This document provides a summary of global mergers and acquisitions (M&A) activity in 2018. It includes regional M&A heat maps showing total deal value and top financial advisors by region. The top sections provide an overview of global M&A trends in 2018, including total deal value of $3.9 trillion, a 15.9% increase over 2017. The financial sector had the highest deal value of $864.7 billion. Deals over $1 billion made up 61.2% of total activity, led by the consumer non-cyclical sector. Goldman Sachs was the top M&A advisor globally with 25.5% of market share.

1. GLOBAL
M&A
MARKET
REVIEW
FINANCIAL RANKINGS
2018

2. CONTENTS
1. Introduction
2. Global M&A Heat Map
3. Global M&A Regional Review
4. Global M&A League Tables
5. Americas M&A Regional Review
6. Americas M&A League Tables
8. EMEA M&A Regional Review
9. EMEA M&A League Tables
12. APAC M&A Regional Review
13. APAC M&A League Tables
16. Disclaimer
DATA SUBMISSIONS AND QUERIES
North America
EMEA
Asia Pacific
Contact
Nageen Qasim
Madeeha Ahmad
Ee Wen Tay
Phone
+1-646-324-2878
+44-20-3525-3754
+65-62-313404
Email
nqasim1@bloomberg.net
mchaudhry13@bloomberg.net
etay26@bloomberg.net
General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net
The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The
tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry
sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-
swaps, joint ventures, private placements of common equity and convertible securities, and the cash
injection component of recapitalization according to Bloomberg standards.
Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We
provide a global perspective and local insight into unique deal structures in various markets through a
network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends.
Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance,
and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal
trends.
Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league
table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.
Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data
found on the Bloomberg Professional Service.
2018
GLOBAL M&A FINANCIAL ADVISORY RANKINGS
©2018 Bloomberg Finance L.P. All rights reserved.
1

3. Global M&A Heat Map
Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 2018.
Middle East & Africa USD
126.1B 1. Goldman Sachs &
Co 26.7% 2. JPMorgan Chase
North America
USD 2.4T
1. Goldman Sachs & Co 31.7%
2. Morgan Stanley 29.8%
3. JPMorgan Chase & Co 26.4%
Latin America
USD 180.4B
1. Morgan Stanley 20.0%
2. Bank of America Merrill Lynch 14.6%
3. JPMorgan Chase & Co 13.4%
Western Europe
USD 1.2T
1. Goldman Sachs & Co 27.7%
2. Morgan Stanley 25.0%
3. JPMorgan Chase & Co 20.4%
Eastern Europe
USD 65.8B
1. JPMorgan Chase & Co 11.3%
2. BNP Paribas 8.4%
3. Citigroup Inc 7.8%
Asia Pacific
USD 1.4T
1. Goldman Sachs & Co 19.3%
2. Morgan Stanley 18.9%
3. JPMorgan Chase & Co 16.3%
Middle East & Africa
USD 157.7B
1. Goldman Sachs & Co 28.0%
2. JPMorgan Chase & Co 23.5%
3. Barclays 13.9%
2

4. Date
Total
Value
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 45,218 Financial $862.9 21.6% -3.3%
Volume (Bln.) $3,921.7 Consumer Non-cyclical $792.3 19.8% 16.6%
Avg Deal Size (Mln.) $86.7 Energy $449.1 11.2% 44.2%
Communications $437.3 10.9% 18.3%
Industrial $404.5 10.1% 9.2%
Goldman Sachs & Co Technology $364.9 9.1% 76.8%
Number of deals 411 Consumer Cyclical $336.0 8.4% -3.6%
Volume (Bln.) $998.2 Basic Materials $176.2 4.4% 83.4%
Avg Deal Size (Bln.) $2.4 Utilities $168.3 4.2% 20.0%
Diversified $5.9 0.1% -68.1%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $2,213.0 4.1% 21.4%
Cross Border $1,763.6 3.5% 15.1%
Private Equity $1,054.7 2.7% 12.7%
Asset sale $652.2 1.1% 5.8%
Tender Offer $336.0 -16.0% 5.1%
Venture Capital $219.6 3.1% 42.9%
Spin-off $90.0 21.1% -11.5%
Minority purchase $528.5 5.5% 24.6%
Majority purchase $337.5 -1.3% 8.0%
Quarterly Volume represents any involvement (target, seller, or acquirer).
Global M&A: Industry Breakdown
GlobalM&AReview|2018
Global M&A Regional Review Global M&A: Premium Breakdown
Global M&A: Highlights of 2018
Summary IndustryAcquirerTarget Seller
Shire PLC Takeda Pharmaceutical Co Ltd -
Global M&A: Quarterly Volume
4/25/2018
Top Adviser
$50,714.3Sky Ltd Comcast Corp -
-Sprint Corp
8/1/2018 $59,299.6
4/29/2018 $57,805.6
Energy Transfer Operating LP Energy Transfer LP
5/8/2018 $80,971.7
3/8/2018 $68,369.4Express Scripts Holding Co Cigna Corp -
Deal Type
Global M&A: Deal Type Breakdown
T-Mobile US Inc
-
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4
Volume $(Bln.) Deal Count
23%
33%
36%
6%
1% 1%
0-10%
10-25%
25-50%
50-75%
75-100%
100%+
• Global M&A deal volume reached $3.9 trillion in 2018, representing a 15.9% increase compared to the
same period last year.
• The financial sector was the most targeted sector in 2018 with $864.7 billion in announced transactions,
accounting for 22.1% of the total global volume for the year. AXA SA's $15.2 billion announced
acquisition of XL Group Ltd was the largest deal in the financial sector this year.
• Deals with announced transaction values of over $1.0 billion accounted for 61.2% of the total deal
activity in 2018. The consumer, non-cyclical sector was the most sought-after for these mega-deals,
contributing $548.7 billion to the total volume. Takeda Pharmaceutical Co Ltd's $80.9 billion pending
acquisition of Shire Plc was the largest deal both globally and in the sector.
3

5. Global Announced Deals 01/01/2018 - 12/31/2018 Cross Border Announced Deals 01/01/2018 - 12/31/2018
Goldman Sachs & Co LLC 1 25.5 998,244 411 1 22.9 2.6 Goldman Sachs & Co LLC 1 29.8 526,101 235 1 23.6 6.2
Morgan Stanley 2 23.5 921,330 315 3 17.5 6.0 Morgan Stanley 2 27.1 478,390 168 2 22.2 4.9
JPMorgan Chase & Co 3 19.7 774,219 325 2 18.2 1.5 JPMorgan Chase & Co 3 22.4 394,408 180 3 20.9 1.5
Citigroup Inc 4 15.3 599,964 260 4 15.7 -0.4 Citigroup Inc 4 17.8 314,480 144 4 17.2 0.6
Barclays PLC 5 14.0 550,535 206 5 10.6 3.5 Barclays PLC 5 17.1 302,140 101 11 8.1 9.1
Bank of America Merrill Lynch 6 11.8 462,565 206 7 10.5 1.3 Bank of America Merrill Lynch 6 14.1 248,333 112 5 14.8 -0.7
Evercore Inc 7 9.1 356,216 161 10 7.5 1.6 Evercore Inc 7 11.2 197,441 78 16 3.6 7.6
Lazard Ltd 8 8.7 340,823 221 6 10.5 -1.8 UBS AG 8 8.6 151,426 88 9 10.3 -1.7
Credit Suisse Group AG 9 8.3 326,855 194 9 8.0 0.3 Lazard Ltd 9 8.2 144,616 139 6 13.1 -4.9
Deutsche Bank AG 10 6.5 256,036 138 8 9.6 -3.1 Credit Suisse Group AG 10 7.9 139,064 99 8 11.5 -3.6
Centerview Partners LLC 11 6.5 255,331 53 11 7.4 -0.9 HSBC Bank PLC 11 7.7 135,825 33 13 4.2 3.5
UBS AG 12 5.4 211,715 145 12 6.3 -0.9 Rothschild & Co 12 6.8 120,532 223 10 10.2 -3.4
Rothschild & Co 13 5.0 195,178 326 13 6.2 -1.2 Deutsche Bank AG 13 6.7 118,187 77 7 11.8 -5.1
Sumitomo Mitsui Financial Group Inc 14 4.3 169,634 153 48 0.6 3.7 BNP Paribas SA 14 6.2 108,619 69 12 6.0 0.2
HSBC Bank PLC 15 4.0 158,596 52 21 2.3 1.7 Nomura Holdings Inc 15 5.7 100,838 62 22 2.8 3.0
RBC Capital Markets 16 4.0 157,380 133 19 2.6 1.4 Sumitomo Mitsui Financial Group Inc 16 5.0 87,426 18 52 0.6 4.3
BNP Paribas SA 17 4.0 156,235 103 14 3.6 0.4 Robey Warshaw LLP 17 4.9 86,198 4 24 2.3 2.6
PJT Partners Inc 18 3.5 135,839 27 32 1.2 2.2 Centerview Partners LLC 18 4.8 84,096 24 19 3.0 1.8
Nomura Holdings Inc 19 3.4 133,016 148 24 1.9 1.5 RBC Capital Markets 19 4.1 72,876 61 17 3.6 0.5
Moelis & Co 20 2.7 104,116 131 20 2.3 0.3 PJT Partners Inc 20 4.1 71,437 14 32 1.5 2.5
TOTAL 3,921,611 45,255 TOTAL 1,763,512 16,608
Global Private Equity Announced Deals 01/01/2018 - 12/31/2018
Goldman Sachs & Co LLC 1 21.4 225,124 161 2 21.3 0.1
JPMorgan Chase & Co 2 21.1 222,406 133 3 17.6 3.5
Morgan Stanley 3 16.9 178,220 132 1 23.5 -6.6
Citigroup Inc 4 14.9 156,643 91 7 10.9 3.9
Bank of America Merrill Lynch 5 11.6 122,247 70 6 11.3 0.3
Barclays PLC 6 11.6 121,931 89 5 11.7 -0.1
Credit Suisse Group AG 7 9.1 95,985 80 4 12.9 -3.8
Deutsche Bank AG 8 9.1 95,621 59 13 5.4 3.7
Lazard Ltd 9 7.7 80,658 107 10 7.8 -0.2
RBC Capital Markets 10 6.7 70,489 58 15 4.7 2.0
Evercore Inc 11 5.4 57,339 77 9 7.9 -2.5
UBS AG 12 4.8 51,077 65 8 10.7 -5.8
Rothschild & Co 13 4.6 48,124 147 11 6.0 -1.4
Centerview Partners LLC 14 4.4 46,771 20 14 4.8 -0.4
Macquarie Group Ltd 15 4.4 46,403 48 19 2.4 2.0
TD Securities Inc 16 4.3 45,813 11 90 0.1 4.2
Jefferies LLC 17 4.0 41,772 96 18 3.3 0.7
Ernst & Young 18 3.0 31,141 156 20 2.4 0.6
HSBC Bank PLC 19 3.0 31,107 15 23 2.0 0.9
BMO Capital Markets Corp/Toronto 20 2.8 29,631 17 39 0.7 2.1
TOTAL 1,054,656 13,896 935,963
2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
2018 2017
MKT SHR
CHANGE FIRM
2018
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2018 2017
MKT SHR
CHANGE
FIRM
RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
3,384,984 1,532,862
4

6. Country
United States $1,782.1 88.4% 33.3%
Canada $119.0 5.9% 13.0%
Brazil $45.9 2.3% 0.1%
Bermuda $18.7 0.9% 1786.0%
Chile $11.6 0.6% -26.7%
British Virgin Islands $8.6 0.4% -32.1%
Mexico $5.0 0.2% -47.6%
Colombia $1.9 0.1% -30.3%
Date
Total Value
(Mln.)
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 19,130 Consumer Non-cyclical $490.8 24.0% 34.7%
Volume (Bln.) $2,015.0 Financial $375.7 18.4% 40.6%
Avg Deal Size (Mln.) $105.2 Energy $353.6 17.3% 75.3%
Technology $240.4 11.8% 179.7%
Communications $175.7 8.6% -11.1%
Goldman Sachs & Co Industrial $172.1 8.4% 10.7%
Number of deals 235 Consumer Cyclical $111.9 5.5% -24.1%
Volume (Bln.) $649.9 Basic Materials $65.8 3.2% 94.3%
Avg Deal Size (Bln.) $2.7 Utilities $55.2 2.7% -34.6%
Diversified $1.3 0.1% -45.8%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $1,355.1 10.3% 34.0%
Cross Border $648.3 8.0% 31.1%
Private Equity $520.3 7.5% 15.3%
Asset sale $300.5 3.6% 3.9%
Tender Offer $109.2 -36.9% 10.4%
Venture Capital $95.4 4.5% 31.4%
Spin-off $40.2 27.0% -18.2%
Minority purchase $190.0 8.4% 55.7%
Majority purchase $83.5 11.1% 129.1%
Quarterly Volume represents any involvement (target, seller, or acquirer).
GlobalM&AReview|2018
5/8/2018 Shire PLC
Takeda Pharmaceutical Co
Ltd
- $80,971.7
Americas M&A Regional Review Americas M&A: Country Breakdown
Americas M&A: Highlights of 2018
Summary Target Acquirer Seller Industry
Americas M&A: Industry Breakdown
Amount
(Bln.) % of Total
% YoY
Change
Top Adviser
8/1/2018 Energy Transfer Operating LP Energy Transfer LP - $59,299.6
3/8/2018 Express Scripts Holding Co Cigna Corp - $68,369.4
4/29/2018 Sprint Corp T-Mobile US Inc - $57,805.6
10/28/2018 Red Hat Inc
International Business
Machines Corp
- $31,802.5
Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown
Deal Type
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
$0
$200
$400
$600
$800
$1,000
2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4
Volume $(Bln.) Deal Count
• The Americas continued to be the most targeted region for M&A activity generating a deal volume of
$2.0 trillion. The US contributed 90% to the region's total which can largely be attributed to Takeda
Pharmaceutical Co Ltd's $80.9 billion pending acquisition of Shire Plc.
• Deal activity in the technology sector increased 168.6% year-over-year with International Business
Machines Corp's announced acquisition of Red Hat Inc for $31.8 billion accounting for 13.2% of the
sector's overall volume.
• Companies based in the Americas received $95.4 billion in venture capital financing in 2018, a record
high since 2008.
5

7. US Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 US Announced Deals (Target or Seller) 01/01/2018 - 12/31/2018
Goldman Sachs & Co LLC 1 32.6 743,626 301 1 34.9 -2.2 Goldman Sachs & Co LLC 1 34.7 663,461 248 1 37.3 -2.6
Morgan Stanley 2 30.3 689,168 199 3 22.5 7.8 Morgan Stanley 2 31.0 593,428 172 3 23.0 8.0
JPMorgan Chase & Co 3 27.2 619,283 225 2 24.1 3.0 JPMorgan Chase & Co 3 28.1 537,171 188 2 25.8 2.3
Barclays PLC 4 22.0 500,019 166 5 16.7 5.3 Barclays PLC 4 22.2 425,298 146 5 18.6 3.6
Citigroup Inc 5 20.5 467,754 168 4 20.3 0.3 Citigroup Inc 5 21.3 407,064 141 4 20.9 0.3
Evercore Inc 6 15.4 350,269 135 8 12.8 2.6 Evercore Inc 6 14.4 274,838 122 7 14.5 -0.1
Bank of America Merrill Lynch 7 14.3 326,561 134 7 12.9 1.4 Bank of America Merrill Lynch 7 13.5 257,894 114 8 12.3 1.2
Credit Suisse Group AG 8 11.5 262,302 109 9 12.2 -0.6 Credit Suisse Group AG 8 13.0 248,931 99 12 7.3 5.7
Centerview Partners LLC 9 10.9 247,663 49 6 13.9 -3.0 Centerview Partners LLC 9 11.5 220,493 45 6 14.8 -3.3
Lazard Ltd 10 10.2 233,000 116 10 11.7 -1.5 Lazard Ltd 10 10.6 203,734 91 9 11.3 -0.6
Deutsche Bank AG 11 9.0 205,842 78 11 10.3 -1.3 Deutsche Bank AG 11 9.6 183,383 70 10 10.9 -1.3
Sumitomo Mitsui Financial Group Inc 12 6.2 140,840 10 53 0.4 5.8 Sumitomo Mitsui Financial Group Inc 12 7.3 138,982 8 60 0.2 7.0
PJT Partners Inc 13 5.7 129,544 23 23 2.0 3.7 HSBC Bank PLC 13 6.0 115,177 15 22 2.3 3.8
HSBC Bank PLC 14 5.6 128,386 17 20 2.3 3.3 RBC Capital Markets 14 5.7 109,770 92 17 3.7 2.1
RBC Capital Markets 15 5.2 117,788 104 17 3.7 1.5 BNP Paribas SA 15 5.1 97,789 14 46 0.4 4.7
Wells Fargo & Co 16 4.4 100,993 47 21 2.3 2.1 Nomura Holdings Inc 16 4.4 84,504 15 40 0.6 3.9
BNP Paribas SA 17 4.4 99,139 18 33 0.9 3.4 Guggenheim Capital LLC 17 4.2 81,046 15 11 7.6 -3.4
Rothschild & Co 18 3.9 89,301 97 18 3.3 0.7 PJT Partners Inc 18 4.0 76,551 20 21 2.4 1.6
Nomura Holdings Inc 19 3.9 89,033 23 22 2.0 1.9 Moelis & Co 19 4.0 76,187 96 16 3.7 0.2
Guggenheim Capital LLC 20 3.6 81,046 16 12 6.3 -2.7 Raine Group LLC 20 4.0 75,752 7 78 0.1 3.8
TOTAL 2,278,289 20,298 TOTAL 1,914,341 16,664
Canada Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Canada Announced Deals (Target or Seller) 01/01/2018 - 12/31/2018
Goldman Sachs & Co LLC 1 31.3 103,637 30 3 16.4 14.9 TD Securities Inc 1 34.1 53,529 32 3 19.3 14.8
TD Securities Inc 2 26.3 86,975 39 6 12.4 13.9 Goldman Sachs & Co LLC 2 23.2 36,522 16 2 19.9 3.3
Citigroup Inc 3 25.5 84,371 25 13 7.6 17.9 BMO Capital Markets Corp/Toronto 3 19.7 30,977 39 9 10.9 8.8
JPMorgan Chase & Co 4 21.4 70,652 25 1 30.8 -9.4 Citigroup Inc 4 19.4 30,527 14 11 8.5 11.0
Bank of America Merrill Lynch 5 20.3 67,054 23 8 10.6 9.7 Bank of America Merrill Lynch 5 17.9 28,190 9 8 11.3 6.7
Bank of Nova Scotia/The 6 19.8 65,667 41 10 9.1 10.7 Morgan Stanley 6 16.8 26,367 10 10 9.8 7.0
RBC Capital Markets 7 19.4 64,346 47 4 14.3 5.2 JPMorgan Chase & Co 7 15.4 24,147 11 1 23.7 -8.4
Morgan Stanley 8 19.2 63,515 26 7 11.2 8.0 RBC Capital Markets 8 14.3 22,464 33 4 19.2 -4.9
BMO Capital Markets Corp/Toronto 9 18.6 61,461 48 12 7.8 10.8 Bank of Nova Scotia/The 9 12.5 19,619 33 6 15.5 -3.0
Barclays PLC 10 15.0 49,757 27 2 16.9 -1.8 Centerview Partners LLC 10 10.9 17,168 2 - - 10.9
Deutsche Bank AG 11 14.6 48,302 8 14 4.6 10.0 Canson Capital Partners 11 10.8 17,000 1 - - 10.8
CIBC 12 14.5 47,884 44 9 9.9 4.6 Guggenheim Capital LLC 11 10.8 17,000 2 - - 10.8
Credit Suisse Group AG 13 10.7 35,316 16 11 7.8 2.9 CIBC 13 9.5 14,888 34 5 16.6 -7.2
Lazard Ltd 14 9.6 31,660 17 5 13.5 -4.0 Lazard Ltd 14 9.0 14,072 9 13 7.1 1.8
Centerview Partners LLC 15 9.3 30,712 6 22 2.9 6.3 Greenhill & Co Inc 15 6.6 10,371 6 48 0.3 6.3
HSBC Bank PLC 16 5.3 17,668 4 19 3.7 1.7 Canaccord Genuity Corp 16 3.9 6,184 18 31 1.0 3.0
Canson Capital Partners 17 5.1 17,000 1 - - 5.1 National Bank Financial Inc 17 3.9 6,144 16 12 8.3 -4.4
Guggenheim Capital LLC 17 5.1 17,000 2 - - 5.1 Credit Suisse Group AG 18 3.7 5,848 8 16 3.5 0.2
Rothschild & Co 19 4.9 16,229 19 16 4.3 0.6 GMP Securities LP 19 2.8 4,402 10 35 0.9 1.9
Moelis & Co 20 4.3 14,160 14 20 3.5 0.8 Sinolink Securities Co Ltd 20 2.6 4,066 1 - - 2.6
TOTAL 330,921 3,782 TOTAL 157,195 2,507
1,789,402 1,473,027
269,047 139,489
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
VOLUME USD
(Mln)
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
6

8. Latin America Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Brazil Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
Morgan Stanley 1 28.1 27,409 12 5 10.6 17.6 Banco Bradesco BBI SA 1 40.0 22,486 24 5 12.1 27.9
Bank of America Merrill Lynch 2 26.7 26,000 18 2 16.1 10.6 Banco Itau BBA SA 2 39.8 22,416 43 3 19.4 20.5
Banco Itau BBA SA 3 23.5 22,873 46 4 11.4 12.1 Morgan Stanley 3 38.7 21,797 7 6 10.1 28.7
Banco Bradesco BBI SA 4 23.1 22,486 24 11 6.7 16.4 Bank of America Merrill Lynch 4 36.2 20,365 10 4 18.2 18.0
JPMorgan Chase & Co 5 21.5 20,998 12 13 5.5 16.0 JPMorgan Chase & Co 5 31.8 17,876 3 9 5.8 25.9
Riza Capital Consultoria de Investimentos S 6 17.8 17,393 3 59 0.0 17.8 Riza Capital Consultoria de Investimentos S 6 30.9 17,393 3 41 0.0 30.9
Banco BTG Pactual SA 7 10.5 10,230 49 1 19.5 -9.0 Banco BTG Pactual SA 7 17.7 9,941 44 2 20.3 -2.6
Goldman Sachs & Co LLC 8 7.5 7,330 14 14 4.6 2.9 BR Partners 8 8.1 4,538 16 7 6.4 1.7
BR Partners 9 4.7 4,538 16 16 3.5 1.1 Banco Santander SA 9 6.1 3,435 14 1 20.6 -14.5
Credit Suisse Group AG 10 4.4 4,236 24 6 9.8 -5.4 Credit Suisse Group AG 10 5.2 2,942 18 8 6.0 -0.8
Banco Santander SA 11 4.3 4,207 20 3 14.8 -10.5 DH Capital LLC 11 3.2 1,800 1 44 - 3.2
Sinolink Securities Co Ltd 12 4.2 4,066 1 - - 4.2 Banco Fator SA 12 3.0 1,696 4 - - 3.0
Citigroup Inc 13 3.5 3,413 9 7 7.4 -3.9 Bank of Nova Scotia/The 13 2.7 1,492 3 14 2.6 0.0
Lazard Ltd 14 2.1 2,050 9 12 6.6 -4.5 Jefferies LLC 14 2.2 1,219 2 - - 2.2
Jefferies LLC 15 2.1 2,019 4 - - 2.1 Banco do Brasil SA 15 2.0 1,116 1 36 0.1 1.9
DH Capital LLC 16 1.9 1,800 1 64 - 1.9 Goldman Sachs & Co LLC 16 1.8 984 6 19 1.2 0.6
Banco Fator SA 17 1.7 1,696 4 - - 1.7 Cooperatieve Rabobank UA 17 1.7 969 1 40 0.1 1.7
Bank of Nova Scotia/The 18 1.5 1,492 4 8 7.4 -5.9 BNP Paribas SA 18 1.6 900 2 12 3.3 -1.7
Deutsche Bank AG 19 1.4 1,400 3 17 2.5 -1.1 Tudor Pickering Holt & Co LLC 18 1.6 900 1 - - 1.6
BNP Paribas SA 20 1.4 1,366 6 18 2.3 -0.9 Vinci Partners Investimentos Ltda 20 1.1 630 9 25 0.5 0.6
TOTAL 97,486 994 TOTAL 56,288 518
Latin America Announced Deals (Target or Seller) 01/01/2018 - 12/31/2018 Brazil Announced Deals (Target or Seller) 01/01/2018 - 12/31/2018
Morgan Stanley 1 25.1 34,028 13 4 16.1 9.1 Banco Itau BBA SA 1 44.1 22,316 40 3 21.0 23.1
Bank of America Merrill Lynch 2 18.8 25,515 17 1 20.8 -2.0 Banco Bradesco BBI SA 2 42.5 21,517 22 5 13.5 29.1
Banco Itau BBA SA 3 16.9 22,873 45 10 8.9 8.0 Bank of America Merrill Lynch 3 40.1 20,268 9 4 15.3 24.7
Banco Bradesco BBI SA 4 15.9 21,517 22 12 5.4 10.5 Morgan Stanley 4 39.4 19,912 5 6 7.2 32.1
JPMorgan Chase & Co 5 15.3 20,785 13 20 2.7 12.7 Riza Capital Consultoria de Investimentos S 5 34.4 17,393 3 41 0.0 34.3
Riza Capital Consultoria de Investimentos S 6 12.8 17,393 3 88 0.0 12.8 JPMorgan Chase & Co 6 33.5 16,926 2 8 6.5 27.0
Citigroup Inc 7 10.0 13,506 9 2 18.6 -8.6 Banco BTG Pactual SA 7 19.5 9,860 42 2 21.6 -2.1
Banco BTG Pactual SA 8 7.5 10,149 47 5 15.6 -8.1 BR Partners 8 7.2 3,638 15 7 7.1 0.1
Goldman Sachs & Co LLC 9 5.7 7,782 17 3 16.1 -10.3 Banco Santander SA 9 6.8 3,435 14 1 23.0 -16.2
Credit Suisse Group AG 10 4.4 5,906 26 13 5.2 -0.9 Credit Suisse Group AG 10 4.0 2,026 17 10 3.7 0.3
Banco Santander SA 11 3.1 4,207 20 7 11.9 -8.8 DH Capital LLC 11 3.6 1,800 1 44 - 3.6
Sinolink Securities Co Ltd 12 3.0 4,066 1 - - 3.0 Banco Fator SA 12 3.4 1,696 4 - - 3.4
BR Partners 13 2.7 3,638 15 19 2.8 -0.1 Bank of Nova Scotia/The 13 3.0 1,492 3 12 2.9 0.0
Huaxing Growth Capital 14 1.8 2,455 1 - - 1.8 Banco do Brasil SA 14 2.2 1,116 1 34 0.1 2.1
Gram Capital Ltd 15 1.8 2,449 5 28 0.9 0.9 Goldman Sachs & Co LLC 15 1.9 984 6 25 0.5 1.5
China International Capital Corp Ltd 16 1.8 2,405 4 - - 1.8 Vinci Partners Investimentos Ltda 16 1.2 630 9 22 0.6 0.7
Deloitte Touche Tohmatsu ILA Group Ltd 17 1.7 2,319 4 45 0.2 1.5 Deloitte Touche Tohmatsu ILA Group Ltd 17 1.1 554 1 24 0.5 0.6
Goldin Financial Holdings Ltd 18 1.7 2,295 2 84 0.0 1.7 Banco Safra SA 18 1.1 546 2 40 0.1 1.0
Lazard Ltd 19 1.7 2,294 10 14 4.4 -2.7 Moelis & Co 19 0.9 473 2 28 0.4 0.5
Jefferies LLC 20 1.7 2,250 5 52 0.1 1.5 Olimpia Partners 20 0.6 289 4 42 0.0 0.6
TOTAL 135,542 1,133 TOTAL 50,604 463
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
96,300 53,268
120,321 47,772
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
7

9. Country
United Kingdom $280.7 28.5% 28.9%
Germany $131.6 13.4% 94.4%
Spain $82.0 8.3% -0.8%
France $64.4 6.5% -41.5%
Netherlands $44.2 4.5% 32.0%
Switzerland $43.0 4.4% 12.7%
Italy $42.1 4.3% -32.8%
Finland $13.3 1.3% 45.5%
Date
Total
Value
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 11,967 Financial $248.6 24.4% -5.8%
Volume (Bln.) $983.9 Consumer Non-cyclical $166.2 16.3% -17.7%
Avg Deal Size (Mln.) $82.2 Communications $157.9 15.5% 339.5%
Industrial $109.4 10.8% 37.5%
Consumer Cyclical $104.2 10.2% 3.6%
Goldman Sachs & Co Utilities $87.6 8.6% 184.5%
Number of deals 117 Energy $54.5 5.4% -12.9%
Volume (Bln.) $262.7 Technology $47.6 4.7% 41.0%
Avg Deal Size (Bln.) $2.2 Basic Materials $39.1 3.8% 46.6%
Diversified $1.9 0.2% -77.7%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $528.1 -1.5% 25.7%
Cross Border $752.0 1.3% 18.9%
Private Equity $304.3 -1.0% 14.2%
Asset sale $242.3 1.8% 20.1%
Tender Offer $186.2 -27.4% 5.4%
Venture Capital $28.4 2.9% 50.4%
Spin-off $29.1 78.4% 292.7%
Minority purchase $91.8 0.1% 7.6%
$105.1 2.8% 12.1%
Quarterly Volume represents any involvement (target, seller, or acquirer).
GlobalM&AReview|2018
Majority purchase
EMEA M&A Regional Review EMEA M&A: Country Breakdown
EMEA M&A Highlights of 2018
Summary Target Acquirer Seller Industry
4/25/2018 Sky Ltd Comcast Corp - $50,714.3
RWE AG $21,528.4
Top Adviser
5/9/2018 Multiple Targets Vodafone Group PLC Liberty Global PLC $21,813.2
5/11/2018
EDP - Energias de Portugal
SA
China Three Gorges Corp - $28,159.9
3/12/2018 Innogy SE E.ON SE
EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown
Deal Type
10/29/2018 Abertis Infraestructuras SA Multiple Acquirers HOCHTIEF AG $19,055.8
EMEA M&A: Industry Breakdown
Amount
(Bln.) % of Total
% YoY
Change
0
1,000
2,000
3,000
4,000
5,000
$0
$100
$200
$300
$400
$500
2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4
Volume $(Bln.) Deal Count
• Deal volume for EMEA-based targets increased by 18.8% in 2018 to $983.8 billion year-over-year
despite a decrease in deal count from the same period last year.
• The financial and consumer non-cyclical sectors were the most targeted industries, accounting for
approximately 42% of the region’s overall volume. Comcast Corp's acquisition of Sky Plc for $50.7
billion was the largest deal in the region. China Three Gorges Corp's pending acquisition of EDP -
Energias de Portugal SA for $28.1 billion was the second largest deal in the region.
• Private Equity deals in 2018 increased by 14.0% compared to the same period last year with average
premiums reaching 26.2%. The sale of Akzo Nobel NV's specialty chemical business to a consortium of
acquirers for $12.5 billion was the largest private equity deal in the region.
8

10. Europe Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Europe Announced Deals (Target or Seller) 01/01/2018 - 12/31/2018
Goldman Sachs & Co LLC 1 27.1 345,238 166 1 24.1 2.9 Goldman Sachs & Co LLC 1 27.9 283,299 130 4 19.3 8.6
Morgan Stanley 2 24.5 312,466 114 2 23.6 0.9 Morgan Stanley 2 22.9 232,596 90 1 21.2 1.7
JPMorgan Chase & Co 3 20.0 254,647 149 3 20.5 -0.5 JPMorgan Chase & Co 3 17.8 180,128 118 3 19.8 -2.1
Bank of America Merrill Lynch 4 15.7 199,716 86 5 18.5 -2.8 Bank of America Merrill Lynch 4 17.5 177,200 63 7 15.8 1.7
Citigroup Inc 5 13.6 173,586 88 4 19.1 -5.5 Rothschild & Co 5 15.6 158,098 263 6 16.3 -0.7
Rothschild & Co 6 12.9 165,022 280 8 15.3 -2.4 Barclays PLC 6 12.9 130,925 52 13 6.1 6.9
Lazard Ltd 7 12.1 154,031 134 6 17.7 -5.6 Lazard Ltd 7 12.9 130,551 116 5 19.0 -6.2
Barclays PLC 8 11.8 150,087 72 12 7.7 4.1 Citigroup Inc 8 12.5 127,188 69 2 20.0 -7.5
UBS AG 9 10.0 127,258 60 11 10.0 0.0 UBS AG 9 9.9 100,805 43 11 9.6 0.3
Credit Suisse Group AG 10 7.9 100,959 64 9 11.8 -3.9 Credit Suisse Group AG 10 9.7 97,905 51 9 13.6 -4.0
Evercore Inc 11 7.4 94,422 57 28 2.0 5.5 Evercore Inc 11 8.7 88,415 42 27 2.0 6.7
Robey Warshaw LLP 12 6.8 86,198 4 18 3.2 3.6 Robey Warshaw LLP 12 7.5 75,698 3 26 2.0 5.5
Deutsche Bank AG 13 5.6 71,718 55 7 15.5 -9.9 PJT Partners Inc 13 5.9 60,308 8 23 2.3 3.7
BNP Paribas SA 14 5.4 68,711 87 10 10.2 -4.8 LionTree Advisors LLC 14 5.6 56,772 11 66 0.3 5.3
PJT Partners Inc 15 5.2 66,756 12 29 1.9 3.3 BNP Paribas SA 15 5.4 54,726 72 10 10.4 -5.0
LionTree Advisors LLC 16 4.5 56,772 11 73 0.2 4.2 Wells Fargo & Co 16 5.3 53,222 9 24 2.1 3.1
Wells Fargo & Co 17 4.2 53,892 11 30 1.9 2.4 Societe Generale SA 17 5.0 50,603 41 12 8.6 -3.6
Societe Generale SA 18 4.2 53,758 44 13 7.1 -2.9 Deutsche Bank AG 18 4.6 46,782 45 8 15.0 -10.3
Centerview Partners LLC 19 4.2 53,158 17 34 1.5 2.7 Banco Comercial Portugues SA 19 3.9 39,595 3 120 0.1 3.8
Banco Comercial Portugues SA 20 3.1 39,595 3 131 0.1 3.1 Centerview Partners LLC 20 3.8 38,075 10 31 1.6 2.1
TOTAL 1,275,047 14,245 TOTAL 1,014,560 11,588
UK Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Germany Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
Morgan Stanley 1 31.8 165,259 43 2 26.8 5.0 Goldman Sachs & Co LLC 1 42.8 94,558 21 10 8.7 34.1
Goldman Sachs & Co LLC 2 29.5 153,563 73 1 34.7 -5.2 Morgan Stanley 2 25.3 55,748 16 3 32.5 -7.3
Barclays PLC 3 23.2 120,376 41 8 9.6 13.6 JPMorgan Chase & Co 3 19.4 42,732 24 2 36.0 -16.6
JPMorgan Chase & Co 4 22.0 114,283 64 6 13.0 9.0 Rothschild & Co 4 15.3 33,670 32 8 10.7 4.6
Bank of America Merrill Lynch 5 18.9 98,355 42 3 18.5 0.4 BNP Paribas SA 5 14.8 32,693 15 20 2.9 12.0
Citigroup Inc 6 18.3 94,986 37 7 11.4 6.8 Lazard Ltd 6 13.5 29,861 15 5 27.7 -14.1
Robey Warshaw LLP 7 16.6 86,198 4 12 8.1 8.5 Citigroup Inc 7 13.3 29,353 9 4 32.0 -18.7
Rothschild & Co 8 15.4 79,848 128 9 9.2 6.2 Bank of America Merrill Lynch 8 12.1 26,616 11 11 8.2 3.9
UBS AG 9 14.6 75,787 26 5 13.6 1.0 Societe Generale SA 9 12.0 26,576 4 7 24.9 -12.9
Evercore Inc 10 13.2 68,659 37 21 3.1 10.1 Credit Suisse Group AG 10 11.7 25,814 10 9 8.8 2.9
PJT Partners Inc 11 11.8 61,324 7 18 3.4 8.4 UBS AG 11 10.7 23,656 5 19 3.0 7.7
Deutsche Bank AG 12 11.0 57,356 27 10 8.9 2.1 LionTree Advisors LLC 12 9.9 21,813 1 23 1.4 8.5
Wells Fargo & Co 13 9.8 50,714 3 17 4.3 5.4 Robey Warshaw LLP 12 9.9 21,813 1 - - 9.9
Credit Suisse Group AG 14 7.1 36,937 27 4 14.4 -7.3 Perella Weinberg Partners LP 14 9.8 21,528 1 21 2.6 7.1
LionTree Advisors LLC 15 6.2 32,104 4 46 0.6 5.6 Banco Santander SA 15 8.6 19,056 2 81 - 8.6
Centerview Partners LLC 16 6.1 31,533 7 19 3.2 2.9 Mediobanca Banca di Credito Finanziario SpA 15 8.6 19,056 1 - - 8.6
RBC Capital Markets 17 4.5 23,547 19 14 5.5 -1.0 Deutsche Bank AG 17 8.5 18,831 13 1 37.7 -29.1
Macquarie Group Ltd 18 4.5 23,253 20 29 2.0 2.5 Ernst & Young 18 6.2 13,737 67 13 5.0 1.2
Jefferies LLC 19 4.3 22,228 31 26 2.7 1.6 Macquarie Group Ltd 19 4.9 10,837 10 17 3.5 1.4
Lazard Ltd 20 4.0 20,940 40 13 5.8 -1.8 Goetzpartners Corporate Finance GmbH 20 4.3 9,561 10 52 0.2 4.2
TOTAL 519,886 5,282 TOTAL 220,776 2,408435,060 164,906
1,104,032 871,358
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018
9

11. France Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Italy Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
JPMorgan Chase & Co 1 33.5 59,924 35 10 12.8 20.7 Goldman Sachs & Co LLC 1 45.1 39,590 20 9 6.4 38.7
Lazard Ltd 2 23.5 41,973 58 3 22.9 0.6 Morgan Stanley 2 28.3 24,864 9 11 4.4 24.0
Morgan Stanley 3 21.6 38,640 23 8 15.8 5.8 Mediobanca Banca di Credito Finanziario SpA 3 28.2 24,764 6 5 31.0 -2.8
Rothschild & Co 4 21.3 38,170 105 1 39.5 -18.1 Credit Suisse Group AG 4 27.9 24,467 6 15 2.1 25.8
Goldman Sachs & Co LLC 5 17.7 31,640 26 6 20.2 -2.5 Societe Generale SA 5 26.8 23,473 6 22 1.2 25.6
BNP Paribas SA 6 13.2 23,541 43 2 37.5 -24.3 Banco Santander SA 6 22.7 19,928 2 13 2.9 19.8
Credit Agricole Corporate & Investment Ban 7 11.3 20,184 29 7 19.8 -8.5 Rothschild & Co 7 13.8 12,096 27 1 43.4 -29.6
Societe Generale SA 8 10.5 18,708 28 9 14.7 -4.2 Barclays PLC 8 9.0 7,861 9 12 3.4 5.5
Ardea Partners LLC 9 8.5 15,201 1 - - 8.5 Studio Tributario Associato Facchini Rossi & 9 8.4 7,393 2 - - 8.4
Barclays PLC 10 8.3 14,821 9 16 5.0 3.3 Bank of America Merrill Lynch 10 7.2 6,287 8 8 7.3 -0.1
Guggenheim Capital LLC 11 6.2 11,137 1 - - 6.2 Jefferies LLC 11 6.4 5,614 2 28 0.5 5.9
HSBC Bank PLC 12 3.8 6,721 11 11 8.2 -4.5 JPMorgan Chase & Co 12 6.3 5,556 10 10 6.2 0.2
D'Angelin & Co Ltd 13 3.4 6,022 2 - - 3.4 Lazard Ltd 13 6.0 5,216 20 6 18.4 -12.5
Evercore Inc 14 3.2 5,784 5 21 1.9 1.3 Intesa Sanpaolo SpA 14 4.6 4,036 12 45 0.2 4.4
Citigroup Inc 15 2.8 5,030 10 4 22.1 -19.3 BNP Paribas SA 15 3.8 3,311 12 3 37.0 -33.3
Banco Santander SA 16 2.6 4,635 5 77 - 2.6 Banco Bradesco BBI SA 16 3.6 3,140 2 - - 3.6
Centerview Partners LLC 17 2.5 4,537 2 - - 2.5 Nomura Holdings Inc 17 3.4 2,967 5 16 2.0 1.4
Bank of America Merrill Lynch 18 2.3 4,149 6 13 7.5 -5.2 Banco Itau BBA SA 18 3.1 2,689 1 66 0.0 3.0
PJT Partners Inc 19 2.0 3,548 3 23 1.7 0.3 Banco BTG Pactual SA 18 3.1 2,689 1 - - 3.1
UBS AG 20 1.9 3,339 9 14 6.7 -4.8 UBS AG 20 2.5 2,147 6 7 12.8 -10.3
TOTAL 178,956 2,043 TOTAL 87,731 870
Benelux Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Iberia Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
JPMorgan Chase & Co 1 29.9 49,567 31 1 37.7 -7.8 Morgan Stanley 1 40.4 55,940 14 1 53.3 -12.9
Goldman Sachs & Co LLC 2 28.2 46,682 15 6 24.8 3.4 Banco Comercial Portugues SA 2 28.6 39,595 3 36 0.6 28.1
Lazard Ltd 3 23.2 38,441 36 4 29.3 -6.1 Bank of America Merrill Lynch 3 25.8 35,714 10 14 5.3 20.5
Credit Suisse Group AG 4 12.9 21,419 8 19 6.1 6.8 Goldman Sachs & Co LLC 4 23.7 32,842 12 16 4.8 18.9
Morgan Stanley 5 12.1 19,969 19 8 23.8 -11.7 Lazard Ltd 5 23.6 32,604 6 5 46.2 -22.7
Bank of America Merrill Lynch 6 12.0 19,884 10 9 21.6 -9.6 Societe Generale SA 6 21.7 30,098 11 6 43.0 -21.3
LionTree Advisors LLC 7 10.6 17,587 3 63 0.2 10.5 Banco Santander SA 7 20.7 28,664 13 10 7.8 12.9
Evercore Inc 8 9.8 16,257 8 32 1.7 8.1 UBS AG 8 20.5 28,335 4 13 5.8 14.7
Moelis & Co 9 9.1 15,099 7 48 0.4 8.7 Credit Suisse Group AG 9 16.6 23,001 7 24 1.9 14.7
Duff & Phelps LLC 10 9.0 14,862 1 - - 9.0 Mediobanca Banca di Credito Finanziario SpA 10 13.8 19,056 1 42 0.3 13.5
BDT & Co LLC 10 9.0 14,862 1 - - 9.0 PricewaterhouseCoopers LLP 11 11.8 16,350 94 8 9.8 2.0
BNP Paribas SA 12 8.0 13,172 19 7 24.7 -16.8 Citigroup Inc 12 11.2 15,514 7 3 47.4 -36.2
HSBC Bank PLC 13 7.6 12,538 3 53 0.3 7.3 Rothschild & Co 13 9.4 12,970 14 11 7.3 2.1
Citigroup Inc 14 5.4 8,862 12 3 30.4 -25.0 JPMorgan Chase & Co 14 7.8 10,816 8 2 51.4 -43.6
Barclays PLC 15 4.4 7,242 8 11 16.1 -11.8 Evercore Inc 15 3.7 5,085 5 37 0.5 3.2
Jefferies LLC 16 3.6 5,894 13 14 13.4 -9.8 Deloitte Touche Tohmatsu ILA Group Ltd 16 2.6 3,603 34 22 2.0 0.7
Nomura Holdings Inc 17 3.5 5,751 6 43 0.6 2.9 Ernst & Young 17 2.4 3,308 62 12 6.9 -4.5
Rothschild & Co 18 3.4 5,639 46 2 30.9 -27.5 RBC Capital Markets 18 2.0 2,759 2 61 0.1 2.0
UBS AG 19 3.4 5,557 5 10 18.7 -15.3 Banco Bilbao Vizcaya Argentaria SA 19 1.5 2,078 7 9 8.9 -7.4
Kempen & Co NV 20 2.6 4,283 5 84 0.0 2.6 Barclays PLC 20 1.4 1,934 5 25 1.7 -0.3
TOTAL 165,719 1,807 TOTAL 138,417 948
219,134 76,676
166,187 105,200
MKT SHR
CHANGE
2017
MKT SHR
CHANGE
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2018 2017
MKT SHR
CHANGE FIRM
2018
VOLUME USD
(Mln)
DEAL
COUNT
FIRM
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) RANK
MKT SHR
(%)
FIRM
2018 2017
RANK
10

12. Nordic Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Eastern Europe Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
Nordea Bank AB 1 16.2 22,810 18 6 10.6 5.6 JPMorgan Chase & Co 1 11.3 7,434 7 4 6.2 5.1
Goldman Sachs & Co LLC 2 15.3 21,538 14 2 15.9 -0.7 BNP Paribas SA 2 8.5 5,561 11 24 0.9 7.6
Morgan Stanley 3 14.9 20,948 14 1 24.4 -9.6 Citigroup Inc 3 7.9 5,163 7 9 3.2 4.7
LionTree Advisors LLC 4 14.6 20,533 4 74 0.1 14.5 Societe Generale SA 4 6.5 4,287 5 10 2.8 3.8
Barclays PLC 5 13.1 18,484 9 11 4.4 8.7 Morgan Stanley 5 6.5 4,270 4 2 12.8 -6.3
Citigroup Inc 6 10.7 15,109 18 10 4.8 5.9 Rothschild & Co 6 6.1 3,975 12 1 14.4 -8.4
JPMorgan Chase & Co 7 8.8 12,405 24 3 15.6 -6.8 Barclays PLC 7 5.4 3,524 3 60 - 5.4
Bank of America Merrill Lynch 8 7.6 10,769 9 5 13.0 -5.4 LionTree Advisors LLC 8 5.2 3,438 1 29 0.5 4.8
Rothschild & Co 9 7.6 10,741 23 4 13.3 -5.7 Goldman Sachs & Co LLC 9 4.1 2,713 4 26 0.8 3.3
Macquarie Group Ltd 10 7.2 10,180 4 47 0.5 6.7 VTB Capital JSC 10 3.7 2,448 6 3 6.8 -3.0
Lazard Ltd 11 7.1 9,965 19 14 3.7 3.4 Ernst & Young 11 3.4 2,235 21 7 4.0 -0.6
Skandinaviska Enskilda Banken AB 12 7.0 9,805 25 7 10.3 -3.3 PJT Partners Inc 12 3.4 2,201 1 - - 3.4
Jefferies LLC 13 5.4 7,614 8 22 1.7 3.7 Evercore Inc 13 3.4 2,200 1 19 1.4 2.0
Carnegie Fondkommission AB 14 4.9 6,903 25 39 0.8 4.1 UBS AG 14 3.2 2,086 4 38 0.3 2.9
RBC Capital Markets 15 4.5 6,391 1 41 0.7 3.8 Avendus Capital Pvt Ltd 15 1.8 1,210 4 - - 1.8
BNP Paribas SA 16 3.7 5,212 5 38 0.8 2.9 Deutsche Bank AG 16 1.8 1,172 2 8 3.5 -1.7
Ondra LLP 17 3.2 4,468 1 96 - 3.2 Credit Suisse Group AG 17 1.7 1,131 5 11 2.4 -0.6
Evercore Inc 18 3.1 4,316 7 45 0.7 2.4 Lazard Ltd 18 1.6 1,067 6 25 0.8 0.8
Ernst & Young 19 2.9 4,136 54 12 4.4 -1.4 Bank of America Merrill Lynch 19 1.2 816 3 15 1.9 -0.6
Svenska Handelsbanken AB 20 2.9 4,091 10 29 1.2 1.7 Banco Santander SA 20 0.8 509 7 20 1.2 -0.4
TOTAL 141,081 2,138 TOTAL 65,715 1,226
Africa/ME Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
Goldman Sachs & Co LLC 1 28.1 44,260 19 5 6.7 21.4
JPMorgan Chase & Co 2 23.6 37,125 18 1 8.7 14.9
Barclays PLC 3 13.9 21,897 10 16 2.4 11.5
Morgan Stanley 4 13.7 21,631 13 3 6.9 6.8
Raine Group LLC 5 10.2 16,000 1 - - 10.2
Evercore Inc 6 7.8 12,316 10 77 - 7.8
Lazard Ltd 7 6.6 10,373 12 10 3.9 2.7
Bank of America Merrill Lynch 8 6.2 9,817 8 4 6.8 -0.6
UBS AG 9 5.6 8,780 6 2 8.1 -2.5
Rothschild & Co 10 5.4 8,494 18 14 2.8 2.6
Macquarie Group Ltd 11 4.8 7,553 5 8 5.0 -0.2
Greenhill & Co Inc 12 4.3 6,709 1 36 0.2 4.1
HSBC Bank PLC 13 3.9 6,202 7 9 4.0 -0.1
Citigroup Inc 14 3.8 6,020 13 11 3.9 0.0
Credit Agricole Corporate & Investment Ban 15 3.8 5,926 4 13 3.2 0.5
Societe Generale SA 16 3.6 5,634 3 77 - 3.6
Perella Weinberg Partners LP 17 2.8 4,440 2 18 1.9 0.9
Centerview Partners LLC 18 2.6 4,033 2 17 2.4 0.2
Banco Santander SA 19 1.8 2,897 1 - - 1.8
Ernst & Young 20 1.7 2,608 15 19 1.6 0.0
TOTAL 157,545 1,572
120,356 55,674
114,854
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
DEAL
COUNT RANK
MKT SHR
(%)
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNTRANK
MKT SHR
CHANGE
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
11

13. Date
Total
Value
Number of deals 14,070
Volume (Bln.) $931.7
Avg Deal Size (Mln.) $66.2
Goldman Sachs & Co
Number of deals 61
Volume (Bln.) $86.2
Avg Deal Size (Bln.) $1.4
Deal Type
Amount
(Bln.)
% Change
Deal
% YoY
Change
Company Takeover $340.9 -1.1% -14.7%
Cross Border $371.6 1.9% -9.6%
Private Equity $232.3 -3.6% 4.7%
Asset sale $110.6 -5.3% -13.6%
Tender Offer $40.6 -3.6% -8.0%
Venture Capital $95.7 0.1% 54.5%
Spin-off $20.7 -9.2% -54.1%
Minority purchase $245.2 6.7% 13.2%
Majority purchase $150.5 -7.0% -17.3%
Graphs represent any regional involvement (target, seller, or acquirer).
$16,000.0
Multiple Acquirers $14,000.0
APAC M&A Regional Review
GlobalM&AReview|2018
APAC M&A: Quarterly Volume
Australia/NZ M&A: Quarterly Volume
APAC M&A: Highlights of 2018
Summary Target Acquirer Seller
5/9/2018
Flipkart Online Services
Pvt Ltd
Walmart Inc Multiple Sellers
-
APAC M&A: Breakdown
Greater China M&A: Quarterly Volume
5/9/2018
Yantai Wanhua
Chemical Co Ltd
Wanhua Chemical Group Co
Ltd
Multiple Sellers $10,232.7
Top Adviser
3/16/2018 Coles Group Ltd Wesfarmers Ltd - $12,152.6
6/8/2018
Ant Financial Services
Group
Japan M&A: Quarterly Volume
$7,087.99/12/2018
Shengyue Network
Technology Shanghai Co
Ltd
Zhejiang Century Huatong
Group Co Ltd
-
25%
14%
13%
13%
11%
8%
8%
5%
3% 0%
APAC Industry Breakdown Financial
Consumer Non-cyclical
Industrial
Consumer Cyclical
Communications
Technology
Basic Materials
Energy
Utilities
Diversified
0
2,000
4,000
6,000
$0
$200
$400
$600
Volume $(Bln.) Deal Count
0
200
400
600
$0
$20
$40
$60
Volume $(Bln.) Deal Count
0
1,000
2,000
3,000
$0
$100
$200
$300
Volume $(Bln.) Deal Count
0
500
1000
$0
$50
$100
$150
Volume $(Bln.) Deal Count
• M&A activity targeting the APAC region for 2018 decreased by 8.6% year-on-year to $934.3 billion with
the number of deals targeting Chinese companies or assets reaching 4,831. Deals exceeding $1.0 billion
in value increased by 6.6% to 161 deals in the region, the highest since 2016.
• The financial sector was the most targeted industry, accounting for 26.2% of the region's overall
volume. Deal activity in the basic materials sector increased by 106.4% year-over-year.
• Private equity deals increased by 5.1% year-on-year to $233.1 billion, the highest historical volume to
date. The sale of a majority stake in Flipkart Online Services Pvt Ltd by a consortium of sellers to
Walmart Inc for $16.0 billion was the largest private equity deal in the region.
12

14. APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2018 - 12/31/2018
Goldman Sachs & Co LLC 1 12.9 148,610 85 1 13.1 -0.2 Goldman Sachs & Co LLC 1 9.9 87,943 57 3 9.6 0.3
Morgan Stanley 2 11.7 134,151 60 2 12.6 -0.9 Citigroup Inc 2 8.1 72,264 59 6 6.6 1.5
JPMorgan Chase & Co 3 10.0 114,489 56 6 7.7 2.3 JPMorgan Chase & Co 3 7.8 69,379 38 5 7.4 0.4
UBS AG 4 9.2 105,528 65 3 10.0 -0.8 Morgan Stanley 4 7.8 69,115 44 2 9.7 -1.9
Citigroup Inc 5 8.9 102,656 76 7 7.1 1.8 UBS AG 5 6.6 58,618 54 4 9.3 -2.7
Bank of America Merrill Lynch 6 6.7 77,503 33 5 8.1 -1.4 Deutsche Bank AG 6 5.4 47,853 44 9 4.2 1.1
Lazard Ltd 7 6.1 69,742 39 14 3.2 2.9 China International Capital Corp Ltd 7 5.0 44,660 35 1 10.9 -5.8
Deutsche Bank AG 8 4.7 54,007 50 8 4.5 0.2 Macquarie Group Ltd 8 4.7 41,982 43 12 3.6 1.2
Macquarie Group Ltd 9 4.6 53,028 52 13 3.3 1.4 CITIC Securities Co Ltd 9 4.0 35,596 29 8 4.6 -0.6
Barclays PLC 10 4.2 47,858 22 17 2.6 1.5 Ernst & Young 10 3.8 33,578 123 16 2.8 1.0
China International Capital Corp Ltd 11 4.2 47,715 41 4 9.1 -5.0 Barclays PLC 11 3.6 31,751 15 17 2.7 0.9
Banco Comercial Portugues SA 12 3.4 39,409 2 169 0.0 3.4 Bank of America Merrill Lynch 12 2.6 23,421 22 7 6.1 -3.5
Ernst & Young 13 3.3 37,498 144 15 2.7 0.6 Credit Suisse Group AG 13 2.4 21,644 45 14 2.8 -0.4
CITIC Securities Co Ltd 14 3.1 35,596 29 11 3.8 -0.7 CSC Financial Co Ltd 14 1.9 16,793 32 32 1.4 0.5
Rothschild & Co 15 2.8 32,558 51 10 4.1 -1.3 Raine Group LLC 15 1.8 16,264 2 - - 1.8
Moelis & Co 16 2.8 31,841 25 46 0.6 2.2 Gresham Partners Ltd 16 1.7 15,434 8 65 0.2 1.5
Evercore Inc 17 2.5 29,217 23 22 1.9 0.7 Grant Samuel Securities Pty Ltd 17 1.7 15,115 12 18 2.5 -0.8
HSBC Bank PLC 18 2.4 27,761 18 24 1.8 0.6 Huatai Securities Co Ltd 18 1.7 14,701 28 28 1.5 0.2
Credit Suisse Group AG 19 2.3 26,046 49 9 4.5 -2.2 HSBC Bank PLC 19 1.6 14,082 14 27 1.6 0.0
LionTree Advisors LLC 20 2.2 25,072 3 368 - 2.2 Robey Warshaw LLP 20 1.2 10,500 1 33 1.4 -0.2
TOTAL 1,149,555 14,056 TOTAL 891,063 12,159
APAC Private Equity (Any Involvement) 01/01/2018 - 12/31/2018
JPMorgan Chase & Co 1 24.3 93,542 28 4 13.0 11.2
Goldman Sachs & Co LLC 2 21.0 81,152 41 1 26.9 -5.9
Morgan Stanley 3 18.4 71,108 37 2 22.3 -3.9
Citigroup Inc 4 14.2 54,892 27 6 12.2 2.1
Lazard Ltd 5 8.7 33,546 20 19 3.0 5.7
Deutsche Bank AG 6 8.4 32,552 17 14 4.6 3.9
Macquarie Group Ltd 7 8.3 32,071 20 18 3.3 5.0
Barclays PLC 8 7.7 29,583 7 24 2.0 5.7
China International Capital Corp Ltd 9 6.5 25,179 14 9 5.4 1.1
Bank of America Merrill Lynch 10 6.4 24,598 12 5 12.7 -6.4
Evercore Inc 11 6.1 23,567 19 13 4.8 1.3
Ernst & Young 12 5.3 20,515 42 16 4.4 0.9
UBS AG 13 4.8 18,646 23 3 15.1 -10.3
HSBC Bank PLC 14 4.5 17,193 6 22 2.2 2.3
Canson Capital Partners 15 4.4 17,000 1 - - 4.4
Guggenheim Capital LLC 15 4.4 17,000 1 - - 4.4
Centerview Partners LLC 15 4.4 17,000 1 10 5.3 -0.9
TD Securities Inc 15 4.4 17,000 1 - - 4.4
Raine Group LLC 19 4.2 16,297 3 - - 4.2
CITIC Securities Co Ltd 20 4.0 15,396 2 11 5.2 -1.2
TOTAL 385,704 3,316
964,612
350,210
MKT SHR
CHANGE
DEAL
COUNT RANK
MKT SHR
(%)
RANK
MKT SHR
(%)
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
FIRM
2018 2017
MKT SHR
CHANGE
1,164,738
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018
RANK
RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT
2017
13

15. AU & NZ Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Japan Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
UBS AG 1 29.3 52,980 35 1 34.6 -5.3 Goldman Sachs & Co LLC 1 44.8 139,316 33 1 23.9 21.0
Macquarie Group Ltd 2 27.2 49,134 47 2 31.0 -3.9 Morgan Stanley 2 43.4 134,901 58 3 19.4 24.0
Goldman Sachs & Co LLC 3 26.6 48,042 29 3 29.3 -2.8 JPMorgan Chase & Co 3 42.4 131,575 21 7 8.7 33.6
Morgan Stanley 4 23.5 42,425 19 7 22.7 0.7 Nomura Holdings Inc 4 39.8 123,588 118 2 22.6 17.2
Citigroup Inc 5 15.5 27,949 23 10 20.7 -5.3 Sumitomo Mitsui Financial Group Inc 5 36.0 111,828 151 5 10.7 25.3
Barclays PLC 6 13.8 24,975 7 14 18.4 -4.6 Barclays PLC 6 31.6 98,203 7 45 0.1 31.5
JPMorgan Chase & Co 7 9.2 16,556 14 4 28.6 -19.5 Citigroup Inc 7 29.7 92,224 12 11 4.2 25.5
Deutsche Bank AG 8 8.7 15,697 15 5 28.0 -19.4 Evercore Inc 8 26.6 82,653 5 9 4.5 22.1
Gresham Partners Ltd 9 8.5 15,434 8 29 1.7 6.8 BNP Paribas SA 9 26.1 80,972 2 - - 26.1
Grant Samuel Securities Pty Ltd 10 8.4 15,115 12 13 20.2 -11.8 HSBC Bank PLC 10 26.1 80,972 2 35 0.2 25.8
Bank of America Merrill Lynch 11 7.9 14,213 11 6 22.9 -15.0 Mizuho Financial Group Inc 11 13.3 41,176 120 14 3.6 9.7
Ernst & Young 12 6.0 10,894 32 18 5.1 0.9 UBS AG 12 5.9 18,356 6 16 2.4 3.5
Robey Warshaw LLP 13 5.8 10,500 1 - - 5.8 Daiwa Securities Group Inc 13 5.2 16,004 44 13 3.6 1.6
Nordea Bank AB 14 5.6 10,049 2 - - 5.6 Raine Group LLC 14 5.2 16,000 1 - - 5.2
LionTree Advisors LLC 14 5.6 10,049 1 - - 5.6 Deloitte Touche Tohmatsu ILA Group Ltd 15 4.1 12,617 62 24 1.0 3.1
Credit Suisse Group AG 16 4.7 8,529 16 17 6.4 -1.7 Credit Suisse Group AG 16 3.8 11,794 11 4 13.2 -9.4
Moelis & Co 17 4.3 7,808 12 28 1.8 2.6 Bank of America Merrill Lynch 17 3.5 10,846 9 8 5.9 -2.4
Lazard Ltd 18 4.3 7,694 14 8 22.2 -18.0 Deutsche Bank AG 18 3.2 9,972 7 18 1.5 1.7
RBC Capital Markets 19 4.2 7,546 7 19 4.2 -0.1 Lazard Ltd 19 3.1 9,473 11 10 4.3 -1.2
Rothschild & Co 20 3.7 6,620 15 9 21.2 -17.6 Ernst & Young 20 2.5 7,854 22 17 2.1 0.4
TOTAL 180,947 1,894 TOTAL 310,689 3,378
South Korea Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 China Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
JPMorgan Chase & Co 1 8.6 8,788 8 14 0.9 7.7 Morgan Stanley 1 9.6 54,636 17 3 9.2 0.5
Morgan Stanley 2 7.8 7,949 5 2 19.7 -11.9 China International Capital Corp Ltd 2 8.4 47,660 39 1 16.3 -7.9
Goldman Sachs & Co LLC 3 6.2 6,384 5 1 22.4 -16.1 UBS AG 3 7.6 42,778 17 5 7.5 0.1
Credit Suisse Group AG 4 4.6 4,740 7 4 17.6 -13.0 Citigroup Inc 4 7.3 41,281 18 4 7.5 -0.3
Deutsche Bank AG 5 4.2 4,257 4 15 0.7 3.4 Banco Comercial Portugues SA 5 7.0 39,409 2 94 0.0 6.9
Bank of America Merrill Lynch 6 3.9 3,991 2 8 3.9 0.1 CITIC Securities Co Ltd 6 6.2 35,174 28 6 6.8 -0.6
UBS AG 7 3.6 3,661 2 22 0.3 3.3 Bank of America Merrill Lynch 7 6.0 34,129 8 9 5.0 1.0
Ernst & Young 8 3.5 3,591 34 6 10.5 -7.0 Lazard Ltd 8 5.8 32,647 14 30 0.8 5.0
Samsung Securities Co Ltd 9 3.5 3,573 8 11 1.2 2.2 Goldman Sachs & Co LLC 9 5.4 30,642 31 2 9.3 -3.9
NH Investment & Securities Co Ltd 10 3.1 3,192 5 18 0.6 2.6 Deutsche Bank AG 10 4.8 27,065 14 22 1.5 3.3
Moelis & Co 11 3.0 3,100 2 - - 3.0 JPMorgan Chase & Co 11 3.9 21,972 18 7 5.8 -1.9
Macquarie Group Ltd 12 2.7 2,756 1 - - 2.7 CSC Financial Co Ltd 12 3.0 16,823 33 18 2.1 0.9
PricewaterhouseCoopers LLP 13 2.4 2,491 38 7 4.5 -2.1 Rothschild & Co 13 2.8 15,591 14 23 1.4 1.4
Rothschild & Co 14 2.0 2,084 4 39 - 2.0 Huatai Securities Co Ltd 14 2.7 15,397 29 14 2.2 0.5
Evercore Inc 15 1.3 1,325 2 - - 1.3 Changjiang Securities Co Ltd 15 1.3 7,088 1 141 0.0 1.2
Nomura Holdings Inc 16 1.1 1,117 3 3 18.5 -17.4 RBC Capital Markets 16 1.2 6,948 3 122 0.0 1.2
Citigroup Inc 17 1.0 1,028 5 23 0.2 0.8 Nomura Holdings Inc 17 1.2 6,795 9 43 0.4 0.8
BNP Paribas SA 18 0.8 781 2 12 1.2 -0.5 HSBC Bank PLC 18 1.1 6,358 6 20 1.9 -0.8
HSBC Bank PLC 19 0.8 780 1 9 3.5 -2.7 Haitong Securities Co Ltd 19 1.1 6,316 8 12 2.6 -1.5
Lazard Ltd 20 0.7 697 6 27 0.1 0.6 Sinolink Securities Co Ltd 20 0.8 4,648 8 51 0.3 0.5
TOTAL 102,517 1,863 TOTAL 566,593 5,930
121,124 185,691
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
112,889 649,445
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
14

16. Hong Kong Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 Taiwan Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
Citigroup Inc 1 16.7 25,145 12 4 15.2 1.5 Goldman Sachs & Co LLC 1 14.7 2,770 4 5 9.6 5.1
Goldman Sachs & Co LLC 2 14.5 21,852 11 1 20.6 -6.1 Citigroup Inc 2 11.3 2,137 4 3 12.4 -1.0
JPMorgan Chase & Co 3 13.6 20,450 10 3 15.4 -1.8 KGI Securities Co Ltd 3 8.1 1,523 7 8 6.4 1.7
Morgan Stanley 4 11.8 17,702 9 5 12.1 -0.3 Morgan Stanley 4 6.5 1,233 2 - - 6.5
China International Capital Corp Ltd 5 10.8 16,293 6 6 10.5 0.3 Credit Suisse Group AG 5 3.2 606 1 - - 3.2
Deutsche Bank AG 6 10.0 15,080 5 30 1.0 9.1 Deloitte Touche Tohmatsu ILA Group Ltd 6 2.5 468 4 9 6.0 -3.5
Moelis & Co 7 9.7 14,581 4 27 1.3 8.4 Cooperatieve Rabobank UA 7 2.0 380 1 - - 2.0
LionTree Advisors LLC 8 9.4 14,149 1 - - 9.4 BNP Paribas SA 8 1.2 220 1 11 4.9 -3.8
CITIC Securities Co Ltd 9 9.3 14,000 1 7 10.4 -1.2 Sumitomo Mitsui Financial Group Inc 9 0.8 147 1 - - 0.8
HSBC Bank PLC 10 3.5 5,240 5 11 7.1 -3.7 Yuanta Financial Holding Co Ltd 9 0.8 147 1 - - 0.8
Nomura Holdings Inc 11 3.1 4,688 11 28 1.1 2.0 PricewaterhouseCoopers LLP 11 0.7 140 7 15 1.4 -0.7
Gram Capital Ltd 12 2.7 4,071 15 24 1.4 1.3 KPMG Corporate Finance LLC 12 0.4 80 2 10 5.9 -5.5
Huaxing Growth Capital 13 2.2 3,355 3 57 0.2 2.1 Yuanta Securities Co Ltd 13 0.4 74 2 13 2.3 -1.9
UBS AG 14 2.1 3,199 8 2 18.6 -16.5 Union Square Advisors LLC/NY 14 0.4 66 1 - - 0.4
Somerley Group Ltd 15 1.9 2,865 21 12 3.4 -1.5 Cowen & Co LLC 15 0.2 45 1 - - 0.2
KPMG Corporate Finance LLC 16 1.5 2,314 4 29 1.0 0.5 Mizuho Financial Group Inc 16 0.2 33 1 - - 0.2
Goldin Financial Holdings Ltd 17 1.5 2,298 3 33 0.8 0.8 KAF Investment Bank Bhd 17 0.1 9 1 - - 0.1
Raymond James & Associates Inc 18 1.4 2,080 2 - - 1.4 Ernst & Young 18 - - 2 - - -
Huatai Securities Co Ltd 19 1.3 1,918 3 42 0.4 0.9
Credit Suisse Group AG 20 1.2 1,859 4 17 2.3 -1.1
TOTAL 150,596 1,539 TOTAL 18,859 231
SE Asia Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018 India Announced Deals (Any Involvement) 01/01/2018 - 12/31/2018
JPMorgan Chase & Co 1 23.7 52,287 9 2 19.7 3.9 JPMorgan Chase & Co 1 30.5 41,281 8 10 5.1 25.4
Morgan Stanley 2 18.6 41,196 16 1 21.1 -2.4 Goldman Sachs & Co LLC 2 19.6 26,465 7 2 20.3 -0.8
Citigroup Inc 3 17.7 39,066 18 3 11.9 5.8 Citigroup Inc 3 16.9 22,910 17 16 2.1 14.9
Lazard Ltd 4 13.4 29,691 7 19 2.5 10.9 Morgan Stanley 4 16.3 21,976 5 1 23.5 -7.3
Bank of America Merrill Lynch 5 10.6 23,478 8 7 9.5 1.2 Barclays PLC 5 15.9 21,553 7 78 - 15.9
Goldman Sachs & Co LLC 6 10.6 23,316 12 5 10.8 -0.2 Ernst & Young 6 14.5 19,650 45 11 3.7 10.9
Deutsche Bank AG 7 9.4 20,871 13 15 4.0 5.4 Deutsche Bank AG 7 13.9 18,845 12 18 1.5 12.4
Evercore Inc 8 8.7 19,310 7 9 8.6 0.1 Raine Group LLC 8 12.0 16,264 2 - - 12.0
Canson Capital Partners 9 7.7 17,000 1 - - 7.7 CITIC Securities Co Ltd 9 10.4 14,000 1 - - 10.4
Guggenheim Capital LLC 9 7.7 17,000 1 - - 7.7 China International Capital Corp Ltd 9 10.4 14,000 1 - - 10.4
Centerview Partners LLC 9 7.7 17,000 1 117 - 7.7 Arpwood Capital Pvt Ltd 11 7.4 10,023 11 13 2.6 4.8
TD Securities Inc 9 7.7 17,000 1 73 0.1 7.6 HSBC Bank PLC 12 5.4 7,232 5 21 1.3 4.1
HSBC Bank PLC 13 7.6 16,696 9 55 0.2 7.4 JM Financial Ltd 13 4.7 6,340 7 22 0.9 3.8
China International Capital Corp Ltd 14 7.1 15,613 3 8 9.3 -2.2 Bank of America Merrill Lynch 14 4.5 6,104 6 4 18.1 -13.6
CITIC Securities Co Ltd 15 6.3 14,000 1 10 8.3 -2.0 KPMG Corporate Finance LLC 15 4.5 6,040 23 30 0.5 4.0
Rothschild & Co 16 5.6 12,292 15 48 0.3 5.3 Axis Bank Ltd 16 4.4 5,905 8 6 15.0 -10.7
Credit Suisse Group AG 17 3.4 7,603 16 12 6.4 -3.0 Credit Suisse Group AG 17 4.3 5,829 6 12 2.8 1.5
Societe Generale SA 18 2.6 5,634 1 117 - 2.6 Evercore Inc 18 4.3 5,768 4 - - 4.3
Credit Agricole Corporate & Investment Ban 18 2.6 5,634 1 - - 2.6 UBS AG 19 3.5 4,696 3 5 16.0 -12.5
Mizuho Financial Group Inc 20 2.1 4,623 8 117 - 2.1 Greenhill & Co Inc 20 2.9 3,931 1 - - 2.9
TOTAL 221,106 2,405 TOTAL 135,261 1,981
196,421 17,152
193,294 92,003
MKT SHR
CHANGE
DEAL
COUNT
FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
MKT SHR
CHANGERANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
VOLUME USD
(Mln) RANK
MKT SHR
(%)FIRM
2018 2017
MKT SHR
CHANGE FIRM
2018 2017
15

17. Bloomberg League Criteria
Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are
converted to US dollars at the time of announcement.
Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.
Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held
company where applicable.
Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.
Advisory fees hold no weight over advisory credit.
General Database Criteria
A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by
the target company.
Deals that are considered to be in proposed status will not be granted credit.
Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:
{LEAG<GO>}: M&A
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the
information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the
purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end
publications and data found on the Bloomberg Professional Service.
16