1

11.2

12.8

11.6

(9.5)

(2.2)

7.3

(8.1)

5.1

5.3

(0.1)

(5.1)

1.6

1.0

TOTAL $102,368 1,323 $78,349



16

Bloomberg


Latin America Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Banco Itau BBA SA

Goldman Sachs & Co

Morgan Stanley


Rothschild Ltd

Deutsche Bank AG


Banco Santander SA

Citigroup Inc

JPMorgan Chase & Co

Lazard Ltd

Banco BTG Pactual SA

UBS AG

Banco Bradesco BBI SA


CITIC Securities Co Ltd

Barclays PLC

Estater Gestao e Financas SA

A10 Investimentos

Jefferies Group LLC

1 25.8

2 25.3

3 24.9

4 24.3

5 23.1

6 21.6

7 19.9

8 18.6

9 17.2

10 11.4

11 10.0

12 9.7

13 6.8

14 6.6

15 6.4

15 6.4

17 5.3

18 4.3

19 4.2

20 3.2

28,408 55 4

27,890 13 1

27,436 16 6

26,740 18 2

25,463 18 16

23,816 9 18

21,988 13 7

20,503 25 8

18,916 11 12

12,602 8 15

11,024 6 11

10,658 17 3

7,485 3 13

7,269 11 5

7,005 2 35

7,005 1 -

5,822 9 19

4,741 1 32

4,672 2 -

3,497 2 -

18.5

26.7

13.3

22.6

2.9

2.4

8.8

8.3

4.1

2.9

4.2

21.7

3.8

17.2

0.4

-

2.2

0.4

-

-

7.3

(1.4)

11.6

1.7

20.2

19.2

11.1

10.3

13.1

8.5

5.8

(12.0)

3.0

(10.6)

6.0

6.4

3.1

3.9

4.2

3.2

TOTAL $110,260 722 $70,322



17

Bloomberg


Brazil Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Banco Itau BBA SA

Rothschild Ltd

Goldman Sachs & Co


Banco Santander SA

Morgan Stanley


Deutsche Bank AG

JPMorgan Chase & Co

Lazard Ltd

Banco BTG Pactual SA

Banco Bradesco BBI SA

UBS AG

Estater Gestao e Financas SA

A10 Investimentos

Citigroup Inc

Ernst & Young

Barclays PLC

Banco Indusval SA

Brasil Plural CCTVM SA

1 45.9

2 44.4

3 34.4

4 31.8

5 29.0

6 25.2

7 22.8

8 20.7

9 20.5

10 19.8

11 17.7

12 13.1

13 11.6

14 8.5

15 8.4

16 5.5

17 3.0

18 3.0

19 2.1

20 1.1

25,529 48 2

24,689 14 10

19,141 6 5

17,690 11 4

16,141 22 7

13,979 8 6

12,656 8 12

11,522 3 18

11,395 5 13

11,024 6 21

9,819 14 1

7,269 11 3

6,436 1 20

4,741 1 23

4,672 2 -

3,030 4 8

1,681 1 -

1,662 3 16

1,182 4 38

625 3 29

34.1

4.8

18.1

30.8

9.4

13.1

4.0

1.1

3.6

1.0

37.9

31.9

1.1

0.8

-

4.9

-

1.9

0.1

0.3

11.8

39.6

16.3

1.0

19.6

12.1

18.8

19.6

16.9

18.8

(20.2)

(18.8)

10.5

7.7

8.4

0.6

3.0

1.1

2.0

0.8

TOTAL $55,578 399 $37,921



18

Bloomberg


Europe Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM RANK MKT

2014

VOLUME DEAL

2013

RANK MKT MKT SHARE


Goldman Sachs & Co

Morgan Stanley

Deutsche Bank AG

Citigroup Inc

Lazard Ltd

JPMorgan Chase & Co


Rothschild Ltd


Barclays PLC

BNP Paribas SA

UBS AG

Societe Generale SA



HSBC Bank PLC



Banco Santander SA

Nordea Bank AB

1 36.8

2 35.3

3 31.3

4 26.2

5 26.1

6 21.6

7 18.1

8 15.3

9 14.7

10 11.8

11 11.5

12 10.4

13 8.3

14 8.2

15 7.6

16 7.0

17 6.0

18 3.9

19 2.5

20 1.9

330,201

316,850

281,554

235,633

234,438

193,791

162,525

137,293

131,728

105,686

102,830

93,207

74,234

73,405

68,522

62,944

53,565

35,291

22,371

17,137

104 1

98 2

73 9

72 12

102 11

75 3

71 5

150 14

50 13

67 4

64 10

48 6

35 18

13 27

29 67

29 16

24 44

6 21

17 51

10 39

41.3

34.8

11.1

9.7

10.4

33.1

25.5

7.2

8.3

28.6

10.7

24.3

3.5

1.6

0.3

4.6

0.7

2.5

0.6

0.8

(4.5)

0.5

20.2

16.5

15.7

(11.5)

(7.4)

8.1

6.4

(16.8)

0.8

(13.9)

4.8

6.6

7.3

2.4

5.3

1.4

1.9

1.1

TOTAL $898,401 7,002 $759,894



19

Bloomberg


Europe Announced Deals

Target or Seller

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co

Morgan Stanley

Deutsche Bank AG

Citigroup Inc

Lazard Ltd

JPMorgan Chase & Co

Rothschild Ltd



BNP Paribas SA

Barclays PLC

Societe Generale SA

UBS AG


HSBC Bank PLC




Nordea Bank AB

Banco Santander SA

1 37.3

2 35.8

3 32.7

4 26.2

5 26.1

6 19.7

7 17.9

8 17.4

9 16.0

10 14.4

11 11.6

12 10.4

13 9.4

14 8.9

15 8.4

16 7.5

17 7.1

18 4.2

19 2.4

20 2.2

266,971

256,352

234,193

187,595

186,562

141,146

127,975

124,123

114,485

102,830

83,297

74,234

67,211

63,667

59,727

53,565

50,653

30,291

17,137

15,594

81 1

76 2

61 9

56 12

87 11

59 3

134 14

58 5

38 13

61 10

51 4

35 18

41 6

24 68

26 17

23 42

8 26

4 21

10 38

12 54

44.5

36.8

11.7

8.5

10.3

35.5

7.7

27.6

8.4

11.6

29.6

3.7

25.3

0.3

4.0

0.7

1.7

2.4

0.9

0.6

(7.2)

(1.0)

21.0

17.7

15.8

(15.8)

10.2

(10.2)

7.6

2.8

(18.0)

6.7

(15.9)

8.6

4.4

6.8

5.4

1.8

1.5

1.6

TOTAL $715,308 5,602 $688,136



20

Bloomberg


United Kingdom Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co

Lazard Ltd

Deutsche Bank AG

Morgan Stanley


Barclays PLC

JPMorgan Chase & Co


UBS AG

Citigroup Inc

Rothschild Ltd


BNP Paribas SA

Simon Robertson Associates LLP

Societe Generale SA


ABN AMRO Bank NV


Banco Bilbao Vizcaya Argentaria SA

Banco Santander SA

1 33.1

2 27.2

3 22.9

4 21.2

5 19.9

6 17.2

7 16.7

8 15.0

9 12.6

10 11.9

11 8.8

12 5.6

13 4.6

14 4.6

15 4.5

16 4.2

17 4.0

18 3.9

19 3.7

20 3.6

91,855

75,573

63,594

59,005

55,293

47,875

46,456

41,696

35,018

32,931

24,459

15,619

12,756

12,726

12,368

11,526

11,081

10,960

10,324

10,026

45 1

32 13

22 10

29 3

37 4

34 6

35 2

8 -

20 5

18 19

66 14

15 9

16 17

3 -

7 16

4 12

1 118

4 118

2 92

1 48

59.3

2.9

9.6

51.6

48.3

45.7

57.1

-

47.9

2.0

2.5

10.7

2.2

-

2.2

3.8

0.0

0.0

0.0

0.3

(26.2)

24.3

13.3

(30.4)

(28.4)

(28.5)

(40.4)

15.0

(35.3)

9.9

6.3

(5.1)

2.4

4.6

2.3

0.4

4.0

3.9

3.7

3.3

TOTAL $277,913 2,642 $319,825



21

Bloomberg


Germany Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Morgan Stanley

Deutsche Bank AG

Goldman Sachs & Co

JPMorgan Chase & Co

Lazard Ltd


Citigroup Inc

Barclays PLC

Rothschild Ltd

UBS AG

Guggenheim Capital LLC

Skandinaviska Enskilda Banken AB

Nordea Bank AB

Zaoui & Co LLP

BNP Paribas SA

Ernst & Young

Greenhill & Co Inc


Stamford Partners

UniCredit SpA

1 42.3

2 41.8

3 29.7

4 27.9

5 21.8

6 21.5

7 19.0

8 14.0

9 12.7

10 10.1

11 9.4

12 5.4

13 5.3

14 4.3

15 3.2

16 3.0

17 2.7

18 2.3

19 1.0

20 1.0

73,618 17 4

72,852 25 2

51,695 19 1

48,598 15 5

37,971 17 14

37,495 10 8

33,045 15 6

24,414 12 19

22,186 22 7

17,546 9 3

16,395 1 -

9,464 2 48

9,152 1 54

7,469 1 -

5,569 4 23

5,134 10 45

4,686 3 -

4,045 6 13

1,807 1 -

1,746 8 21

31.0

40.4

42.5

27.6

5.2

19.8

25.0

4.0

21.5

33.7

-

0.0

0.0

-

1.2

0.1

-

6.6

-

1.7

11.3

1.4

(12.8)

0.3

16.6

1.7

(6.0)

10.0

(8.8)

(23.6)

9.4

5.4

5.3

4.3

2.0

2.9

2.7

(4.3)

1.0

(0.7)

TOTAL $174,133 1,079 $95,545



22

Bloomberg


France Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Lazard Ltd

Morgan Stanley


Rothschild Ltd

Goldman Sachs & Co

BNP Paribas SA

Societe Generale SA

Deutsche Bank AG

Citigroup Inc

HSBC Bank PLC



Barclays PLC

UBS AG

JPMorgan Chase & Co



Banco Itau BBA SA

Banco Santander SA

Leonardo & Co SpA

1 60.6

2 52.0

3 47.9

4 46.1

5 45.3

6 43.5

7 34.1

8 32.0

9 31.2

10 29.6

11 25.0

12 22.1

13 15.2

14 14.3

15 13.0

16 10.2

17 9.2

18 5.9

19 1.5

20 1.3

114,078 36 2

97,948 18 1

90,145 8 14

86,699 45 12

85,236 17 3

81,783 37 7

64,208 31 11

60,142 13 5

58,669 7 10

55,721 7 15

47,094 11 8

41,618 20 13

28,624 14 4

26,979 6 19

24,506 12 6

19,210 2 21

17,239 2 9

11,062 3 -

2,721 5 24

2,464 7 30

30.8

41.3

4.6

7.5

20.5

16.1

7.7

18.6

7.8

4.3

9.8

4.7

19.3

1.3

18.6

1.2

8.7

-

0.8

0.7

29.8

10.7

43.3

38.6

24.8

27.4

26.4

13.4

23.4

25.3

15.2

17.4

(4.1)

13.0

(5.6)

9.0

0.5

5.9

0.7

0.6

TOTAL $188,210 914 $99,000



23

Bloomberg


Italy Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Morgan Stanley

Lazard Ltd

Goldman Sachs & Co

Barclays PLC


Deutsche Bank AG

Rothschild Ltd

JPMorgan Chase & Co

Citigroup Inc


Stifel Financial Corp


Leonardo & Co SpA

Macquarie Group Ltd

Bank of America Corp

UniCredit SpA

UBS AG

KPMG Corporate Finance LLC

BNP Paribas SA

Ernst & Young

1 37.6

2 35.0

3 30.1

4 30.0

5 29.4

6 28.6

7 16.0

8 14.7

9 14.3

10 11.8

10 11.8

12 8.2

13 5.9

14 5.3

15 5.1

16 3.5

17 3.5

18 3.5

19 3.4

20 3.2

20,049 7 10

18,649 18 7

16,067 6 1

15,982 2 8

15,661 5 19

15,216 4 4

8,513 20 6

7,814 4 13

7,638 3 18

6,280 3 11

6,280 1 -

4,350 1 -

3,135 7 9

2,812 1 25

2,701 1 -

1,889 4 2

1,863 2 21

1,862 16 33

1,822 12 5

1,719 3 28

13.6

19.4

45.9

18.7

4.3

22.8

21.3

13.0

4.3

13.2

-

-

17.8

0.7

-

28.1

2.2

0.2

21.8

0.3

24.0

15.6

(15.8)

11.3

25.1

5.8

(5.3)

1.7

10.0

(1.4)

11.8

8.2

(11.9)

4.6

5.1

(24.6)

1.3

3.3

(18.4)

2.9

TOTAL $53,304 328 $42,383



24

Bloomberg


Benelux Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Morgan Stanley


Goldman Sachs & Co

Deutsche Bank AG

Citigroup Inc

Lazard Ltd


BNP Paribas SA

UBS AG

Barclays PLC

JPMorgan Chase & Co


Societe Generale SA


ABN AMRO Bank NV

XMS Capital Partners LLC

BDT Capital Partners LLC


Rothschild Ltd

Jefferies LLC

1 55.6

2 41.0

3 40.9

4 38.2

5 37.7

6 37.2

7 31.8

8 27.2

9 25.5

10 22.7

11 21.3

12 18.5

13 17.6

14 17.3

15 10.4

16 4.9

17 4.6

17 4.6

19 2.9

20 2.5

60,887 18 2

44,858 11 5

44,721 11 1

41,849 9 15

41,306 13 3

40,709 7 14

34,846 3 43

29,780 10 10

27,891 7 13

24,891 6 11

23,332 7 4

20,283 6 12

19,281 3 20

18,957 3 56

11,372 17 17

5,400 1 -

5,000 1 -

5,000 1 -

3,132 13 7

2,726 3 47

36.5

22.5

45.4

11.0

30.0

13.0

0.4

15.5

13.4

13.8

29.9

13.6

8.0

0.0

9.5

-

-

-

18.7

0.2

19.1

18.5

(4.5)

27.2

7.7

24.2

31.4

11.7

12.1

8.9

(8.6)

4.9

9.6

17.3

0.9

4.9

4.6

4.6

(15.8)

2.3

TOTAL $109,465 767 $124,428



25

Bloomberg


Iberia Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE



Banco Santander SA

Goldman Sachs & Co

UBS AG

Deutsche Bank AG

Morgan Stanley

BNP Paribas SA

Banco Bilbao Vizcaya Argentaria SA

Societe Generale SA


Simon Robertson Associates LLP

Rothschild Ltd

N+1 Srl

JPMorgan Chase & Co

Lazard Ltd

Barclays PLC

Caixa Geral de Depositos SA

CIBC

Nomura Holdings Inc


1 37.8

2 34.4

3 33.2

4 30.5

5 22.8

6 22.1

7 19.8

8 17.4

9 17.1

10 15.9

10 15.9

12 13.9

13 10.4

14 8.7

15 7.3

16 4.9

17 3.5

18 2.7

19 2.5

20 2.5

23,883 6 9

21,759 12 2

20,984 7 1

19,287 7 19

14,434 7 45

14,007 9 6

12,519 9 23

11,009 10 5

10,847 4 8

10,026 1 30

10,026 1 -

8,815 6 13

6,546 5 37

5,471 4 7

4,592 10 24

3,112 4 3

2,221 2 15

1,700 1 -

1,605 2 26

1,581 16 10

3.0

11.3

19.5

2.0

0.0

4.1

1.8

7.5

3.0

0.8

-

2.8

0.2

3.5

1.8

11.2

2.5

-

1.7

2.9

34.8

23.1

13.7

28.5

22.8

18.0

18.0

9.9

14.1

15.1

15.9

11.1

10.2

5.2

5.5

(6.3)

1.0

2.7

0.8

(0.4)

TOTAL $63,274 380 $33,900



26

Bloomberg


Nordic Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Deutsche Bank AG

Goldman Sachs & Co

Nordea Bank AB

Skandinaviska Enskilda Banken AB

JPMorgan Chase & Co

Rothschild Ltd

Morgan Stanley

Citigroup Inc

UBS AG

PricewaterhouseCoopers LLP

Banco Santander SA


Access Partners

Saga Corporate Finance

Barclays PLC

ABG Sundal Collier Holding ASA

Fondsfinans ASA

Lazard Ltd

Wells Fargo & Co

Aventum Partners Oy

1 29.3

2 22.6

3 20.3

4 19.5

5 19.4

6 15.1

7 14.6

8 14.4

9 8.7

10 4.1

11 3.6

12 3.2

13 3.1

14 2.6

15 2.6

16 2.5

17 2.0

18 1.9

19 1.8

20 1.6

24,783 10 15

19,089 14 1

17,137 10 5

16,441 15 4

16,423 10 2

12,794 9 17

12,300 6 6

12,159 5 21

7,326 6 7

3,475 38 13

3,061 2 40

2,700 1 -

2,616 5 71

2,167 1 -

2,156 3 3

2,089 4 70

1,728 1 -

1,609 8 18

1,500 1 -

1,357 1 55

4.8

33.2

10.8

10.9

28.4

3.1

10.5

1.8

10.0

5.6

0.6

-

0.0

-

12.8

0.0

-

2.9

-

0.1

24.5

(10.6)

9.5

8.6

(9.0)

12.0

4.1

12.6

(1.3)

(1.5)

3.0

3.2

3.1

2.6

(10.2)

2.5

2.0

(1.0)

1.8

1.5

TOTAL $84,505 999 $58,202



27

Bloomberg


Africa/Middle East Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


UBS AG

Macquarie Group Ltd

Morgan Stanley

Citigroup Inc

Grant Samuel Securities Pty Ltd

Lazard Ltd

Goldman Sachs & Co

Rothschild Ltd


Deutsche Bank AG


Barclays PLC

Gresham Partners Ltd

Leonardo & Co SpA

ING Groep NV

JPMorgan Chase & Co

Jefferies Group LLC

William Blair & Co LLC

FirstRand Bank Ltd

Standard Chartered Bank

1 15.8

2 14.3

3 13.5

4 12.5

5 12.4

6 10.7

7 10.4

8 6.8

9 6.1

10 5.8

11 4.9

12 4.8

13 3.0

14 2.8

15 2.5

16 2.4

17 1.9

18 1.1

19 1.0

20 1.0

10,429 5 6

9,437 4 32

8,938 8 1

8,297 14 2

8,205 2 -

7,095 4 10

6,904 10 9

4,517 9 22

4,015 10 8

3,831 2 20

3,254 8 7

3,172 9 3

2,010 1 37

1,866 2 -

1,676 1 -

1,554 5 11

1,225 3 24

726 2 45

687 3 34

676 3 13

12.7

0.7

25.0

20.0

-

9.2

10.2

1.3

10.3

1.5

11.4

18.7

0.5

-

-

5.4

1.1

0.3

0.7

3.5

3.1

13.6

(11.5)

(7.5)

12.4

1.5

0.2

5.5

(4.2)

4.3

(6.5)

(13.9)

2.5

2.8

2.5

(3.0)

0.8

0.8

0.3

(2.5)

TOTAL $66,156 824 $71,479



28

Bloomberg


Eastern Europe Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co 1 21.7 10,620 9 14 4.9 16.8

Deutsche Bank AG 2 21.7 10,591 8 4 12.3 9.4

Rothschild Ltd 3 18.4 8,985 11 25 1.1 17.3

Morgan Stanley 4 16.7 8,187 7 3 15.1 1.6

BNP Paribas SA 5 8.7 4,266 5 17 2.2 6.5

Citigroup Inc 6 6.7 3,263 12 5 11.2 (4.5)

Evercore Partners Inc 7 4.8 2,325 2 - - 4.8

Barclays PLC 8 4.1 2,004 4 12 5.3 (1.2)

Credit Suisse Group AG 9 3.7 1,830 3 10 5.6 (1.9)

Sberbank CIB CJSC 10 2.3 1,141 8 7 6.8 (4.5)

Jefferies LLC 11 2.0 1,000 1 - - 2.0

HSBC Bank PLC 12 1.7 829 1 - - 1.7

JPMorgan Chase & Co 12 1.7 829 1 2 15.2 (13.5)

Bank of America Merrill Lynch 14 1.3 639 3 8 6.3 (5.0)

UBS AG 15 1.0 497 1 39 0.2 0.8

VTB Capital ZAO 16 1.0 475 7 1 17.3 (16.3)

FirstEnergy Capital Corp 17 1.0 470 2 42 0.1 0.9

Deloitte Touche Tohmatsu ILA Group Ltd 18 0.7 336 4 53 0.0 0.7

Blackstone Group LP/The 19 0.6 273 1 - - 0.6

ING Groep NV 20 0.6 268 1 16 2.9 (2.3)

TOTAL $48,921 870 $73,384 *Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.


29

Bloomberg


Asia Pacific Ex-Japan Announced Deals

Any Involvement 1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co

Morgan Stanley

Citigroup Inc


Deutsche Bank AG


Lazard Ltd


JPMorgan Chase & Co

Somerley International Ltd

UBS AG

Macquarie Group Ltd

Rothschild Ltd

China Securities Co Ltd


DBS Group Holdings Ltd


Haitong Securities Co Ltd

Samsung Securities Co Ltd

HSBC Bank PLC

1 15.0

2 15.0

3 13.4

4 9.7

5 9.2

6 8.3

7 8.3

8 7.2

9 6.8

10 5.4

11 5.3

12 5.0

13 3.8

14 3.7

15 3.7

16 3.4

17 2.8

18 2.8

19 2.6

20 2.4

78,839 56 6

78,741 44 1

70,244 55 11

50,917 25 5

48,159 33 13

43,724 19 9

43,621 25 12

37,580 37 7

35,545 46 3

28,555 25 18

27,683 33 4

26,059 48 10

20,129 41 23

19,577 15 38

19,449 67 16

18,049 12 57

14,959 62 22

14,456 12 39

13,850 8 51

12,418 18 8

7.3

10.3

3.7

7.3

3.5

4.9

3.6

6.7

9.1

2.2

8.2

4.2

1.8

0.7

2.7

0.3

1.9

0.7

0.4

5.2

7.7

4.7

9.7

2.4

5.7

3.4

4.7

0.5

(2.3)

3.2

(2.9)

0.8

2.0

3.0

1.0

3.1

0.9

2.1

2.2

(2.8)

TOTAL $525,911 5,960 $413,735



30

Bloomberg


Asia Pacific Ex-Japan Announced Deals

Target or Seller 1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Morgan Stanley

Goldman Sachs & Co

Citigroup Inc

Deutsche Bank AG



Lazard Ltd


JPMorgan Chase & Co

UBS AG


Macquarie Group Ltd





Rothschild Ltd

Samsung Securities Co Ltd


HSBC Bank PLC

1 15.2

2 14.4

3 13.0

4 8.9

5 8.7

6 8.1

7 7.4

8 6.3

9 5.9

10 5.6

11 5.2

12 5.0

13 4.3

14 4.3

15 4.0

16 3.2

17 3.2

18 3.1

19 2.9

20 2.7

68,518 32 3

64,882 43 5

58,765 43 13

40,092 26 15

39,265 16 8

36,403 15 10

33,555 14 16

28,555 25 17

26,450 36 2

25,375 26 1

23,239 29 6

22,346 46 7

19,577 15 33

19,165 62 14

18,049 12 60

14,456 12 34

14,214 23 27

13,850 8 51

12,964 48 20

12,158 15 9

6.9

5.4

3.2

2.8

4.7

3.8

2.7

2.6

7.9

9.2

5.0

5.0

0.9

3.0

0.2

0.8

1.3

0.3

2.2

4.7

8.3

9.0

9.8

6.1

4.0

4.3

4.7

3.7

(2.0)

(3.6)

0.2

-

3.4

1.3

3.8

2.4

1.9

2.8

0.7

(2.0)

TOTAL $451,350 5,125 $340,991



31

Bloomberg


Australia & New Zealand Announced Deals

Any Involvement 1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co

Macquarie Group Ltd

UBS AG


Deutsche Bank AG

Citigroup Inc


Lazard Ltd

Morgan Stanley




JPMorgan Chase & Co

Rothschild Ltd

Gresham Partners Ltd





RBC Capital Markets

1 33.6

2 25.0

3 18.0

4 16.3

5 15.4

6 15.1

7 14.7

8 13.0

9 12.6

10 12.2

11 8.9

12 8.2

13 8.1

14 7.2

15 4.8

16 4.6

17 2.7

18 2.6

19 2.2

20 2.0

28,784 20 5

21,430 39 2

15,371 19 1

13,908 9 14

13,134 8 15

12,936 11 7

12,562 7 11

11,090 8 3

10,769 7 4

10,443 7 25

7,572 2 -

7,005 1 -

6,964 12 8

6,185 11 35

4,063 10 6

3,913 4 31

2,338 17 22

2,229 1 21

1,894 1 -

1,702 5 27

8.0

13.1

17.0

2.3

2.2

4.9

3.1

12.8

10.8

0.9

-

-

4.1

0.2

5.3

0.4

1.1

1.1

-

0.6

25.6

11.9

1.0

14.0

13.2

10.2

11.6

0.2

1.8

11.3

8.9

8.2

4.0

7.0

(0.5)

4.2

1.6

1.5

2.2

1.4

TOTAL $85,594 1,144 $56,908



32

Bloomberg


Japan Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Morgan Stanley



Nomura Holdings Inc

Goldman Sachs & Co

Sumitomo Mitsui Financial Group Inc

JPMorgan Chase & Co

Citigroup Inc

Daiwa Securities Group Inc


Deutsche Bank AG

Mizuho Financial Group Inc

GCA Savvian Corp

Fondsfinans ASA


Development Bank of Japan Inc


Macquarie Group Ltd

Maxim Group LLC


1 41.8

2 20.8

3 20.3

4 13.6

5 13.3

6 12.7

7 10.1

8 6.1

9 6.0

10 4.6

11 4.5

12 4.1

13 2.7

14 2.2

15 1.8

16 1.5

17 1.2

18 1.1

19 1.0

20 0.9

33,200 30 1

16,540 8 12

16,094 2 48

10,812 57 4

10,533 11 2

10,097 96 3

8,048 12 7

4,823 8 30

4,793 36 9

3,641 28 32

3,534 4 6

3,224 72 15

2,173 23 13

1,728 1 -

1,402 11 27

1,209 11 16

932 3 40

888 2 51

800 1 -

709 3 5

29.3

6.2

0.2

12.9

21.3

16.0

8.6

1.5

7.9

1.5

9.0

5.1

6.0

-

2.0

4.8

0.4

0.2

-

12.9

12.5

14.6

20.1

0.7

(8.0)

(3.3)

1.5

4.6

(1.9)

3.1

(4.5)

(1.0)

(3.3)

2.2

(0.2)

(3.3)

0.8

0.9

1.0

(12.0)

TOTAL $79,426 1,768 $86,627



33

Bloomberg


China Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Morgan Stanley


Goldman Sachs & Co

Citigroup Inc

Deutsche Bank AG


Lazard Ltd



JPMorgan Chase & Co




Huatai Securities Co Ltd

Guotai Junan Securities Co Ltd

China International Capital Corp Ltd

UBS AG


Northeast Securities Co Ltd/Old

Southwest Securities Co Ltd

1 21.0

2 18.3

3 15.1

4 13.4

5 12.0

6 11.8

7 10.6

8 9.8

9 8.2

10 7.1

11 6.1

12 6.0

13 4.8

14 4.2

15 4.1

16 4.0

17 3.7

18 2.9

19 2.9

20 2.0

50,119 19 3

43,724 19 1

35,942 15 7

31,962 19 17

28,669 10 11

28,254 10 14

25,218 9 30

23,341 17 8

19,577 15 18

16,994 16 5

14,456 12 20

14,312 7 10

11,451 6 67

10,067 19 21

9,699 15 48

9,644 8 4

8,765 9 13

7,005 1 -

6,981 4 45

4,805 21 16

9.1

11.4

5.2

1.8

2.7

2.2

0.8

4.8

1.6

6.5

1.6

3.3

0.2

1.5

0.3

7.2

2.6

-

0.4

2.0

11.9

6.9

9.9

11.6

9.3

9.6

9.8

5.0

6.6

0.6

4.5

2.7

4.6

2.7

3.8

(3.2)

1.1

2.9

2.5

-

TOTAL $238,786 2,053 $177,445



34

Bloomberg


Hong Kong Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co

Citigroup Inc


Deutsche Bank AG

Morgan Stanley


Lazard Ltd

JPMorgan Chase & Co


Nomura Holdings Inc



HSBC Bank PLC



UBS AG

BNP Paribas SA

Gram Capital Ltd

Sumitomo Mitsui Financial Group Inc


1 44.5

2 43.3

3 36.6

4 32.1

5 31.3

6 24.5

7 23.3

8 16.4

9 11.0

10 7.8

11 7.0

12 7.0

13 6.3

14 5.7

15 5.0

16 4.8

17 4.1

18 3.6

19 2.0

20 1.6

44,552 15 8

43,338 9 15

36,587 5 2

32,100 8 11

31,263 8 6

24,465 2 -

23,260 2 24

16,431 12 13

11,043 8 10

7,752 7 25

7,005 1 -

6,982 13 3

6,301 7 1

5,727 2 81

4,951 2 78

4,788 5 4

4,144 11 35

3,601 9 -

2,032 4 -

1,619 1 -

5.2

3.1

8.2

4.1

6.2

-

1.4

3.8

4.4

1.4

-

7.5

10.2

0.1

0.1

6.7

0.7

-

-

-

39.3

40.2

28.4

28.0

25.1

24.5

21.9

12.6

6.6

6.4

7.0

(0.5)

(3.9)

5.6

4.9

(1.9)

3.4

3.6

2.0

1.6

TOTAL $100,020 745 $40,541



35

Bloomberg


India Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Citigroup Inc

Ernst & Young


ICICI Bank Ltd

GCA Savvian Corp


Goldman Sachs & Co

JM Financial Ltd

HSBC Bank PLC

Kotak Mahindra Bank Ltd

Rothschild Ltd


Macquarie Group Ltd

Jefferies LLC

Morgan Stanley

JPMorgan Chase & Co

Axis Bank Ltd

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/

Deloitte Touche Tohmatsu ILA Group Ltd


1 27.8

2 17.7

3 16.1

4 14.0

5 13.6

5 13.6

5 13.6

8 12.1

9 10.7

10 6.7

11 6.3

12 5.1

13 4.7

14 4.1

15 3.5

16 3.0

17 2.7

18 2.4

19 1.8

20 1.7

8,393 5 1

5,333 20 8

4,841 3 3

4,215 6 17

4,088 4 33

4,088 1 -

4,088 1 10

3,656 5 22

3,217 1 5

2,022 14 12

1,910 9 16

1,546 4 6

1,421 4 19

1,223 3 11

1,057 3 4

915 4 32

808 8 13

724 1 -

549 9 23

512 3 7

29.0

11.9

23.4

2.6

0.3

-

7.4

1.4

16.9

6.0

2.7

15.2

2.1

6.8

19.5

0.4

5.3

-

1.1

13.3

(1.2)

5.8

(7.3)

11.4

13.3

13.6

6.2

10.7

(6.2)

0.7

3.6

(10.1)

2.6

(2.7)

(16.0)

2.6

(2.6)

2.4

0.7

(11.6)

TOTAL $30,150 614 $23,459



36

Bloomberg


South East Asia Announced Deals

Any Involvement

1/1/14 - 9/30/14

FIRM

RANK MKT

2014

VOLUME DEAL

2013

RANK MKT

MKT SHARE


Goldman Sachs & Co




JPMorgan Chase & Co

Citigroup Inc

Deutsche Bank AG

Rothschild Ltd


Morgan Stanley

United Overseas Bank Ltd

HSBC Bank PLC

Nomura Holdings Inc

CIMB



Macquarie Group Ltd

UBS AG

Maybank


1 17.2

2 16.5

3 16.1

4 14.2

5 13.0

6 12.7

7 9.6

8 8.4

9 7.9

10 7.8

11 7.8

12 6.8

13 6.7

14 5.6

15 4.7

16 4.7

17 4.2

18 2.7

19 2.0

20 1.9

18,288 14 8

17,530 14 3

17,038 10 25

15,057 8 1

13,820 19 2

13,486 12 24

10,181 15 12

8,927 7 26

8,412 8 23

8,266 12 5

8,260 2 59

7,224 6 9

7,156 7 18

5,888 23 20

5,002 9 66

4,955 2 71

4,429 5 6

2,834 2 13

2,126 15 11

2,000 1 -

9.9

16.3

1.3

18.7

17.3

1.4

7.7

1.2

1.5

14.0

0.1

8.8

4.7

4.3

0.0

0.0

12.5

7.1

7.8

-

7.3

0.2

14.8

(4.5)

(4.3)

11.3

1.9

7.2

6.4

(6.2)

7.7

(2.0)

2.0

1.3

4.7

4.7

(8.3)

(4.4)

(5.8)

1.9

TOTAL $106,110 1,171 $96,250



37

Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement.

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

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

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

Advisory fees hold no weight over advisory credit.

General Database Criteria

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

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

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

{IDOC 2072054<GO>}: M&A

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

38

Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement.

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

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

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

Advisory fees hold no weight over advisory credit.

General Database Criteria

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

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

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

{IDOC 2072054<GO>}: M&A

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

GLOBAL M&A MARKET REVIEW...Morgan Inc.’s $48.9 billion acquisition of Kinder Morgan Energy...

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