Global and regional M&A: 2014 - Mergermarket

Global and regional M&A: 2014Including league tables of financial advisors

Global

Europe

US

Asia-Pacific

Japan

Africa & Middle East

Emerging Markets

League Tables

Criteria & contacts

Regional M&A comparison

Global and regional M&A: 2014www.mergermarket.com 2

* The % value on the map indicates the total value change from last year

Inbound $14.6bn 58.9%Outbound $26.2bn 73.7%TMT $12.3bn 12.5%

Africa & Middle EastInbound $82.1bn 114.4%Outbound $24.7bn 298.7%Energy $50bn 131%

Central & South AmericaInbound $6.3bn 52.9%Outbound $53.2bn 9.4%Industrials $5.9bn 13.1%

Japan

& Chemicals

Inbound $320.6bn 68.6%Outbound $365.8bn 190%TMT $168.2bn 24.0%

EuropeInbound $83.5bn 15.8%Outbound $89.6bn 4.4%Energy, $96.1bn 12.4%

Asia-Pacific (excl. Japan)

Mining & Utilities

Inbound $373.5bn 158.5%Outbound $290.1bn 65.9%TMT $302.2bn 6.1%

US

Total $3,230bn 47.7%Cross-border $1,399.7bn 82.6%Energy, $632.5bn 39.0%

Global M&A

Mining & Utilities

56.6%$1,409.4 bn

49.5%$132.2 bn

-9.3%$57.9 bn

$591.6 bn 43.4%

$29.3 bn -33.5%$901.4 bn 40.5%

Mining &Utilities

3Global and regional M&A: 2014www.mergermarket.com

Global overview

3

Sellers bask in US$ 3,230bn-worth of global M&A activity, only 11.8% less than 2007

Private equity buyout and exit activity

De

al c

ou

nt

Va

lue

of

de

als

(U

S$

bn

)

Buyout value Exit value Buyout deal count Exit deal count

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

100

200

300

400

500

600

700

800

900

2007 2008 2009 2010 2011 2012 2013 2014

Sector breakdown in 2014 vs 2013

TMT

Other

Industrial & Chemicals

BusinessServices

Pharma,Medical&Biotech

Energy, Mining& Utilities

FinancialServices

Consumer

306.5529.7

106.5173.4

0226.8238.5

508.2604.2

235.5345.6

234.7338.2

173.7379.5

428.7632.5 19.6%

18.7%

11.8%

10.5%

10.7%

7.0%

5.4%

16.4%

19.2%

22.8%

7.8%

10.5%

10.6%

10.7%

4.8%

13.7%

* % indicates market share

Q2 Q3 Q4Q1

Value of deals (US$bn)Quarterly M&A activity

2014

2013

2012

2011

2010

2009

2008

2007 800.1

592.5

419.3

459.7

612.7

462.2

445.9

633.8

1,277.5

676.8

396.0

431.6

582.9

565.0

558.3

957.2

848.8

683.3

326.8

494.5

596.9

521.4

650.9

851.3

733.9

458.4

569.4

709.8

475.6

754.4

577.4

787.8

Total 3,660.4Total 2,411.0

Total 1,711.5

Total 2,095.6

Total 2,268.1

Total 2,303.0

Total 2,232.5

Total 3,230.0

u A record value for private equity exits, the average price tag at an all time high, and soaring cross-border deal-making, proved 2014 to be a seller’s market. The year ended with US$ 3,230bn-worth of deals, 44.7% above 2013’s total (US$ 2,232.5bn), and down just 11.8% from the last highest annual total in 2007 (US$ 3,660.4bn).

u Global M&A value hit a post-crisis high at the end of Q3 2014 and continued to climb towards the third highest annual total on Mergermarket record (since 2001). This came in spite of a reversal of quarterly increases from Q4 2013 to Q2 2014, after which totals fell quarter-on-quarter with Q4 dropping 7.5% from Q3 to US$ 787.8bn.

u 2014 saw private equity firms choosing to dispose of assets they had been holding onto, resulting in the year seeing record exits by both value at US$ 489.3bn (which soared to 21.4% above 2007's peak) and number of deals (2,054). Trade buyers led with a record 1,484 transactions worth US$ 367bn. The 271 more deals than in 2013 resulted in a 82.3% higher deal value than 2013's US$ 201.3bn.

u The Consumer sector (US$ 80.9bn) was particularly active with regard to private equity exits, reaching the highest value and deal count on record. Trade buyers swooped in for Consumer companies and took an 89.6% proportion of the sector’s total exits with 182 deals worth US$ 72.5bn, 154.3% higher than the last peak in 2012.

u Energy, Mining & Utilities was the leading sector by value with 1,638 deals totaling US$ 632.5bn, up 47.5% from 2013. TMT continued an upswing from 2013, seeing over 400 more announcements and an 18.9% increase by value reaching US$ 604.2bn. However, it was Pharma, Medical & Biotech activity that stole the limelight in 2014.

u The Pharma, Medical & Biotech sector accounted for 52.3% of the total value of lapsed deals during the year (US$ 224.1bn), but the resurgence in the sector still amounted to 1,215 deals reaching an all time high value at US$ 379.5bn during 2014. Tax inversions and a global trend towards cross-border M&A resulted in deals in the industry between different countries accounting for a majority share of total deal value at 67.7% with US$ 257bn-worth of deals.

u There was an abundance of cross-border deal making overall in 2014, demonstrated by the highest deal count record and the second highest value. The 5,501 deals worth US$ 1,399.7bn increased 82.6% by value compared to 2013 with 630 more announcements.

u The size of cross-border transactions played a role in the deal value increase. The average deal size for cross-border deals jumped to US$ 453.9m, up from US$ 291.4m in 2013 and above the 2007 peak (US$ 437.7m).

u The inflated deal size was in part due to the sudden attention to US companies from Europe. The total value of deals involving European companies targeting the US hit the highest on record at US$ 259.7bn with 421 announcements. For example, German corporations made three of their largest ever US-based acquisitions during 2014, with all three valued over US$ 12.7bn.


Global overview

4

Global overview

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Targetsector

Sellercompany

68.5 13-Feb-14 Comcast Corporation Time Warner Cable Inc

65.5 18-May-14 AT&T Inc DIRECTV

63.2 17-Nov-14 Actavis plc Allergan Inc

58.8 10-Aug-14 Kinder Morgan IncKinder Morgan Energy

Partners LP (88.6% Stake)

45.9 15-Jun-14 Medtronic Inc Covidien Plc

League table by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 939,899 378 597,202 57.4%

2 2 JP Morgan 697,890 275 571,683 22.1%

3 3 Morgan Stanley 693,814 285 503,977 37.7%

4 4 Bank of America Merrill Lynch 647,429 224 474,465 36.5%

5 7 Citi 619,544 236 272,126 127.7%

6 5 Barclays 528,937 218 375,054 41.0%

7 9 Lazard 470,542 234 201,607 133.4%

8 8 Deutsche Bank 440,912 206 230,706 91.1%

9 10 Credit Suisse 365,552 211 197,179 85.4%

10 6 UBS Investment Bank 245,378 157 348,143 -29.5%

11 17 Centerview Partners 217,984 40 86,230 152.8%

12 14 Rothschild 208,927 248 112,315 86.0%

13 16 BNP Paribas 179,785 109 89,054 101.9%

14 21 Jefferies 130,504 128 52,788 147.2%

15 18 RBC Capital Markets 129,584 138 79,866 62.3%

16 32 Perella Weinberg Partners 118,078 33 32,952 258.3%

17 20 HSBC 97,893 61 57,742 69.5%

18 29 Societe Generale 95,118 47 36,933 157.5%

19 57 Allen & Company 90,214 17 13,247 581.0%

20 15 Evercore Partners 81,172 133 98,498 -17.6%

u Deal complexity competing bids and possibly the size of deals, could be an explanation for the longer period taken to complete a deal. The average time taken in 2014 was 96 days, the longest time period on record after five annual increases.

u Goldman Sachs remained the lead financial advisor league table by value with 378 deals worth US$ 939.9bn, increasing 57.4% from 2013. The firm knocked PwC from the top position in the league table by deal count after advising on 80 more transactions than 2013. The firm jumped from third position in 2013. It was was the lead advisor by value in the US, Europe and also Asia-Pacific (excl. Japan).

u The top four firms (Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America Merrill Lynch) all retained the same position as in 2013, but Citi moved into the top five with 224 deals worth US$ 619.5bn.

u Jefferies, Perella Weinberg Partners, Societe Generale and Allen & Company entered into the top 20 during 2014.

Europe overview

Global and regional M&A: 2014www.mergermarket.com

Europe overview

5

Europe's M&A makes a sudden rebound to a post-crisis high with deals worth US$ 901.4bn

u After a rather subdued 2013, European M&A activity rebounded strongly in 2014, climbing to a post-crisis high at US$ 901.4bn. This was a 40.5% increase from 2013 (US$ 641.4bn), making it the highest value since 2008 when it stood at US$ 1,003.8bn. Volume was up by a modest 4.8% between 2013 and 2014 (5,816 versus 6,094).

u There was a sense of confidence in global boardrooms during 2014 and this filtered through to European targets where the average price paid for a company was US$ 365.4m, the highest in seven years.

u On a quarter-by-quarter basis, 2014’s M&A activity got off to a slow start in Q1 with deals valued at US$ 176.5bn, peaking at US$ 312.9bn in Q2, and seeing a decline thereafter to US$ 202.2bn in Q3, and a slight increase in Q4 with US$ 209.9bn-worth of deals.

u Some eurozone countries showed signs of recovery. In Spain for example, the US$ 57.2bn-worth of deals increased 77.1% from 2013. The country has a strong pipeline for 2015, although the second half could be more complicated as attention will turn to the national general election.

u Private equity exits stood at US$ 165.5bn, a 94.5% surge on 2013 and the highest figure since 2007. The average price paid for an exit exceeded even the peak years at US$ 492.7m. Consumer (US$ 37.9bn) and Industrials & Chemicals (US$ 29.2bn) saw the highest values.

u The ongoing consolidation of Europe’s Telecommunication industry saw M&A in the TMT sector worth US$ 168.2bn account for the highest share of Europe’s value, with domestic transactions accounting for most of it (US$ 120.2bn). One of the trends currently shaping the sector is the convergence towards the “quad” model, with operators bundling together internet, TV, landline and mobile services.

u The Pharma, Medical & Biotech sector was the second most active in 2014 with US$ 114.9bn-worth of deals reaching the highest on Mergermarket record after a 162.3% jump from 2013.

u Europe’s 1,184 inbound deals totaled US$ 320.6bn and reached a record high by both deal value and deal count during 2014 (since 2001). The proportion of total M&A accounted for by inbound activity climbed to a 35.6% peak.

u Most of the inbound investment came from US-based companies which accounted for 60.7% or US$ 194.6bn-worth of inbound deals. This was a 80.6% increase from 2013 and also 8.5% above the previous high in 2008 (US$ 179.3bn).

u Mirroring the inbound deal flow, 71% of total outbound M&A was also directed towards the United States (US$ 259.7bn), the highest value on Mergermarket record (2001). As a result, after one of the lowest years for European outbound M&A in 2013, outbound activity surged to its highest level since 2007 during 2014 with US$ 365.8bn-worth of deals, up 190% from the previous year.

Cross-border analysis Inbound and outbound (value of deals US$bn)

237.

9

259.

1

96.7

136.

8

257.

0

220.

1

190.

2

305.

6

396.

7

211.

5

122.

1

2007 2008 2009 2010 2011 2012 2013 2014

180.

9

151.

0

171.

6

126.

1

339.

4

842

deal

s99

0 de

als

873

deal

s

540

deal

s

757

deal

s

837

deal

s

813

deal

s

823

deal

s

768

deal

s

493

deal

s

786

deal

s

947

deal

s

944

deal

s

1001

dea

ls

1070

dea

ls84

7 de

als


Other


Pharma,Medical &Biotech

Real Estate


FinancialServices

TMT

Consumer

84.5174.7

21.172.0

96.672.2

73.495.3

124.8

99.461.6

104.6

43.8114.9

135.6168.2 18.7%

12.8%

11.6%

11.0%

10.6%

8.0%

8.0%

19.4%

21.1%

6.8%

9.6%

19.5%

11.4%

15.1%

3.3%

13.2%


Value of deals (US$bn)Q2 Q3 Q4Q1Quarterly M&A activity

265.3

295.7

121.6

127.5

184.3

171.6

136.0

176.5

583.4

203.6

77.8

114.6

242.0

187.4

198.4

312.9

384.8

287.4

79.0

155.1

165.8

111.8

149.0

202.2

286.3

217.1

188.3

242.9

133.2

251.7

158.0

209.92014

2013

2012

2011

2010

2009

2008

2007

Total 641.4

Total 722.5

Total 725.3

Total 640.1

Total 466.7

Total 1,003.8Total 1,519.8

Total 901.4


Europe overview

6

Europe overview

6

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Targetsector

Sellercompany

45.9 15-Jun-14 Medtronic Inc Covidien Plc

39.6 07-Apr-14 Holcim Ltd Lafarge SA

23.8 06-Aug-14 Walgreen Company Alliance Boots GmbH (55% Stake)

AB Acquisitions Holdings Limited

23.1 20-Jun-14 Altice SA SFR SA Vivendi SA

14.5 22-Apr-14 Novartis AG GlaxoSmithKline Plc (Oncology division) GlaxoSmithKline Plc


2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 481,193 147 370,133 30.0%

2 2 JPMorgan 385,287 125 327,084 17.8%

3 3 Morgan Stanley 355,176 120 299,535 18.6%


5 10 Deutsche Bank 283,461 112 103,607 173.6%

6 11 Lazard 279,969 149 88,522 216%

7 9 Citi 238,416 95 122,681 94.3%

8 12 Credit Suisse 180,181 82 86,343 108.7%

9 13 Rothschild 178,474 213 85,536 108.7%

10 14 BNP Paribas 168,237 91 85,229 97.4%

11 5 Barclays 166,301 92 242,872 -31.5%



14 19 Societe Generale 95,118 47 36,933 157.5%

15 17 HSBC 80,299 37 43,312 85.4%

16 - Zaoui & Co 77,122 8 - -


18 20 EY 58,066 174 36,177 60.5%

19 18 Credit Agricole 48,785 40 38,193 27.7%

20 36 Greenhill & Co 37,282 17 11,887 213.6%

u Further underlining the strong inbound trend, the top three transactions involving non-European bidders targeting European companies all originating from the US – Medtronic’s acquisition of Covidien (Ireland) for US$ 45.9bn; Walgreen’s purchase of the remaining 55% stake in Alliance Boots (Switzerland) for US$ 23.8bn; and General Electric’s acquisition of Alstom’s Thermal & Renewable Power and Grid business (France) for US$ 12.3bn.

u France was the target country for two of the top five deals in the region, demonstrating the growth in size of French deals during 2014. As a result, for the first time on record, France was the most active country in 2014 with US$ 161.4bn-worth of deals, the highest value since 2007 (US$ 204.1bn) and a 327.5% surge on 2013 (US$ 37.7bn). The UK was previously the most targeted country in Europe until 2014 even though its M&A value increased by 28.7% to US$ 154.5bn compared to 2013.

u Tax inversion deals boosted total Pharma, Medical & Biotech values as individual price tags climbed, with two deals above US$ 10bn (against none in 2013), the acquisition of Covidien and the sale of Glaxo Smith Kline’s oncology business. In total, there were ten deals above US$ 10bn (against six in 2013). Pharma also played a pivotal role in cross-border deal flow, amounting to close to a quarter of total inbound (US$ 74.1bn) and 37.4% of outbound (US$ 136.7bn).

u Deutsche Bank jumped to fifth place, from tenth, having worked on 47 more deals in 2014 compared to 2013. Perella Weinberg, Centerview and Greenhill all made it into the top 20 ranking by value having been absent from the top 20 for seven, six and four years, respectively.

7

US overview



2007 2008 2009 2010 2011 2012 2013 2014

36

9.7

21

9.1

10

5.5

17

2.6

16

1.6

19

6.6

14

4.5

37

3.5

22

4.8

23

3.0

93

.6 1

33

.3

22

3.8

18

9.4

17

4.9

29

0.1

80

9 d

eals

1,0

19

dea

ls

90

2 d

eals

61

2 d

eals

95

9 d

eals

1,0

81

dea

ls

1,0

96

dea

ls

1,1

25

dea

ls

63

9 d

eals

42

8 d

eals

61

3 d

eals

63

4 d

eals

67

1 d

eals

59

7 d

eals

82

0 d

eals

1,2

79

dea

ls


Other


Pharma,Medical &Biotech

BusinessServices


FinancialServices

TMT

Consumer

87.6105.2

55.386.0

70.864.9

78.8145.9

139.6318.1

83.3155.1

99.5232.0

284.9302.2


22.6%

21.4%

16.5%

11%

10.4%

4.6%

6.1%

7.5%

15.5%

31.7%

11.1%

9.3%

8.8%

7.9%

6.2%

9.7%


2014

2013

2012

2011

2010

2009

2008

2007 351.7

145.5

198.9

145.1

248.2

128.1

178.8

285.7

501.1

266.4

186.5

179.7

187.1

190.0

176.0

377.5

255.2

263.4

98.4

154.4

207.0

234.4

312.4

417.0

229.1

78.3

205.0

244.7

190.0

314.2

233.0

329.3

Total 1,337.1

Total 753.7

Total 688.8

Total 725.0

Total 832.3

Total 866.7

Total 900.1

Total 1,409.4

Record high US M&A worth US$ 1,409.4bn led by transatlantic drive and booming deal count

u A surge from Europe toward US targets, record high deal valuations and exit levels, and a deal count nearing 2007’s peak led US M&A activity to reach a record high last year. Total deal value soared 56.6% from US$ 900.1bn in 2013 to US$ 1,409.4bn in 2014, while total deal count rose 21.5% from 3,937 transactions to 4,782.

u US firms commanded some of the highest deal valuations globally, with average deal values increasing 30.15% in the past year, reaching a record high of US$ 616.3m in 2014. Premiums paid jumped to 29% in 2014, from 26% in 2013, with an EBITDA multiple of 14.5x.

u US private equity exits reached an all-time high in 2014 with 958 deals valued at US$ 262.1bn, up 70.6% by value compared to 2013 (US$ 153.6bn on 735 deals). Along with a general rise in Technology transactions, the past year saw an upswing in exits in the space, reaching the highest deal count and value on record: 292 deals worth US$ 49.6bn, more than double 2013's value (US$ 24.7bn). In the Pharma, Medical & Biotech sector, the US$ 42.3bn worth of exits in 2014 was 56.1% higher than the previous peak in 2007 (US$ 27.1bn).

u Energy, Mining & Utilities M&A more than doubled in value compared to 2013 with 107 more announcements. The US$ 318.1bn-worth of deals came despite only two deals making it into the top ten deals of the year: the re-structuring of Kinder Morgan, valued at US$ 58.8bn, and Halliburton’s US$ 38bn acquisition of Baker Hughes.

u Dominated by a burst of Technology activity, the most notable increase by deal count came in the TMT sector (1,022 deals worth US$ 302.2bn). The 787 Technology deals eclipsed every other year by deal count and value at US$ 122.4bn, up 29.3% from 2013 (US$ 94.7bn).

u Spurred on by inexpensive natural gas used as a raw material for chemicals, plastics, and packaging as well as for powering manufacturing across all industries, plus a favorable financing market, the Industrials & Chemicals sector saw a revival in 2014 with 826 deals worth US$ 145.9bn, up 85.3% from last year (US$ 78.8bn) and recovering the drop seen from 2012 to 2013. More activity is expected within the auto industry, with asset disposals resulting from increased consumer demand for alternative fuel and safety technologies.

u Foreign investors flocked towards US targets with a record number of deals (820) that hit the highest value on record at US$ 373.5bn, surpassing even pre-crisis levels. Most of the rebound was due to interest coming from European buyers which took a 69.5% share of total inbound activity (US$ 259.7bn).

u Inbound M&A from Europe more than tripled compared to 2013 (US$ 69.9bn), to US$ 259.7bn in 2014. The US was a prime Industrials & Chemicals target for German buyers with more than double the number of deals compared to 2013, and total values surpassing the previous high of US$ 7.1bn (2006) by a colossal 442.3% at US$ 38.5bn.

u Although not quite at the same rate as inbound deals, outbound M&A also saw an increase to the highest value and deal count on record, up 65.9% from 2013 (US$ 174.9bn) at US$ 290.1bn. Tax inversions in the Pharma, Medical & Biotech sector were a strong driver as the number of deals exceeded 100 for the first time and saw a total value of US$ 75.4bn eclipse the last peak in 2011 of US$ 35.9bn.

8

US overview


u The majority of the US’s top ten deals were inbound, highlighting the attraction to invest in the country through 2014. T. There were 223 more inbound transactions compared to 2013 which led to a 158.5% surge in deal value at US$ 373.5bn, making 2014 the high-est value for inbound M&A.

u Of the top 10 US deals, two are in the Pharma, Medical & Biotech sector: the US$ 63.2bn Actavis acquisition of Allergan and Actavis’ earlier US$ 23.1bn acquisition of Forest Laboratories. Other top Pharma, Medical & Biotech deals include the US$ 14.2bn Bayer AG acquisition of Merck & Co.’s consumer care business, the US$ 13.4bn Zimmer Holdings acquisition of Biomet, and the US$ 11.9bn Bector, Dickinson and Company acquisition of the CareFusion Corporation.

u Goldman Sachs continued its number one streak, advising on four of the top ten US deals of 2014, leading the firm to the top of the league tables in terms of both deal value and count with 261 mandates worth US$ 704.4bn.

u The year did not present such big changes for the boutique firms as compared to 2013: Guggenheim Partners fell out of the top 10 in terms of deal value in 2014 from its eight position in 2013, and Lazard maintained its 2013 position as number seven in terms of deal count into 2014. Centerview Partners, on the other hand, entered the top 10 in terms of deal value with the number nine spot this year, advising on 38 deals worth US$ 216.5bn total.


2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 704,397 261 451,473 56.0%

2 2 JPMorgan 508,613 184 419,642 21.2%


4 4 Morgan Stanley 433,895 174 344,173 26.1%

5 7 Citi 431,283 144 179,001 140.9%

6 5 Barclays 409,747 156 285,120 43.7%

7 12 Lazard 297,505 123 120,561 146.8%

8 9 Deutsche Bank 240,260 123 134,671 78.4%


10 10 Credit Suisse 212,653 122 130,379 63.1%

11 19 Jefferies 123,314 103 41,549 196.8%


13 17 RBC Capital Markets 92,029 94 59,658 54.3%

14 36 Allen & Company 90,214 17 11,037 717.4%

15 11 Paul J. Taubman 75,792 3 127,600 -40.6%

16 16 Wells Fargo Securities 75,412 69 62,408 20.8%


18 13 Evercore Partners 63,015 104 89,608 -29.7%

19 22 Rothschild 51,798 61 23,049 124.7%

20 20 Greenhill & Co 48,549 26 31,411 54.6%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Targetsector

Sellercompany

68.5 13-Feb-14 Comcast Corporation Time Warner Cable Inc

65.5 18-May-14 AT&T Inc DIRECTV

63.2 17-Nov-14 Actavis plc Allergan Inc

58.8 10-Aug-14 Kinder Morgan Inc Kinder Morgan Energy Partners LP (88.6% Stake)

38.0 17-Nov-14 Halliburton Company Baker Hughes Incorporated


Asia-Pacific overview (excl. Japan)

M&A value spiked at US$ 591.6bn with private equity peaking and higher valued inbound deals

u With 3,250 deals worth US$ 591.6bn, both the number of transactions and their total value reached the highest level on Mergermarket record in 2014, up 43.4% from 2013’s previous historic high (US$ 412.4bn).

u Inbound investment into the region increased for the second consecutive year, making Asia-Pacific targets a steady driver of the overall surge in M&A. As in the previous two years, the bulk of this investment came from European and American buyers, particularly the former, who spent a total of US$ 34.6bn in 2014, up 28.6% on 2013.

u The price paid for Asian targets by European bidders increased to US$ 254.7m during 2014, up from US$ 192.4m in 2013. Six deals from Western Europe were above US$ 1bn, with the largest seeing Belgium-based Anheuser-Busch InBev acquire Oriental Brewery for US$ 6.2bn. A draw to the region from foreign investors could be the EBITDA valuation at 16.6x, much lower compared to the previous ten years' average of 18.9x.

u Private equity activity was another growth base in 2014, which saw records in buyouts and exits in terms of both value and volume of deals. A record US$ 68.8bn was invested by private equity firms, up 62.4% on 2013. Exits totaled US$ 35.4bn with 185 deals, up 21.1% on 2013’s previous record value (US$ 29.2bn from 138 deals).

u The Technology and Media sectors saw a strong level of private equity exit activity during 2014. Technology exits had seen a steady rise but saw a dramatic increase in 2014, up to 33 exits worth US$ 3bn from just seven in 2008. Since Media exits started in 2005, the level of activity has increased with 2014 seeing 10 deals worth US$ 4.5bn from five deals worth US$ 331m in 2005.

u A total of 399 Technology deals amounted to US$ 53.7bn, 46.9% higher than the US$ 36.5bn from 248 deals in 2013, with tinterest from foreign bidders peaking in 2014 (91 deals worth US$ 9.2bn). A huge jump in buyouts in the sector saw 77 deals at US$ 11.7bn, compared to the 38 in 2013 valued at US$ 9.4bn.

u The ongoing growth in the region’s Consumer sector saw 324 deals valued at US$ 55.2bn, an increase of 28.1% by value from 2013. The industry saw a record value and deal count of inbound deals with 79 transactions worth US$ 18.7bn.

u The 427 outbound deals (US$ 89.6bn) was the highest number on record by deal count. However, a tendency to lean toward smaller investments continued with single digit growth year-on-year for the past two years, running at just above 4%.

u During the last three years, there has been a shift in the sectors of outbound targets. Outbound M&A has moved away from the Energy, Mining & Utilities sector - down 64.3% to US$ 24.6bn in 2014 from US$ 68.9bn in 2011 - and towards other sectors including Technology, Leisure and Transportation, all of which have had a dramatic upsurge in 2014 with some of the highest levels on record.


2007 2008 2009 2010 2011 2012 2013 2014

55

5 d

eals

37

2 d

eals

29

5 d

eals

20

2 d

eals

31

6 d

eals

34

1 d

eals

33

7 d

eals

34

9 d

eals

51

5 d

eals

37

6 d

eals

52

0 d

eals

56

3 d

eals

56

0 d

eals

59

1 d

eals

59

1 d

eals

42

7 d

eals

95

.3

85

.3

48

.2

81

.2 89

.7

66

.0

72

.1 83

.0

12

6.4

71

.2

96

.8

32

.2

10

8.3

81

.1

85

.8

89

.6


TMT

Other


Transport


FinancialServices

Consumer

57.9147.3

19.239.7

49.556.8

43.155.2

58.182.4

52.377.5

85.596.1 16.2%

13.1%

13.9%

9.3%

9.6%

6.7%

24.9%

20.7%

12.7%

14.1%

10.5%

12.0%

4.7%

14.0%

Real Estate 46.836.6 6.2%

11.4%



2014

2013

2012

2011

2010

2009

2008

2007 85.2

74.5

45.8

66.7

87.3

82.0

69.2

118.3

90.7

125.8

76.8

72.1

79.4

81.3

108.2

171.3

75.4

56.7

65.9

92.7

115.8

105.0

116.9

140.8

92.2

90.2

105.8

130.9

73.9

84.0

118.1

161.2

Total 347.2

Total 294.3

Total 362.4

Total 356.4

Total 352.3

Total 412.4

Total 343.5

Total 591.6


Asia-Pacific overview (excl. Japan)

10

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Targetsector

Sellercompany

36.5 16-Apr-14 CITIC Pacific Limited CITIC Limited CITIC Group Corporation

17.4 14-Sep-14 Investor group Sinopec Marketing Co Ltd (29.99% Stake)

15.6 24-Sep-14 Hanjin Kal CorpKorean Air Lines

Company Limited (51.13% Stake)

13.8 31-Dec-14 CSR Corporation China CNR Corporation

10.6 18-Mar-14 Shanghai Jinfeng Investment Co Ltd

Shanghai Greenland (Group) Co Ltd

An investor group led by Shanghai Gelinlan Investment

Management Ltd


2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 5 Goldman Sachs 89,002 71 40,199 121.4%

2 1 Morgan Stanley 88,947 55 62,869 41.5%


4 4 Citi 77,595 62 47,707 62.6%

5 12 CITIC Securities Co 73,973 41 23,980 208.5%

6 24 Somerley 70,879 29 10,263 591%

7 3 UBS Investment Bank 65,307 57 60,849 7.3%

8 15 China International Capital 58,298 37 18,111 221.9%

9 6 Deutsche Bank 56,766 40 36,425 55.8%

10 47 China Securities Co 52,516 26 4,051 1,196%

11 8 Credit Suisse 39,514 57 31,102 27.0%

12 11 Macquarie Group 36,597 50 24,210 51.2%

13 10 Lazard 35,339 28 25,109 40.7%

14 2 JPMorgan 35,090 45 62,393 -43.8%

15 14 Rothschild 28,345 50 23,604 20.1%

16 49 Guotai Junan Securities Co 24,864 31 3,651 581.0%

17 30 Haitong Securities Co 23,326 25 7,570 208.1%

18 16 KPMG 22,912 92 17,123 33.8%

19 7 Barclays 22,811 20 35,800 -36.3%

20 13 HSBC 19,757 24 23,977 -17.6%

u The average price paid for a company based in Asia-Pacific (excl. Japan) reached the second highest level on record at US$ 214m during 2014, versus US$ 190.8m in 2013. There were larger deals announced throughout 2014 which influenced the average price, for example five mega-deals (above US$ 10bn) were announced in the region which accumulated a record level for this deal size bracket at US$ 93.8bn.

u South Korean companies were the target in two of the top ten deals which boosted the country’s annual total up to the highest on record at US$ 73.5bn. Furthermore, the value came from the highest ever deal count with 334 transactions, up from 280 in 2013. A strong deal flow is also expected for 2015 particularly in the TMT sector with investment in South Korea’s mobile industry being a good testing ground for future investment in Southeast Asia, and also in the advertising digitalisation where emerging market coun-tries are expected to contribute to 62% of additional ad spend between the years 2013 and 2016, according to research by Publicis.

u Goldman Sachs headed the top of financial advisor league table by deal value with 71 deals worth US$ 89bn, up 121.4% from 2013 leading to a jump from fifth position. PwC continued to be the most active by deal count with 114 deals worth US$17.9bn.

11

Japan overview

11

Japan overview


Record low annual value at US$ 29.3bn despite a boost in private equity activity

u The picture of M&A in Japan during 2014 was in stark contrast to the global picture, and the rest of the Asia-Pacific region. Whereas the core regions saw a boom in M&A and record peaks, Japan saw record lows. In the second lowest annual total on record, the 376 Japanese M&A deals announced in 2014 added up to US$ 29.3bn, 33.5% down on the previous year (US$ 44.1bn) and the third consecutive annual decrease with a downward drift averaging 28.9% per year since 2011.

u The average deal size was another historic low at US$ 134.4m, brought down by the scarcity of deals above US$ 500m. The 13 deals above US$ 500m during 2014 amounted to US$ 13.8bn, the lowest in 12 years.

u For only the second year on record, 2014 saw every quarter post a total deal value below US$ 10bn. The final quarter registered US$ 7.4bn-worth of deals, up 7.6% from Q3 2014 (US$ 6.9bn) and by 0.6% compared to Q4 2013 (US$ 7.3bn).

u In line with the Asia-Pacific-wide boost in private equity activity, Japan saw a strong level of buyouts and exits in 2014. Japan’s 36 buyouts during 2014 were worth US$ 5.5bn, 39% higher than 2013’s value (US$ 4bn). The eight Consumer buyouts doubled from 2013 (four) and reached a value not seen since 2007 at US$ 892m.

u The value of private equity exits hit a three-year high as it increased 33.6% above 2013 with deals valued at US$ 6.3bn. With nine exits, the Business Services sector was most active by deal count with a total of US$ 1.6bn making it the only sector to register deals above US$ 1bn.

u The Industrial & Chemicals sector overtook TMT as the most active in 2014, with deals worth US$ 5.9bn. The sector increased 13.1% on 2013 and accounted for 20.1% of total value, up from 11.8% in 2013. A large part of this was due to the largest deal this year: Mitsubishi Chemical Holdings Corporation’s US$ 3bn acquisition of Taiyo Nippon Sanso Corporation accounted for over half of the total value.

u Even though there was a large 52.9% drop in the value of inbound investment which hit a post-crisis low, there were actually 13 more announcements in 2014 compared to 2013. With 46 deals in 2014, signs are that investors could be starting to show more interest in the country albeit at a lower price range.

u Outbound M&A exceeded 2013 with 242 transactions worth US$ 53.2bn (versus US$ 48.7bn), though with 13 fewer deals. The year had seen solid quarterly activity above US$ 10bn but the quarter-on-quarter drop throughout the year ended with Q4 seeing a 4.2% lower deal value than Q3 at US$ 10.3bn.

u The Consumer sector is one area where outbound activity increased, with 33 deals valued at US$ 19.8bn being over eight times the value compared to 2013 (US$ 2.4bn) and with eleven more deals. This was the highest number of deals on record and the highest value since 2006 (US$ 20.1bn).


2007 2008 2009 2010 2011 2012 2013 2014

48

dea

ls

121

dea

ls

12

6 d

eals

12

5 d

eals

15

1 d

eals

20

5 d

eals

25

4 d

eals

25

5 d

eals

7.0

6.8 8

.8 9.3 9.1 13

.4

6.3

24

2 d

eals

24

.5

33

de

als

31

de

als

57

de

als

39

de

als

48

de

als

33

de

als

46

de

als

19

.2

61

.5

24

.0

28

.8

71

.8

48

.7

53

.2

11

5.8


BusinessServices

Other

Consumer

Real Estate

Industrials &Chemicals

TMT

10.34.0

2.52.8

5.01.9

5.25.9

5.65.2

13.24.0 13.8%

17.8%

20.1%

6.6%

9.6%

13.5%

30.0%

12.7%

11.8%

11.2%

5.6%

23.3%

Transport 0.32.4 8.1%

0.8%

FinancialServices

2.03.0 10.4%

4.6%



2014

2013

2012

2011

2010

2009

2008

2007 26.1

17.3

10.6

13.9

12.3

14.1

8.1

5.6

18.0

10.8

14.1

7.3

17.2

26.3

15.2

9.5

11.9

15.5

24.1

33.2

32.7

13.9

13.5

6.9

32.2

12.2

29.6

6.8

21.5

16.2

7.3

7.4

Total 88.2

Total 55.8

Total 78.5

Total 61.2

Total 83.7

Total 70.5

Total 44.1

Total 29.3

Japan overview

12Global and regional M&A: 2014www.mergermarket.com 12

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Targetsector

Sellercompany

3.0 13-May-14 Mitsubishi Chemical Holdings Corporation

Taiyo Nippon Sanso Corporation

(23.6% Stake)

1.9 13-Aug-14 Blackstone Real Estate Partners Asia

General Electric Company (residential

property business)

General Electric Company

1.3 16-Jan-14 Kokusai Kogyo Holdings Co Ltd

Kokusai Kogyo Co Ltd (55% Stake)

Cerberus Capital Management LP

1.1 31-Jan-14 H2O Retailing Corporation Izumiya Co Ltd

0.9 28-Apr-14 Orix Life Insurance Corporation

Hartford Life Insurance KK Hartford Life Inc


2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Morgan Stanley 38,013 34 37,019 2.7%

2 - Centerview Partners 18,877 3 - -

3 2 Goldman Sachs 18,530 17 25,964 -28.6%

4 13 Credit Suisse 16,403 6 6,469 153.6%

5 4 Nomura Holdings 13,216 56 16,426 -19.5%

6 10 Mizuho Financial Group 9,053 58 7,350 23.2%

7 3 Sumitomo Mitsui Financial Group 8,736 54 19,142 -54.4%

8 31 Citi 8,305 7 2,400 246%

9 7 JPMorgan 7,087 8 8,669 -18.2%

10 24 KPMG 5,522 33 3,371 63.8%

11 11 GCA Savvian 5,241 19 6,972 -24.8%

12 6 Daiwa Securities Group 4,644 26 9,312 -50.1%

13 49 EY 4,628 12 540 757.0%

14 141 Evercore Partners 4,359 4 - -

15 - ICICI Securities 3,967 1 - -

u The overall drop in Japan's activity was also evident in domestic activity. The value of domestic deals dropped for the third consecutive year in 2014 to US$ 23bn, down 25.1% from 2013. The value represented the third lowest on record after 2001 (US$ 2bn) and 2002 (US$ 8.4bn). In terms of deal count, the 330 domestic deals fared well considering post-2007 levels but still saw 69 fewer transactions than 2013.

u Morgan Stanley remained the top of the financial advisor league table by value with 34 deals worth US$ 38bn. Mizuho Financial Group also kept its top spot by deal count even though it saw 12 fewer mandates with 58 deals worth US$ 9.1bn.


Africa & Middle EastoverviewPrivate equity and a Q4 surge failed to boost the annual total at US$ 57.9bn, down 9.3% on 2013


2007 2008 2009 2010 2011 2012 2013 2014

16

4 d

eals

15

1 d

eals

14

4 d

eals

68

dea

ls

10

0 d

eals

10

1 d

eals

11

8 d

eals

12

0 d

eals

15

8 d

eals

94

dea

ls

12

9 d

eals

14

9 d

eals

13

9 d

eals

16

9 d

eals

18

8 d

eals

14

5 d

eals

43

.0

14

.9

7.6

30

.1

24

.3

23

.0

35

.6

14

.6

71

.1

53

.9

18

.8

24

.5 3

1.3

15

.8

15

.1

26

.2


2014

2013

2012

2011

2010

2009

2008

2007 19.9

13.1

5.3

25.4

19.8

8.8

12.7

7.2

12.6

12.9

4.0

8.0

6.5

13.5

21.6

19.6

20.0

11.2

15.4

8.2

11.4

10.2

13.9

8.7

34.7

14.6

7.8

12.8

7.2

20.6

15.7

22.5

Total 87.2

Total 51.8

Total 32.5

Total 54.3

Total 44.9

Total 53.2

Total 63.9

Total 57.9


Construction

Other

Consumer

Real Estate

FinancialServices

Industrials &Chemicals

TMT


5.44.0

12.32.3

3.03.0

3.44.8

2.69.8

3.010.6

23.211.1

10.912.1 21.2%

19.2%

18.4%

16.9%

8.3%

5.2%

4.0%

6.9%

17.1%

36.4%

4.6%

4.0%

5.3%

4.7%

19.3%

8.4%


u Africa & Middle East (MEA) M&A activity in 2014 dropped 9.4% below the post-crisis high seen in 2013 (US$ 63.9bn)to US$ 57.9bn. Despite the decrease, 2014 still represented the fourth highest annual value on Mergermarket record (2001). Quarterly values fluctuated throughout the year, but ended on a high note in Q4 with a 158.6% increase to US$ 22.5bn from US$ 8.7bn in Q3 - accounting for 38.9% of the total.

u A sudden rush for large deals during Q4 saw four transactions each valued in excess of US$ 2bn, accounting for 23.7% of 2014's total value. The final dash for larger deals was in stark contrast to deal sizes throughout the rest of the year, underlined by the average price paid dropping 15.9% to US$ 202.6m from US$ 241m in 2013.

u Private equity activity was a key deal driver in 2014, accounting for 10.5% of total M&A, up from just 4.2% in 2013 and the second highest proportion on record. The value of buyouts more than doubled from US$ 2.7bn in 2013 to US$ 6.1bn in 2014. The year saw the most exits within a single year on record at 38 deals worth US$ 5.5bn, up 48.3% by value compared to US$ 3.7bn on 29 deals in 2013. This will come as a welcome boost for those investors yet to register any returns from investments in Africa, as well as those looking to invest dry powder.

u According to Mergermarket intelligence, private equity deal sizes have been creeping up as houses are raising more substantial funds and are looking to conduct larger deals. “It was common a few years ago for some funds to go as low as US$ 20m-US$ 30m, now funds are indicating to us a minimum size of USD 50m."

u The TMT sector saw 74 transactions in 2014 with a total value of US$ 12.3bn, accounting for 21.2% of the region's total and representing a 12.5% increase by value. The region’s Technology space was a highlight and saw the most deals on record with 44 transactions worth US$ 3.8bn, up from just 24 in 2013.

u A drop in inbound investments resulted in the Energy, Mining & Utilities sector being knocked from the top position in 2014. The 59 deals targeting the sector totaled US$ 11.1bn, representing a 19.2% market share – this marked a 52.2% drop by value and 14 fewer deals than 2013 (73 deals worth US$ 23.2bn). Inbound investments in the sector were down 84.1% to just US$ 3.3bn from US$ 20.7bn in 2013.

u Total inbound activity declined in 2014 compared to the previous four years with deals valued at US$ 14.6bn decreasing 58.9% from 2013 (US$ 35.6bn). Asian companies were the main investors with 40 deals worth US$ 5.8bn accounting for 40% of the total, a 70% decline by value as China pulled away from big ticket energy deals.

u Outbound activity in 2014 witnessed a 73.5% increase in total value to US$ 26.2bn from US$ 15.1bn in 2013. European targets represented the largest portion of MEA investments with 77 deals worth US$ 8.8bn accounting for 33.5% of total outbound value. MEA companies honed in on Italy with a record 11 deals worth US$ 2.1b, with the country’s Consumer and Industrials & Chemicals companies the primary targets.

u The allure of flourishing new African markets with less competition is causing a number of South African corporates to cast their lines further afield to other African countries, especially in the face of difficult conditions at home. The most common deals in 2015 are expected to be intraregional, outbound from family businesses, and an increase in inbound activity from strategic players.


Africa & Middle Eastoverview

14

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Targetsector

Sellercompany

5.7 25-Nov-14 Steinhoff International Holdings Ltd

Pepkor Limited (92.34% Stake)

Christo Wiese (Private Investor); and

Brait Mauritius Limited

3.5 13-Nov-14 DP World Limited Economic Zones World Ports & Free Zones World

2.6 18-Apr-14 Fonds National d'Investissement

Orascom Telecom Algerie SPA (51% Stake)

Global Telecom Holding SAE

2.5 08-Oct-14 A consortium led by Taleveras Group

Oil Mining License 29 and associated pipeline in Nigeria (30% Stake)

Royal Dutch Shell Plc

2.5 26-Jun-14 Labregah Real Estate Company QSC

Barwa Commercial Avenue Company LLC

(95% Stake)

Barwa Real Estate Company QSC


2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 31 Deutsche Bank 15,481 10 1,162 1,232%

2 9 Citi 14,227 11 6,184 130.1%

3 52 KPMG 12,129 12 381 3,085%

4 12 Barclays 11,193 18 6,071 84.4%

5 15 Investec 9,319 21 3,752 148.4%

6 20 Rand Merchant Bank 8,879 21 2,106 321.6%

7 4 Goldman Sachs 7,024 11 7,591 -7.5%

8 - Commerzbank 5,744 1 - -

9 7 JPMorgan 5,737 9 7,354 -22.0%

10 1 Bank of America Merrill Lynch 5,705 12 12,973 -56.0%

11 37 EY 5,311 22 760 598.8%


13 13 HSBC 4,519 9 5,758 -21.5%

14 22 Rothschild 4,165 12 1,823 128.5%

15 43 Standard Bank Group 4,023 13 555 624.9%

16 17 Standard Chartered 3,771 7 2,662 41.7%

17 5 Moelis & Company 3,735 4 7,521 -50.3%

18 40 Deloitte 3,587 4 605 492.9%

19 3 BNP Paribas 2,675 7 7,732 -65.4%

20 - FTI Consulting 2,643 1 - -

u The highest valued deal saw a 92.34% stake in South Africa’s retailer network Pepkor Limited acquired by Steinhoff International Holdings for US$ 5.7bn which was also the second largest deal for the country on record. The Consumer industry was fruitful in 2014 with six more deals than in 2013 contributing to the value rocketing to the highest annual total on record, up 270.1% on 2013.

u Deutsche Bank made an almighty jump to lead the financial advisor league table by value up from 31st place in 2013. The firm advised on ten deals worth a combined US$ 15.5bn, over ten times the value in 2013 (US$ 1.2bn) and with four more mandates. The firm worked on the buy-side of the two largest deals in the region.

u Rand Merchant Bank secured 11 more deals than in 2013 and as result, the firm jumped to third position from tenth in the deal count ranking.


Emerging Marketsoverview


17

8.3

14

1.5

70

.7

13

8.2

15

1.9

14

6.6

12

6.0

20

7.5

85

.7 1

04

.3

63

.2

10

7.6

93

.2

12

2.3

88

.4

12

0.2

2007 2008 2009 2010 2011 2012 2013 2014

1,0

27

dea

ls4

14

dea

ls

38

8 d

eals

28

4 d

eals

40

2 d

eals

43

1 d

eals

45

4 d

eals

44

3 d

eals

94

7 d

eals

66

3 d

eals

85

7 d

eals

99

7 d

eals

95

6 d

eals

99

0 d

eals

99

3 d

eals

54

5 d

eals


TMT

Other


Real Estate

Transport


FinancialServices

Consumer

73.3138.3

33.034.7

038.319.0

57.054.2

55.661.5

65.983.5

77.7102.5

129.7133.4

15.9%

20.6%

12.9%

9.5%

8.4%

5.9%

5.4%

21.4%

25.4%

15.2%

12.9%

10.9%

11.1%

3.7%

6.5%

14.3%



2014

2013

2012

2011

2010

2009

2008

2007 86.5

104.8

57.1

130.8

140.0

105.7

87.7

112.1

124.3

110.4

86.0

92.8

108.5

138.8

133.5

190.2

89.8

50.4

75.7

101.5

139.0

85.7

136.1

175.7

151.2

123.5

110.5

177.7

93.4

195.1

153.8

168.5

Total 451.8

Total 389.1

Total 329.3

Total 502.7

Total 480.9

Total 525.3

Total 511.2

Total 646.5

M&A peaked with US$ 646.5bn-worth with a boost from Latin American activity

u Despite political hostilities in Russia as well as a drawing back from investment in African countries; China’s dash for domestic deals and higher price tags demanded by Western European and Latin American companies boosted 2014 deal activity in the Emerging Markets. Total M&A value increased by 26.5% to US$ 646.5bn, from US$ 511.2bn in 2013, representing the highest annual value on Mergermarket record.

u 2014 marked the first year that every single quarter registered more than US$ 100bn-worth of deals. The year got off to a modest start with Q1 registering a total value of US$ 112.1bn. The the middle part of the year saw things heating up, with Q2 (US$190.2bn) and Q3 (US$175.7bn) representing the second and fourth highest quarterly deal values on record. Things cooled off in Q4 (US$168.5bn) with values dipping 4.1% compared to Q3.

u The average price paid for companies based in Emerging Markets increased slightly to US$ 237.3m from US$ 218m with six mega- deals (over US$ 10bn) announced in the region in 2014, compared to only one in 2013. In Chile alone there were three deals valued over $3bn in 2014, where there had been none in 2013.

u China’s domestic activity helped boost overall values for the country to the highest value on record. With deal activity surpassing the 1,000 deal mark for the first time (1,119 deals) total values peaked at US$ 227bn, up 55.3% from US$ 146.2bn in 2013. Overall, domestic deals accounted for 74.7% of total activity in the region - while Chinese targets accounted for half of the top ten Emerging Market deals.

u Political tensions in Russia affected M&A activity in the region, with US$ 42.2bn-worth of deals in 2014 representing a 52.1% decline compared to 2013 (US$ 88.1bn). Despite these numbers, there remains cautious optimism for 2015 deal activity, with dealmakers telling Mergermarket that “Russia remains a fundamentally attractive market and a pipeline of suspended deals could spark a healthy recovery in the first half of 2015 – if the geopolitical standoff with the West eases."

u The share of inbound M&A values to total M&A increased to 32.1% during 2014, from 24.7% in 2013 - representing the largest contribution since 2008 (36.4%). A total of US$ 207.5bn-worth of foreign investment was up 64.7% from US$ 126bn in 2013, evidenced by activity in the TMT sector which saw over a third of its value come from foreign bidders.

u Emerging Market companies have also been seeking opportunities outside of domestic markets with the value of outbound investments reaching the second highest total on record at US$ 120.2bn, a 36% increase compared to 2013 (US$ 88.4bn). The majority of this increase was the expansion of investments into Europe, with the region accounting for 46.3% of total outbound values in 2014 (US$55.6bn).

u Leading this expansion were Chinese buyers, which accounted for the highest share of emerging Asia investing in Europe with US$ 20.8bn-worth of deals (76.2%). Chinese companies focused their investments on Italy (11 deals, US$ 3.5bn), Germany (24 deals, US$ 2.6bn) and Iberia (five deals, US$ 2.2bn) – registering the highest deal count on record for all three target locations.


Emerging Marketsoverview

16

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Targetsector

Sellercompany

36.5 16-Apr-14

CITIC Pacific Limited CITIC Limited CITIC Group Corporation

17.4 14-Sep-14 Investor group Sinopec Marketing Co Ltd (29.99% Stake)

15.6 24-Sep-14 Hanjin Kal CorpKorean Air Lines

Company Limited (51.13% Stake)

13.8 31-Dec-14 CSR Corporation China CNR Corporation

10.6 18-Mar-14 Shanghai Jinfeng Investment Co Ltd

Shanghai Greenland (Group) Co Ltd

An investor group led by Shanghai Gelinlan

Investment Management Ltd


2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Morgan Stanley 116,033 58 72,772 59.4%


3 10 Deutsche Bank 93,966 48 26,931 248.9%

4 4 Goldman Sachs 76,651 62 52,418 46.2%

5 12 CITIC Securities 73,949 40 22,819 224.1%

6 8 Citi 71,900 67 31,450 128.6%

7 42 Somerley 65,659 25 5,759 1,040%

8 15 China International Capital 58,180 36 18,215 219.4%

9 2 JPMorgan 57,392 44 57,449 -0.1%

10 56 China Securities 52,516 26 4,051 1,196%

11 9 Credit Suisse 51,305 48 30,534 68.0%


13 21 Rothschild 41,028 48 13,614 201.4%

14 17 Banco BTG Pactual 39,558 26 17,150 130.7%

15 3 Barclays 34,272 31 56,003 -38.8%

16 16 Lazard 32,513 28 17,284 88.1%

17 29 BNP Paribas 25,541 24 10,195 150.5%

18 18 Banco Itau BBA 25,015 56 14,647 70.8%

19 59 Guotai Junan Securities 24,864 31 3,651 581.0%

20 48 Santander Global Banking and Markets 23,663 19 4,870 385.9%

u Energy, Mining & Utilities went up only by 2.9% compared to 2013 but remained the most targeted in the Emerging Market countries with US$ 133.4bn-worth of deals and a market share of 20.6%. The acquisition of Chilean Energy company Enersis by Italian Enel Energy Europe for US$ 10.2bn was the highest valued Energy, Mining & Utilities deal in the region and the sixth highest deal. While the numbers are still relatively low, this is expected to change as financial investors are showing interest, said Norton Rose Global Head of Energy Simon Currie, mostly in South East Asian countries.

u Emerging markets in the Americas saw the highest inbound investment total on record, with Chilean companies accounting for over a third of the total.The total inbound value into the Americas reached US$ 78.1bn, with Chilean targets making up US$ 28.1bn of the value. Chile's total US$ 31.3bn-worth of deals (inbound and domestic) reached the highest on record and saw a 305.6% increase from 2013, reversing the downward trend of the last three years.

u Morgan Stanley retained its leading position at the top of the Emerging Markets financial advisor league table by value even though it advised on eight fewer deals. The 58 mandates were valued at a combined US$ 1116bn, up 59.4% from US$ 72.8bn in 2013.


Global league tables

Global by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 3 Goldman Sachs 939,899 378 298 802 1 PwC 41,560 365 377 -123 2 KPMG 56,004 324 315 94 4 Morgan Stanley 693,814 285 264 215 6 JPMorgan 697,890 275 252 236 7 Deloitte 20,106 267 245 227 10 Rothschild 208,927 248 192 568 5 EY 73,485 241 259 -189 11 Citi 619,544 236 188 48

10 8 Lazard 470,542 234 211 2311 9 Bank of America Merrill Lynch 647,429 224 200 2412 12 Barclays 528,937 218 177 4113 14 Credit Suisse 365,552 211 165 4614 16 Deutsche Bank 440,912 206 143 6315 13 UBS Investment Bank 245,378 157 167 -1016 22 Houlihan Lokey 35,305 143 105 3817 18 BDO 18,175 141 117 2418 17 RBC Capital Markets 129,584 138 118 2019 24 Evercore Partners 81,172 133 96 3720 19 Jefferies 130,504 128 116 12

Global by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 939,899 378 597,202 57.4%2 2 JPMorgan 697,890 275 571,683 22.1%3 3 Morgan Stanley 693,814 285 503,977 37.7%4 4 Bank of America Merrill Lynch 647,429 224 474,465 36.5%5 7 Citi 619,544 236 272,126 127.7%6 5 Barclays 528,937 218 375,054 41.0%7 9 Lazard 470,542 234 201,607 133.4%8 8 Deutsche Bank 440,912 206 230,706 91.1%9 10 Credit Suisse 365,552 211 197,179 85.4%

10 6 UBS Investment Bank 245,378 157 348,143 -29.5%11 17 Centerview Partners 217,984 40 86,230 152.8%12 14 Rothschild 208,927 248 112,315 86.0%13 16 BNP Paribas 179,785 109 89,054 101.9%14 21 Jefferies 130,504 128 52,788 147.2%15 18 RBC Capital Markets 129,584 138 79,866 62.3%16 32 Perella Weinberg Partners 118,078 33 32,952 258.3%17 20 HSBC 97,893 61 57,742 69.5%18 29 Societe Generale 95,118 47 36,933 157.5%19 57 Allen & Company 90,214 17 13,247 581.0%20 15 Evercore Partners 81,172 133 98,498 -17.6%


Global league tables

Global *buyouts by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 PwC 10,091 39 27 122 6 Credit Suisse 27,983 35 22 133 14 Deutsche Bank 38,012 32 16 164 3 Deloitte 1,536 30 27 35 5 Goldman Sachs 27,044 29 24 56 7 Morgan Stanley 36,400 28 22 67 1 EY 11,976 27 28 -18 8 KPMG 3,778 27 22 59 13 JPMorgan 28,362 20 16 4

10 12 Bank of America Merrill Lynch 13,948 19 17 211 24 Macquarie Group 10,574 19 9 1012 9 Barclays 36,424 18 19 -113 4 UBS Investment Bank 13,827 17 24 -714 10 Lazard 8,460 15 18 -315 21 BDO 382 14 11 3

Global *buyouts by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 8 Deutsche Bank 38,012 32 36,793 3.3%2 3 Barclays 36,424 18 42,117 -13.5%3 13 Morgan Stanley 36,400 28 14,342 153.8%4 2 JPMorgan 28,362 20 44,737 -36.6%5 5 Credit Suisse 27,983 35 41,147 -32.0%6 12 Goldman Sachs 27,044 29 15,890 70.2%7 7 Bank of America Merrill Lynch 13,948 19 37,884 -63.2%8 1 UBS Investment Bank 13,827 17 44,782 -69.1%9 14 Jefferies 12,034 13 12,357 -2.6%

10 20 EY 11,976 27 4,008 198.8%11 21 Macquarie Group 10,574 19 3,741 182.7%12 19 PwC 10,091 39 4,806 110.0%13 6 RBC Capital Markets 9,524 10 38,521 -75.3%14 15 Nomura Holdings 9,268 12 9,711 -4.6%15 4 Lazard 8,460 15 41,256 -79.5%

* Based on advising buy side only


Europe league tables

Europe by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 25,754 243 253 -102 5 Rothschild 178,474 213 156 573 2 KPMG 21,848 212 212 04 4 Deloitte 10,750 175 171 45 3 EY 58,066 174 192 -186 7 Lazard 279,969 149 111 387 6 Goldman Sachs 481,193 147 140 78 8 JPMorgan 385,287 125 104 219 9 Morgan Stanley 355,176 120 104 16

10 18 Deutsche Bank 283,461 112 65 4711 12 BDO 13,987 109 88 2112 15 Bank of America Merrill Lynch 323,408 99 81 1813 13 Citi 238,416 95 87 814 11 Barclays 166,301 92 89 315 10 BNP Paribas 168,237 91 92 -1

Europe by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 481,193 147 370,133 30.0%2 2 JPMorgan 385,287 125 327,084 17.8%3 3 Morgan Stanley 355,176 120 299,535 18.6%4 4 Bank of America Merrill Lynch 323,408 99 251,380 28.7%5 10 Deutsche Bank 283,461 112 103,607 173.6%6 11 Lazard 279,969 149 88,522 216%7 9 Citi 238,416 95 122,681 94.3%8 12 Credit Suisse 180,181 82 86,343 108.7%9 13 Rothschild 178,474 213 85,536 108.7%

10 14 BNP Paribas 168,237 91 85,229 97.4%11 5 Barclays 166,301 92 242,872 -31.5%12 6 UBS Investment Bank 130,615 71 226,654 -42.4%13 28 Perella Weinberg Partners 98,117 16 22,852 329.4%14 19 Societe Generale 95,118 47 36,933 157.5%15 17 HSBC 80,299 37 43,312 85.4%

European *buyouts by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 PwC 6,615 27 21 62 3 Deloitte 1,423 25 18 73 1 EY 3,287 23 24 -14 4 KPMG 2,878 21 16 55 33 Deutsche Bank 10,139 13 3 106 12 BDO 159 13 8 57 9 Lazard 7,968 12 9 38 23 Morgan Stanley 10,833 10 5 59 5 DC Advisory 2,088 10 16 -6

10 25 JPMorgan 8,029 9 4 511 6 Goldman Sachs 7,283 7 12 -512 21 Nomura Holdings 6,119 7 5 213 16 UBS Investment Bank 6,065 7 6 114 31 Societe Generale 2,534 7 4 315 39 ING 2,093 7 3 4

European *buyouts by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 14 Morgan Stanley 10,833 10 3,456 213.5%2 8 Deutsche Bank 10,139 13 4,808 110.9%3 2 Barclays 9,534 5 7,501 27.1%4 4 JPMorgan 8,029 9 7,084 13.3%5 10 Lazard 7,968 12 4,501 77.0%6 5 Goldman Sachs 7,283 7 7,058 3.2%7 9 PwC 6,615 27 4,582 44.4%8 3 Nomura Holdings 6,119 7 7,086 -13.6%9 7 UBS Investment Bank 6,065 7 5,907 2.7%

10 - Evercore Partners 4,468 4 - -11 42 Macquarie Group 4,317 4 616 600.8%12 1 Credit Suisse 4,155 5 8,021 -48.2%13 137 Gleacher Shacklock 4,104 3 - -14 33 Credit Agricole 3,647 6 1,050 247.3%15 13 EY 3,287 23 3,894 -15.6%




UK by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 3 Rothschild 37,972 89 61 282 6 Goldman Sachs 118,062 70 53 173 1 PwC 6,452 65 71 -64 4 EY 18,429 60 58 25 8 JPMorgan Cazenove 117,689 59 47 126 7 Deloitte 5,080 57 53 47 2 KPMG 5,384 54 69 -158 17 Lazard 68,046 50 27 239 11 Bank of America Merrill Lynch 69,428 47 34 13

10 5 BDO 797 47 56 -911 13 Barclays 70,290 45 31 1412 9 Morgan Stanley 89,086 42 41 113 10 Canaccord Genuity 4,815 40 40 014 - Grant Thornton 801 37 - -15 23 Deutsche Bank 60,614 36 19 17

UK by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 118,062 70 207,469 -43.1%2 2 JPMorgan Cazenove 117,689 59 196,290 -40.0%3 3 Morgan Stanley 89,086 42 168,150 -47.0%4 6 Barclays 70,290 45 150,050 -53.2%5 5 Bank of America Merrill Lynch 69,428 47 155,565 -55.4%6 12 Citi 69,258 29 24,300 185.0%7 13 Lazard 68,046 50 23,334 191.6%8 10 Deutsche Bank 60,614 36 32,996 83.7%9 14 Rothschild 37,972 89 21,614 75.7%

10 9 Credit Suisse 31,574 23 49,965 -36.8%11 4 UBS Investment Bank 29,232 24 164,454 -82.2%12 29 RBC Capital Markets 27,003 20 5,312 408.3%13 24 BNP Paribas 23,285 19 6,959 234.6%14 - Zaoui & Co 19,750 3 - -15 28 EY 18,429 60 5,905 212.1%

Ireland by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 4 IBI Corporate Finance 625 15 6 92 8 JPMorgan 96,594 8 4 43 7 Morgan Stanley 34,268 8 4 44 15 Davy Corporate Finance 726 8 2 65 2 Barclays 17,056 6 6 06 11 Deutsche Bank 6,169 6 3 37 12 Citi 4,882 6 3 38 6 Bank of America Merrill Lynch 93,683 5 5 09 9 Rothschild 735 5 4 1

10 5 Goldman Sachs 133,994 4 5 -111 21 Lazard 4,110 4 1 312 10 EY 394 4 4 013 1 Investec 850 3 7 -414 24 Jefferies 202 3 1 215 - Piper Jaffray & Co 174 3 - -

Ireland by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 133,994 4 13,709 877.4%2 12 JPMorgan 96,594 8 1,273 7,489%3 2 Bank of America Merrill Lynch 93,683 5 11,849 690.6%4 - Perella Weinberg Partners 45,976 2 - -5 6 Morgan Stanley 34,268 8 9,788 250%

6= 8 Greenhill & Co 23,126 1 8,428 174.4% 6= - Mizuho Financial Group 23,126 1 - -

8 4 Barclays 17,056 6 10,079 69.2%9 3 Deutsche Bank 6,169 6 11,067 -44%

10 11 Centerview Partners 6,149 2 3,249 89.3%11 5 Citi 4,882 6 9,995 -51.2%12 10 Lazard 4,110 4 3,262 26.0%13 - Nomura Holdings 3,610 2 - - 14 51 Credit Suisse 3,510 2 - - 15 - UBS Investment Bank 3,510 1 - -



Germany by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 EY 35,654 39 51 -122 2 KPMG 3,844 39 37 23 3 PwC 2,703 38 37 14 5 Rothschild 40,622 36 23 135 6 Deutsche Bank 74,085 33 18 156 8 Lincoln International 584 24 17 77 4 Goldman Sachs 64,826 21 26 -58 12 Lazard 38,061 20 15 59 16 Morgan Stanley 70,342 18 12 6

10 7 Deloitte 1,049 18 17 111 17 JPMorgan 63,796 17 12 512 24 Citi 35,524 17 9 813 29 Macquarie Group 6,632 16 8 814 88 Concentro Management 74 15 2 1315 13 Globalscope Partners 32 15 15 0

Germany by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 2 Deutsche Bank 74,085 33 39,690 86.7%2 4 Morgan Stanley 70,342 18 33,793 108.2%3 1 Goldman Sachs 64,826 21 58539 10.7%4 5 JPMorgan 63,796 17 32,223 98.0%5 8 Bank of America Merrill Lynch 43,643 12 21,697 101.1%6 7 Rothschild 40,622 36 23,315 74.2%7 15 Lazard 38,061 20 9135 316.7%8 16 EY 35,654 39 7,458 378.1%9 6 Citi 35,524 17 25,087 41.6%

10 19 Barclays 19,196 10 5,907 225.0%11 11 Credit Suisse 18,218 11 15,338 18.8%12 81 Guggenheim Partners 16,205 1 95 16,958%13 21 Kempen & Co 10,590 4 5,177 104.6%14 76 SEB 9,168 2 110 8,265%

15= - Lenner & Partners 9,148 1 - - 15= - Nordea Corporate Finance 9,148 1 - -

Germanic by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 3 PwC 6,832 57 46 112 2 KPMG 4,784 57 49 83 1 EY 36,189 55 62 -74 4 Goldman Sachs 188,144 47 37 105 6 Rothschild 90,515 46 31 156 7 Deutsche Bank 103,674 39 24 157 5 Deloitte 1,885 39 32 78 9 Lazard 137,099 35 24 119 10 Credit Suisse 90,857 35 24 11

10 28 Citi 113,891 30 12 1811 17 JPMorgan 78,347 29 16 1312 14 Morgan Stanley 121,950 27 19 813 12 Lincoln International 584 26 22 414 27 BDO 4,536 23 13 1015 29 Barclays 39,404 22 12 10

Germanic by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 188,144 47 72,689 158.8%2 9 Lazard 137,099 35 19,523 602.2%3 2 Morgan Stanley 121,950 27 48,215 153%4 6 Citi 113,891 30 36,463 212.3%5 4 Deutsche Bank 103,674 39 43,474 138.5%6 10 Credit Suisse 90,857 35 18,095 402.1%7 7 Rothschild 90,515 46 34,559 161.9%8 3 JPMorgan 78,347 29 43,573 79.8%9 - Zaoui & Co 74,916 6 - -

10 8 Bank of America Merrill Lynch 70,365 21 34064 106.6%11 16 BNP Paribas 59,271 15 11,808 402.0%12 5 UBS Investment Bank 54,921 19 40,569 35.4%13 32 Societe Generale 41,213 6 3,069 1,243%14 13 HSBC 40,450 2 15,231 165.6%15 20 Barclays 39,404 22 8,757 350.0%



France by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 Rothschild 96,090 65 47 182 1 BNP Paribas 124,867 53 53 03 3 Lazard 133,106 50 37 134 5 Societe Generale 75,029 40 31 95 4 Credit Agricole 37,029 37 35 26 15 Morgan Stanley 108,979 27 14 137 6 PwC 2,440 25 28 -38 12 Leonardo & Co 1,561 24 16 89 7 EY 4,204 23 20 3

10 26 Deutsche Bank 59,284 22 8 1411 10 KPMG 2,982 20 17 312 14 Goldman Sachs 83,316 19 14 513 19 JPMorgan 52,691 19 11 814 9 DC Advisory 1,123 18 18 015 20 Lincoln International 455 18 11 7

France by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 3 Lazard 133,106 50 22,591 489.2%2 1 BNP Paribas 124,867 53 29,177 328.0%3 6 Morgan Stanley 108,979 27 17,257 531.5%4 14 Credit Suisse 100,040 17 7,754 1,190%5 8 Rothschild 96,090 65 15,493 520.2%6 4 Goldman Sachs 83,316 19 19,621 324.6%7 11 Societe Generale 75,029 40 9,578 683.3%8 28 UBS Investment Bank 68,181 8 1,779 3,733%9 21 Citi 66,012 9 4,275 1,444%

10 9 Bank of America Merrill Lynch 63,859 17 11,464 457.0%11 7 Deutsche Bank 59,284 22 16,069 268.9%12 18 HSBC 55,205 11 4,828 1,043%13 2 JPMorgan 52,691 19 23,857 120.9%14 - Zaoui & Co 49,969 4 - -15 5 Barclays 37,181 17 19,373 91.9%

Benelux by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 KPMG 4,509 36 31 52 9 ABN AMRO Bank 16,903 28 21 73 1 Rabobank 668 26 34 -84 4 PwC 213 26 28 -25 5 Deloitte 1,164 22 24 -26 8 Rothschild 21,515 21 22 -17 3 ING 7,283 20 28 -88 23 BDO 221 18 9 99 12 Lazard 54,982 17 19 -2

10 11 Morgan Stanley 76,288 16 19 -311 32 Deutsche Bank 64,477 16 5 1112 14 EY 8,175 15 16 -113 21 BoerCroon 63 15 10 514 7 BNP Paribas 37,308 14 23 -915 6 Goldman Sachs 26,912 13 23 -10

Benelux by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 2 Morgan Stanley 76,288 16 68,269 11.7%2 3 JPMorgan 70,488 10 62,862 12.1%3 25 Deutsche Bank 64,477 16 3,201 1,914%4 4 Bank of America Merrill Lynch 60,358 11 56,999 5.9%5 14 Lazard 54,982 17 16,569 231.8%6 65 Perella Weinberg Partners 49,378 5 172 28,608%7 5 Citi 45,115 12 54,487 -17.2%8 13 BNP Paribas 37,308 14 16,624 124%9 18 Credit Suisse 35,778 11 7,242 394.0%

10 17 Barclays 31,275 8 12,057 159%11 6 UBS Investment Bank 29,820 8 44,952 -33.7%12 22 Societe Generale 27,966 6 5,611 398.4%13 1 Goldman Sachs 26,912 13 78,215 -65.6%14 7 Credit Agricole 23,095 2 26636 -13.3%15 9 Rothschild 21,515 21 21,937 -1.9%



Spain by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 Deloitte 2,735 38 34 42 1 PwC 6,697 37 50 -133 4 EY 3,371 32 31 14 3 KPMG 5,114 29 32 -35 5 Banco Bilbao Vizcaya Argentaria 15,039 20 23 -36 13 Lazard 19,911 19 9 107 23 BDO 5,915 19 5 148 6 Rothschild 20,688 12 15 -39 7 Goldman Sachs 46,296 11 14 -3

10 11 Morgan Stanley 27,522 11 10 111 21 Santander Global Banking and Markets 14,059 11 5 612 30 Deutsche Bank 55,201 10 3 713 14 JPMorgan 51,499 10 8 214 16 Bank of America Merrill Lynch 33,357 10 6 415 25 UBS Investment Bank 19,932 10 4 6

Spain by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 19 Deutsche Bank 55,201 10 2,808 1,866%2 11 JPMorgan 51,499 10 5,043 921.2%3 1 Goldman Sachs 46,296 11 20,718 123.5%4 7 Bank of America Merrill Lynch 33,357 10 6,563 408.3%5 10 Morgan Stanley 27,522 11 5,061 443.8%6 15 Credit Suisse 22,257 5 3,303 573.8%7 6 Rothschild 20,688 12 7,277 184.3%8 16 Nomura Holdings 20,414 6 3,296 519.4%9 17 UBS Investment Bank 19,932 10 3,211 521%

10 18 Lazard 19,911 19 3,085 545.4%11 9 Societe Generale 19,309 4 5,625 243.3%12 5 Citi 16,767 6 8,160 105.5%13 13 BNP Paribas 16,382 10 3,322 393.1%14 4 Banco Bilbao Vizcaya Argentaria 15,039 20 9,558 57.3%15 20 Santander Global Banking and Markets 14,059 11 2,802 401.7%

Iberia by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 7,008 40 52 -122 2 Deloitte 2,810 39 35 43 4 EY 3,371 33 31 24 3 KPMG 5,422 32 35 -35 13 Lazard 20,466 20 9 116 5 Banco Bilbao Vizcaya Argentaria 15,039 20 24 -47 23 BDO 5,915 19 5 148 34 BESI Grupo Novo Banco 23,733 15 3 129 11 Morgan Stanley 49,976 14 10 4

10 6 Rothschild 21,098 13 15 -211 14 JPMorgan 62,084 12 8 412 17 Santander Global Banking and Markets 25,928 12 6 613 32 Deutsche Bank 64,293 11 3 814 7 Goldman Sachs 46,296 11 14 -315 16 Bank of America Merrill Lynch 45,226 11 6 5

Iberia by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 20 Deutsche Bank 64,293 11 2,808 2,190%2 11 JPMorgan 62,084 12 5,043 1,131%3 10 Morgan Stanley 49,976 14 5,061 887.5%4 1 Goldman Sachs 46,296 11 20,718 123.5%5 7 Bank of America Merrill Lynch 45,226 11 6,563 589.1%6 14 BNP Paribas 28,251 11 3,322 750%7 19 Santander Global Banking and Markets 25,928 12 2,925 786%8 35 Banco BTG Pactual 24,525 3 868 2,726%9 25 BESI Grupo Novo Banco 23,733 15 1,648 1,340%

10 15 Credit Suisse 22,257 5 3,303 573.8%11 6 Rothschild 21,098 13 7,277 189.9%12 18 Lazard 20,466 20 3,085 563.4%13 16 Nomura Holdings 20,414 6 3,296 519.4%14 17 UBS Investment Bank 19,932 10 3,211 520.7%15 9 Societe Generale 19,309 4 5,625 243.3%



Italy by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 Banca IMI/Intesa Sanpaolo 8,544 29 32 -32 5 Rothschild 10,860 27 16 113 2 UniCredit Group 7,320 27 31 -44 4 Lazard 17,823 24 18 65 6 Mediobanca 17,831 22 15 76 3 KPMG 3,486 22 19 37 7 BNP Paribas 6,298 16 14 28 15 PwC 1,083 14 8 69 10 Vitale & Associati 856 11 9 2

10 18 EY 452 10 7 311 27 Morgan Stanley 15,957 9 4 512 17 Leonardo & Co 2,301 9 7 213 13 Fineurop Soditic 791 9 8 114 - BDO 165 9 - -15 8 Goldman Sachs 10,957 8 11 -3

Italy by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 9 Deutsche Bank 20,610 6 8,349 146.9%2 15 Credit Suisse 18,338 7 4,735 287.3%3 10 Mediobanca 17,831 22 8,160 118.5%4 7 Lazard 17,823 24 9,699 83.8%5 8 Morgan Stanley 15,957 9 9,324 71.1%6 11 Bank of America Merrill Lynch 15,830 4 8,009 97.7%7 2 Barclays 12,374 5 16,078 -23%8 1 Goldman Sachs 10,957 8 20,773 -47.3%9 6 Rothschild 10,860 27 9,782 11.0%

10 3 Banca IMI/Intesa Sanpaolo 8,544 29 14,912 -43%11 27 Citi 7,562 3 1,783 324.1%12 5 UniCredit Group 7,320 27 10,936 -33.1%13 4 JPMorgan 6,519 4 13690 -52.4%14 12 BNP Paribas 6,298 16 7,952 -20.8%15 - Stifel/KBW 6,280 1 - -

Denmark by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 3,253 18 17 12 4 Clearwater International 49 15 10 53 2 Deloitte 510 14 14 04 7 FIH Partners 1,599 10 6 45 9 Carnegie Investment Bank 1,287 10 6 46 22 ABG Sundal Collier Holding 1,716 9 2 77 3 SEB 627 6 12 -68 12 Handelsbanken Capital Markets 128 6 4 29 14 JPMorgan 7,922 5 3 2

10 18 Goldman Sachs 3,692 5 2 311 10 EY 912 5 5 012 - Nordic M&A 116 5 - -13 8 KPMG 20 5 6 -114 21 Deutsche Bank 3,235 4 2 215 5 Nordea Corporate Finance 2,242 4 8 -4

Denmark by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 5 JPMorgan 7,922 5 1,628 386.6%2 11 Goldman Sachs 3,692 5 706 422.9%3 4 PwC 3,253 18 2,005 62%4 27 Deutsche Bank 3,235 4 350 824.3%5 7 Citi 2,715 3 1,447 87.6%6 - MHS Corporate Finance 2,697 2 - -

7= - Infima 2,697 1 - - 7= - UBS Investment Bank 2,697 1 - -

9 1 Nordea Corporate Finance 2,242 4 3,437 -34.8%10 55 BDO 2,174 2 - -11 28 Barclays 2,167 2 347 524.5%12 35 ABG Sundal Collier Holding 1,716 9 136 1,162%13 8 FIH Partners 1,599 10 1,073 49.0%14 - Aventum Partners 1,350 1 - -15 24 Carnegie Investment Bank 1,287 10 523 146.1%



Finland by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 139 9 12 -32 3 Danske Bank Corporate Finance 1,357 8 9 -13 5 Nordea Corporate Finance 4,753 7 6 14 - Aventum Partners 2,535 7 - -5 2 KPMG 1,034 7 11 -46 19 Advium Corporate Finance 240 7 3 47 7 MCF Corporate Finance - 7 5 28 30 Handelsbanken Capital Markets 2,676 6 2 49 8 PCA Corporate Finance 916 6 5 1

10 10 EY 116 6 5 111 62 Globalscope Partners - 6 1 512 11 JPMorgan 6,850 5 4 113 13 Access Partners 2,848 5 4 114 4 SEB 1,861 4 9 -515 23 ICECAPITAL Securities 341 4 2 2

Finland by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 JPMorgan 6,850 5 11,696 -41.4%2 3 Deutsche Bank 5,756 3 5,230 10.1%3 20 Nordea Corporate Finance 4,753 7 1,186 300.8%4 26 UBS Investment Bank 4,077 2 367 1,011%5 21 Access Partners 2,848 5 862 230.4%6 29 Handelsbanken Capital Markets 2,676 6 94 2,747%7 - Aventum Partners 2,535 7 - -8 7 SEB 1,861 4 3,234 -42%9 4 Danske Bank Corporate Finance 1,357 8 4,058 -66.6%

10 25 KPMG 1,034 7 465 122.4%11 32 PCA Corporate Finance 916 6 75 1,121%12 44 M&A International 902 3 15 5,913%13 64 Lazard 889 1 - -14 - Erneholm & Haskel 823 1 - -15 - Leimdorfer 748 1 - -

Norway by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 ABG Sundal Collier Holding 12,788 23 18 52 4 PwC 1,745 15 13 23 2 Pareto Securities 2,935 14 16 -24 21 Carnegie Investment Bank 9,396 13 3 105 5 DNB Markets 2,209 11 11 06 7 EY 4,871 10 7 37 6 Arctic Securities 3,854 10 11 -18 3 SEB 8,902 8 13 -59 10 Handelsbanken Capital Markets 1,347 8 5 3

10 14 Alpha Corporate Finance 535 8 4 411 9 Swedbank 802 7 5 212 16 Global M&A Partners 2,239 5 4 113 26 Steinvender 49 5 3 214 - Bridgehead - 5 - -

15 18 Deutsche Bank 8,043 4 3 1

Norway by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 13 ABG Sundal Collier Holding 12,788 23 2,203 480.5%2 18 Carnegie Investment Bank 9,396 13 1,193 687.6%3 3 SEB 8,902 8 3,994 123%4 10 Morgan Stanley 8,056 3 2,900 177.8%5 7 Deutsche Bank 8,043 4 2,948 172.8%6 1 Goldman Sachs 6,100 3 5,837 4.5%7 4 Barclays 5,915 2 3,584 65.0%8 16 EY 4,871 10 1,241 292.5%9 38 JPMorgan 4,516 3 140 3,126%

10 21 Arctic Securities 3,854 10 995 287.3%11 6 Bank of America Merrill Lynch 3,305 2 2,995 10.4%12 19 Pareto Securities 2,935 14 1,126 160.7%13 49 BDO 2,567 3 51 4,933%14 67 Global M&A Partners 2,239 5 - -15 2 DNB Markets 2,209 11 4,285 -48.4%



Sweden by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 315 29 33 -42 9 KPMG 1,592 16 9 73 6 Handelsbanken Capital Markets 4,789 13 10 34 8 ABG Sundal Collier Holding 2,237 13 9 45 2 SEB 19,480 12 18 -66 33 Rothschild 12,639 10 3 77 15 Carnegie Investment Bank 3,975 10 5 58 4 EY 234 9 12 -39 22 Deloitte 741 8 4 4

10 18 Keystone Advisers - 8 5 311 10 Nordea Corporate Finance 12,607 7 8 -112 30 Access Partners 2,517 7 3 413 12 Danske Bank Corporate Finance 199 7 6 114 36 M&A International 160 7 3 415 20 Goldman Sachs 15,538 6 4 2

Sweden by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 3 SEB 19,480 12 6,993 178.6%2 16 Deutsche Bank 17,557 5 1,780 886.3%3 2 Goldman Sachs 15,538 6 8,365 85.8%4 7 Morgan Stanley 12,727 3 4,516 181.8%5 35 Rothschild 12,639 10 473 2,572%6 10 Nordea Corporate Finance 12,607 7 4,336 190.8%7 - Lenner & Partners 9,821 4 - -8 8 UBS Investment Bank 6,151 4 4423 39.1%9 4 Handelsbanken Capital Markets 4,789 13 5,523 -13.3%

10 20 Carnegie Investment Bank 3,975 10 1,444 175.3%11 5 Jefferies 3,182 3 5,019 -36.6%12 1 JPMorgan 2,648 3 9,004 -70.6%13 24 Access Partners 2,517 7 1,150 118.9%14 23 ABG Sundal Collier Holding 2,237 13 1,189 88.1%15 66 Global M&A Partners 2,182 6 60 3,537%

Nordics by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 5,155 58 59 -12 5 ABG Sundal Collier Holding 15,470 36 20 163 19 Carnegie Investment Bank 11,150 28 11 174 3 EY 6,133 26 25 15 4 KPMG 1,922 25 23 26 6 Deloitte 1,494 25 19 67 2 SEB 24,348 23 38 -158 11 Handelsbanken Capital Markets 4,922 20 16 49 8 Danske Bank Corporate Finance 1,930 18 18 0

10 18 Rothschild 14,305 17 11 611 9 Pareto Securities 3,049 17 18 -112 7 Nordea Corporate Finance 15,711 15 18 -313 23 Clearwater International 49 15 10 514 25 Deutsche Bank 29,585 14 8 615 12 JPMorgan 19,556 14 15 -1

Nordics by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 5 Deutsche Bank 29,585 14 9,958 197.1%2 4 SEB 24,348 23 11,795 106.4%3 1 Goldman Sachs 20,607 13 24,835 -17.0%4 2 JPMorgan 19,556 14 20,840 -6.2%5 3 Morgan Stanley 17,944 6 12,099 48.3%6 7 Nordea Corporate Finance 15,711 15 7,844 100.3%7 27 ABG Sundal Collier Holding 15,470 36 2,236 591.9%8 18 Rothschild 14,305 17 4,056 252.7%9 14 UBS Investment Bank 11,502 7 5286 117.6%

10 34 Carnegie Investment Bank 11,150 28 1,875 494.7%11 - Lenner & Partners 9,821 4 - -12 32 EY 6,133 26 2,036 201.2%13 8 Barclays 6,002 5 6,789 -11.6%14 15 Bank of America Merrill Lynch 5,366 7 4,852 10.6%15 17 PwC 5,155 58 4,059 27.0%



Turkey by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 3 3 Seas Capital Partners 15 11 10 12 4 PwC 90 8 8 03 10 Unlu & Co 3,503 7 4 34 1 IS Investment Securities 146 7 12 -55 5 Pragma Corporate Finance 28 7 8 -16 13 BNP Paribas 4,705 5 3 27 36 JPMorgan 4,615 4 1 38 14 Bank of America Merrill Lynch 3,685 3 3 09 - Morgan Stanley 3,526 3 - -

10 38 KPMG 183 3 1 211 6 Goldman Sachs 4,131 2 6 -412 - Banco Bilbao Vizcaya Argentaria 2,466 2 - -13 2 Raiffeisen Centrobank 567 2 11 -914 29 Ventura Partners 110 2 2 015 17 EY 20 2 3 -1

Turkey by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 5 BNP Paribas 4,705 5 1,158 306.3%2 24 JPMorgan 4,615 4 221 1,988%3 9 Goldman Sachs 4,131 2 925 346.6%4 10 Bank of America Merrill Lynch 3,685 3 794 364.1%5 - Morgan Stanley 3,526 3 - -6 18 Unlu & Co 3,503 7 462 658.2%

7= - Centerview Partners 3,196 1 - - 7= 52 HSBC 3,196 1 - - 7= - Jamieson Corporate Finance 3,196 1 - - 7= 38 Lincoln International 3,196 1 13 24,485%11 - Banco Bilbao Vizcaya Argentaria 2,466 2 - -12 1 Raiffeisen Centrobank 567 2 5,529 -89.7%13 - ICBC International Holdings 416 1 - -

14= 15 CIMB Group 355 1 657 -46.0% 14= 7 Deutsche Bank 355 1 1,034 -65.7% 14= 20 ING 355 1 425 -16.5% 14= - Maybank Investment Bank 355 1 - -

CEE by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 KPMG 1,816 23 24 -12 8 UniCredit Group 3,602 16 14 23 3 Deloitte 802 16 19 -34 6 Citi 6,805 14 14 05 12 Sberbank CIB 13,892 13 10 36 4 VTB Capital 7,814 12 17 -57 1 EY 677 12 27 -158 7 Rothschild 1,676 10 14 -49 23 Raiffeisen Centrobank 1,437 10 7 3

10 15 Goldman Sachs 4,485 7 9 -211 24 UBS Investment Bank 693 7 6 112 142 VGD Corporate Finance 59 7 1 613 16 Deutsche Bank 4,259 6 9 -314 5 Societe Generale 2,024 6 14 -815 9 PwC 736 6 13 -7

CEE by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 7 Sberbank CIB 13,892 13 12,673 9.6%2 1 VTB Capital 7,814 12 42,054 -81.4%3 9 Citi 6,805 14 8,818 -22.8%4 10 Goldman Sachs 4,485 7 7,413 -39.5%5 12 Deutsche Bank 4,259 6 6,552 -35.0%6 40 UniCredit Group 3,602 16 658 447.4%7 3 Morgan Stanley 2,846 4 27,379 -89.6%8 13 Bank of America Merrill Lynch 2,569 3 6,186 -58.5%9 8 Credit Suisse 2,486 3 10,465 -76.2%

10 - Evercore Partners 2,405 3 - -11 6 Societe Generale 2,024 6 12,781 -84%12 20 KPMG 1,816 23 3,420 -46.9%13 19 Rothschild 1,676 10 3,471 -52%14 2 Barclays 1,512 3 27,385 -94.5%15 29 Raiffeisen Centrobank 1,437 10 1,526 -5.8%



Poland by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 5 Deloitte 496 9 6 32 - UBS Investment Bank 654 5 - -3 10 Citi 1,461 3 3 04 7 PwC 684 3 5 -25 - VR Corporate Finance 30 3 - -6 3 UniCredit Group - 3 6 -37 8 EY 125 2 4 -28 - IPOPEMA Securities 107 2 - -9 25 Lazard 60 2 1 1

10 - Rubicon Partners Corporate Finance 22 2 - -11 33 Macquarie Group 20 2 1 112 1 VCP Capital Partners 10 2 10 -813 - ING 439 1 - -

14= 21 Credit Agricole 296 1 1 0 14= - Jefferies 296 1 - -

Poland by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 4 Citi 1,461 3 1,138 28.4%2 26 PwC 684 3 86 695.3%3 - UBS Investment Bank 654 5 - -4 33 Deloitte 496 9 49 912.2%5 - ING 439 1 - -

6= 10 Credit Agricole 296 1 264 12.1% 6= - Jefferies 296 1 - -

8 - William Blair & Company 279 1 - - 9= - Access Partners 249 1 - - 9= 32 Nordea Corporate Finance 249 1 59 322%11 9 Societe Generale 182 1 275 -33.8%12 31 Barclays 175 1 59 196.6%13 2 EY 125 2 5,008 -97.5%14 - IPOPEMA Securities 107 2 - -15 8 Morgan Stanley 107 1 292 -63.4%

Russia by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 Sberbank CIB 13,892 13 10 32 1 VTB Capital 7,814 12 16 -43 5 Citi 3,772 9 6 34 14 Goldman Sachs 4,155 6 4 25 48 Raiffeisen Centrobank 1,180 6 1 56 9 Deutsche Bank 2,577 4 5 -17 15 KPMG 1,233 4 4 08 4 Gazprombank 1,070 4 6 -29 19 Rothschild 998 4 3 1

10 3 Morgan Stanley 2,739 3 8 -511 - Evercore Partners 2,405 3 - -12 25 UniCredit Group 1,201 3 2 113 8 Societe Generale 251 3 5 -214 10 Credit Suisse 1,357 2 4 -215 16 Barclays 1,337 2 3 -1

Russia by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 6 Sberbank CIB 13,892 13 12,673 9.6%2 1 VTB Capital 7,814 12 42,054 -81.4%3 17 Goldman Sachs 4,155 6 2,562 62.2%4 15 Citi 3,772 9 3,662 3.0%5 2 Morgan Stanley 2,739 3 25,222 -89.1%6 14 Deutsche Bank 2,577 4 3,853 -33.1%7 - Evercore Partners 2,405 3 - -8 7 Credit Suisse 1,357 2 8,000 -83.0%9 3 Barclays 1,337 2 20,815 -93.6%

10 25 KPMG 1,233 4 846 45.7%11 40 UniCredit Group 1,201 3 167 619.2%12 48 Raiffeisen Centrobank 1,180 6 16 7,275%13 12 Gazprombank 1,070 4 4,478 -76.1%

14= 34 Lazard 1,041 1 346 200.9% 14= - Ligerion Group 1,041 1 - -


Americas league tables

Americas by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 Goldman Sachs 754,118 287 209 782 3 JPMorgan 571,742 202 167 353 2 Morgan Stanley 488,304 198 172 264 7 Barclays 448,984 171 120 515 4 Bank of America Merrill Lynch 494,951 163 150 136 5 Citi 471,916 161 130 317 9 Credit Suisse 249,434 140 110 308 13 Deutsche Bank 300,566 134 90 449 10 Houlihan Lokey 31,734 130 95 35

10 8 RBC Capital Markets 116,303 129 111 1811 6 Lazard 308,346 128 130 -212 15 Evercore Partners 68,409 109 88 2113 11 Jefferies 123,560 108 94 1414 14 Stifel/KBW 34,748 91 90 115 21 Raymond James & Associates 9,526 88 64 2416 12 UBS Investment Bank 108,539 80 90 -1017 18 Moelis & Company 37,456 80 71 918 17 KPMG 7,727 79 80 -119 20 Rothschild 79,889 75 67 820 29 William Blair & Company 13,218 75 48 27

Americas by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 754,118 287 479,850 57.2%2 2 JPMorgan 571,742 202 432,846 32.1%3 3 Bank of America Merrill Lynch 494,951 163 414,353 19.5%4 4 Morgan Stanley 488,304 198 362,479 34.7%5 7 Citi 471,916 161 190,311 148.0%6 5 Barclays 448,984 171 291,660 53.9%7 12 Lazard 308,346 128 126,080 144.6%8 8 Deutsche Bank 300,566 134 154,200 94.9%9 10 Credit Suisse 249,434 140 137,040 82.0%

10 14 Centerview Partners 217,899 39 83,300 161.6%11 19 Jefferies 123,560 108 44,328 178.7%12 15 RBC Capital Markets 116,303 129 78,218 48.7%13 6 UBS Investment Bank 108,539 80 254,526 -57.4%14 44 Allen & Company 90,214 17 11,037 717.4%15 33 Perella Weinberg Partners 82,615 27 13,779 499.6%16 20 Rothschild 79,889 75 31,723 151.8%17 11 Paul J. Taubman 75,792 3 127,600 -40.6%18 17 Wells Fargo Securities 75,412 69 62,408 20.8%19 13 Evercore Partners 68,409 109 94,225 -27.4%20 21 Greenhill & Co 48,549 26 31,411 54.6%



US by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 Goldman Sachs 704,397 261 188 732 2 JPMorgan 508,613 184 148 363 3 Morgan Stanley 433,895 174 148 264 6 Barclays 409,747 156 113 435 4 Bank of America Merrill Lynch 456,329 151 131 206 5 Citi 431,283 144 115 297 9 Houlihan Lokey 26,575 126 93 338 7 Lazard 297,505 123 111 129 15 Deutsche Bank 240,260 123 79 44

10 8 Credit Suisse 212,653 122 100 2211 13 Evercore Partners 63,015 104 87 1712 11 Jefferies 123,314 103 89 1413 12 RBC Capital Markets 92,029 94 88 614 10 Stifel/KBW 34,748 91 90 115 16 Moelis & Company 37,375 79 70 916 21 Raymond James & Associates 8,056 78 56 2217 25 William Blair & Company 13,218 75 47 2818 14 UBS Investment Bank 102,477 74 82 -819 22 Wells Fargo Securities 75,412 69 53 1620 20 Sandler O'Neill & Partners 7,622 69 57 12

US by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 704,397 261 451,473 56.0%2 2 JPMorgan 508,613 184 419,642 21.2%3 3 Bank of America Merrill Lynch 456,329 151 387,695 17.7%4 4 Morgan Stanley 433,895 174 344,173 26.1%5 7 Citi 431,283 144 179,001 140.9%6 5 Barclays 409,747 156 285,120 43.7%7 12 Lazard 297,505 123 120,561 146.8%8 9 Deutsche Bank 240,260 123 134,671 78.4%9 14 Centerview Partners 216,540 38 83,300 160.0%

10 10 Credit Suisse 212,653 122 130,379 63.1%11 19 Jefferies 123,314 103 41,549 196.8%12 6 UBS Investment Bank 102,477 74 247,500 -58.6%13 17 RBC Capital Markets 92,029 94 59,658 54.3%14 36 Allen & Company 90,214 17 11,037 717.4%15 11 Paul J. Taubman 75,792 3 127,600 -40.6%16 16 Wells Fargo Securities 75,412 69 62,408 20.8%17 32 Perella Weinberg Partners 73,523 26 12,650 481.2%18 13 Evercore Partners 63,015 104 89,608 -29.7%19 22 Rothschild 51,798 61 23,049 124.7%20 20 Greenhill & Co 48,549 26 31,411 54.6%



US *buyouts by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 3 Credit Suisse 18,713 25 12 132 7 Deutsche Bank 21,538 14 10 43 8 Goldman Sachs 14,560 13 10 34 2 Jefferies 11,183 11 13 -25 9 Barclays 25,459 10 8 26 6 Morgan Stanley 17,612 10 11 -17 5 Bank of America Merrill Lynch 10,555 9 11 -28 10 JPMorgan 17,581 8 7 19 41 Macquarie Group 4,302 8 1 7

10 1 UBS Investment Bank 5,609 7 15 -811 4 RBC Capital Markets 6,410 6 11 -512 12 Houlihan Lokey 161 6 6 013 16 Wells Fargo Securities 1,967 5 3 214 14 Citi 5,272 4 5 -115 - FTI Consulting 373 4 - -

US *buyouts by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 6 Barclays 25,459 10 31,604 -19.4%2 8 Deutsche Bank 21,538 14 29,972 -28.1%3 5 Credit Suisse 18,713 25 32,373 -42.2%4 12 Morgan Stanley 17,612 10 8,589 105.1%5 4 JPMorgan 17,581 8 33,005 -46.7%6 13 Goldman Sachs 14,560 13 7,358 97.9%7 15 Jefferies 11,183 11 5,651 97.9%8 2 Bank of America Merrill Lynch 10,555 9 33,210 -68.2%9 55 EY 8,598 1 - -

10 1 RBC Capital Markets 6,410 6 36,842 -82.6%11 3 UBS Investment Bank 5,609 7 33,035 -83.0%12 - XMS Capital Partners 5,400 2 - -13 10 Citi 5,272 4 22,432 -76.5%14 - Union Square Advisors 4,650 3 - -15 36 Macquarie Group 4,302 8 198 2,072%

Canada by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 RBC Capital Markets 45,106 47 35 122 16 CIBC World Markets 14,179 44 13 313 5 TD Securities 15,104 39 22 174 12 Goldman Sachs 52,586 33 16 175 18 National Bank Financial 7,965 31 13 186 3 Scotiabank 27,098 26 24 27 4 BMO Capital Markets 26,287 25 24 18 21 Barclays 45,128 22 11 119 8 Morgan Stanley 29,231 20 17 3

10 7 Macquarie Group 9,839 20 19 111 10 Canaccord Genuity 9,205 20 17 312 2 GMP Securities 3,442 17 27 -1013 9 JPMorgan 42,370 16 17 -114 30 FirstEnergy Capital 2,197 16 7 915 11 PwC 768 16 17 -1

Canada by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 52,586 33 30,497 72.4%2 13 Barclays 45,128 22 6,987 545.9%3 2 RBC Capital Markets 45,106 47 30,096 49.9%4 6 JPMorgan 42,370 16 22,342 89.6%5 4 Morgan Stanley 29,231 20 24,630 18.7%6 7 Scotiabank 27,098 26 16,205 67.2%7 11 BMO Capital Markets 26,287 25 8,188 221.0%8 10 Citi 26,101 13 10,276 154%9 5 Deutsche Bank 23,906 8 24,478 -2.3%

10 3 Bank of America Merrill Lynch 18,135 13 29,673 -38.9%11 9 TD Securities 15,104 39 11,532 31%12 14 CIBC World Markets 14,179 44 6,306 124.8%13 32 Nomura Holdings 13,308 2 1,648 707.5%14 31 Wells Fargo Securities 13,073 3 2,040 540.8%15 15 Lazard 13,012 3 5,596 132.5%




US North East by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 Goldman Sachs 250,405 139 102 372 2 Morgan Stanley 252,431 93 86 73 4 JPMorgan 222,472 80 68 124 6 Barclays 193,887 75 57 185 8 Credit Suisse 71,775 72 55 176 3 Bank of America Merrill Lynch 157,615 70 72 -27 11 Deutsche Bank 144,059 69 46 238 5 Lazard 109,699 68 61 79 7 Citi 168,705 64 55 9

10 9 Houlihan Lokey 12,144 62 52 1011 12 Evercore Partners 22,955 50 41 912 13 Jefferies 17,323 50 41 913 15 Moelis & Company 16,404 42 34 814 10 UBS Investment Bank 56,739 41 47 -615 17 Stifel/KBW 17,101 40 32 8

US North East by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 4 Morgan Stanley 252,431 93 252,232 0.1%2 1 Goldman Sachs 250,405 139 316,298 -20.8%3 3 JPMorgan 222,472 80 282,305 -21.2%4 5 Barclays 193,887 75 193,721 0.1%5 9 Citi 168,705 64 95,279 77.1%6 2 Bank of America Merrill Lynch 157,615 70 291,158 -45.9%7 10 Deutsche Bank 144,059 69 81,512 76.7%8 13 Centerview Partners 133,106 19 59,023 125.5%9 11 Lazard 109,699 68 67,597 62.3%

10 8 Paul J. Taubman 75,792 3 127,600 -40.6%11 14 Credit Suisse 71,775 72 50,673 41.6%12 75 Allen & Company 70,542 5 1,251 5,539%13 6 UBS Investment Bank 56,739 41 193,454 -70.7%14 17 RBC Capital Markets 39,679 37 23,940 65.7%15 15 Wells Fargo Securities 37,222 34 46,482 -19.9%

US Mid West by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 Goldman Sachs 197,906 61 36 252 1 JPMorgan 85,640 46 39 73 8 Barclays 70,230 46 22 244 13 Houlihan Lokey 5,007 42 19 235 5 Lazard 88,698 40 29 116 4 Morgan Stanley 111,758 39 30 97 3 Bank of America Merrill Lynch 54,949 37 32 58 9 Citi 57,359 35 21 149 12 William Blair & Company 5,312 35 20 15

10 6 Robert W. Baird & Co 6,138 34 25 911 7 Lincoln International 1,489 33 25 812 10 Credit Suisse 52,370 30 21 913 14 Stifel/KBW 5,058 29 18 1114 17 Moelis & Company 13,338 28 17 1115 23 Piper Jaffray & Co 2,742 28 13 15

US Mid West by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 7 Goldman Sachs 197,906 61 28,838 586.3%2 8 Morgan Stanley 111,758 39 27,705 303.4%3 3 Lazard 88,698 40 45,601 95%4 1 JPMorgan 85,640 46 62,476 37.1%5 10 Barclays 70,230 46 19,074 268.2%6 13 Deutsche Bank 65,305 26 8,340 683.0%7 6 Centerview Partners 63,315 11 29,150 117.2%8 9 Citi 57,359 35 21,706 164.3%9 2 Bank of America Merrill Lynch 54,949 37 56,359 -2.5%

10 28 Perella Weinberg Partners 52,861 6 3,938 1,242%11 11 Credit Suisse 52,370 30 11,156 369.4%12 25 RBC Capital Markets 26,803 23 4,779 460.8%13 23 UBS Investment Bank 23,348 21 5,911 295.0%14 30 Guggenheim Partners 19,683 8 3,763 423.1%15 14 Evercore Partners 15,136 27 7,730 96%



US South by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 Goldman Sachs 288,831 94 64 302 9 Barclays 220,202 82 45 373 2 JPMorgan 169,464 77 56 214 6 Citi 224,995 70 50 205 7 Morgan Stanley 119,021 66 49 176 13 Houlihan Lokey 7,821 60 38 227 8 Bank of America Merrill Lynch 177,721 56 47 98 5 RBC Capital Markets 57,140 56 51 59 3 Evercore Partners 38,045 53 52 1

10 11 Lazard 167,502 51 38 1311 4 Jefferies 97,851 48 52 -412 10 Credit Suisse 96,157 47 44 313 24 Raymond James & Associates 4,625 45 22 2314 12 Stifel/KBW 18,974 44 38 615 14 Deutsche Bank 73,609 43 32 11

US South by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 3 Goldman Sachs 288,831 94 81,358 255.0%2 4 Citi 224,995 70 78,369 187.1%3 7 Barclays 220,202 82 73,128 201.1%4 1 Bank of America Merrill Lynch 177,721 56 90,416 96.6%5 2 JPMorgan 169,464 77 81,625 107.6%6 12 Lazard 167,502 51 32,699 412.3%7 8 Morgan Stanley 119,021 66 67,238 77.0%8 13 Jefferies 97,851 48 24,698 296.2%9 5 Credit Suisse 96,157 47 76,332 26.0%

10 10 Deutsche Bank 73,609 43 53,091 38.6%11 11 RBC Capital Markets 57,140 56 47,213 21.0%12 45 Centerview Partners 51,979 13 2,766 1,779%13 17 Wells Fargo Securities 49,782 34 17,613 182.6%14 9 UBS Investment Bank 49,432 31 56,141 -12.0%15 6 Evercore Partners 38,045 53 75,619 -49.7%

US West by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 Goldman Sachs 240,844 85 52 332 2 JPMorgan 136,893 55 50 53 4 Bank of America Merrill Lynch 222,203 54 43 114 3 Morgan Stanley 55,476 45 48 -35 6 Houlihan Lokey 12,395 42 41 16 16 Credit Suisse 47,053 41 24 177 14 Deutsche Bank 46,044 36 26 108 9 Jefferies 20,834 36 32 49 8 Citi 71,317 35 34 1

10 5 Barclays 50,794 35 42 -711 10 Moelis & Company 21,684 31 31 012 20 Piper Jaffray & Co 2,237 31 18 1313 15 Wells Fargo Securities 21,024 29 25 414 17 Evercore Partners 19,099 29 20 915 33 Harris Williams & Co 4,951 29 10 19

US West by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Goldman Sachs 240,844 85 123,951 94.3%2 6 Bank of America Merrill Lynch 222,203 54 63,740 248.6%3 2 JPMorgan 136,893 55 119,061 15.0%4 7 Lazard 75,239 19 48,780 54.2%5 5 Citi 71,317 35 64,422 10.7%6 3 Morgan Stanley 55,476 45 80,565 -31.1%7 4 Barclays 50,794 35 71,459 -28.9%8 10 Credit Suisse 47,053 41 43,912 7.2%9 9 Deutsche Bank 46,044 36 45,679 0.8%

10 14 Centerview Partners 27,088 13 24,628 10%11 17 Qatalyst Group 23,693 15 13,864 70.9%12 11 Moelis & Company 21,684 31 31,250 -30.6%13 16 Wells Fargo Securities 21,024 29 16,035 31.1%14 18 Jefferies 20,834 36 12,522 66.4%15 20 Allen & Company 19,372 12 10,485 84.8%



Central & South America by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 Banco Itau BBA 26,084 58 35 232 1 Banco BTG Pactual 39,558 26 46 -203 3 Goldman Sachs 28,153 19 20 -14 17 Santander Global Banking and Markets 23,663 19 8 115 8 JPMorgan 40,180 17 17 06 6 Morgan Stanley 39,014 17 19 -27 10 Credit Suisse 34,761 17 14 38 15 Deutsche Bank 47,765 15 9 69 11 Bank of America Merrill Lynch 40,093 14 13 1

10 12 Citi 27,531 13 13 011 13 Rothschild 24,470 12 13 -112 16 Barclays 19,199 12 8 413 7 PwC 2,906 11 18 -714 21 KPMG 909 10 7 315 19 BR Partners 481 9 8 1

Central & South America by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 10 Deutsche Bank 47,765 15 7,853 508.2%2 11 JPMorgan 40,180 17 6,385 529.3%3 6 Bank of America Merrill Lynch 40,093 14 10,972 265%4 1 Banco BTG Pactual 39,558 26 17,150 130.7%5 5 Morgan Stanley 39,014 17 11,899 227.9%6 7 Credit Suisse 34,761 17 9,492 266%7 2 Goldman Sachs 28,153 19 15,305 84%8 8 Citi 27,531 13 8,239 234%9 3 Banco Itau BBA 26,084 58 14,647 78.1%

10 12 Rothschild 24,470 12 5,831 319.7%11 15 Santander Global Banking and Markets 23,663 19 4,563 418.6%12 71 BESI Grupo Novo Banco 20,961 2 94 22,199%13 14 Barclays 19,199 12 4,931 289.4%14 41 BNP Paribas 16,698 8 692 2,313%15 - Mediobanca 12,308 3 - -


Asia-Pacific league tables

Asia-Pacific (excl. Japan) by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 17,911 114 106 82 2 KPMG 22,912 92 74 183 5 Goldman Sachs 89,002 71 59 124 10 Citi 77,595 62 35 275 3 EY 12,636 61 67 -66 8 Deloitte 5,980 61 50 117 4 UBS Investment Bank 65,307 57 60 -38 14 Credit Suisse 39,514 57 32 259 6 Morgan Stanley 88,947 55 56 -1

10 9 Macquarie Group 36,597 50 40 1011 15 Rothschild 28,345 50 32 1812 7 JPMorgan 35,090 45 55 -1013 21 CITIC Securities Co 73,973 41 23 1814 16 Deutsche Bank 56,766 40 28 1215 13 Bank of America Merrill Lynch 78,413 39 33 616 24 China International Capital 58,298 37 21 1617 20 Huatai United Securities Co 15,375 36 25 1118 42 Guotai Junan Securities Co 24,864 31 10 2119 23 Somerley 70,879 29 22 720 22 Southwest Securities Company 13,565 29 23 6

Asia-Pacific (excl. Japan) by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 5 Goldman Sachs 89,002 71 40,199 121.4%2 1 Morgan Stanley 88,947 55 62,869 41.5%3 9 Bank of America Merrill Lynch 78,413 39 26,548 195.4%4 4 Citi 77,595 62 47,707 62.6%5 12 CITIC Securities Co 73,973 41 23,980 208.5%6 24 Somerley 70,879 29 10,263 591%7 3 UBS Investment Bank 65,307 57 60,849 7.3%8 15 China International Capital 58,298 37 18,111 221.9%9 6 Deutsche Bank 56,766 40 36,425 55.8%

10 47 China Securities Co 52,516 26 4,051 1,196%11 8 Credit Suisse 39,514 57 31,102 27.0%12 11 Macquarie Group 36,597 50 24,210 51.2%13 10 Lazard 35,339 28 25,109 40.7%14 2 JPMorgan 35,090 45 62,393 -43.8%15 14 Rothschild 28,345 50 23,604 20.1%16 49 Guotai Junan Securities Co 24,864 31 3,651 581.0%17 30 Haitong Securities Co 23,326 25 7,570 208.1%18 16 KPMG 22,912 92 17,123 33.8%19 7 Barclays 22,811 20 35,800 -36.3%20 13 HSBC 19,757 24 23,977 -17.6%



Asia-Pacific (excl. Japan) *buyouts by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 31 Goldman Sachs 4,373 7 1 62 2 PwC 3,285 7 5 23 3 Macquarie Group 1,955 7 4 34 13 Deutsche Bank 6,335 5 2 35 6 Morgan Stanley 6,422 4 4 06 15 Credit Suisse 4,765 4 2 27 23 KPMG 723 4 1 38 12 JPMorgan 2,752 3 2 19 11 UBS Investment Bank 2,153 3 2 1

10 16 Bank of America Merrill Lynch 267 3 2 111 27 Rothschild 1,420 2 1 112 5 Barclays 1,081 2 4 -213 4 Citi 899 2 4 -214 - China International Capital 775 2 - -15 39 CIMB Group 687 2 1 1

Asia-Pacific (excl. Japan) *buyouts by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 11 Morgan Stanley 6,422 4 685 837.5%2 8 Deutsche Bank 6,335 5 1,527 314.9%3 10 Credit Suisse 4,765 4 753 532.8%4 27 Goldman Sachs 4,373 7 128 3,316%5 26 PwC 3,285 7 224 1,367%6 5 JPMorgan 2,752 3 2,437 12.9%7 2 UBS Investment Bank 2,153 3 5,328 -59.6%

8= - DBS Bank 1,996 1 - - 8= - United Overseas Bank 1,996 1 - -10 3 Macquarie Group 1,955 7 2,927 -33.2%11 21 Rothschild 1,420 2 299 374.9%

12= - BNP Paribas 1,395 1 - - 12= - ICBC International Holdings 1,395 1 - - 12= - Minsheng Securities Co 1,395 1 - -

15 6 Barclays 1,081 2 2,387 -54.7%* Based on advising buy side only



Asia-Pacific (excl. Japan,Australasia) by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 16,111 87 79 82 2 KPMG 20,243 70 58 123 3 EY 12,064 55 45 104 9 Citi 61,701 51 30 215 5 Morgan Stanley 79,220 48 44 46 6 Goldman Sachs 59,497 48 41 77 11 Credit Suisse 28,017 45 28 178 8 Deloitte 4,843 42 33 99 17 CITIC Securities Co 72,923 40 23 17

10 22 China International Capital 58,298 37 21 1611 18 Rothschild 18,491 36 23 1312 16 Huatai United Securities Co 15,375 36 25 1113 7 UBS Investment Bank 49,645 35 37 -214 21 Deutsche Bank 50,375 34 21 1315 4 JPMorgan 26,787 33 44 -1116 14 Bank of America Merrill Lynch 67,456 32 26 617 38 Guotai Junan Securities Co 24,864 31 10 2118 20 Somerley 70,879 29 22 719 19 Southwest Securities Company 13,565 29 23 620 23 RHB Investment Bank 4,714 28 21 7

Asia-Pacific (excl. Japan,Australasia) by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 2 Morgan Stanley 79,220 48 42,892 84.7%2 8 CITIC Securities Co 72,923 40 23,980 204.1%3 22 Somerley 70,879 29 10,263 590.6%4 10 Bank of America Merrill Lynch 67,456 32 23,926 181.9%5 3 Citi 61,701 51 34,235 80%6 5 Goldman Sachs 59,497 48 33,173 79.4%7 12 China International Capital 58,298 37 18,111 221.9%8 44 China Securities Co 52,516 26 4,051 1,196%9 11 Deutsche Bank 50,375 34 21,339 136.1%

10 6 UBS Investment Bank 49,645 35 33,068 50.1%11 7 Credit Suisse 28,017 45 28,773 -2.6%12 1 JPMorgan 26,787 33 47,217 -43.3%13 46 Guotai Junan Securities Co 24,864 31 3,651 581.0%14 13 Lazard 24,477 22 17,991 36.1%15 29 Haitong Securities Co 23,326 25 7,570 208.1%16 15 KPMG 20,243 70 14,207 42.5%17 9 HSBC 19,757 24 23,977 -17.6%18 18 Rothschild 18,491 36 11,421 61.9%19 4 Barclays 17,392 16 33,612 -48.3%20 117 Great Wall Securities Co 16,317 15 635 2,470%



Australasia by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 3 Macquarie Group 30,120 37 27 102 1 PwC 2,044 32 29 33 5 Goldman Sachs 35,246 29 23 64 2 UBS Investment Bank 18,734 28 27 15 7 KPMG 6,401 25 18 76 6 Deloitte 1,149 20 21 -17 17 Credit Suisse 14,484 17 8 98 11 Grant Samuel 13,867 17 12 59 14 Rothschild 11,192 17 9 8

10 16 BDO 3,093 17 9 811 20 Citi 22,298 15 7 812 10 JPMorgan 8,493 13 13 013 18 Gresham Advisory Partners 4,459 13 8 514 9 Morgan Stanley 12,597 12 13 -115 13 Deutsche Bank 11,557 10 9 1

Australasia by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 9 Goldman Sachs 35,246 29 11,737 200.3%2 7 Macquarie Group 30,120 37 13,445 124.0%3 6 Citi 22,298 15 14,357 55.3%4 1 UBS Investment Bank 18,734 28 29,307 -36.1%5 11 Credit Suisse 14,484 17 6,331 128.8%6 3 Grant Samuel 13,867 17 16,999 -18.4%7 2 Morgan Stanley 12,597 12 20,124 -37.4%8 15 Bank of America Merrill Lynch 12,489 8 2,622 376%9 5 Deutsche Bank 11,557 10 15,275 -24.3%

10 10 Lazard 11,462 7 10,973 4.5%11 8 Rothschild 11,192 17 12,183 -8%12 4 JPMorgan 8,493 13 16,284 -47.8%13 - BMO Capital Markets 7,000 1 - -14 14 KPMG 6,401 25 3,158 102.7%15 - AquAsia 6,195 1 - -

Greater China by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 3 CITIC Securities Co 72,923 40 23 172 8 China International Capital 58,298 37 21 163 2 Huatai United Securities Co 15,375 36 25 114 13 Goldman Sachs 48,990 31 17 145 23 Guotai Junan Securities Co 24,864 31 10 216 6 Somerley 70,879 29 22 77 4 Southwest Securities Company 13,565 29 23 68 17 China Securities Co 52,516 26 14 129 19 Citi 26,139 26 11 15

10 22 Haitong Securities Co 23,326 25 10 1511 16 KPMG 7,182 25 15 1012 10 China Renaissance Partners 5,369 25 20 513 20 GF Securities Co 2,734 24 11 1314 5 Morgan Stanley 57,549 22 22 015 29 Bank of America Merrill Lynch 52,450 20 7 13

Greater China by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 2 CITIC Securities Co 72,923 40 23,980 204.1%2 11 Somerley 70,879 29 10,263 591%3 5 China International Capital 58,298 37 18,111 221.9%4 4 Morgan Stanley 57,549 22 21,974 161.9%5 24 China Securities Co 52,516 26 4,051 1,196%6 17 Bank of America Merrill Lynch 52,450 20 6,599 695%7 7 Goldman Sachs 48,990 31 14,404 240%8 3 UBS Investment Bank 32,603 18 22,165 47.1%9 14 Deutsche Bank 30,076 17 7,720 289.6%

10 12 Citi 26,139 26 9,377 178.8%11 25 Guotai Junan Securities Co 24,864 31 3,651 581.0%12 15 Haitong Securities Co 23,326 25 7,570 208.1%13 6 JPMorgan 19,145 17 15,680 22.1%14 82 Great Wall Securities Co 16,317 15 635 2,470%15 20 Huatai United Securities Co 15,375 36 5,257 192%



India by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 EY 8,577 29 23 62 18 Avendus Capital 3,153 18 5 133 2 KPMG 904 12 13 -14 7 Axis Capital 2,210 11 9 25 3 PwC 207 10 11 -16 4 Kotak Investment Banking 4,768 9 10 -17 9 Rothschild 2,120 9 8 18 6 BMR Advisors 105 8 10 -29 5 ICICI Securities 7,362 7 10 -3

10 61 JM Financial 4,352 6 1 511 25 Macquarie Group 2,918 6 3 312 10 o3 Capital Advisors 520 6 8 -213 17 Mape Advisory Group 269 6 5 114 11 Citi 8,214 5 7 -215 28 Ambit Corporate Finance 105 5 3 2

India by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 19 EY 8,577 29 780 999.6%2 1 Citi 8,214 5 9,277 -11%3 18 ICICI Securities 7,362 7 808 811.1%4 3 Bank of America Merrill Lynch 6,946 4 5,327 30.4%5 13 Kotak Investment Banking 4,768 9 1,318 261.8%6 52 JM Financial 4,352 6 67 6,396%7 34 M&A International 4,192 4 261 1,506%8 - Evercore Partners 4,047 2 - -9 36 GCA Savvian Corporation 3,967 1 246 1,513%

10 4 HSBC 3,864 2 4,993 -22.6%11 30 Avendus Capital 3,153 18 302 944.0%12 16 Macquarie Group 2,918 6 1,043 179.8%13 10 Goldman Sachs 2,655 2 2,056 29.1%14 55 Edelweiss Financial Services 2,650 3 54 4,807%15 56 ING 2,570 1 54 4,659%

South East Asia by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 2 RHB Investment Bank 4,701 27 18 92 1 CIMB Group 6,685 22 24 -23 10 Credit Suisse 15,677 21 12 94 11 Morgan Stanley 10,894 17 9 85 7 Goldman Sachs 17,240 16 12 46 5 PwC 1,252 16 13 37 3 KPMG 10,223 14 15 -18 26 Citi 20,895 13 5 89 16 DBS Bank 11,702 13 7 6

10 6 JPMorgan 9,840 13 12 111 25 UBS Investment Bank 15,040 12 5 712 21 Deutsche Bank 12,971 12 6 613 18 Standard Chartered 8,910 12 7 514 14 Deloitte 1,985 10 9 115 8 Bank of America Merrill Lynch 18,624 9 12 -3

South East Asia by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 26 Citi 20,895 13 2,785 650.3%2 7 Bank of America Merrill Lynch 18,624 9 11,641 60.0%3 6 Goldman Sachs 17,240 16 11,980 43.9%4 13 Credit Suisse 15,677 21 7,471 109.8%5 23 UBS Investment Bank 15,040 12 3,861 290%6 4 Deutsche Bank 12,971 12 13,328 -2.7%7 17 DBS Bank 11,702 13 5,188 125.6%8 1 Morgan Stanley 10,894 17 15,006 -27%9 14 Barclays 10,752 7 6,730 60%

10 9 KPMG 10,223 14 9,483 7.8%11 5 JPMorgan 9,840 13 13,265 -25.8%12 28 Standard Chartered 8,910 12 2,003 344.8%13 - Wells Fargo Securities 8,252 2 - -14 - RBC Capital Markets 8,131 3 - -15 12 HSBC 7,954 7 7,878 1.0%



South Korea by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 PwC 8,314 47 42 52 2 KPMG 7,017 22 20 23 5 Deloitte 2,018 18 11 74 3 EY 897 15 12 35 14 Citi 14,828 14 3 116 8 Samsung Securities Co 10,308 10 8 27 16 Credit Suisse 3,903 10 2 88 9 Morgan Stanley 11,727 8 7 19 12 Daewoo Securities Co 2,922 8 4 4

10 18 Deutsche Bank 9,340 7 2 511 10 Korea Development Bank 2,564 7 5 212 - Kudos 142 7 - -13 - Lazard 8,058 5 - -14 6 JPMorgan 3,097 4 10 -615 7 Goldman Sachs 1,618 4 8 -4

South Korea by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 7 Hana Daetoo Securities Co 15,583 1 1,944 701.6%2 13 Citi 14,828 14 982 1,410%3 6 Morgan Stanley 11,727 8 2,286 413.0%4 5 Samsung Securities Co 10,308 10 2,355 337.7%5 18 Deutsche Bank 9,340 7 755 1,137%6 3 PwC 8,314 47 7,175 15.9%7 - Lazard 8,058 5 - -8 37 UBS Investment Bank 7,737 3 115 6,628%9 10 KPMG 7,017 22 1,556 351.0%

10 15 Credit Suisse 3,903 10 968 303%11 22 Rothschild 3,616 2 410 782.0%12 1 JPMorgan 3,097 4 8,246 -62.4%13 21 Daewoo Securities Co 2,922 8 456 540.8%14 8 Korea Development Bank 2,564 7 1,915 33.9%15 17 Deloitte 2,018 18 886 127.8%

Japan Asia by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 1 Mizuho Financial Group 9,053 58 70 -122 2 Nomura Holdings 13,216 56 65 -93 3 Sumitomo Mitsui Financial Group 8,736 54 60 -64 4 Morgan Stanley 38,013 34 45 -115 6 KPMG 5,522 33 42 -96 8 Deloitte 1,353 30 24 67 5 Daiwa Securities Group 4,644 26 45 -198 10 PwC 1,587 21 21 09 7 GCA Savvian Corporation 5,241 19 37 -18

10 9 Goldman Sachs 18,530 17 21 -411 11 Frontier Management 256 15 17 -212 21 EY 4,628 12 8 413 20 Rothschild 1,834 9 8 114 14 JPMorgan 7,087 8 12 -415 27 Citi 8,305 7 5 2

Japan Asia by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 1 Morgan Stanley 38,013 34 37,019 2.7%2 - Centerview Partners 18,877 3 - -3 2 Goldman Sachs 18,530 17 25,964 -28.6%4 13 Credit Suisse 16,403 6 6,469 153.6%5 4 Nomura Holdings 13,216 56 16,426 -19.5%6 10 Mizuho Financial Group 9,053 58 7,350 23.2%7 3 Sumitomo Mitsui Financial Group 8,736 54 19,142 -54.4%8 31 Citi 8,305 7 2,400 246%9 7 JPMorgan 7,087 8 8,669 -18.2%

10 24 KPMG 5,522 33 3,371 63.8%11 11 GCA Savvian Corporation 5,241 19 6,972 -24.8%12 6 Daiwa Securities Group 4,644 26 9,312 -50.1%13 49 EY 4,628 12 540 757.0%14 141 Evercore Partners 4,359 4 - -15 - ICICI Securities 3,967 1 - -


Africa & Middle East league tables

Africa & Middle East by deal countRanking Company name 2014 2013

2014 2013Value

(US$m)Deal

countDeal

countCount

change

1 3 EY 5,311 22 17 52 1 Investec 9,319 21 18 33 10 Rand Merchant Bank 8,879 21 10 114 8 Barclays 11,193 18 11 75 16 BDO 1,185 15 7 86 5 Standard Bank Group 4,023 13 13 07 2 PwC 332 13 18 -58 24 KPMG 12,129 12 6 69 6 Bank of America Merrill Lynch 5,705 12 12 0

10 20 Rothschild 4,165 12 6 611 4 Citi 14,227 11 14 -312 13 Goldman Sachs 7,024 11 8 313 21 Deutsche Bank 15,481 10 6 414 11 JPMorgan 5,737 9 9 015 12 HSBC 4,519 9 9 016 23 Nedbank Capital 1,126 9 6 317 15 UBS Investment Bank 5,142 8 7 118 59 Java Capital 905 8 2 619 45 Standard Chartered 3,771 7 2 520 19 BNP Paribas 2,675 7 6 1

Africa & Middle East by valueRanking Company name 2014 2013

2014 2013 Value (US$m)

Deal count

Value (US$m)

% Value change

1 31 Deutsche Bank 15,481 10 1,162 1,232%2 9 Citi 14,227 11 6,184 130.1%3 52 KPMG 12,129 12 381 3,084%4 12 Barclays 11,193 18 6,071 84.4%5 15 Investec 9,319 21 3,752 148.4%6 20 Rand Merchant Bank 8,879 21 2,106 321.6%7 4 Goldman Sachs 7,024 11 7,591 -7.5%8 - Commerzbank 5,744 1 - -9 7 JPMorgan 5,737 9 7,354 -22.0%

10 1 Bank of America Merrill Lynch 5,705 12 12,973 -56.0%11 37 EY 5,311 22 760 598.8%12 14 UBS Investment Bank 5,142 8 4,892 5.1%13 13 HSBC 4,519 9 5,758 -21.5%14 22 Rothschild 4,165 12 1,823 128.5%15 43 Standard Bank Group 4,023 13 555 624.9%16 17 Standard Chartered 3,771 7 2,662 41.7%17 5 Moelis & Company 3,735 4 7,521 -50.3%18 40 Deloitte 3,587 4 605 492.9%19 3 BNP Paribas 2,675 7 7,732 -65.4%20 - FTI Consulting 2,643 1 - -

42Global and regional M&A: 2014www.mergermarket.com 42Global and regional M&A: 2014www.mergermarket.com

Criteria and contacts

PR contacts Deal submission contactsAmericas: Chrissy CarneyT: +1 646 378 3118

Asia: Elizabeth ChuT: +852 2158 9706

EMEA: Flora WilkeT: +44 207 010 6348

EMEA: Nancy HonsingerT: +44 207 010 6227

CEE: Zaynab DostT: +44 207 010 6129

USA: Diana IsaacsT: +1 646 378 3149

LatAm & Canada: Raquel MozzerT: +1 212 574 7866

Asia-Pacific: John CapulongT: +852 2158 9723

Japan: Morly SunT: + 852 2158 9708

South Korea: Jade Lee T: +822 772 8410

China: Helen SunT: +852 2158 9787

All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database.Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m.Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.

M&A trends and top deals: correct as of 9am (GMT), 05-Jan-2015.League tables: correct as of 9am (GMT), 05-Jan-2015.

Trend data: based on the dominant geography or dominant sector of the target, bidder or seller. Excludes lapsed and withdrawn bids.

League tables: based on the dominant geography of the target and excludes lapsed and withdrawn bids. Private equity league tables: based on financial advisors advising the bidder only and dominant geography of the target. Excludes lapsed and withdrawn bids.

InboundGlobal/US/Japan: the dominant geography of the target is X, and the dominant geography of thebidder is any other country excluding X. Europe/Asia-Pacific/Africa & Middle East/Emerging Markets: the dominant geography of the target is X, and the dominant geography of the bidder is any other region excluding X. OutboundGlobal/US/Japan: the dominant geography of the bidder is X, and the dominant geography of thetarget is any other country excluding X. Europe/Asia-Pacific/Africa & Middle East/Emerging Markets: the dominant geography of the bidder is X, and the dominant geography of the target is any other region excluding X.

Mega-deal: deals above the value of US$ 10bn.

Average deal size: excludes deals with a non-disclosed value.

Emerging markets: based on dominant geography of target company being Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey.

About MergermarketMergermarket is a mergers & acquisitions (M&A) intelligence service.

Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong.

In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, Mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 1,500 of the world’s foremost advisory firms to assist in their origination process.

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Global and regional M&A: 2014 - Mergermarket