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September 2016

This Issue:
US M&A News and Trends
U.S. M&A deal activity increased in August, going up 3.0% with U.S. private equity activity increased in August, up 11.8% from
2 US Merger 1,002 announcements compared to 973 in July. However, aggregate July. There were 114 deals in August compared to 102 in July.
M&A spending decreased. In August, 24.3% less was spent on deals Aggregate transaction value also increased, up by 3.7% to $20.0
Metrics compared to July. billion from July's $19.3 billion.

2 US Middle Over the past 3 months, the sectors that have seen the biggest The top financial advisors for 2016 based on deal announcements,
increases in M&A deal activity, relative to the same three month are: JPMorgan Chase & Co, Morgan Stanley, Goldman Sachs & Co.,
Market Monitor
period one year ago, have been: Non-Energy Minerals (72 vs. 57), Evercore Partners, Inc., and Barclays Plc. The top five financial
Utilities (74 vs. 65), Government (12 vs. 4), Consumer Durables (56 advisors, based on the aggregate transaction value of the deals
3 US Sector vs. 50), and Process Industries (132 vs. 127). Seven of the 21 sectors worked on, are: Goldman Sachs & Co., Morgan Stanley, Bank of
Activity & Value tracked by FactSet Mergerstat posted relative gains in deal flow America Merrill Lynch, JPMorgan Chase & Co, and Credit Suisse.
over the last three months compared to the same three months
one year prior. The top legal advisors for 2016 based on deal announcements, are:
4 US Strategic Kirkland & Ellis LLP, Jones Day LP, Latham & Watkins LLP, Skadden,
Buyer Report Over the past 3 months, the sectors that have seen the biggest Arps, Slate, Meagher & Flom LLP, and Morgan, Lewis & Bockius LLP.
declines in M&A deal volume, relative to the same three month The top five legal advisors, based on the aggregate transaction
period one year ago have been: Technology Services (442 vs. 574), value of the deals worked on, are: Sullivan & Cromwell LLP,
4 US Private Equity Finance (334 vs. 455), Commercial Services (425 vs. 536), Consumer Wachtell, Lipton, Rosen & Katz, Skadden, Arps, Slate, Meagher &
Report Services (231 vs. 310), and Health Services (146 vs. 209). Fourteen Flom LLP, Simpson Thacher & Bartlett LLP, and Cravath, Swaine &
of the 21 sectors tracked by FactSet Mergerstat posted negative Moore LLP.
5 Top US Advisors relative losses in deal flow over the last three months compared to
the same three months one year prior, for a combined loss of 706
deals.
6 Top US Deals
Scoreboard Topping the list of the largest deals announced in August are:
Pfizer, Inc. agreeing to acquire Medivation, Inc. for $13.5 billion;
Apollo Global Management LLC's agreement to acquire Rackspace
Hosting, Inc. for $4 billion; A private group led by Platinum Equity
LLC and other co-investors agreeing to acquire Emerson Network
Power from Emerson Electric Co, $4 billion; Mid-America Apartment
Communities, Inc.'s deal to acquire Post Properties, Inc. for $3.9
billion; Alimentation Couche-Tard, Inc.'s agreement to acquire CST
Brands, Inc. for $3.7 billion.

The US Mergers & Acquisitions Market Index

$300.0 1,500

$245.0 $253.3
$250.0 $230.9 $227.6 1,250
$213.2
$206.5
$203.4
$200.0 $169.7 1,000
$172.3

$139.8
$150.0 750
$131.0 $122.0
$95.6 $111.1 $105.8
$91.0
$100.0 500

$50.0 250

1,015 1,252 1,290 1,089 1,148 1199 1,069 1,173 1,135 1,028 1,011 981 941 1,003 973 1002
$0.0 0
May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
Deal Volume Aggregate Deal Value

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 US MergerMetrics September 2016

Merger Stats
Number of Deals Agg. Transaction Value ($Bil)

12 Months Ended 12 Months Ended

Average
Deal Size 8/31/16 8/31/15 Change 8/31/16 8/31/15 Change P/E

$1 Billion + 293 338 -13.3% $1,413.5 $1,676.4 -15.7% 33.3

$500M to $999.9M 194 239 -18.8% 136.1 167.9 -18.9% 31.7
$250M to $499.9M 325 331 -1.8% 116.5 115.6 0.8% 29.1

$100M to $249.9M 516 580 -11.0% 81.3 93.1 -12.7% 26.8

$50M to $99.9M 405 450 -10.0% 29.2 31.4 -7.0% 24.2
$25M to $49.9M 360 495 -27.3% 13.2 17.7 -25.3% 19.5
$10M to $24.9M 479 640 -25.2% 7.8 10.6 -26.4% 22.5
Under $10M 828 1,116 -25.8% 2.7 3.9 -29.7% 15.0
Undisclosed 9,263 9,324 -0.7% N/A N/A N/A N/A
Total 12,663 13,513 -6.3% $1,800.3 $2,116.4 -14.9% 27.4

M&A at a Glance
MEDIAN P/E MEDIAN PREMIUM
30.0x 45.0%
40.0%
25.0x 39.9%
35.0% 38.1%
23.6x
20.0x 22.5x 30.0%
21.4x
25.0%
15.0x 26.2%
20.0%
10.0x 15.0%
10.0%
5.0x
5.0%
0.0x 0.0%
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 L3M 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 L3M

US Middle Market Monitor

MEDIAN EV/EBITDA MEDIAN PREMIUM
12.0x 60.0%

10.0x 50.0%
9.7x 49.5%
9.5x 9.5x
8.0x 40.0%
41.2%
6.0x 30.0%
30.1%
4.0x 20.0%

2.0x 10.0%

0.0x 0.0%
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 L3M 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 L3M

*Middle Market defined as deals valued between $1 million and $500 million, plus undisclosed deals.

Media: Media quotation with source attribution is encouraged. Reporters requesting additional information or editorial comment shou ld contact
media_request@factset.com. Mergerstat gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness o f the
information provided in this publication. Copyright 2016 FactSet Research Systems Inc. All rights reserved. It is illegal under federal copyright law to reproduce
or redistribute this publication or any portion of its contents without written authorization of the publisher.

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 US Sector Activity & Value September 2016

SECTOR BY ACTIVITY
L3M 8/31/16 L3M 8/31/15
Target Sector Deal Count Deal Count Difference
Non-Energy Minerals 72 57 15
Utilities 74 65 9
Government 12 4 8
Consumer Durables 56 50 6
Process Industries 132 127 5
Communications 47 42 5
Energy Minerals 42 37 5
Industrial Services 129 130 (1)
Retail Trade 132 139 (7)
Miscellaneous 8 16 (8)
Producer Manufacturing 172 199 (27)
Transportation 55 82 (27)
Consumer Non-Durables 86 115 (29)
Health Technology 106 136 (30)
Distribution Services 163 193 (30)
Electronic Technology 114 155 (41)
Health Services 146 209 (63)
Consumer Services 231 310 (79)
Commercial Services 425 536 (111)
Finance 334 455 (121)
Technology Services 442 574 (132)
Total 2,978 3,631 (653)

SECTOR BY VALUE
L3M 8/31/16 L3M 8/31/15
Target Sector Value Value Difference
Technology Services $78,925.3 $36,855.8 $42,069.6
Consumer Non-Durables 30,105.5 22,894.2 7,211.3
Government 0.0 187.2 (187.2)
Producer Manufacturing 21,983.4 22,590.4 (607.0)
Consumer Durables 2,728.8 3,911.6 (1,182.8)
Communications 2,574.5 4,153.8 (1,579.3)
Miscellaneous 7.1 2,884.7 (2,877.6)
Transportation 1,330.1 5,466.2 (4,136.1)
Consumer Services 17,942.9 24,281.5 (6,338.6)
Distribution Services 5,173.3 11,992.7 (6,819.5)
Energy Minerals 9,979.9 16,862.8 (6,882.9)
Utilities 16,583.2 23,941.4 (7,358.2)
Electronic Technology 29,133.3 37,754.4 (8,621.1)
Retail Trade 16,970.6 27,791.0 (10,820.4)
Process Industries 10,303.3 24,905.9 (14,602.6)
Commercial Services 13,521.7 28,364.4 (14,842.7)
Industrial Services 10,534.3 29,007.5 (18,473.2)
Non-Energy Minerals 6,625.0 39,022.1 (32,397.2)
Health Technology 25,727.8 71,680.7 (45,952.9)
Finance 55,183.9 132,136.2 (76,952.3)
Health Services 12,299.9 106,374.1 (94,074.3)
Total $367,633.9 $673,058.7 ($305,424.7)

FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 3
 US Strategic Buyer Report September 2016

Merger Stats
Number of Deals Agg. Transaction Value ($Bil)
12 Months Ended 12 Months Ended Average
Deal Size 8/31/16 8/31/15 Change 8/31/16 8/31/15 Change P/E
$1 Billion + 159 183 -13.1% $806.3 $913.4 -11.7% 35.7
$500M to $999.9M 119 128 -7.0% 83.7 89.8 -6.8% 32.6
$250M to $499.9M 199 194 2.6% 71.7 66.8 7.4% 26.5
$100M to $249.9M 329 386 -14.8% 52.2 61.5 -15.0% 26.4
$50M to $99.9M 282 343 -17.8% 20.2 23.9 -15.2% 21.5
$25M to $49.9M 264 372 -29.0% 9.7 13.3 -26.9% 19.9
$10M to $24.9M 363 501 -27.5% 5.9 8.3 -29.4% 24.2
Under $10M 575 833 -31.0% 2.1 2.9 -28.0% 12.1
Undisclosed 7,260 7,565 -4.0% N/A N/A N/A N/A
Total 9,550 10,505 -9.1% $1051.8 $1179.8 -10.9% 27.5

PUBLIC BUYER INDEX LTM 8/31/16

$140 $128.3 400
$120 $105.3 350
$93.5 300
$100 $94.5 $83.7
$76.5 250
$80 $70.5
$53.8 200
$60 $40.7 $46.1 $51.6
$36.2 150
$40 100
$20 284 358 327 311 275 302 256 292 265 259 258 254 50
$0 0
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16

US Private Equity Report

Indices Top Private Equity Fundraisings: YTD 2016
PE BUYER INDEX: LTM 8/31/16 Open Date Value ($Mil) Fund (Private Equity Sponsor)
1-Apr-2016 $12,000.0 Virtual Reality Venture Capital Alliance Fund
$40 $35.7 150
Virtual Reality Venture Capital Alliance
$35
120 18-Feb-2016 8,000.0 Vista Equity Partners Fund VI
$30
$21.6 $20.1 $20.2 $21.5
$25 $19.3 $27.1 Vista Equity Partners Management LLC
$16.7
$16.9 90
$20 $17.8 $15.1
28-Jan-2016 7,600.0 Thoma Bravo Fund XII
$15 60
$7.2 Thoma Bravo LLC
$10
30
$5 120 123 112 135 116 107 108 120 118 106 102 114
10-May-2016 6,000.0 Lone Star Fund X
$0 0 Lone Star Americas Acquisitions LLC
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
21-Mar-2016 6,000.0 Starwood Opportunity Fund XI
Starwood Capital Group Global LLC
GOING PRIVATE INDEX: LTM 8/31/16 26-Apr-2016 5,000.0 Vintage VII Fund
Goldman Sachs Private Equity Group
$100 14
$90 $78.8 25-May-2016 4,500.0 Platinum Equity Capital Partners IV LP
12
$80 Platinum Equity LLC
$70 10
Carlyle Global Infrastructure Opportunities I
$60 1-Jul-2016 2,500.0
8 Fund
$50
$40 $30.6 6 The Carlyle Group LP (Real Assets)
$30 $16.5 $13.4 4 9-May-2016 2,000.0 KKR Real Estate Partners Americas Fund II
$20 $8.1 $7.6 $5.9 $7.8
$3.4 $2.2 $4.3 Kohlberg Kravis Roberts & Co. LP
$0.8 2
$10 9 5 4 6 3 7 2 5 13 8 8 6
$0 0 12-Jul-2016 2,000.0 Kohlberg Investors VIII Fund
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Kohlberg & Co. LLC

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 Top US Advisors September 2016

BASED ON US ANNOUNCED DEALS RANKED BY TRANSACTION VALUE: YTD 2016

Transaction Total Transaction Total
Financial Advisor Value ($Mil)* Deals** Legal Advisor Value ($Mil)* Deals**
1. Goldman Sachs & Co. $342,882.4 107 1. Sullivan & Cromwell LLP $275,457.3 70
2. Bank of America Merrill Lynch 263,348.0 77 2. Wachtell, Lipton, Rosen & Katz 266,306.2 52
3. Morgan Stanley 232,643.7 86 3. Skadden, Arps, Slate, Meagher & Flom LLP 202,036.1 123
4. JPMorgan Chase & Co 220,020.9 121 4. Simpson Thacher & Bartlett LLP 184,785.5 76
5. Credit Suisse 198,784.5 72 5. Cravath, Swaine & Moore LLP 157,825.0 43
6. Barclays Plc 177,696.8 79 6. Gibson, Dunn & Crutcher LLP 147,535.2 73
7. Evercore Partners, Inc. 153,342.4 82 7. Davis Polk & Wardwell LLP 142,042.3 75
8. Citigroup 137,901.0 62 8. Weil, Gotshal & Manges LLP 139,108.4 97
9. Lazard 102,535.4 69 9. Kirkland & Ellis LLP 132,929.8 197
10. Deutsche Bank AG 90,316.3 44 10. Cleary Gottlieb Steen & Hamilton LLP 123,391.0 42
11. RBC Capital Markets 84,870.7 57 11. Wilson Sonsini Goodrich & Rosati 115,667.8 82
12. Rothschild & Co. 82,157.8 40 12. Stikeman Elliott LLP 113,693.3 50
13. Wells Fargo & Co. 76,861.7 47 13. Jones Day LP 101,561.5 178
14. Guggenheim Capital LLC 76,855.1 13 14. Latham & Watkins LLP 100,259.1 157
15. UBS Group AG 73,860.4 47 15. Debevoise & Plimpton LLP 94,044.2 31
16. Centerview Partners LLC 73,002.7 24 16. Allen & Overy LLP 92,429.8 38
17. Ducera Partners LLC 64,005.4 2 17. Morrison & Foerster LLP 89,480.3 40
18. Qatalyst Group LP 53,523.3 9 18. Shearman & Sterling LLP 74,695.2 60
19. Scotiabank 35,323.7 11 19. Fried, Frank, Harris, Shriver & Jacobson LLP 70,421.0 38
20. Jefferies LLC 35,290.0 66 20. Morris, Nichols, Arsht & Tunnell LLP 67,180.4 19
21. Moelis & Co. 34,441.1 48 21. Paul, Weiss, Rifkind, Wharton & Garrison LLP 56,874.3 70
22. Allen & Co., Inc. 32,510.9 4 22. AZB & Partners 37,483.0 18
23. Sandler O'Neill & Partners 27,098.7 45 23. Cooley LLP 37,109.2 20
24. Mizuho Financial Group, Inc. 26,638.0 9 24. A&L Goodbody 31,168.0 2
25. Canadian Imperial Bank of Commerce 25,179.0 5 25. Morgan, Lewis & Bockius LLP 30,838.6 112
26. BNP Paribas SA 20,908.1 18 26. Vinson & Elkins LLP 29,919.8 30
27. KeyCorp 20,800.0 15 27. Ropes & Gray LLP 29,407.9 36
28. Crdit Agricole SA 20,177.3 2 28. Arthur Cox & Co. (UK) 28,984.6 1
29. PJT Partners, Inc. 19,740.8 14 29. DLA Piper Group 27,152.6 48
30. Mitsubishi UFJ Financial Group, Inc. 18,400.0 1 30. Sidley Austin LLP 26,685.3 34
31. Sumitomo Mitsui Financial Group, Inc. 18,400.0 1 31. Hogan Lovells 25,934.3 33
32. U.S. Bancorp 18,400.0 1 32. Cadwalader, Wickersham & Taft LLP 24,385.1 2
33. PricewaterhouseCoopers 15,036.8 54 33. Blake, Cassels & Graydon LLP 23,894.7 24
34. Bank of Montreal 13,621.0 27 34. White & Case LLP 23,036.8 20
35. The Raine Group LLC 12,843.3 4 35. King & Wood Mallesons Ltd. 23,006.4 20
36. LionTree LLC 12,168.2 9 36. Mayer Brown LLP 22,889.6 25
37. Greenhill & Co., Inc. 11,076.6 14 37. Willkie Farr & Gallagher LLP 20,295.6 48
38. Stifel, Nicolaus & Co., Inc. 10,701.6 56 38. Baker Botts LLP 20,022.3 21
39. Macquarie Group 10,543.9 25 39. Covington & Burling LLP 19,469.7 25
40. Houlihan Lokey, Inc. 10,432.1 79 40. Fenwick & West LLP 19,030.0 36
41. Perella Weinberg Partners Group LP 9,889.1 8 41. Chadbourne & Parke LLP 18,400.0 2
42. HSBC Holdings Plc 9,659.2 5 42. Bennett Jones LLP 18,270.7 8
43. William Blair & Co. LLC 8,795.5 36 43. Arnold & Porter LLP 18,070.0 18
44. Ernst & Young Global Ltd. 8,774.7 44 44. Freshfields Bruckhaus Deringer LLP 17,722.3 16
45. Grant Samuel & Associates Pty Ltd. 7,703.1 3 45. Alston & Bird LLP 17,406.4 36
46. Deloitte LLP 6,382.5 25 46. Wilmer Cutler Pickering Hale & Dorr LLP 17,040.3 8
47. M. Klein & Co. LLC 6,357.2 1 47. Clifford Chance LLP 16,851.3 40
48. China International Capital Corp. Ltd. 6,256.2 2 48. Herbert Smith Freehills LLP 16,689.9 25
49. National Bank of Canada 6,250.8 3 49. Davies Ward Phillips & Vineberg LLP 16,581.6 4
50. Bravia Capital Hong Kong Ltd. 6,066.1 1 50. Bracewell LLP 16,366.4 10
* Transaction Value is the aggregate base equity plus the targets net debt, where applicable. ** Total Deals includes deals that reported a deal value as well as those that did not.
If you would like to participate in our league table rankings or have questions about league table criteria, please contact advisors@factset.com.

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 Top US Deals Scoreboard September 2016

Seller (Unit Sold) Buyer Transaction

Financial Advisor Financial Advisor Value**
Rank Legal Advisor Legal Advisor ($Mil) Seller Sector
Monsanto Co. Bayer AG $62,005.4 Process Industries
Ducera Partners LLC Bank of America Merrill Lynch
Morgan Stanley Credit Suisse
1 Cravath, Swaine & Moore LLP Rothschild
Debevoise & Plimpton LLP Allen & Overy LLP
Morrison & Foerster LLP Stikeman Elliott LLP
Wachtell, Lipton, Rosen & Katz Sullivan & Cromwell LLP
St. Jude Medical, Inc. Abbott Laboratories $29,840.8 Health Technology
Guggenheim Capital LLC Bank of America Merrill Lynch
Gibson, Dunn & Crutcher LLP Evercore Partners, Inc.
2 Cleary Gottlieb Steen & Hamilton LLP
Wachtell, Lipton, Rosen & Katz
Wilson Sonsini Goodrich & Rosati PC

Johnson Controls, Inc. Tyco International Plc $28,984.6 Producer Manufacturing

Barclays Plc Citigroup
Centerview Partners LLC Goldman Sachs & Co.
3 A&L Goodbody Lazard
Cleary Gottlieb Steen & Hamilton LLP Arthur Cox & Co. (UK)
Sullivan & Cromwell LLP Simpson Thacher & Bartlett LLP
Wachtell, Lipton, Rosen & Katz Skadden, Arps, Slate, Meagher & Flom LLP
LinkedIn Corp. Microsoft Corp. $24,385.1 Technology Services
Allen & Co., Inc. Morgan Stanley
Qatalyst Partners LP Cadwalader, Wickersham & Taft LLP
4 Davis Polk & Wardwell LLP Latham & Watkins LLP
Gibson, Dunn & Crutcher LLP Simpson Thacher & Bartlett LLP
Weil, Gotshal & Manges LLP
Wilson Sonsini Goodrich & Rosati PC
Texas Energy Future Holdings LP (Energy Future Holdings Corp.) NextEra Energy, Inc. $18,400.0 Finance
Barclays Plc Bank of America Merrill Lynch
Evercore Partners, Inc. Credit Suisse
Cravath, Swaine & Moore LLP Deutsche Bank AG
5 Jones Day LP JPMorgan Chase & Co.
Kirkland & Ellis LLP UBS Group AG
Wells Fargo & Co.
Chadbourne & Parke LLP
Medivation, Inc. Pfizer Inc. $13,226.3 Health Technology
Evercore Partners, Inc. Centerview Partners LLC
JPMorgan Chase & Co. Guggenheim Capital LLC
6 Cooley LLP Ropes & Gray LLP
Davis Polk & Wardwell LLP
Fried, Frank, Harris, Shriver & Jacobson LLP
Wachtell, Lipton, Rosen & Katz
Linear Technology Corp. Analog Devices, Inc. $12,942.4 Electronic Technology
Qatalyst Group LP Credit Suisse
7 Jones Day LP Wachtell, Lipton, Rosen & Katz
Wilson Sonsini Goodrich & Rosati PC Wilmer Cutler Pickering Hale & Dorr LLP
IMS Health Holdings, Inc. Quintiles Transnational Holdings, Inc. $12,912.1 Technology Services
Goldman Sachs & Co. Barclays Plc
Cleary Gottlieb Steen & Hamilton LLP Bryan Cave LLP
Morris, Nichols, Arsht & Tunnell LLP Morgan, Lewis & Bockius LLP
8 Sullivan & Cromwell LLP Shearman & Sterling LLP
Weil, Gotshal & Manges LLP Simpson Thacher & Bartlett LLP
Smith, Anderson, Blount, Dorsett, Mitchell &
Jernigan LLP
Hatteras Financial Corp. Annaly Capital Management, Inc. $12,853.7 Finance
Goldman Sachs & Co. Sandler O'Neill & Partners
9 DLA Piper Group Wells Fargo & Co.
Hogan Lovells US LLP Wachtell, Lipton, Rosen & Katz
Sullivan & Cromwell LLP
The ADT Corp. Apollo Global Management LLC $12,269.4 Commercial Services
Bank of America Merrill Lynch Barclays Plc
Goldman Sachs & Co. Citigroup
10 Morris, Nichols, Arsht & Tunnell LLP Deutsche Bank AG
Shearman & Sterling LLP RBC Capital Market
Simpson Thacher & Bartlett LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP
Sullivan & Cromwell LLP Stikeman Elliott LLP
**Total Market Value of Top 10 Deals YTD $229,549.9

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