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GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 2015 2015 GLOBAL M&A FINANCIAL ADVISORY RANKINGS The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Year in Review injection component of recapitalization according to Bloomberg standards. 3. Global M&A Heat Map 4. Global M&A Regional Review Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 5. Global M&A League Tables provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A Regional Review network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 7. Americas M&A League Tables 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 9. EMEA M&A Regional Review trends. 10. EMEA M&A League Tables 13. APAC M&A Regional Review Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league 14. APAC M&A League Tables table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. 17. Disclaimer Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Rachel Campanelli +1-646-324-4657 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Ee Wen Tay +65-6231-3404 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2015 Bloomberg Finance L.P. All rights reserved. 1 Global M&A Year in Review By John E. Morris, Editor Global M&A volume soared in 2015 to $4.3 trillion, surpassing its previous peak of $4.1 trillion in 2007. The most striking feature of the M&A landscape in 2015 was the number of very large deals — 57 worth more than $10 billion. That compares to 39 in 2007 and 50 in 2006. There were nine deals announced in 2015 worth more than $50 billion. North America and Asia-Pacific accounted for the majority of M&A activity in 2015 while Europe and the rest of the world’s contributions receded. The combined value of M&A involving North American targets was $2.3 trillion in 2015, up 27.8% from 2014, according to data compiled by Bloomberg. North America accounted for 53.5% of global deal volume in 2015, compared to a contribution of 43.9% in 2007. Meanwhile, European and Latin American deal volumes were each off more than 40% from their 2007 levels. European targets accounted for just 20.2% of deal value in 2015, compared to their 36.6% share in 2007. Deal multiples — the prices buyers paid measured against key financial metrics — rose sharply. Median deal multiples for revenue (1.7x), net income (23.7x), Ebitda (11.2x) and free cash flow (33.1x) all surpassed their 2007 levels. The median multiples of revenue and free cash flow both rose more than 20% from 2014. A Year in Review: Top M&A Deals • Target: Hospira Inc • Target: BG Group PLC • Target: Altera Corp • Target: Precision • Target: SABMiller PLC • Target: EI du Pont de • Acquirer: Pfizer Inc •Acquirer: Royal Dutch •Acquirer: Intel Corp Castparts Corp • Acquirer: Anheuser - Nemours & Co • USD 16.8B Shell PLC • USD 14.4B •Acquirer: Berkshire Busch InBev SA/NV •Acquirer: The Dow Chemical • USD 79.3B Hathaway Inc • USD 120.5B Co • USD 35.7B • USD 65.6B Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec • Target: Hutchison • Target: Kraft Foods Target: Time Warner • Target: Cigna Corp • Target: The Williams • Target: Pfizer Inc Whampoa Ltd Group Inc Cable Inc • Acquirer: Anthem Inc Cos Inc • Acquirer: Allergan PLC • Acquirer: CK • Acquirer: H.J. Heinz • Acquirer: Charter • USD 50.4B • Acquirer: Energy • USD 183.7B Hutchison Holdings Ltd Co Communications Inc Transfer Equity LP • USD 41.7B • USD 55.4B • USD 79.2B • USD 58.1B 2 Global M&A Heat Map Eastern Europe Western Europe USD 60.0B USD 1.2T 1. JP Morgan Chase & Co 20.8% 1. Goldman Sachs & Co 40.9% 2. VTB Capital 12.8% 2. JP Morgan Chase & Co 38.2% 3. Morgan Stanley 11.1% 3. Morgan Stanley 36.6% North America USD 2.7T 1. Goldman Sachs & Co 37.1% 2. Morgan Stanley 36.1% Asia Pacific 3. JP Morgan Chase & Co 35.6% USD 1.4T 1. Morgan Stanley 17.0% 2. Goldman Sachs & Co 16.1% 3. Citigroup Inc 11.7% Middle East & Africa USD 169.5B Scale in USD Bln. 1. JP Morgan Chase & Co 40.5% 0 - 81 Latin America & Caribbean 2. Barclays PLC 27.7% 82 - 135 USD 124.9B 3. Greenhill & Co 23.9% 136 - 270 1. Rothschild Ltd 14.0% 2. Goldman Sachs & Co 13.6% 271 - 540 3. Banco Itau BBA 13.6% 541 - 810 811 - 1,350 1,351 - 2,025 2,026 - 2,430 2,431 - 2,700 2,701 - Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 2015. 3 Global M&A Regional Review Global M&A: Premium Breakdown 1% 1% • Global merger and acquisition activity surged in 2015, reaching $4.3 trillion in volume and 38,644 in deal 0-10% count, making it the most active year on record. The United States contributed $2.1 trillion in purchases 6% representing 48.8% of global activity. The market environment in 2015 proved conducive for deal making 19% 10-25% due to the abundance of usable cash on corporate balance sheets, inexpensive debt, and low interest 25-50% rates. • Deals in the technology space swelled in 2015, attaining $364.8 billion in volume and over 5,000 in deal 35% 50-75% count, increasing 167.8% and 25.6% compared to 2014 figures respectively. Dell Inc’s announced $63.5 75-100% billion purchase of EMC Corp contributed to 17.4% of the industry’s increase and represented the largest 38% technology deal announced on record. 100%+ • Due to the abundance of large deals, the average size of the top ten deals announced this year rose to $79.7 billion in 2015 up 81.1% from $44.0 billion of volume seen in 2014. Global M&A: Highlights of 2015 Global M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 38,644 Consumer Non-cyclical $1,090.3 25.0% 57.1% 11/23/2015 Pfizer Inc Allergan plc - $183,744.1 Volume (Bln.) $4,321 Financial $838.4 19.2% 26.4% Avg Deal Size (Mln.) $112 Anheuser-Busch InBev Industrial $477.8 10.9% 44.7% 10/13/2015 SABMiller PLC - $120,481.3 SA/NV Communications $463.5 10.6% 4.3% Top Adviser Energy $424.7 9.7% -11.3% 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Goldman Sachs & Co Technology $364.8 8.4% 112.0% Number of deals 381 Consumer Cyclical $301.0 6.9% -8.2% 5/26/2015 Time Warner Cable Inc Charter Communications Inc - $79,249.7 Volume (Bln.) $1,477.4 Basic Materials $211.5 4.8% 37.0% Global M&A Review | 2015 Avg Deal Size (Bln.) $3.9 Utilities $112.8 2.6% 1.6% 12/11/2015 EI du Pont de Nemours & Co Dow Chemical Co/The - $65,590.6 Diversified $81.5 1.9% 167.7% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,600 12,000 Deal Type (Bln.) Deal Count Volume $1,400 10,000 Company Takeover $2,943.1 14.8% 53.4% $1,200 Cross Border $1,696.7 21.4% 21.9% 8,000 $1,000 Private Equity $817.4 23.7% 16.0% $800 6,000 Asset Sale $685.7 7.0% 4.8% $600 4,000 Tender Offer $229.0 -1.3% -18.8% $400 2,000 Venture Capital $114.9 25.4% 46.1% $200 Spin-off $41.7 -9.5% -81.6% $0 0 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 Minority Purchase $378.0 24.8% 22.8% Majority Purchase $220.5 10.3% -14.7% Volume (Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 4 Global Announced Deals 01/01/2015 - 12/31/2015 Cross Border Announced Deals 01/01/2015 - 12/31/2015 2015 2014 2015 2014 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 34.2 1,477,345 381 1 30.3 3.9 JPMorgan Chase & Co 1 37.2 632,038 170 3 22.5 14.7 Morgan Stanley 2 32.4 1,399,125 363 4 18.0 14.4 Goldman Sachs & Co 2 31.3 531,188 209 1 32.4 -1.1 JPMorgan Chase & Co 3 30.4 1,314,093 304 3 18.4 12.0 Morgan Stanley 3 31.2 528,733 184 2 26.6 4.5 Bank of America Merrill Lynch 4 23.3 1,005,664 243 2 20.4 2.9 Bank of America Merrill Lynch 4 30.0 509,271 138 7 17.2 12.8 Credit Suisse Group AG 5 17.3 747,940 204 9 10.4 6.9 Lazard Ltd 5 19.4 328,383 135 5 18.7 0.6 Citigroup Inc 6 17.0 734,744 268 5 17.1 -0.1 Deutsche Bank AG 6 18.4 312,628 107 4 19.6 -1.2 Lazard Ltd 7 16.0 692,926 221 7 13.7 2.3 Barclays PLC 7 18.3 310,964 104 9 12.1 6.2 Barclays PLC 8 14.2 614,201 189 6 14.2 0.0 Credit Suisse Group AG 8 14.5 245,641 105 8 12.3 2.2 Deutsche Bank AG 9 13.5 581,289 182 8 11.9 1.6 Rothschild Ltd 9 13.0 219,757 210 10 11.7 1.3 Centerview Partners LLC 10 11.2 485,778 40 12 4.6 6.6 Citigroup Inc 10 12.2 206,726 146 6 18.4 -6.2 UBS AG 11 9.4 403,959 154 11 5.4 3.9 Robey Warshaw LLP 11 11.8 200,349 3 39 0.9 10.9 Guggenheim Capital LLC 12 8.2 353,463 18 48 0.6 7.6 BNP Paribas SA 12 11.3 192,314 75 11 7.1 4.2 Moelis & Co 13 7.6 329,652 103 31 1.2 6.4 UBS AG 13 7.5 126,951 85
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    Schedule of Investments (unaudited) iShares MSCI Total International Index Fund (Percentages shown are based on Net Assets) September 30, 2020 Mutual Fund Value Total International ex U.S. Index Master Portfolio of Master Investment Portfolio $ 1,034,086,323 Total Investments — 100.4% (Cost: $929,170,670) 1,034,086,323 Liabilities in Excess of Other Assets — (0.4)% (3,643,126) Net Assets — 100.0% $ 1,030,443,197 iShares MSCI Total International Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in International Tilts Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2020, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,034,086,323 and 99.9%, respectively. The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Directors of the Master Portfolio. Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access • Level 2 – Other observable inputs (including, but not limited to, quoted prices
  • Global Finance Names the World's Best Investment Banks 2021

    Global Finance Names the World's Best Investment Banks 2021

    Global Finance Names The World’s Best Investment Banks 2021 NEW YORK, February 18, 2021– Global Finance magazine has named the 22nd annual World’s Best Investment Banks in an exclusive survey to be published in the April 2021 print and digital editions and online at GFMag.com. J.P. Morgan was honored as the Best Investment Bank in the World for 2021. “With widespread expectations of consolidation in multiple sectors and all around the About Global Finance world, investment banks will play a leading role in reshaping the world economy post- Global Finance, founded in pandemic,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance. 1987, has a circulation of “Companies need more than ever to understand the specialties and skills that investment 50,000 and readers in 191 bank brings to the table. Global Finance awards are a valuable guide.” countries. Global Finance’s audience includes senior Global Finance editors, with input from industry experts, used a series of criteria— corporate and financial including entries from banks, market share, number and size of deals, service and officers responsible for making advice, structuring capabilities, distribution network, efforts to address market conditions, investment and strategic innovation, pricing, after-market performance of underwritings and market reputation— decisions at multinational companies and financial to score and select winners, based on a proprietary algorithm. Deals announced or institutions. Its website — completed in 2020 were considered. GFMag.com — offers analysis and articles that are the legacy For editorial information please contact Andrea Fiano, editor: [email protected] of 34 years of experience in international financial GLOBAL WINNERS markets.