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Financial Rankings GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 2016 2016 GLOBAL M&A FINANCIAL ADVISORY RANKINGS The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards. 3. Global M&A Regional Review 4. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 5. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A League Tables network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 8. EMEA M&A Regional Review 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 League Tables trends. 12. APAC M&A Regional Review 13. APAC M&A League Tables Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league 16. Disclaimer table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Meaghan Burke +1-646-324-1537 [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] ©2016 Bloomberg Finance L.P. All rights reserved. Global M&A Heat Map Western Europe Eastern Europe USD 1.1T USD 99.2B 1. VTB Capital JSC 25.8% North America 1. Goldman Sachs & Co 38.9% 2. Morgan Stanley 30.8% 2. UBS AG 17.9% USD 2.2T 3. Bank of America Merrill Lynch 13.1% 1. Goldman Sachs & Co 31.5% 3. Credit Suisse Group AG 23.8% 2. Morgan Stanley 30.2% 3. Bank of America Merrill Lynch 28.0% Asia Pacific USD 1.3T 1. Morgan Stanley 15.9% Middle East & Africa 2. Goldman Sachs & Co 12.8% USD 150.5B 3. UBS AG 12.1% Latin America & Caribbean 1. UBS AG 20.0% USD 159.9B 2. Credit Suisse Group AG 15.7% 1. Banco Santander SA 15.6% 3. Goldman Sachs & Co 13.3% 2. Banco Itau BBA 13.0% 3. UBS AG 11.5% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 2016. 2 Global M&A Regional Review Global M&A: Premium Breakdown • 2% 2% Global merger and acquisition activity reached $3.6 trillion, representing a 10.5% decrease year-on- 5% 0-10% year. October deal-making reached a record high monthly volume of $505.8 billion. AT&T Inc’s acquisition of Time Warner Inc for $107.1 billion was the largest deal for both the month and year. 18% 10-25% • The financial sector continued to be the most targeted with $696.4 billion in announced transactions, accounting for 19.1% of the total global volume for the year. The basic materials sector experienced the 25-50% most growth with $321.5 billion in deal activity, a 51.3% increase from 2015. Bayer AG’s announced bid 50-75% for Monsanto Co contributed $65.7 billion to the basic materials sector’s total. 44% 29% 75-100% • Deals with announced transaction values of over $1.0 billion accounted for 63.8% of the total deal activity in 2016. The consumer, non-cyclical sector was the most sought-after for mega-deals, contributing $357.5 100%+ billion to the total volume. Global M&A: Highlights of 2016 Global M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 39,664 Financial $696.4 19.1% -15.3% 10/22/2016 Time Warner Inc AT&T Inc - $107,130.8 Volume (Bln.) $3,591.0 Consumer Non-cyclical $568.2 15.6% -38.6% Avg Deal Size (Mln.) $90.5 Communications $415.0 11.4% -5.0% 5/18/2016 Monsanto Co Bayer AG - $65,695.7 Consumer Cyclical $360.2 9.9% 14.5% Top Adviser Energy $357.2 9.8% -3.7% 10/21/2016 Reynolds American Inc British American Tobacco PLC - $58,256.1 Goldman Sachs & Co Technology $346.6 9.5% 0.4% Number of deals 309 Industrial $338.4 9.3% -23.4% 11/21/2016 Energy Transfer Partners LP Sunoco Logistics Partners LP - $51,381.6 Volume (Bln.) $876.3 Basic Materials $321.5 8.8% 50.2% Global M&A Review | 2016 Avg Deal Size (Bln.) $2.8 Utilities $202.5 5.6% 87.9% 2/3/2016 Syngenta AG China National Chemical Corp - $46,311.7 Diversified $39.7 1.1% -46.0% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 12,000 Deal Type (Bln.) Deal Count Volume $1,200 10,000 Company Takeover $2,269.7 -0.5% -12.3% $1,000 Cross Border $1,584.9 2.5% -0.3% 8,000 $800 Private Equity $735.6 -1.9% -9.4% 6,000 $600 Asset Sale $566.2 5.7% -13.8% 4,000 $400 Tender Offer $335.3 3.2% 55.5% Venture Capital $115.0 -5.8% -2.7% $200 2,000 Spin-off $68.4 -5.3% -35.2% $0 0 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 Minority Purchase $390.2 2.1% 4.4% Majority Purchase $268.9 -0.9% 17.8% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals 01/01/2016 - 12/31/2016 Cross Border Announced Deals 01/01/2016 - 12/31/2016 2016 2015 2016 2015 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 24.4 876,257 309 1 30.5 -6.1 Goldman Sachs & Co 1 34.5 545,945 177 2 32.1 2.4 Morgan Stanley 2 23.8 855,355 290 2 27.6 -3.8 Morgan Stanley 2 30.6 484,312 156 3 29.4 1.2 JPMorgan Chase & Co 3 20.2 723,734 302 3 25.4 -5.2 JPMorgan Chase & Co 3 23.1 366,489 161 1 36.7 -13.6 Bank of America Merrill Lynch 4 19.7 708,417 216 4 22.2 -2.4 Credit Suisse Group AG 4 22.0 348,330 114 7 19.7 2.3 Citigroup Inc 5 15.1 540,689 205 6 16.5 -1.5 Bank of America Merrill Lynch 5 19.4 308,141 120 4 29.0 -9.5 Barclays PLC 6 14.8 532,183 199 8 13.9 1.0 Lazard Ltd 6 16.2 256,377 142 5 21.0 -4.8 Credit Suisse Group AG 7 14.0 503,366 205 5 18.4 -4.4 Barclays PLC 7 16.2 255,974 98 6 19.8 -3.6 Lazard Ltd 8 10.0 360,131 223 7 16.1 -6.1 UBS AG 8 14.7 233,049 86 16 7.0 7.8 UBS AG 9 9.5 339,478 149 11 8.6 0.9 Deutsche Bank AG 9 13.4 212,730 83 8 19.5 -6.1 Deutsche Bank AG 10 9.3 333,656 144 9 12.6 -3.3 Citigroup Inc 10 10.8 170,527 112 11 12.5 -1.8 Evercore Partners Inc 11 8.2 295,256 146 13 6.9 1.3 Rothschild & Co 11 9.9 156,716 228 9 13.6 -3.7 Centerview Partners LLC 12 6.1 219,269 34 10 10.6 -4.5 Centerview Partners LLC 12 9.4 148,885 13 13 9.9 -0.5 RBC Capital Markets 13 5.4 193,142 144 18 3.9 1.4 Evercore Partners Inc 13 7.4 116,420 53 17 4.5 2.8 Rothschild & Co 14 5.3 188,984 317 12 7.3 -2.0 RBC Capital Markets 14 5.8 92,484 58 22 2.5 3.3 Perella Weinberg Partners LP 15 4.8 170,769 20 19 3.6 1.2 HSBC Bank PLC 15 5.7 89,556 47 18 4.0 1.7 Allen & Co Inc 16 4.0 143,399 10 23 2.5 1.5 Macquarie Group Ltd 16 5.4 85,425 50 25 2.1 3.3 China International Capital Corp Ltd 17 3.7 134,385 37 26 2.3 1.5 China International Capital Corp Ltd 17 4.5 71,317 10 37 1.2 3.3 HSBC Bank PLC 18 3.1 110,456 64 20 3.4 -0.3 Ducera Partners LLC 18 4.2 65,696 1 - - 4.2 Macquarie Group Ltd 19 3.0 107,119 88 27 2.1 0.9 BMO Capital Markets 19 3.9 61,385 25 27 1.6 2.3 Qatalyst Partners LLC 20 2.7 97,812 10 55 0.5 2.2 Perella Weinberg Partners LP 20 3.8 60,485 7 14 8.1 -4.3 TOTAL 3,590,992 39,664 4,006,843 TOTAL 1,584,781 14,828 1,589,159 Global Private Equity Announced Deals 01/01/2016 - 12/31/2016 2016 2015 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 20.8 152,916 117 3 18.7 2.1 JPMorgan Chase & Co 2 15.8 116,377 103 1 22.9 -7.1 Morgan Stanley 3 15.1 110,947 108 2 19.2 -4.1 Bank of America Merrill Lynch 4 12.9 94,565 66 4 17.5 -4.7 Credit Suisse Group AG 5 12.4 90,892 84 8 11.2 1.2 Barclays PLC 6 12.3 90,125 84 6 12.6 -0.3 Citigroup Inc 7 10.4 76,278 74 5 15.0 -4.7 Deutsche Bank AG 8 9.7 71,314 56 7 11.4 -1.7 UBS AG 9 9.1 66,779 54 10 6.2 2.9 RBC Capital Markets 10 8.2 60,109 50 12 5.7 2.5 Lazard Ltd 11 5.7 42,069 101 17 3.5 2.2 Jefferies LLC 12 5.5 40,377 79 18 3.5 2.0 Macquarie Group Ltd 13 5.5 40,360 27 14 4.0 1.5 Rothschild & Co 14 4.9 36,165 148 13 5.4 -0.5 Ernst & Young 15 3.4 25,125 78 31 1.3 2.1 Evercore Partners Inc 16 3.0 22,291 54 26 1.8 1.3 Gresham Partners Ltd 17 2.7 19,673 6 63 0.3 2.4 KPMG Corporate Finance LLC 18 2.2 16,262 96 35 0.9 1.3 Centerview Partners LLC 19 2.1 15,288 8 9 6.6 -4.5 Wells Fargo & Co 20 2.1 15,106 26 11 5.8 -3.7 TOTAL 735,257 11,057 811,469 4 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • Total deal volume in the Americas reached $2.3 trillion, representing an 8.0% decrease in activity Country (Bln.) % of Total Change year-on-year.
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