GLOBAL

M&A
MARKET
REVIEW
FINANCIAL RANKINGS
1H 2014
 1H 2014

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 Market Commentary injection component of recapitalization according to Bloomberg standards.
8. Global M&A Activity by Region
Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We
9. Global M&A Activity by Industry provide a global perspective and local insight into unique deal structures in various markets through a
10. Global Announced Deals network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends.
11. Cross Border Announced Deals Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance,
12. Global Private Equity Announced Deals and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal
trends.
13. North America Announced Deals
17. Latin America Announced Deals Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league
19. EMEA Announced Deals table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.
30. APAC Announced Deals Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data
38. Disclaimer found on the Bloomberg Professional Service.

DATA SUBMISSIONS AND QUERIES

Contact Phone Email

North America Eshani Gupte +1-212-617-5969 egupte@bloomberg.net
EMEA Paula Cook Dinan +44-20-3525-8104 pcookdinan1@bloomberg.net
Asia Pacific Parker Leung +852-2977-6108 pleung50@bloomberg.net

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

©2014 Bloomberg Finance L.P. All rights reserved.
Global M&A Regional Review

Global M&A Review | 1H 2014

Eastern Europe
Western Europe
USD 18.7 billion
USD 291 billion
1. BNP Paribas SA 22.2%
1. Morgan Stanley 33.4%
2. Goldman Sachs & Co 9.1%
2. Lazard Ltd 32.0%
3. Deloitte Touche Tohmatsu 8.5%
3. Citi 28.6%

North America
USD 598 billion
1. Goldman Sachs & Co 48.4%
2. Bank of America Merrill Lynch 48.0%
3. Morgan Stanley 31.0% Asia Pacific
USD 204 billion
1. Morgan Stanley 24.6%
2. Goldman Sachs & Co 19.8%
3. Citi 14.9%

Middle East & Africa

Scale in USD Bil. USD 33 billion
0-1 1. UBS 27.9%
2-2 Latin America & Carribean 2. Macquarie Group Ltd 25.9%
3-6 USD 45 billion 3. Grant Samuel Securities Pty Ltd 25.9%
7 - 19 1. Deutsche Bank AG 31.2%
20 - 6 2. Goldman Sachs & Co 29.1%
3. Bank of America Merrill Lynch 27.2%
7 - 19
20 - 37
38 - 112
113 - 337
338 -

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

2
Global M&A Regional Review Americas M&A Quarterly Volume

Global M&A Review | 1H 2014

Volume $(bil.) Deal Count
Quarterly Regional Volume: Notable Highlights
Global M&A deal volume reached a 7-year high of $934.2 billion in the second quarter of 2014, up 5,000 $800
64% compared to a year ago and 70% from the second quarter of 2012. A significant driver of this 4,000 $600
increase was from the Americas, where $625.3 billion worth of deals were announced. 3,000
In the second quarter of 2014, targets within the United States attracted the majority of M&A $400
2,000
activity, accounting for half of the total global volume, led by AT&T's $66 billion takeover of 1,000 $200
DIRECTV. Companies in France were the second most targeted, accounting for 8% of the global total, 0 $0
led by the pending $37.5 billion merger of equals between Swiss-based Holcim Ltd and French-based
2009 2010 2011 2012 2013 2014
Lafarge SA.
Q2 Q2 Q2 Q2 Q2 Q2
Cross-border activity in the second quarter of 2014 comprised 40% of global activity, consistent
with an average of 43% of global activity over the last 12 months. Strategic buyers were active EMEA M&A Quarterly Volume
internationally this quarter, with General Electric Co's $17.1 billion takeover of Alstom SA's energy
assets and Novartis AG's $14.5 billion takeover of GlaxoSmithKlein's oncology portfolio contributing Volume $(bil.) Deal Count
significantly to global cross-border volumes.
EMEA deal volume in the first half of 2014 continued to climb, by 12% over mid-year activity in 3,000 $400
2013 and 24% from 2012 levels. Headline deals announced in the region included: Altice's $19 billion $300
acquisition of SFR and Liberty Global's $11 billion acquisition of Ziggo NV. 2,000
$200
1,000
$100
0 $0
Global M&A Quarterly Volume
2009 2010 2011 2012 2013 2014
Volume $(bil.) Deal Count Q2 Q2 Q2 Q2 Q2 Q2

10,000 $1,000 APAC M&A Quarterly Volume

Volume $(bil.) Deal Count
8,000 $800
4,000 $250
6,000 $600
3,000 $200
4,000 $400 $150
2,000
$100
2,000 $200 1,000 $50
0 $0 0 $0
2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2

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

3
Global M&A Industry Review Q2 2014 Industry Deal Volume

Global M&A Review | 1H 2014

Utilities Basic
Quarterly Deal Activity by Target Industry Technology Materials
5%
Consumer, Non-cyclical was the most targeted industry in the second quarter of 2014 with a deal 4% 4%
volume of $256 billion. Activity in the sector nearly doubled compared to the same period last year,
Industrial Communica
accounting for about 27% of total volume in the second quarter. Within the Consumer, Non-cyclical tions
12%
industry, deals in the medical space, specifically pharmaceuticals, dominated. Valeant Pharmaceuticals 15%
International Inc's hostile offer for Allergan Inc for $54.2 billion and Medtronic Inc's pending cash & stock
offer for Covidien PLC worth $46.2 billion were the industry's largest deals.
AT&T Inc's offer to buy DIRECTV was the largest M&A deal of the quarter. With a value of $66 billion,
the transaction represents a little under half of all deals announced in the Communications sector this Financial Consumer,
quarter. By itself, the AT&T/DIRECTV deal value is greater than all deals in the Communications sector 18% Non-cyclical
during the same time last year. 27%
The Financial industry, which was the most targeted industry a year ago, fell one spot to second most
targeted industry in the second quarter of 2014, though deal volume stayed fairly constant. The largest
deal in this sector was Citic Pacific's pending acquisition of banking and brokerage assets of its parent CITIC Energy Consumer,
Group Corp. Real Estate dominated deals in the Financial sector, though many of the multi-billion dollar 8% Diversified Cyclical
deals were scattered among other sectors within Financials. 0% 7%
Graph represents target industry

Top Advisers: Consumer, Non-cyclical

Q2 Industry Deal Volume (USD bil.) Firm Rank Total Deal Value (bil.) Deal Count
$300
Goldman Sachs 1 165.49 19
$250 BaML 2 155.95 21

$200 Morgan Stanley 3 91.55 15

Barclays 4 70.55 13
$150 RBC Capital Markets 5 56.29 7

$100
2013 Top Advisers: Financial
$50
2014 Firm Rank Total Deal Value (bil.) Deal Count
$ Morgan Stanley 1 40.49 20
Goldman Sachs 2 38.44 24
JP Morgan 3 33.25 15
BaML 4 27.04 13
UBS 5 21.78 11

All total deal value figures in USD

4
Global M&A Industry Review

Global M&A Review | 1H 2014

Spotlight on: Private Equity - John E. Morris, Editor, Bloomberg Brief: Mergers
Private equity firms were net sellers in the second quarter and over the first half. Since the beginning of the year, they've sold companies worth $129.9 billion while investing in
new companies in deals worth a combined $125.2 billion. In the second quarter, private equity exits via M&A totaled $79.8 billion compared to new deals of $60.1 billion.
The biggest sale announced this year was Biomet Inc., a medical devices maker owned by Blackstone Group LP, KKR & Co LP, Goldman Sachs Capital Partners and TPG Capital,
according to data compiled by Bloomberg. Zimmer Holdings Inc. agreed to buy it for $13.4 billion. That was followed by Vodafone Group Plc's $10 billion deal to buy Spanish cable TV
operator Grupo Corporativo ONO SA from a consortium of CCMP Capital Advisors LLC, Thomas H Lee Partners LP, Providence Equity Partners Inc. and Quadrangle Group LLC.
Another notable exit was the sale of Beats Electronics LLC and its affiliate Beats Music to Apple Inc. for $3 billion in May. Carlyle Group LP reportedly invested $501 million for a 31
percent stake in Beats Electronics late last year and bought 5 percent of Beats Music for $13 million, according to Bloomberg News.

Quarterly Highlights: Bloomberg Industries M&A

Run BI DEAL<GO> to access proprietary Bloomberg Industries' M&A Research. Run MA<GO> for
Bloomberg's M&A deal database.

5
Global M&A Deal Review

Global M&A Review | 1H 2014

Public Target Multiples Min - Max Median
Quarterly Aggregate Deal Statistics    Book Value .01 - 321.83x 2.14x
In the second quarter of 2014, there were 3 deals which were more than triple the value of the top deal    Cashflow from Ops. .04 - 2207.15x 13.55x
in the same period last year, excluding Pfizer Inc's withdrawn offer for AstraZeneca PLC and AbbVie Inc's    EBIT .03 - 612.60x 14.86x
   EBITDA .02 - 480.92x 10.84x
unsolicited proposal for Shire PLC. The number of billion-dollar deals was also up by 48% at 151 compared
   Enterprise Value .00 - 15.27x 1.10x
to 102 in the same period last year.
   Market Cap .00 - 22.19x 1.37x
Only 14% of the announced deals quater-to-date were completed, while 3% were terminated and 83%
   Net Income .06 - 3322.26x 23.33x
are still awaiting approval from shareholders, board of directors and/or regulatory bodies. In the second    Net Income + Deprec .04 - 3322.26x 16.29x
quarter, M&A deals with announced premiums in the 25-50% range increased to 42% of all the deals with    Revenue .00 - 377.00x 1.49x
a premium, as compared to 33% in the previous quarter. Hybrid cash & stock payments, a figure typically    Total Assets .00 - 2895.02x 0.87x
in single-digits, was up significantly to 28.2% of all transactions this quarter (from 11.3% in the first quarter
of 2014). Stock payments in the first half of 2014 rose to 13.4% of all transactions from 8.9% in the same Payment Type Summary Volume Percent
period last year.    Cash 537.10 57.49
   Cash & Stock 263.10 28.16
Q2 Announced Deal Status    Stock 88.36 9.46
   Undisclosed 25.10 2.69
(% and volume USD Billions)
   Cash or Stock 8.75 0.94
26.77    Cash & Debt 3.06 0.33
138.85
3%    Debt 0.37 0.04
14%
   Cash, Stock & Debt 0.29 0.03
   Pending    Stock & Debt 0.24 0.03
   Completed
795.36 Deal Type Summary Volume Percent
83%    Terminated
   Company Takeover 586.48 62.78
   Cross Border 369.77 39.58
   Asset Sale 217.92 23.33
Q2 Announced Deal Premiums    Private Equity 161.18 17.25
(% and volume USD Billions)    Additional Stake Purchase 113.04 12.10
0.76    Tender Offer 112.89 12.08
3.91 0% 16.02    >100%    PE Seller 85.68 9.17
1% 4%    Minority Purchase 61.32 6.56
66.68    75.01-100%    Majority Purchase 48.40 5.18
19%    Competing Bid 21.16 2.27
   50.01-75%
   PE Buyout 19.42 2.08
151.12    25.01-50%    Venture Capital 18.82 2.01
120.98 42%
34%    Related Party Transaction 18.65 2.00
   10.01-25% Other 95.42 10.41
   0-10% All volume figures in USD

6
    

Global M&A Deal Review

Global M&A Review | 1H 2014

Top Q2 Deals by Target Region
Americas Target Name Acquirer Name Seller Name Total Value (mil.)
DIRECTV AT&T Inc 66,044.3
Allergan Inc/United States Valeant Pharmaceuticals International Inc 54,199.7
Covidien PLC Medtronic Inc 46,235.9
Merck Consumer Care business Bayer AG Merck & Co Inc 14,200.0
Biomet Inc Zimmer Holdings Inc Multiple sellers 13,350.0
Pepco Holdings Inc Exelon Corp 12,135.7
Integrys Energy Group Inc Wisconsin Energy Corp 8,928.9
Hillshire Brands Co/The Tyson Foods Inc 8,396.6
1.4 million subscribers Charter Communications Inc Comcast Corp 7,300.0
tw telecom inc Level 3 Communications Inc 7,171.9

APAC Target Name Acquirer Name Seller Name Total Value (mil.)
CITIC Ltd CITIC Pacific Ltd CITIC Group Corp 15,769.0
Queensland Motorways Pty Ltd Multiple acquirers QIC Ltd 6,551.7
Wing Hang Bank Ltd Oversea-Chinese Banking Corp Ltd 4,954.2
Ranbaxy Laboratories Ltd Sun Pharmaceutical Industries Ltd 4,088.2
Noble Agri Ltd COFCO Corp Noble Group Ltd 4,000.0
Envestra Ltd Multiple acquirers 3,794.7
Australand Property Group Frasers Centrepoint Trust 3,385.7
United Spirits Ltd Diageo PLC 3,217.0
Australand Property Group Stockland 2,825.1
Woodside Petroleum Ltd Woodside Petroleum Ltd Royal Dutch Shell PLC 2,680.0

EMEA Target Name Acquirer Name Seller Name Total Value (mil.)
Lafarge SA Holcim Ltd 37,505.1
Thermal & Renewable Power & Grid Business General Electric Co Alstom SA 17,124.5
Oncology portfolio Novartis AG GlaxoSmithKline PLC 14,500.0
Numericable Group SA Altice SA Multiple sellers 5,483.4
Vaccines business/Novartis GlaxoSmithKline PLC Novartis AG 5,250.0
Oldford Group Ltd Amaya Gaming Group Inc 4,500.0
TUI Travel PLC TUI AG 3,385.8
Dixons Retail PLC Carphone Warehouse Group PLC 2,958.4
Firth Rixson Ltd Alcoa Inc Oak Hill Capital Partners LP 2,850.0
Marathon Oil Norge AS Det Norske Oljeselskap ASA Marathon Oil Corp 2,700.0

All total value figures in USD

7
Global M&A Activity
Regional Breakdown by Target Region/Country
1/1/14 - 6/30/14 2014 2013
VOLUME DEAL VOLUME DEAL VOLUME
FIRM
USD (Mln) COUNT USD (Mln) COUNT CHANGE

Americas $910,969 7,083 $492,737 6,241 84.88%

Latin America $60,954 384 $34,039 437 79.07%
North America $861,201 6,761 $463,734 5,863 85.71%
Canada $50,901 773 $41,653 768 22.20%
United States $792,665 5,870 $415,272 4,983 90.88%
EMEA $384,689 3,711 $345,675 3,765 11.29%
Eastern Europe $23,638 485 $42,773 622 -44.74%
Western Europe $343,349 2,903 $276,517 2,835 24.17%
UK $71,383 1,020 $66,501 903 7.34%
Germany $38,931 400 $41,745 396 -6.74%
France $116,127 294 $18,948 340 512.88%
Asia-Pacific ex-Japan $280,322 2,979 $200,510 3,073 39.80%
Australia $52,366 449 $28,869 418 81.39%
New Zealand $2,622 57 $1,728 50 51.75%
China $100,654 995 $79,452 1,035 26.69%
Hong Kong $23,172 217 $8,775 209 164.06%
South East Asia $34,026 472 $36,826 520 -7.60%
India $20,234 312 $12,296 347 64.55%
Japan $23,911 759 $31,709 816 -24.59%
Global $1,604,121 14,689 $1,074,976 14,009 49.22%
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.

8
M&A League Tables by Industry
Global Announced Deals - Consumer, Non-cyclical Global Announced Deals - Communications
01/01/14 - 06/30/14 2014 01/01/14 - 06/30/14 2014
RANK MKT VOLUME DEAL RANK MKT VOLUME DEAL
FIRM FIRM
SHARE USD (Mln) COUNT SHARE USD (Mln) COUNT
Goldman Sachs & Co 1 53.3 206,483 39 Morgan Stanley 1 48.3 145,617 18
Bank of America Merrill Lynch 2 49.7 192,571 30 Bank of America Merrill Lynch 2 40.8 123,174 13
Morgan Stanley 3 36.3 140,542 33 Goldman Sachs & Co 3 37.0 111,754 21
Barclays PLC 4 20.2 78,174 25 Citigroup Inc 4 33.9 102,235 8
JP Morgan 5 19.5 75,603 31 JP Morgan 5 33.8 101,825 19
Credit Suisse Group AG 6 16.7 64,651 19 Barclays PLC 6 30.2 90,967 8
RBC Capital Markets 7 14.9 57,791 10 Lazard Ltd 7 29.3 88,309 7
Citigroup Inc 8 13.8 53,324 28 Allen & Co Inc 8 28.7 86,430 2
Perella Weinberg Partners LP 9 13.5 52,456 7 PJT Capital LLC 9 25.1 75,705 2
Lazard Ltd 10 12.3 47,641 30 Centerview Partners LLC 10 23.1 69,555 3
TOTAL $387,394 3,086 TOTAL $301,710 1,825

Global Announced Deals - Financial Global Announced Deals - Industrial

01/01/14 - 06/30/14 2014 01/01/14 - 06/30/14 2014
RANK MKT VOLUME DEAL RANK MKT VOLUME DEAL
FIRM FIRM
SHARE USD (Mln) COUNT SHARE USD (Mln) COUNT
Morgan Stanley 1 18.0 51,700 32 Morgan Stanley 1 40.6 70,595 22
JP Morgan 2 17.9 51,636 29 Credit Suisse Group AG 2 39.2 68,245 16
Goldman Sachs & Co 3 16.8 48,360 41 Rothschild Ltd 3 38.8 67,547 22
Bank of America Merrill Lynch 4 13.2 37,971 26 Lazard Ltd 4 36.8 64,012 12
Citigroup Inc 5 10.5 30,291 27 HSBC Bank PLC 5 32.0 55,750 6
Deutsche Bank AG 6 9.9 28,367 18 Citigroup Inc 6 27.7 48,183 13
UBS AG 7 8.6 24,661 16 BNP Paribas SA 7 22.9 39,912 12
Barclays PLC 8 6.4 18,364 22 Societe Generale SA 8 22.3 38,786 6
Somerley Ltd 9 5.8 16,595 5 Deutsche Bank AG 9 15.7 27,381 13
Lazard Ltd 10 5.5 15,943 22 Bank of America Merrill Lynch 10 14.4 25,002 13
TOTAL $288,064 2,543 TOTAL $173,987 1,914

9
M&A Financial Advisory League Tables

Global Announced Deals

Ranked by Volume
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 30.9 496,269 163 4 13.8 17.1

Goldman Sachs & Co 2 30.5 488,567 191 1 22.3 8.2
Bank of America Merrill Lynch 3 27.5 440,960 127 3 14.9 12.6
Citigroup Inc 4 18.5 296,640 126 10 8.2 10.3
JP Morgan 5 17.3 276,785 126 2 20.8 (3.5)
Barclays PLC 6 16.9 271,382 112 5 12.2 4.7
Lazard Ltd 7 16.7 267,993 110 7 10.7 6.0
Credit Suisse Group AG 8 13.4 215,304 91 6 11.2 2.2
Deutsche Bank AG 9 10.7 171,439 96 8 9.7 1.0
Rothschild Ltd 10 8.5 136,100 118 14 4.0 4.5
Centerview Partners LLC 11 7.7 123,481 21 11 6.9 0.8
UBS AG 12 6.3 100,341 59 13 5.3 1.0
RBC Capital Markets 13 6.0 95,401 72 18 3.3 2.7
BNP Paribas SA 14 5.7 90,955 52 12 6.4 (0.7)
Allen & Co Inc 15 5.5 87,555 6 39 1.0 4.5

Perella Weinberg Partners LP 16 5.2 83,667 15 30 1.4 3.8

Societe Generale SA 17 4.8 76,470 25 22 2.0 2.8

PJT Capital LLC 18 4.7 75,705 2 - - 4.7

HSBC Bank PLC 19 3.9 63,014 23 20 2.4 1.5

Credit Agricole Corporate & Investment Bank SA 20 3.3 53,083 19 66 0.4 2.9

TOTAL $1,604,121 14,689 $1,074,976

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

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

10
M&A Financial Advisory League Tables

Cross Border Announced Deals

Ranked by Volume
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 33.2 208,464 88 2 20.4 12.8

Goldman Sachs & Co 2 25.2 158,281 103 1 28.3 (3.1)
Lazard Ltd 3 21.7 135,914 68 10 8.3 13.4
Bank of America Merrill Lynch 4 21.4 134,112 62 7 10.0 11.4
Citigroup Inc 5 19.7 123,666 57 5 11.6 8.1
Rothschild Ltd 6 17.9 112,512 89 12 5.8 12.1
JP Morgan 7 17.3 108,491 66 3 17.4 (0.1)
Credit Suisse Group AG 8 17.2 107,759 45 4 12.6 4.6
Deutsche Bank AG 9 17.1 107,384 55 8 9.7 7.4
BNP Paribas SA 10 10.3 64,423 36 17 4.5 5.8
HSBC Bank PLC 11 9.9 61,837 18 13 5.6 4.3
Societe Generale SA 12 8.8 55,243 15 16 4.8 4.0
UBS AG 13 8.2 51,712 33 9 9.4 (1.2)
Barclays PLC 14 7.1 44,355 45 6 10.2 (3.1)

Credit Agricole Corporate & Investment Bank SA 15 4.8 30,198 10 65 0.3 4.5
Centerview Partners LLC 16 4.4 27,526 10 46 0.8 3.6

RBC Capital Markets 17 3.3 20,852 29 47 0.8 2.5

Banco Santander SA 18 3.3 20,831 11 60 0.5 2.8

Macquarie Group Ltd 19 3.1 19,280 26 27 1.7 1.4

Perella Weinberg Partners LP 20 2.6 16,524 8 18 2.8 (0.2)

TOTAL $627,866 4,946 $430,212

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

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

11
M&A Financial Advisory League Tables
Global Private Equity Announced Deals
Ranked by Volume
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Goldman Sachs & Co 1 29.7 94,784 70 3 26.6 3.1

Morgan Stanley 2 29.0 92,289 55 12 12.5 16.5
Bank of America Merrill Lynch 3 19.1 61,008 35 2 30.0 (10.9)
Deutsche Bank AG 4 17.2 54,766 40 7 17.1 0.1
Citigroup Inc 5 14.9 47,535 30 13 10.5 4.4
JP Morgan 6 14.9 47,508 36 1 32.8 (17.9)
UBS AG 7 14.6 46,586 18 17 6.3 8.3
Credit Suisse Group AG 8 13.9 44,447 34 4 22.0 (8.1)
Barclays PLC 9 13.6 43,475 36 8 16.4 (2.8)

Lazard Ltd 10 9.4 29,795 33 6 18.3 (8.9)

Allen & Co Inc 11 6.0 19,150 5 - - 6.0

RBC Capital Markets 12 5.9 18,950 22 11 12.8 (6.9)

Rothschild Ltd 13 5.3 16,993 37 21 4.4 0.9

PricewaterhouseCoopers LLP 14 4.5 14,483 43 25 2.5 2.0

Banco Santander SA 15 4.2 13,511 4 133 0.0 4.2

DBS Group Holdings Ltd 16 4.2 13,350 2 - - 4.2

BNP Paribas SA 17 3.8 12,184 10 18 6.3 (2.5)

Societe Generale SA 18 3.5 11,269 7 19 5.1 (1.6)

Evercore Partners Inc 19 3.4 10,747 17 15 7.8 (4.4)

Macquarie Group Ltd 20 3.3 10,627 13 33 1.2 2.1

TOTAL $318,820 3,524 $214,214

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

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

12
M&A Financial Advisory League Tables

United States Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Goldman Sachs & Co 1 38.7 366,166 127 2 25.3 13.4

Morgan Stanley 2 37.6 355,723 102 6 14.3 23.3
Bank of America Merrill Lynch 3 37.0 349,849 85 3 25.1 11.9
Barclays PLC 4 23.8 225,026 81 5 14.6 9.2
JP Morgan 5 23.1 218,415 83 1 29.5 (6.4)
Citigroup Inc 6 18.4 173,918 77 11 9.4 9.0
Lazard Ltd 7 16.6 156,893 62 8 13.7 2.9
Centerview Partners LLC 8 12.9 121,869 19 7 13.9 (1.0)
Credit Suisse Group AG 9 12.6 119,267 64 4 16.7 (4.1)
Deutsche Bank AG 10 9.9 93,427 58 9 12.5 (2.6)
Allen & Co Inc 11 9.3 87,555 6 121 0.0 9.3

RBC Capital Markets 12 8.6 81,725 48 15 5.7 2.9

PJT Capital LLC 13 8.0 75,705 2 - - 8.0

Perella Weinberg Partners LP 14 5.7 53,378 11 41 0.6 5.1

UBS AG 15 4.8 44,913 29 19 3.1 1.7

Greenhill & Co Inc 16 3.9 36,891 16 16 3.3 0.6

Evercore Partners Inc 17 3.5 32,867 50 14 6.9 (3.4)

Rothschild Ltd 18 3.3 31,614 28 23 1.9 1.4

Credit Agricole Corporate & Investment Bank SA 19 2.9 27,151 4 163 0.0 2.9

Wells Fargo & Co 20 2.6 24,988 38 13 7.7 (5.1)

TOTAL $945,365 7,203 $535,460

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

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

13
M&A Financial Advisory League Tables

United States Announced Deals

Target or Seller
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Goldman Sachs & Co 1 41.9 360,189 102 3 24.3 17.6

Bank of America Merrill Lynch 2 38.3 329,114 74 2 28.3 10.0
Morgan Stanley 3 38.2 328,330 88 7 15.3 22.9
Barclays PLC 4 25.5 219,478 73 4 16.8 8.7
JP Morgan 5 24.6 210,904 76 1 29.9 (5.3)
Citigroup Inc 6 19.5 167,292 65 11 10.5 9.0
Lazard Ltd 7 15.8 135,610 46 6 15.8 -
Centerview Partners LLC 8 14.1 120,718 17 5 16.5 (2.4)
Credit Suisse Group AG 9 11.4 98,294 52 9 12.9 (1.5)
Allen & Co Inc 10 10.2 87,555 6 103 0.1 10.1
RBC Capital Markets 11 8.9 76,077 42 14 6.7 2.2
PJT Capital LLC 12 8.8 75,705 2 - - 8.8
Deutsche Bank AG 13 7.9 67,521 45 8 13.7 (5.8)
Perella Weinberg Partners LP 14 6.2 53,378 11 37 0.7 5.5
UBS AG 15 4.8 40,854 24 19 3.3 1.5
Greenhill & Co Inc 16 4.3 36,891 13 16 3.9 0.4
Evercore Partners Inc 17 3.7 32,013 46 13 8.1 (4.4)
Wells Fargo & Co 18 2.8 24,327 35 12 9.1 (6.3)

Mizuho Financial Group Inc 19 2.4 20,802 3 180 0.0 2.4

Moelis & Co 20 2.3 19,821 29 10 12.6 (10.3)

TOTAL $859,186 6,081 $452,950

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

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

14
M&A Financial Advisory League Tables

Canada Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Barclays PLC 1 22.2 22,006 12 11 5.0 17.2

Goldman Sachs & Co 2 19.6 19,437 18 2 16.8 2.8
RBC Capital Markets 3 18.9 18,785 31 9 7.2 11.7
Morgan Stanley 4 18.0 17,870 11 1 20.9 (2.9)
Bank of America Merrill Lynch 5 14.3 14,217 10 8 7.9 6.4
JP Morgan 6 13.9 13,772 13 19 2.2 11.7
Deutsche Bank AG 7 13.4 13,328 4 12 5.0 8.4
BMO Capital Markets Corp/Toronto 8 12.6 12,522 16 5 9.9 2.7
Bank of Nova Scotia 9 11.9 11,826 15 4 13.4 (1.5)
TD Securities Inc 10 10.5 10,410 22 6 9.8 0.7
Citigroup Inc 11 10.3 10,238 8 15 3.2 7.1

Canaccord Genuity Corp 12 8.6 8,576 5 7 9.2 (0.6)

Macquarie Group Ltd 13 7.0 6,934 9 18 2.3 4.7
Houlihan Lokey 14 6.1 6,089 5 20 2.1 4.0

CIBC 15 6.0 5,923 17 3 15.6 (9.6)

National Bank of Canada Financial Inc 16 5.5 5,452 10 28 0.7 4.8

XMS Capital Partners LLC 17 5.4 5,400 2 - - 5.4

Credit Suisse Group AG 18 4.8 4,773 4 21 1.6 3.2

Evercore Partners Inc 19 4.6 4,609 7 10 5.4 (0.8)

UBS AG 20 2.9 2,881 3 46 0.2 2.7

TOTAL $99,284 1,207 $75,894

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

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

15
M&A Financial Advisory League Tables

Canada Announced Deals

Target or Seller
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 22.8 15,051 7 2 20.5 2.3

RBC Capital Markets 2 21.3 14,085 25 8 10.2 11.1
Goldman Sachs & Co 3 19.3 12,709 10 4 16.0 3.3
Bank of America Merrill Lynch 4 16.0 10,548 6 17 1.8 14.2
TD Securities Inc 5 15.0 9,905 19 6 13.4 1.6
Barclays PLC 6 14.4 9,500 6 11 3.1 11.3
BMO Capital Markets Corp/Toronto 7 13.9 9,150 12 7 11.1 2.8
Citigroup Inc 8 11.2 7,407 5 15 2.5 8.7
CIBC 9 9.0 5,923 17 1 22.9 (13.9)
Bank of Nova Scotia 10 8.8 5,788 11 3 17.5 (8.7)
XMS Capital Partners LLC 11 8.2 5,400 2 - - 8.2
Deutsche Bank AG 11 8.2 5,400 1 34 0.3 7.9

National Bank of Canada Financial Inc 13 8.2 5,400 9 20 1.1 7.1

JP Morgan 14 6.8 4,510 6 21 0.8 6.0

Evercore Partners Inc 15 6.8 4,470 5 9 8.1 (1.3)

Canaccord Genuity Corp 16 5.3 3,499 2 5 13.6 (8.3)

Centerview Partners LLC 17 2.9 1,912 2 - - 2.9

UBS AG 18 2.5 1,666 2 42 0.1 2.4

Macquarie Group Ltd 19 2.3 1,535 6 19 1.1 1.2

FirstEnergy Capital Corp 20 2.2 1,453 10 26 0.6 1.6

TOTAL $66,005 864 $50,703

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

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

16
M&A Financial Advisory League Tables

Latin America Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Bank of America Merrill Lynch 1 27.8 17,799 9 8 7.1 20.7

Goldman Sachs & Co 2 27.0 17,319 13 1 31.3 (4.3)
Banco Santander SA 3 25.3 16,194 17 6 8.9 16.4
Banco Itau BBA SA 4 24.2 15,526 37 2 19.1 5.1
Credit Suisse Group AG 5 22.9 14,663 8 4 15.6 7.3
Rothschild Ltd 6 20.8 13,307 10 15 2.9 17.9
Deutsche Bank AG 7 15.9 10,208 5 22 1.0 14.9
Banco BTG Pactual SA 8 15.5 9,930 17 3 15.9 (0.4)
Citigroup Inc 9 14.6 9,347 8 11 6.1 8.5
JP Morgan 10 12.1 7,764 6 20 1.7 10.4
UBS AG 11 11.8 7,548 3 9 6.6 5.2
Morgan Stanley 12 10.8 6,903 10 12 5.3 5.5
BMO Capital Markets Corp/Toronto 13 9.1 5,850 2 26 0.6 8.5
CITIC Securities Co Ltd 13 9.1 5,850 1 - - 9.1
Banco Bradesco BBI SA 15 9.0 5,794 4 5 15.4 (6.4)
Estater Gestao e Financas SA 16 7.4 4,741 1 24 0.8 6.6
Barclays PLC 17 7.3 4,674 6 14 3.2 4.1

RBC Capital Markets 18 2.6 1,669 4 - - 2.6

Centerview Partners LLC 19 2.3 1,497 1 - - 2.3

CIBC 19 2.3 1,497 1 - - 2.3

TOTAL $64,129 434 $39,860

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

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

17
M&A Financial Advisory League Tables

Brazil Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Banco Santander SA 1 54.2 15,781 16 5 17.5 36.7

Banco Itau BBA SA 2 43.4 12,646 31 1 37.6 5.8
Rothschild Ltd 3 43.3 12,614 7 10 4.7 38.6
Bank of America Merrill Lynch 4 41.0 11,949 7 17 1.5 39.5
Banco BTG Pactual SA 5 33.7 9,819 14 2 31.0 2.7
Goldman Sachs & Co 6 30.4 8,844 5 6 11.7 18.7
Credit Suisse Group AG 7 24.2 7,041 4 4 26.8 (2.6)
JP Morgan 8 23.5 6,849 4 15 1.8 21.7
UBS AG 9 22.3 6,499 1 13 2.0 20.3
Banco Bradesco BBI SA 10 19.9 5,794 4 3 30.5 (10.6)
Estater Gestao e Financas SA 11 16.3 4,741 1 16 1.5 14.8
Citigroup Inc 12 10.4 3,030 4 9 6.8 3.6

Morgan Stanley 13 8.1 2,349 5 7 10.5 (2.4)

Barclays PLC 14 4.0 1,160 2 12 2.0 2.0
Deutsche Bank AG 15 3.4 978 1 - - 3.4
Lazard Ltd 16 2.5 739 3 14 1.9 0.6

Brasil Plural CCTV 17 2.2 625 2 22 0.5 1.7

Banco Modal SA 18 1.3 383 2 33 0.0 1.3
Banco Indusval SA 19 0.9 266 1 29 0.2 0.7
Singular Partners 20 0.7 210 2 24 0.5 0.2

TOTAL $29,137 232 $20,136

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

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

18
M&A Financial Advisory League Tables

Europe Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 33.4 169,812 62 3 16.5 16.9

Lazard Ltd 2 27.6 139,976 64 7 11.6 16.0
Bank of America Merrill Lynch 3 24.8 126,174 48 13 8.0 16.8
Citigroup Inc 4 23.9 121,347 42 9 10.5 13.4
Goldman Sachs & Co 5 22.8 115,944 59 1 31.1 (8.3)
Deutsche Bank AG 6 22.2 112,877 42 8 11.0 11.2
Rothschild Ltd 7 21.8 110,989 97 12 8.5 13.3
Credit Suisse Group AG 8 18.8 95,443 27 6 12.8 6.0
JP Morgan 9 18.6 94,312 46 2 17.6 1.0

BNP Paribas SA 10 17.6 89,502 44 4 16.1 1.5

Societe Generale SA 11 15.1 76,470 25 17 5.2 9.9
UBS AG 12 12.5 63,670 30 11 8.5 4.0

HSBC Bank PLC 13 12.1 61,432 18 18 5.0 7.1

Barclays PLC 14 10.5 53,530 41 5 13.5 (3.0)

Credit Agricole Corporate & Investment Bank SA 15 10.5 53,083 19 33 1.1 9.4

Perella Weinberg Partners LP 16 6.9 35,289 6 19 3.1 3.8

Banco Santander SA 17 4.0 20,466 9 49 0.7 3.3

Nordea Bank AB 18 3.1 15,779 9 28 1.4 1.7

Simon Robertson Associates LLP 19 2.5 12,726 3 - - 2.5

Skandinaviska Enskilda Banken AB 20 2.5 12,696 12 35 1.1 1.4

TOTAL $508,138 4,500 $419,055

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

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

19
M&A Financial Advisory League Tables

Europe Announced Deals

Target or Seller
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 33.5 141,105 47 4 16.1 17.4

Lazard Ltd 2 29.6 124,777 55 8 11.6 18.0
Rothschild Ltd 3 24.6 103,532 87 10 9.3 15.3
Citigroup Inc 4 24.4 102,999 33 13 7.9 16.5
Deutsche Bank AG 5 24.3 102,268 37 7 11.7 12.6
Credit Suisse Group AG 6 22.1 93,185 22 5 13.9 8.2
Goldman Sachs & Co 7 21.9 92,229 44 1 33.9 (12.0)
Bank of America Merrill Lynch 8 21.5 90,537 38 11 8.4 13.1
BNP Paribas SA 9 21.2 89,502 42 3 18.3 2.9
Societe Generale SA 10 18.1 76,470 25 16 5.9 12.2
HSBC Bank PLC 11 13.8 58,215 15 17 4.1 9.7
UBS AG 12 13.3 56,168 26 14 7.0 6.3
JP Morgan 13 12.9 54,588 34 2 19.2 (6.3)
Credit Agricole Corporate & Investment Bank SA 14 12.6 53,083 18 32 1.3 11.3
Barclays PLC 15 10.6 44,687 28 6 12.5 (1.9)

Perella Weinberg Partners LP 16 7.2 30,289 4 19 3.3 3.9

Nordea Bank AB 17 3.7 15,779 9 26 1.5 2.2

Banco Santander SA 18 3.2 13,632 6 47 0.7 2.5

Skandinaviska Enskilda Banken AB 19 3.0 12,596 11 34 1.2 1.8

ABN AMRO Bank NV 20 2.7 11,352 13 78 0.2 2.5

TOTAL $421,803 3,613 $368,307

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

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

20
M&A Financial Advisory League Tables

United Kingdom Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Goldman Sachs & Co 1 25.4 41,688 27 1 41.2 (15.8)

Bank of America Merrill Lynch 2 24.5 40,165 25 9 7.2 17.3
Morgan Stanley 3 20.8 34,150 19 5 16.2 4.6
JP Morgan 4 20.6 33,734 20 2 31.5 (10.9)
Citigroup Inc 5 17.5 28,615 12 20 2.7 14.8
Lazard Ltd 6 17.2 28,247 17 11 5.5 11.7
UBS AG 7 14.5 23,822 12 7 15.6 (1.1)
Deutsche Bank AG 8 13.3 21,839 14 4 18.1 (4.8)
Barclays PLC 9 12.2 19,936 22 17 3.5 8.7
Rothschild Ltd 10 10.8 17,693 43 10 5.7 5.1
BNP Paribas SA 11 7.8 12,756 12 26 1.5 6.3
Simon Robertson Associates LLP 12 7.8 12,726 3 - - 7.8
Societe Generale SA 13 7.5 12,368 5 13 5.2 2.3
Perella Weinberg Partners LP 14 7.0 11,524 4 8 9.0 (2.0)
ABN AMRO Bank NV 15 6.8 11,079 1 91 0.0 6.8

Credit Agricole Corporate & Investment Bank SA 16 6.7 10,960 2 91 0.0 6.7
Banco Bilbao Vizcaya Argentaria SA 17 6.1 10,026 1 72 0.0 6.1

Banco Santander SA 17 6.1 10,026 1 - - 6.1

Greenhill & Co Inc 19 5.8 9,494 7 62 0.1 5.7

RBC Capital Markets 20 2.8 4,663 7 34 0.9 1.9

TOTAL $163,983 1,659 $134,096

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

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

21
M&A Financial Advisory League Tables

Germany Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 41.3 34,318 8 4 26.2 15.1

Deutsche Bank AG 2 34.7 28,879 14 1 41.7 (7.0)
JP Morgan 3 28.5 23,704 9 5 21.6 6.9
Rothschild Ltd 4 26.7 22,192 18 11 7.5 19.2
Bank of America Merrill Lynch 5 26.5 22,007 6 8 12.2 14.3
Goldman Sachs & Co 6 24.1 20,072 12 2 36.6 (12.5)
Citigroup Inc 7 12.0 9,971 7 7 13.0 (1.0)
Nordea Bank AB 8 11.0 9,152 1 46 0.0 11.0
Skandinaviska Enskilda Banken AB 8 11.0 9,152 1 41 0.1 10.9
Barclays PLC 10 8.7 7,240 7 15 5.9 2.8
Lazard Ltd 11 6.3 5,192 8 14 6.0 0.3
Ernst & Young 12 6.1 5,079 8 40 0.1 6.0
UBS AG 13 5.6 4,689 7 3 26.5 (20.9)
Credit Suisse Group AG 14 4.8 3,995 4 9 10.6 (5.8)
Greenhill & Co Inc 15 4.1 3,386 2 - - 4.1
Stamford Partners 16 2.2 1,807 1 - - 2.2
UniCredit SpA 17 1.4 1,164 5 29 0.6 0.8

Societe Generale SA 18 1.2 983 1 31 0.6 0.6

KPMG Corporate Finance LLC 19 0.9 733 5 16 4.5 (3.6)

Nomura Holdings Inc 20 0.7 604 1 10 7.6 (6.9)

TOTAL $83,143 690 $59,392

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

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

22
M&A Financial Advisory League Tables

France Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Lazard Ltd 1 64.4 92,900 23 9 11.5 52.9

Morgan Stanley 2 57.8 83,436 13 1 27.9 29.9
Credit Suisse Group AG 3 54.9 79,250 5 15 5.6 49.3
Rothschild Ltd 4 50.6 73,016 32 7 11.8 38.8
BNP Paribas SA 5 50.2 72,408 23 3 17.7 32.5
Societe Generale SA 6 46.0 66,444 22 11 9.2 36.8
Citigroup Inc 7 40.5 58,420 5 5 13.7 26.8
HSBC Bank PLC 8 38.6 55,721 5 13 8.6 30.0
Credit Agricole Corporate & Investment Bank SA 9 28.5 41,136 15 10 10.3 18.2
Deutsche Bank AG 10 26.7 38,469 7 8 11.5 15.2

Bank of America Merrill Lynch 11 25.8 37,215 8 12 9.1 16.7

UBS AG 12 17.6 25,463 5 16 2.9 14.7

Barclays PLC 13 15.7 22,630 8 4 14.8 0.9

Goldman Sachs & Co 14 15.5 22,347 10 2 19.9 (4.4)

Perella Weinberg Partners LP 15 13.3 19,210 2 - - 13.3

JP Morgan 16 9.3 13,471 9 6 12.2 (2.9)

Leonardo & Co SpA 17 1.7 2,464 7 24 1.6 0.1

Banco Santander SA 18 1.5 2,168 3 33 0.3 1.2

Ernst & Young 19 1.3 1,807 3 41 0.1 1.2

Stamford Partners 19 1.3 1,807 1 - - 1.3

TOTAL $144,329 601 $42,758

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

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

23
M&A Financial Advisory League Tables

Italy Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

JP Morgan 1 37.0 7,051 2 12 16.4 20.6

Lazard Ltd 2 31.6 6,028 9 8 22.6 9.0
Bank of America Merrill Lynch 3 25.2 4,794 2 - - 25.2
Goldman Sachs & Co 4 24.3 4,638 3 1 52.1 (27.8)
Deutsche Bank AG 5 22.8 4,350 2 4 28.6 (5.8)
Evercore Partners Inc 5 22.8 4,350 1 - - 22.8
Rothschild Ltd 7 17.7 3,364 10 9 21.3 (3.6)
Leonardo & Co SpA 8 16.5 3,135 7 7 22.7 (6.2)
Bank of America Corp 9 14.2 2,701 1 - - 14.2
KPMG Corporate Finance LLC 10 9.3 1,775 11 27 0.2 9.1
UniCredit SpA 11 7.4 1,415 3 2 34.6 (27.2)

BNP Paribas SA 12 6.4 1,222 9 5 27.4 (21.0)

Morgan Stanley 13 4.1 781 3 10 17.1 (13.0)
Citigroup Inc 14 3.1 594 1 32 0.0 3.1

Intesa Sanpaolo SpA 15 2.5 481 4 3 34.5 (32.0)

PricewaterhouseCoopers LLP 16 2.0 380 7 31 0.1 1.9

HSBC Bank PLC 17 1.9 352 1 13 14.7 (12.8)

Banco BTG Pactual SA 18 1.3 248 1 22 0.9 0.4

Moelis & Co 19 1.2 232 1 - - 1.2

Altium Capital Ltd 20 1.2 223 2 - - 1.2

TOTAL $19,059 212 $33,750

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

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

24
M&A Financial Advisory League Tables

Benelux Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 61.3 50,774 12 2 30.0 31.3

Bank of America Merrill Lynch 2 46.4 38,383 7 7 17.6 28.8
Perella Weinberg Partners LP 3 42.1 34,844 3 - - 42.1
Lazard Ltd 4 41.2 34,104 5 9 16.5 24.7
Citigroup Inc 5 40.4 33,465 7 3 29.5 10.9
Goldman Sachs & Co 6 35.4 29,266 6 1 36.2 (0.8)
UBS AG 7 32.9 27,277 5 17 6.1 26.8
Deutsche Bank AG 8 29.8 24,659 5 18 5.9 23.9
BNP Paribas SA 9 28.5 23,577 6 10 15.3 13.2
Societe Generale SA 10 27.7 22,952 2 16 9.9 17.8
JP Morgan 11 26.0 21,562 4 5 24.9 1.1
Credit Agricole Corporate & Investment Bank SA 12 22.9 18,957 2 44 0.1 22.8
Credit Suisse Group AG 13 22.8 18,900 3 12 12.1 10.7
Barclays PLC 14 22.7 18,765 3 8 17.0 5.7
ABN AMRO Bank NV 15 13.7 11,352 13 32 0.6 13.1
BDT Capital Partners LLC 16 6.0 5,000 1 - - 6.0
Centerview Partners LLC 16 6.0 5,000 1 - - 6.0
Jefferies LLC 18 2.9 2,389 2 36 0.3 2.6

Deloitte Touche Tohmatsu ILA Group Ltd 19 2.1 1,744 3 49 0.0 2.1

ING Groep NV 20 1.2 959 10 34 0.5 0.7

TOTAL $82,796 495 $88,454

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

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

25
M&A Financial Advisory League Tables

Iberia Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Banco Santander SA 1 54.2 20,407 7 3 13.0 41.2

UBS AG 2 48.5 18,262 4 15 3.5 45.0
Goldman Sachs & Co 3 48.4 18,237 5 1 28.9 19.5
Bank of America Merrill Lynch 4 46.4 17,477 4 7 5.2 41.2
BNP Paribas SA 5 33.3 12,542 6 28 0.6 32.7
Deutsche Bank AG 6 32.2 12,135 3 34 0.0 32.2
Morgan Stanley 7 31.8 11,979 6 14 3.9 27.9
JP Morgan 8 30.2 11,392 4 5 6.1 24.1
Banco Bilbao Vizcaya Argentaria SA 9 28.1 10,576 7 4 9.3 18.8
Credit Agricole Corporate & Investment Bank SA 10 26.6 10,026 1 22 1.3 25.3
Simon Robertson Associates LLP 10 26.6 10,026 1 - - 26.6

Societe Generale SA 10 26.6 10,026 1 23 1.0 25.6

Rothschild Ltd 13 20.2 7,589 4 16 2.5 17.7
Lazard Ltd 14 10.9 4,090 8 34 0.0 10.9

Caixa Banco de Investimento SA 15 4.4 1,642 1 9 4.5 (0.1)

KPMG Corporate Finance LLC 16 3.7 1,397 11 19 2.0 1.7

Barclays PLC 17 3.6 1,360 2 2 19.2 (15.6)

HSBC Bank PLC 18 2.8 1,044 1 - - 2.8

AZ Capital SL 19 1.8 693 1 - - 1.8

Nomura Securities Co Ltd 19 1.8 693 1 - - 1.8

TOTAL $37,667 223 $19,791

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

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

26
M&A Financial Advisory League Tables

Nordic Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Deutsche Bank AG 1 34.7 16,502 6 18 4.0 30.7

Nordea Bank AB 2 33.1 15,779 9 3 16.3 16.8
JP Morgan 3 29.8 14,195 7 4 14.6 15.2
Skandinaviska Enskilda Banken AB 4 26.7 12,696 12 7 13.0 13.7
Morgan Stanley 5 22.2 10,572 5 9 11.1 11.1
Citigroup Inc 6 21.7 10,308 3 21 2.9 18.8
Goldman Sachs & Co 7 20.3 9,654 7 1 27.5 (7.2)
Rothschild Ltd 8 19.2 9,152 5 15 5.0 14.2
UBS AG 9 12.0 5,694 3 2 16.7 (4.7)
Bank of Nova Scotia 10 5.7 2,700 1 - - 5.7
Access Partners 11 5.5 2,616 5 56 0.0 5.5

Saga Corporate Finance 12 4.6 2,167 1 - - 4.6

Banco Santander SA 13 4.4 2,109 1 32 0.9 3.5

ABG Sundal Collier Holding ASA 14 4.4 2,089 4 - - 4.4

PricewaterhouseCoopers LLP 15 3.0 1,411 30 12 9.0 (6.0)

Bank of America Merrill Lynch 16 2.7 1,283 3 17 4.1 (1.4)

Svenska Handelsbanken AB 17 2.6 1,237 7 11 9.1 (6.5)

RBC Capital Markets 18 2.2 1,060 1 41 0.4 1.8

Moelis & Co 19 1.2 589 3 24 2.0 (0.8)

FIH Erhvervsbank A/S 20 1.2 561 7 56 0.0 1.2

TOTAL $47,608 668 $34,822

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

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

27
M&A Financial Advisory League Tables

Africa/Middle East Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

UBS AG 1 21.7 10,095 3 6 18.5 3.2

Macquarie Group Ltd 2 20.4 9,461 3 29 0.4 20.0
Grant Samuel Securities Pty Ltd 3 18.4 8,561 2 - - 18.4
Lazard Ltd 4 16.0 7,452 3 8 12.5 3.5
Morgan Stanley 5 15.7 7,292 4 5 22.6 (6.9)
Goldman Sachs & Co 6 15.5 7,217 7 9 9.6 5.9
Bank of America Merrill Lynch 7 7.7 3,561 8 10 7.6 0.1
Credit Suisse Group AG 8 6.8 3,155 5 7 12.7 (5.9)
Rothschild Ltd 9 6.2 2,886 6 17 2.2 4.0
Citigroup Inc 10 5.5 2,562 7 2 26.7 (21.2)
Deutsche Bank AG 11 5.2 2,401 1 16 2.2 3.0
Gresham Partners Ltd 12 4.3 2,010 1 - - 4.3
Leonardo & Co SpA 13 4.0 1,866 2 - - 4.0
Jefferies Group LLC 14 2.2 1,000 2 - - 2.2
Standard Chartered Bank 15 1.5 676 3 12 5.6 (4.1)
Ernst & Young 16 1.4 635 3 11 5.7 (4.3)

JP Morgan 17 0.9 420 3 19 1.7 (0.8)

Banco Santander SA 18 0.9 413 1 33 0.3 0.6

Barclays PLC 19 0.9 394 5 1 28.4 (27.5)

Investec Ltd 20 0.8 355 2 - - 0.8

TOTAL $46,475 509 $43,848

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

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

28
M&A Financial Advisory League Tables

Eastern Europe Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Deutsche Bank AG 1 25.6 8,936 5 6 8.2 17.4

Goldman Sachs & Co 2 25.2 8,790 5 11 6.6 18.6
Rothschild Ltd 3 24.7 8,623 7 23 1.1 23.6
Morgan Stanley 4 22.5 7,858 4 1 16.3 6.2
BNP Paribas SA 5 12.2 4,266 5 16 2.7 9.5
Barclays PLC 6 5.2 1,829 3 8 7.1 (1.9)
Deloitte Touche Tohmatsu ILA Group Ltd 7 4.6 1,601 3 41 0.0 4.6
Sberbank CIB CJSC 8 3.3 1,141 6 13 4.6 (1.3)
Credit Suisse Group AG 9 3.2 1,130 2 7 7.5 (4.3)
Jefferies LLC 10 2.9 1,000 1 - - 2.9
HSBC Bank PLC 11 2.4 829 1 - - 2.4

JP Morgan 11 2.4 829 1 4 13.1 (10.7)

Bank of America Merrill Lynch 13 1.6 565 2 12 4.7 (3.1)

UBS AG 14 1.4 497 1 31 0.3 1.1

FirstEnergy Capital Corp 15 1.4 470 2 35 0.2 1.2

VTB Capital ZAO 16 1.1 386 4 2 15.7 (14.6)

Blackstone Group LP/The 17 0.8 273 1 - - 0.8

ING Groep NV 18 0.8 268 1 15 3.2 (2.4)

Citigroup Inc 19 0.8 268 6 5 10.3 (9.5)

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/ 20 0.8 266 2 - - 0.8

TOTAL $34,887 570 $54,131

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

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

29
M&A Financial Advisory League Tables
Asia Pacific Ex-Japan Announced Deals
Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 15.8 53,608 36 1 13.8 2.0

Goldman Sachs & Co 2 15.3 51,953 40 6 7.2 8.1
Citigroup Inc 3 12.7 42,997 36 13 3.7 9.0
Bank of America Merrill Lynch 4 10.7 36,365 19 10 5.6 5.1
Credit Suisse Group AG 5 9.7 32,914 24 4 8.3 1.4
Deutsche Bank AG 6 8.1 27,513 24 29 1.4 6.7
CITIC Securities Co Ltd 7 6.6 22,436 11 7 7.2 (0.6)
Lazard Ltd 8 6.3 21,343 21 11 4.9 1.4
JP Morgan 9 6.2 21,164 22 2 10.2 (4.0)
UBS AG 10 6.0 20,167 19 3 9.4 (3.4)

Somerley Ltd 11 5.6 18,973 16 23 2.3 3.3

Rothschild Ltd 12 5.5 18,678 32 25 2.1 3.4

China Securities Co Ltd 13 5.2 17,721 8 35 1.0 4.2

DBS Group Holdings Ltd 14 5.2 17,579 11 53 0.4 4.8

PricewaterhouseCoopers LLP 15 5.1 17,320 41 27 1.6 3.5

Macquarie Group Ltd 16 5.1 17,313 33 9 6.0 (0.9)

Haitong Securities Co Ltd 17 3.8 12,788 8 47 0.4 3.4

Grant Samuel Securities Pty Ltd 18 3.2 10,733 6 72 0.2 3.0

Nomura Holdings Inc 19 3.1 10,395 13 19 2.6 0.5

Standard Chartered Bank 20 2.7 9,201 10 24 2.2 0.5

TOTAL $338,909 3,620 $263,984

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

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

30
M&A Financial Advisory League Tables
Asia Pacific Ex-Japan Announced Deals
Target or Seller
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 16.1 46,776 25 3 8.1 8.0

Goldman Sachs & Co 2 14.4 41,727 33 5 6.2 8.2
Citigroup Inc 3 12.0 34,693 29 10 4.0 8.0
Bank of America Merrill Lynch 4 9.1 26,331 14 21 2.4 6.7
Deutsche Bank AG 5 7.1 20,608 19 30 1.3 5.8
Credit Suisse Group AG 6 6.7 19,457 18 9 5.4 1.3
UBS AG 7 6.6 19,240 17 2 10.6 (4.0)
Somerley Ltd 8 6.6 18,973 16 18 2.8 3.8
JP Morgan 9 6.4 18,511 20 1 11.1 (4.7)
China Securities Co Ltd 10 6.1 17,721 8 29 1.3 4.8

DBS Group Holdings Ltd 11 6.1 17,579 11 56 0.2 5.9

PricewaterhouseCoopers LLP 12 5.9 17,015 35 23 1.7 4.2
CITIC Securities Co Ltd 13 5.7 16,544 7 8 5.5 0.2
Macquarie Group Ltd 14 5.7 16,413 32 4 7.4 (1.7)

Lazard Ltd 15 5.6 16,258 13 13 3.5 2.1

Rothschild Ltd 16 4.7 13,594 19 28 1.4 3.3

Haitong Securities Co Ltd 17 4.4 12,788 8 37 0.5 3.9

Grant Samuel Securities Pty Ltd 18 3.7 10,733 5 53 0.2 3.5

Standard Chartered Bank 19 3.2 9,201 10 19 2.8 0.4

Nomura Holdings Inc 20 3.1 9,064 9 14 3.1 -

TOTAL $289,784 3,102 $212,818

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

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

31
M&A Financial Advisory League Tables
Australia & New Zealand Announced Deals
Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Goldman Sachs & Co 1 34.9 25,081 15 6 6.0 28.9

UBS AG 2 22.8 16,406 14 1 18.6 4.2
Macquarie Group Ltd 3 21.9 15,721 26 3 16.6 5.3
Citigroup Inc 4 20.2 14,534 8 7 5.1 15.1
Bank of America Merrill Lynch 5 18.7 13,476 6 32 0.2 18.5
Credit Suisse Group AG 6 16.5 11,897 6 11 2.2 14.3
Deutsche Bank AG 7 15.3 10,996 6 10 2.2 13.1
Grant Samuel Securities Pty Ltd 8 14.9 10,733 6 16 1.4 13.5
Morgan Stanley 9 14.9 10,719 6 4 14.8 0.1
Lazard Ltd 10 13.2 9,502 7 2 17.7 (4.5)

BMO Capital Markets Corp/Toronto 11 8.9 6,416 2 - - 8.9

CITIC Securities Co Ltd 12 8.1 5,850 1 - - 8.1

Rothschild Ltd 13 8.0 5,779 10 40 0.0 8.0

JP Morgan 14 7.6 5,478 8 22 1.0 6.6

Gresham Partners Ltd 15 5.4 3,895 7 5 7.1 (1.7)

Standard Chartered Bank 16 5.4 3,880 2 24 0.6 4.8

Bank of Nova Scotia 17 3.1 2,229 1 15 1.8 1.3

Credit Agricole Corporate & Investment Bank SA 18 2.6 1,894 1 - - 2.6

RBC Capital Markets 19 2.4 1,690 3 23 0.9 1.5

Nomura Holdings Inc 20 2.1 1,481 2 9 2.4 (0.3)

TOTAL $71,939 678 $36,857

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

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

32
M&A Financial Advisory League Tables

Japan Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 47.0 26,474 20 2 21.0 26.0

Credit Suisse Group AG 2 28.3 15,948 4 23 2.2 26.1
Centerview Partners LLC 3 28.2 15,874 1 - - 28.2
Goldman Sachs & Co 4 17.4 9,812 9 5 9.6 7.8
Sumitomo Mitsui Financial Group Inc 5 13.5 7,571 64 3 14.9 (1.4)
Nomura Holdings Inc 6 13.4 7,548 38 1 21.3 (7.9)
JP Morgan 7 8.1 4,540 6 7 7.9 0.2
Daiwa Securities Group Inc 8 7.5 4,207 24 4 14.1 (6.6)
Mizuho Financial Group Inc 9 5.0 2,831 45 13 7.3 (2.3)
KPMG Corporate Finance LLC 10 4.7 2,668 9 25 1.7 3.0
Citigroup Inc 11 4.2 2,359 4 19 2.7 1.5
PricewaterhouseCoopers LLP 12 2.4 1,355 8 31 0.7 1.7
Deutsche Bank AG 13 2.4 1,324 2 28 1.0 1.4
Macquarie Group Ltd 14 1.6 888 2 49 0.1 1.5
Ernst & Young 15 0.9 502 5 30 0.9 -
Evercore Partners Inc 16 0.8 450 2 33 0.6 0.2
Deloitte Touche Tohmatsu ILA Group Ltd 17 0.8 429 22 24 2.1 (1.3)
HSBC Bank PLC 18 0.8 422 1 - - 0.8
Rothschild Ltd 19 0.5 290 5 41 0.2 0.3
CIMB 20 0.5 261 1 - - 0.5

TOTAL $56,298 1,101 $49,122

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

33
M&A Financial Advisory League Tables

China Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Morgan Stanley 1 20.0 27,535 15 2 11.7 8.3

CITIC Securities Co Ltd 2 16.3 22,436 11 1 17.5 (1.2)
Somerley Ltd 3 13.7 18,845 11 6 5.1 8.6
China Securities Co Ltd 4 12.9 17,721 8 13 2.5 10.4
Goldman Sachs & Co 5 10.0 13,690 11 12 2.9 7.1
Credit Suisse Group AG 6 9.7 13,377 6 11 3.1 6.6
Haitong Securities Co Ltd 7 9.3 12,788 8 25 0.9 8.4
Bank of America Merrill Lynch 8 8.9 12,271 8 33 0.7 8.2
PricewaterhouseCoopers LLP 9 7.8 10,720 4 57 0.2 7.6
Deutsche Bank AG 10 7.3 10,054 8 15 1.7 5.6
JP Morgan 11 7.2 9,947 9 8 4.1 3.1
Citigroup Inc 12 7.2 9,843 10 16 1.5 5.7
BMO Capital Markets Corp/Toronto 13 4.3 5,850 1 - - 4.3
Lazard Ltd 14 3.4 4,672 7 20 1.4 2.0

China Renaissance Partners 15 3.1 4,223 15 17 1.4 1.7

Southwest Securities Co Ltd 16 2.7 3,755 14 14 1.8 0.9

China International Capital Corp Ltd 17 2.2 2,965 5 3 11.2 (9.0)

DBS Group Holdings Ltd 18 2.1 2,885 5 - - 2.1

Rothschild Ltd 19 2.0 2,722 5 22 1.1 0.9

Barclays PLC 20 2.0 2,716 3 4 8.6 (6.6)

TOTAL $137,447 1,242 $108,341

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

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

34
M&A Financial Advisory League Tables

Hong Kong Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Goldman Sachs & Co 1 37.3 23,851 9 3 6.9 30.4

Citigroup Inc 2 35.8 22,919 6 6 5.2 30.6
Bank of America Merrill Lynch 3 28.2 18,013 4 11 4.2 24.0
JP Morgan 4 21.7 13,860 8 10 4.6 17.1
Deutsche Bank AG 5 20.9 13,391 5 9 4.6 16.3
Morgan Stanley 6 20.3 12,991 5 17 3.5 16.8
Credit Suisse Group AG 7 15.3 9,806 6 7 5.2 10.1
Nomura Holdings Inc 8 11.0 7,020 4 23 2.3 8.7

BMO Capital Markets Corp/Toronto 9 9.2 5,850 1 - - 9.2

CITIC Securities Co Ltd 9 9.2 5,850 1 - - 9.2

Lazard Ltd 11 9.1 5,800 1 21 2.4 6.7

DBS Group Holdings Ltd 12 9.0 5,727 2 64 0.1 8.9

KPMG Corporate Finance LLC 13 7.9 5,074 2 - - 7.9

UBS AG 14 7.4 4,706 4 1 11.2 (3.8)

Sumitomo Mitsui Financial Group Inc 15 3.2 2,032 2 - - 3.2

Grant Samuel Securities Pty Ltd 16 2.4 1,537 1 - - 2.4

Somerley Ltd 17 2.2 1,424 8 8 4.9 (2.7)

China Galaxy Securities Co Ltd 18 2.1 1,371 1 - - 2.1

BNP Paribas SA 19 2.1 1,325 5 - - 2.1

Jefferies Group LLC 20 1.8 1,134 2 - - 1.8

TOTAL $63,956 473 $24,258

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

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

35
M&A Financial Advisory League Tables

India Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

Citigroup Inc 1 36.0 8,393 5 4 21.5 14.5

Ernst & Young 2 22.3 5,184 13 8 16.6 5.7
Bank of America Merrill Lynch 3 20.8 4,841 3 6 17.2 3.6
ICICI Bank Ltd 4 18.1 4,208 5 16 2.7 15.4
GCA Savvian Corp 5 17.6 4,088 4 29 0.4 17.2
Evercore Partners Inc 5 17.6 4,088 1 - - 17.6
Goldman Sachs & Co 5 17.6 4,088 1 11 9.5 8.1
JM Financial Ltd 8 14.7 3,427 3 17 2.0 12.7
HSBC Bank PLC 9 13.8 3,217 1 3 23.8 (10.0)
Rothschild Ltd 10 7.8 1,820 7 14 3.7 4.1
Kotak Mahindra Bank Ltd 11 7.7 1,790 7 12 7.3 0.4
Standard Chartered Bank 12 6.6 1,546 4 5 17.8 (11.2)
Macquarie Group Ltd 13 6.1 1,421 4 15 2.9 3.2
Morgan Stanley 14 4.5 1,057 3 2 25.9 (21.4)
Jefferies LLC 15 3.9 900 2 10 9.6 (5.7)
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/ 16 3.1 724 1 - - 3.1
JP Morgan 17 2.2 516 2 28 0.5 1.7

Credit Suisse Group AG 18 2.2 512 3 6 17.2 (15.0)

UBS AG 19 1.4 334 1 1 36.5 (35.1)

Greenhill & Co Inc 20 1.4 333 1 - - 1.4

TOTAL $23,292 387 $16,601

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

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

36
M&A Financial Advisory League Tables

South East Asia Announced Deals

Any Involvement
1/1/14 - 6/30/14 2014 2013
RANK MKT VOLUME DEAL RANK MKT MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE

DBS Group Holdings Ltd 1 22.8 16,568 9 24 1.4 21.4

Goldman Sachs & Co 2 22.0 15,993 12 7 13.4 8.6
Credit Suisse Group AG 3 21.6 15,686 9 2 19.8 1.8
Bank of America Merrill Lynch 4 20.3 14,787 6 5 15.2 5.1
Deutsche Bank AG 5 13.5 9,809 12 28 0.8 12.7
Citigroup Inc 6 12.4 9,018 5 25 1.1 11.3
Rothschild Ltd 7 12.3 8,935 6 23 1.6 10.7
Standard Chartered Bank 8 11.6 8,412 8 21 2.2 9.4
United Overseas Bank Ltd 9 11.4 8,268 2 57 0.0 11.4
Morgan Stanley 10 11.4 8,266 11 4 17.7 (6.3)

JP Morgan 11 9.3 6,743 6 1 23.3 (14.0)

Nomura Holdings Inc 12 7.5 5,419 4 16 6.9 0.6

KPMG Corporate Finance LLC 13 6.9 5,017 4 54 0.0 6.9

CIMB 14 5.5 4,021 16 19 3.4 2.1

UBS AG 15 3.8 2,752 2 11 10.3 (6.5)

Jefferies LLC 16 2.3 1,650 2 17 6.7 (4.4)

Sumitomo Mitsui Financial Group Inc 17 2.2 1,610 3 60 0.0 2.2

Grant Samuel Securities Pty Ltd 18 2.1 1,537 1 - - 2.1

Banco BTG Pactual SA 19 1.9 1,368 1 - - 1.9

Maybank 20 1.8 1,341 8 10 11.4 (9.6)

TOTAL $72,778 696 $65,861
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.

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

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