GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1Q 2019

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables5. Americas M&A Regional Review6. Americas M&A League Tables8. EMEA M&A Regional Review9. EMEA M&A League Tables12. APAC M&A Regional Review13. APAC M&A League Tables16. Disclaimer

DATA SUBMISSIONS AND QUERIES

Phone North America

EMEA

Asia Pacific

Contact Nageen Qasim

Madeeha Ahmad

Ee Wen Tay

+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.

1Q 2019

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

©2019 Bloomberg Finance L.P. All rights reserved.

1

North AmericaUSD 515.5B1.JPMorgan Chase & Co 38.8%2.Evercore Partners Inc 29.6%

3. Citi 29.6%

Latin AmericaUSD 28.6B1.Goldman Sachs 10.9%2.Bank of America Merill Lynch 8.7%

3. Morgan Stanley 8.2%

Western EuropeUSD 158.1B

16.4%16.3%

1.Morgan Stanley2.Rothschild & Co

3.Credit Suisse 14.8%Eastern EuropeUSD 9.5B1.Citi 18.6%2.JP Morgan Chase & Co 10.0%

3.Evercore Partners Inc 7.6%

Middle East and AfricaUSD 47.4B1.JP Morgan Chase & Co 31.8%

21.2%2.Moelis & Co

3.Goldman Sachs & Co LLC 21.0%

Asia PacificUSD 198.8B

9.1%1.Goldman Sachs2.JPMorgan Chase & Co 6.5%

3.Bank of America Merill Lynch 5.9%

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1Q 2019

2

Date

Total

Value

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 8,954 Consumer Non-cyclical $229.2 31.3% -7.6%

Volume (Bln.) $733.4 Financial $174.4 23.8% -18.8%

Avg Deal Size (Mln.) $81.9 Technology $92.1 12.6% 19.4%

Industrial $59.7 8.2% -30.0%

Communications $45.5 6.2% -31.2%

JPMorgan Chase & Co Consumer Cyclical $43.8 6.0% -49.2%

Number of deals 53 Energy $43.7 6.0% -47.5%

Volume (Bln.) $217.7 Basic Materials $39.6 5.4% -23.7%

Avg Deal Size (Bln.) $4.1 Utilities $3.9 0.5% -94.2%

Diversified $0.9 0.1% -43.0%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $436.5 -17.4% -13.5%

Cross Border $235.6 -20.3% -37.0%

Private Equity $180.6 -22.7% -23.3%

Asset sale $113.2 -20.9% -31.1%

Tender Offer $43.7 -25.0% -50.5%

Venture Capital $45.6 -18.7% -6.4%

Spin-off $9.2 -39.4% -83.4%

Minority purchase $106.7 -22.4% -24.9%

Majority purchase $48.6 -30.1% -40.3%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Global M&A: Industry Breakdown

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Global M&A Regional Review Global M&A: Premium Breakdown

Global M&A: Highlights of Q1 2019

Summary IndustryAcquirerTarget Seller

Celgene CorpBristol-Myers Squibb

Co-

Global M&A: Quarterly Volume

2/25/2019

Top Adviser

$21,400.0BioPharma Business/GE Danaher CorpGeneral

Electric Co

-SunTrust Banks Inc

1/16/2019 $38,170.7

2/7/2019 $27,894.9

First Data Corp Fiserv Inc

1/3/2019 $88,848.2

3/18/2019 $40,966.9Worldpay Inc

Fidelity National

Information Services

Inc

-

Deal Type

Global M&A: Deal Type Breakdown

BB&T Corp

-

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

2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1

Volume $(Bln.) Deal Count

18%

25%

19%

36%

1% 1%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global merger and acquisition activity reached $734.3 billion in 1Q2019, representing a decrease of23.9% compared to the same period last year.

• Private equity transactions reached a 1Q2019 volume of $181.2 billion, accounting for 24.6% of theglobal volume for the period. Ultimate Software Group Inc's pending acquisition for $10.3 billion by aconsortium of venture capital firms was the largest announced private equity deal of the quarter.

• M&A deals targeting the technology sector increased by 24.6% in volume year‐on‐year to $92.5billion. Fiserv Inc's pending acquisition of First Data Corp for $38.2 billion was the largest deal in thissector.

3

Global Announced Deals 01/01/2019 - 03/21/2019 Cross Border Announced Deals 01/01/2019 - 03/21/2019

JPMorgan Chase & Co 1 29.7 217,741 53 2 21.3 8.4 Goldman Sachs & Co LLC 1 17.1 40,344 28 2 22.2 -5.1

Citigroup Inc 2 22.2 162,782 44 5 13.7 8.5 Bank of America 2 12.4 29,288 17 7 10.9 1.5

Goldman Sachs & Co LLC 3 21.5 157,730 58 3 20.1 1.5 Citigroup Inc 3 11.1 26,222 25 3 20.0 -8.9

Evercore Inc 4 21.1 154,385 34 12 5.2 15.8 Morgan Stanley 4 11.0 25,992 33 4 19.5 -8.5

Morgan Stanley 5 19.0 139,508 53 1 22.9 -3.9 JPMorgan Chase & Co 5 10.4 24,390 20 1 28.0 -17.6

Dyal Co LLC 6 12.1 88,848 1 70 0.2 11.9 Credit Suisse Group AG 6 7.9 18,495 12 11 6.3 1.5

Credit Suisse Group AG 7 10.5 77,185 29 11 6.3 4.2 Deutsche Bank AG 7 7.3 17,077 12 14 5.8 1.5

Bank of America 8 10.3 75,587 39 6 11.4 -1.1 Rothschild & Co 8 7.1 16,778 34 12 6.0 1.2

Centerview Partners LLC 9 8.4 61,278 12 7 10.5 -2.1 UBS AG 9 7.1 16,625 10 26 2.0 5.1

Barclays PLC 10 5.9 43,274 38 9 7.8 -1.9 BMO Capital Markets Corp/Toronto 10 6.0 14,055 8 24 2.5 3.5

RBC Capital Markets 11 4.5 33,018 17 10 6.5 -2.0 TD Securities Inc 11 6.0 14,019 3 16 4.6 1.4

Deutsche Bank AG 12 4.4 32,103 21 18 3.0 1.4 Centerview Partners LLC 12 5.8 13,760 4 15 4.7 1.1

Rothschild & Co 13 4.0 29,127 57 8 8.0 -4.0 Lazard Ltd 13 5.6 13,164 27 5 16.4 -10.8

SunTrust Robinson Humphrey Capital Market 14 3.9 28,307 7 69 0.2 3.6 Fort Capital Corp 14 5.3 12,566 2 - - 5.3

Lazard Ltd 15 3.6 26,131 39 4 18.2 -14.6 HSBC Bank PLC 15 4.9 11,441 10 10 7.4 -2.5

PJT Partners Inc 16 3.2 23,139 8 41 1.1 2.1 Moelis & Co 16 4.6 10,902 12 33 0.8 3.9

Jefferies LLC 17 3.1 22,852 33 25 1.7 1.4 Qatalyst Partners LLC 17 4.4 10,367 2 - - 4.4

UBS AG 18 2.7 19,999 23 19 2.6 0.1 Jefferies LLC 18 4.4 10,325 14 39 0.5 3.9

Moelis & Co 19 2.7 19,927 20 27 1.6 1.1 Evercore Inc 19 4.2 9,929 15 8 7.7 -3.4

HSBC Bank PLC 20 2.4 17,562 15 15 3.4 -1.1 Barclays PLC 20 3.0 6,990 18 6 13.1 -10.2

TOTAL 733,467 8,964 TOTAL 235,677 3,230

Global Private Equity Announced Deals 01/01/2019 - 03/21/2019

Citigroup Inc 1 12.1 21,853 18 4 16.0 -3.9

Goldman Sachs & Co LLC 2 11.7 21,196 22 2 20.0 -8.3

JPMorgan Chase & Co 3 10.6 19,149 14 1 21.5 -10.9

Rothschild & Co 4 8.6 15,545 26 16 6.0 2.7

Bank of America 5 7.2 13,004 19 6 10.5 -3.3

Morgan Stanley 6 7.1 12,738 18 3 17.5 -10.4

Jefferies LLC 7 7.0 12,728 20 23 2.4 4.6

Barclays PLC 8 7.0 12,604 21 8 9.4 -2.4

Centerview Partners LLC 9 7.0 12,550 4 9 7.6 -0.7

Qatalyst Partners LLC 10 5.7 10,367 2 - - 5.7

Evercore Inc 11 5.5 9,903 18 7 10.4 -4.9

Deutsche Bank AG 12 5.5 9,846 6 20 2.8 2.7

HSBC Bank PLC 13 5.0 8,972 6 17 5.8 -0.8

Credit Suisse Group AG 14 4.8 8,718 10 15 6.4 -1.5

BNP Paribas SA 15 3.6 6,464 4 25 2.3 1.3

UBS AG 16 3.3 6,010 10 26 2.0 1.3

Perella Weinberg Partners LP 17 2.6 4,766 1 37 0.9 1.8

Sandler O'Neill & Partners LP 17 2.6 4,766 3 31 1.3 1.4

Moelis & Co 19 2.6 4,635 10 24 2.3 0.3

Lazard Ltd 20 2.3 4,199 13 5 15.1 -12.8

TOTAL 180,686 2,769 235,452

2018MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

2019 2018MKT SHR

CHANGE FIRM

2019MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

FIRM

2019 2018MKT SHR

CHANGE

FIRM

RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

964,452 373,665

4

Country

United States $404.6 89.6% -5.6%

Canada $29.9 6.6% 21.8%

Brazil $2.8 0.6% -84.6%

British Virgin Islands $2.1 0.5% 87.5%

Mexico $2.1 0.5% 373.4%

Chile $1.8 0.4% 188.1%

Bermuda $1.0 0.2% -94.0%

Colombia $0.9 0.2% 46.5%

Date

Total Value

(Mln.)

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 4,022 Consumer Non-cyclical $198.3 43.9% 23.6%

Volume (Bln.) $451.5 Financial $88.8 19.7% -11.1%

Avg Deal Size (Mln.) $112.2 Technology $65.3 14.5% 25.9%

Basic Materials $22.7 5.0% -5.5%

Energy $20.9 4.6% -62.6%

JPMorgan Chase & Co Communications $18.9 4.2% -6.1%

Number of deals 31 Consumer Cyclical $18.0 4.0% -31.0%

Volume (Bln.) $176.6 Industrial $17.7 3.9% -50.0%

Avg Deal Size (Bln.) $5.7 Utilities $1.0 0.2% -95.8%

Diversified $0.0 0.0% -98.3%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $315.2 -12.9% -1.7%

Cross Border $113.0 -19.2% -23.2%

Private Equity $100.7 -17.3% -14.0%

Asset sale $62.8 -17.3% -11.7%

Tender Offer $23.4 16.7% -34.2%

Venture Capital $25.8 -12.3% 16.3%

Spin-off $2.0 -53.6% -90.5%

Minority purchase $45.9 -20.1% -10.9%

Majority purchase $17.7 -14.5% -12.7%

Quarterly Volume represents any involvement (target, seller, or acquirer).

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19

1/3/2019 Celgene Corp Bristol-Myers Squibb Co - $88,848.2

Americas M&A Regional Review Americas M&A: Country Breakdown

Americas M&A: Highlights of Q1 2019

Summary Target Acquirer Seller Industry

Americas M&A: Industry Breakdown

Amount

(Bln.) % of Total

% YoY

Change

Top Adviser1/16/2019 First Data Corp Fiserv Inc - $38,170.7

3/18/2019 Worldpay IncFidelity National

Information Services Inc- $40,966.9

2/7/2019 SunTrust Banks Inc BB&T Corp - $27,894.9

2/25/2019 BioPharma Business/GE Danaher CorpGeneral

Electric Co$21,400.0

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

2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1

Volume $(Bln.) Deal Count

• In 1Q2019, M&A activity in the Americas decreased by 8.5% to $453.2 billion compared to the sameperiod last year. The Americas continued to be the most sought after region accounting for 61.7% ofthe global volume.

• The consumer non-cyclical industry experienced a 25.2% increase in deal volume during 1Q2019. Thepending acquisition of Celgene Corp by Bristol-Myers Squibb Co for $88.8 billion was the largestannounced deal both in the sector and globally.

• JP Morgan and Simpson Thacher & Bartlett ranked as the top Financial and Legal Adviser in 1Q2019for the region with a market share of 38.9% & 34.4% respectively.

5

US Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 US Announced Deals (Target or Seller) 01/01/2019 - 03/21/2019

JPMorgan Chase & Co 1 40.4 199,126 38 3 23.2 17.1 JPMorgan Chase & Co 1 42.7 175,404 30 5 20.7 22.0

Evercore Inc 2 31.0 152,804 28 8 9.6 21.4 Evercore Inc 2 33.9 139,126 20 12 5.8 28.0

Citigroup Inc 3 30.9 152,568 27 6 13.9 17.0 Citigroup Inc 3 30.9 126,787 23 6 13.1 17.7

Goldman Sachs & Co LLC 4 29.5 145,606 40 4 22.1 7.5 Goldman Sachs & Co LLC 4 29.0 118,968 31 3 24.1 4.9

Morgan Stanley 5 23.4 115,142 28 1 32.3 -9.0 Morgan Stanley 5 25.9 106,445 20 1 36.8 -10.9

Dyal Co LLC 6 18.0 88,848 1 42 0.4 17.6 Dyal Co LLC 6 21.6 88,848 1 36 0.5 21.2

Credit Suisse Group AG 7 14.7 72,601 22 10 8.6 6.1 Centerview Partners LLC 7 14.5 59,417 9 4 21.1 -6.7

Bank of America 8 13.3 65,765 29 9 8.6 4.7 Credit Suisse Group AG 8 12.9 52,868 18 8 9.4 3.5

Centerview Partners LLC 9 12.1 59,417 10 5 18.0 -5.9 Bank of America 9 10.2 41,752 19 10 8.8 1.3

Barclays PLC 10 7.1 35,070 28 7 10.5 -3.4 RBC Capital Markets 10 7.0 28,940 8 9 8.9 -1.9

RBC Capital Markets 11 6.2 30,436 12 11 8.1 -1.9 SunTrust Robinson Humphrey Capital Market 11 6.9 28,307 7 35 0.5 6.4

SunTrust Robinson Humphrey Capital Market 12 5.7 28,307 7 41 0.4 5.3 Barclays PLC 12 5.8 23,879 22 7 9.9 -4.0

Deutsche Bank AG 13 5.1 25,010 11 14 3.8 1.3 PJT Partners Inc 13 5.6 23,139 7 22 2.3 3.4

PJT Partners Inc 14 4.7 23,139 7 24 1.9 2.8 Lazard Ltd 14 3.8 15,762 13 2 25.2 -21.4

Jefferies LLC 15 4.4 21,496 28 18 3.1 1.3 Deutsche Bank AG 15 3.3 13,507 9 13 4.4 -1.1

Lazard Ltd 16 3.3 16,309 19 2 25.0 -21.7 Qatalyst Partners LLC 16 2.5 10,367 2 23 2.2 0.3

Rothschild & Co 17 3.3 16,302 18 15 3.5 -0.2 Jefferies LLC 17 2.4 9,993 26 17 3.3 -0.9

TD Securities Inc 18 3.0 14,873 4 16 3.3 -0.3 Moelis & Co 18 2.4 9,835 12 16 3.4 -1.0

BMO Capital Markets Corp/Toronto 19 2.9 14,054 10 23 2.0 0.9 UBS AG 19 1.7 6,891 10 30 1.0 0.7

Moelis & Co 20 2.8 13,835 16 19 2.9 -0.1 LionTree Advisors LLC 20 1.6 6,733 4 61 0.1 1.6

TOTAL 493,189 4,304 TOTAL 410,873 3,516

Canada Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Canada Announced Deals (Target or Seller) 01/01/2019 - 03/21/2019

Goldman Sachs & Co LLC 1 38.3 25,131 7 2 35.5 2.8 TD Securities Inc 1 49.5 15,627 5 1 52.6 -3.1

Bank of America 2 26.6 17,482 4 6 27.1 -0.4 BMO Capital Markets Corp/Toronto 2 47.6 15,012 6 12 14.4 33.2

TD Securities Inc 3 23.8 15,627 5 1 35.7 -11.9 Goldman Sachs & Co LLC 3 43.6 13,764 5 3 41.7 1.9

BMO Capital Markets Corp/Toronto 4 22.9 15,012 6 11 17.0 5.9 Citigroup Inc 4 43.0 13,566 2 2 45.9 -2.9

Citigroup Inc 5 21.2 13,916 5 3 31.9 -10.7 Fort Capital Corp 5 39.8 12,566 2 37 0.2 39.6

Fort Capital Corp 6 19.1 12,566 2 48 0.1 19.0 Bank of America 5 39.8 12,566 2 6 39.3 0.6

Qatalyst Partners LLC 7 15.8 10,367 1 - - 15.8 Morgan Stanley 7 12.0 3,794 6 3 41.7 -29.7

Perella Weinberg Partners LP 8 7.3 4,766 1 - - 7.3 CIBC 8 10.4 3,289 7 15 6.4 4.0

Sandler O'Neill & Partners LP 8 7.3 4,766 1 - - 7.3 RBC Capital Markets 9 9.7 3,071 8 11 23.3 -13.5

UBS AG 10 6.7 4,421 2 35 0.5 6.3 Bank of Nova Scotia/The 10 5.4 1,698 5 14 6.6 -1.2

Morgan Stanley 11 6.3 4,144 9 5 28.8 -22.5 Canaccord Genuity Corp 11 4.6 1,447 3 21 1.2 3.4

CIBC 12 5.1 3,364 9 16 4.8 0.3 Evercore Inc 12 4.1 1,307 2 - - 4.1

RBC Capital Markets 13 4.7 3,071 8 12 15.8 -11.1 Centerview Partners LLC 13 2.7 863 1 6 39.3 -36.5

Lazard Ltd 14 3.8 2,464 3 10 18.5 -14.8 JPMorgan Chase & Co 14 2.6 807 1 5 40.3 -37.8

JPMorgan Chase & Co 15 3.3 2,147 2 4 28.9 -25.7 Lazard Ltd 15 1.8 558 1 10 25.5 -23.8

Bank of Nova Scotia/The 16 2.8 1,844 6 18 4.5 -1.7 Guggenheim Capital LLC 16 1.6 495 1 6 39.3 -37.7

Jefferies LLC 17 2.5 1,621 2 68 - 2.5 National Bank Financial Inc 17 1.2 362 2 22 1.2 -0.1

Canaccord Genuity Corp 18 2.4 1,567 4 26 0.8 1.6 Raymond James & Associates Inc 18 1.1 331 4 41 0.2 0.9

Greenhill & Co Inc 19 2.4 1,566 1 17 4.5 -2.1 CSC Financial Co Ltd 19 0.4 130 1 - - 0.4

Evercore Inc 20 2.0 1,307 2 - - 2.0 Cormark Securities Inc 20 0.3 90 2 26 0.9 -0.6

TOTAL 65,647 750 TOTAL 31,551 483

524,090 446,084

63,795 43,280

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018

VOLUME USD

(Mln)

MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

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(%) RANK

MKT SHR

(%)

DEAL

COUNT RANK

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FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018MKT SHR

CHANGERANK

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(%)VOLUME USD

(Mln)

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6

Latin America Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Brazil Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

Goldman Sachs & Co LLC 1 19.1 3,132 3 8 6.3 12.8 Rothschild & Co 1 42.2 1,703 3 14 - 42.2

Morgan Stanley 2 14.3 2,346 4 6 56.7 -42.4 Greenhill & Co Inc 2 22.4 905 1 14 - 22.4

Citigroup Inc 3 14.0 2,298 3 7 11.4 2.6 BNP Paribas SA 3 19.8 798 1 - - 19.8

Banco Santander SA 4 12.1 1,983 3 18 0.2 11.9 G5 Evercore 4 13.9 562 1 14 - 13.9

Rothschild & Co 5 10.4 1,703 3 15 1.6 8.8 Evercore Inc 4 13.9 562 1 - - 13.9

JPMorgan Chase & Co 6 8.8 1,448 2 2 60.1 -51.3 Banco Itau BBA SA 6 11.2 452 3 1 83.1 -71.9

Evercore Inc 7 7.8 1,286 2 24 - 7.8 Morgan Stanley 7 8.4 340 1 5 78.6 -70.1

Barclays PLC 8 7.6 1,250 1 - - 7.6 Bank of America 7 8.4 340 1 2 83.0 -74.6

Greenhill & Co Inc 9 5.5 905 1 16 1.1 4.5 Banco BTG Pactual SA 9 5.2 209 3 7 5.1 0.1

BNP Paribas SA 10 4.9 798 1 24 - 4.9 ICG Capital Partners LLC 10 0.5 20 1 - - 0.5

Bank of Nova Scotia/The 11 4.6 758 4 - - 4.6 Banco Santander SA 11 - - 1 14 - -

Banco Bilbao Vizcaya Argentaria SA 12 4.4 724 2 - - 4.4 St Paul Advisors 11 - - 1 - - -

Banco BTG Pactual SA 13 4.3 700 4 10 4.7 -0.5 Bank of Nova Scotia/The 11 - - 1 - - -

G5 Evercore 14 3.4 562 1 24 - 3.4 Moelis & Co 11 - - 1 - - -

Banco Itau BBA SA 15 2.8 452 3 3 60.0 -57.2 Veda Corporate Advisors Pvt Ltd 11 - - 1 - - -

Nomura Holdings Inc 16 2.2 356 1 - - 2.2 Vinci Partners Investimentos Ltda 11 - - 1 9 3.1 -3.1

Bank of America 17 2.1 340 1 1 63.8 -61.7

Lazard Ltd 18 1.4 225 2 9 5.2 -3.9

IMAP Inc Sucursal Espana 19 1.0 160 1 - - 1.0

UBS AG 19 1.0 160 1 - - 1.0

TOTAL 16,431 188 TOTAL 4,034 84

Latin America Announced Deals (Target or Seller) 01/01/2019 - 03/21/2019 Brazil Announced Deals (Target or Seller) 01/01/2019 - 03/21/2019

Goldman Sachs & Co LLC 1 16.2 3,132 3 8 5.3 10.9 Rothschild & Co 1 45.3 1,703 3 14 - 45.3

Morgan Stanley 2 12.1 2,346 3 6 48.2 -36.1 Greenhill & Co Inc 2 24.1 905 1 14 - 24.1

Rothschild & Co 3 8.8 1,703 3 15 1.3 7.5 BNP Paribas SA 3 21.2 798 1 - - 21.2

Citigroup Inc 4 8.5 1,650 1 7 9.3 -0.8 G5 Evercore 4 15.0 562 1 14 - 15.0

Banco Santander SA 4 8.5 1,650 2 20 0.2 8.3 Evercore Inc 4 15.0 562 1 - - 15.0

JPMorgan Chase & Co 6 7.5 1,448 2 2 51.1 -43.6 Banco Itau BBA SA 6 12.0 452 3 1 83.9 -71.8

Evercore Inc 7 6.6 1,286 2 29 - 6.6 Morgan Stanley 7 9.1 340 1 5 79.3 -70.2

Greenhill & Co Inc 8 4.7 905 1 16 0.9 3.8 Bank of America 7 9.1 340 1 2 83.8 -74.7

BNP Paribas SA 9 4.1 798 1 18 0.2 3.9 Banco BTG Pactual SA 9 5.6 209 3 7 5.2 0.4

Bank of Nova Scotia/The 10 3.9 758 4 - - 3.9 ICG Capital Partners LLC 10 0.5 20 1 - - 0.5

Banco Bilbao Vizcaya Argentaria SA 11 3.7 724 2 - - 3.7 Banco Santander SA 11 - - 1 14 - -

Banco BTG Pactual SA 12 3.6 700 4 10 4.0 -0.4 St Paul Advisors 11 - - 1 - - -

G5 Evercore 13 2.9 562 1 29 - 2.9 Bank of Nova Scotia/The 11 - - 1 - - -

Banco Itau BBA SA 14 2.3 452 3 3 51.0 -48.6 Moelis & Co 11 - - 1 - - -

Nomura Holdings Inc 15 1.8 356 1 - - 1.8 Vinci Partners Investimentos Ltda 11 - - 1 9 3.2 -3.2

Bank of America 16 1.8 340 1 1 53.6 -51.8

Lazard Ltd 17 1.2 225 2 9 5.2 -4.1

Barclays PLC 18 0.9 174 1 - - 0.9

IMAP Inc Sucursal Espana 19 0.8 160 1 - - 0.8

UBS AG 19 0.8 160 1 29 - 0.8

TOTAL 19,360 216 TOTAL 3,758 69

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

26,738 19,300

31,461 19,124

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

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(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

7

Country

United Kingdom $37.0 26.7% -32.5%

Germany $15.3 11.0% -68.6%

France $13.3 9.6% -5.5%

Spain $6.9 4.9% -58.6%

Italy $6.2 4.5% -35.2%

Netherlands $5.6 4.1% -72.8%

Switzerland $3.3 2.4% -84.0%

Finland $1.6 1.2% 167.7%

Date

Total

Value

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 2,365 Financial $33.6 24.4% -31.1%

Volume (Bln.) $138.7 Industrial $24.9 18.1% -5.7%

Avg Deal Size (Mln.) $58.6 Communications $19.3 14.0% -35.7%

Technology $16.8 12.1% 143.8%

Energy $15.4 11.1% -2.5%

JPMorgan Chase & Co Consumer Non-cyclical $12.3 8.9% -74.7%

Number of deals 13 Consumer Cyclical $10.1 7.3% -63.4%

Volume (Bln.) $29.8 Basic Materials $4.2 3.1% -74.2%

Avg Deal Size (Bln.) $2.3 Utilities $0.8 0.5% -97.9%

Diversified $0.7 0.5% 21.4%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $68.2 -20.1% -40.6%

Cross Border $72.8 -20.1% -55.1%

Private Equity $52.0 -24.0% -36.5%

Asset sale $25.7 -29.0% -61.5%

Tender Offer $13.4 -3.4% -69.8%

Venture Capital $8.4 -17.5% 37.3%

Spin-off $7.2 36.4% -52.1%

Minority purchase $26.8 -16.0% -2.9%

$7.9 -32.6% -78.7%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Glo

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Q1

20

19

Majority purchase

EMEA M&A Regional Review EMEA M&A: Country Breakdown

EMEA M&A Highlights of Q1 2019

Summary Target Acquirer Seller Industry

2/15/2019 Scout24 AG Multiple Acquirers - $6,475.1

- $5,763.5

Top Adviser1/27/2019 Abu Dhabi Oil Refining Co Multiple Acquirers

Abu Dhabi National Oil

Co$5,800.0

3/11/2019 Mellanox Technologies Ltd NVIDIA Corp - $6,339.7

3/8/2019 RPC Group PLC Berry Global Group Inc

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

Deal Type

1/23/2019 RPC Group PLCApollo Global

Management LLC- $5,739.3

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

2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1

Volume $(Bln.) Deal Count

• M&A deals involving EMEA-based targets reached a volume of $139.0 billion in 1Q2019, representinga 45.7% decline in deal volume compared to the same period last year.

• Deal activity targeting the technology sector increased 158.7% year-on-year to $16.8 billion. Thesector’s growth can be mainly attributed to the pending acquisition of Mellanox Technologies Ltd for$6.3 billion. This was the second-largest deal targeting the sector globally.

• The announced acquisition of Scout24 AG by Hellman & Friedman LLC and the Blackstone Group LP for$5.7 billion was the largest deal targeting the region globally.

8

Europe Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Europe Announced Deals (Target or Seller) 01/01/2019 - 03/21/2019

Morgan Stanley 1 15.8 25,855 20 7 14.9 0.9 Rothschild & Co 1 21.1 25,650 48 4 25.6 -4.5

Rothschild & Co 2 15.7 25,694 49 5 20.0 -4.3 Credit Suisse Group AG 2 19.3 23,392 8 13 7.5 11.7

Credit Suisse Group AG 3 14.3 23,392 8 12 6.3 8.0 Deutsche Bank AG 3 19.1 23,145 12 26 1.9 17.2

Deutsche Bank AG 4 14.2 23,145 12 28 1.6 12.6 JPMorgan Chase & Co 4 17.7 21,478 10 1 30.4 -12.7

Citigroup Inc 5 13.7 22,330 23 4 22.2 -8.6 Morgan Stanley 5 15.8 19,192 17 11 7.9 7.9

JPMorgan Chase & Co 6 13.6 22,202 13 1 33.8 -20.2 Citigroup Inc 6 14.7 17,820 20 3 25.7 -11.0

Goldman Sachs & Co LLC 7 10.0 16,348 22 2 24.9 -14.8 Goldman Sachs & Co LLC 7 13.5 16,348 20 2 26.4 -13.0

Barclays PLC 8 9.9 16,226 21 9 9.4 0.5 Barclays PLC 8 13.4 16,226 19 8 11.0 2.4

Jefferies LLC 9 9.3 15,114 13 42 0.4 8.8 Jefferies LLC 9 11.3 13,759 10 39 0.6 10.8

Centerview Partners LLC 10 9.0 14,758 5 26 2.0 7.0 Evercore Inc 10 11.1 13,460 13 9 10.4 0.7

Evercore Inc 11 9.0 14,705 17 10 8.4 0.6 UBS AG 11 9.7 11,766 7 17 5.9 3.8

HSBC Bank PLC 12 8.7 14,194 8 14 5.7 3.0 Bank of America 12 9.2 11,138 14 6 20.3 -11.1

UBS AG 13 7.4 12,094 8 15 5.4 2.0 Lazard Ltd 13 7.7 9,393 21 5 24.6 -16.8

Bank of America 14 6.8 11,138 14 6 16.9 -10.1 BNP Paribas SA 14 6.8 8,300 9 7 15.3 -8.5

Lazard Ltd 15 6.5 10,649 24 3 24.7 -18.2 HSBC Bank PLC 15 6.8 8,248 6 14 7.3 -0.5

BNP Paribas SA 16 6.0 9,841 11 8 14.7 -8.7 LionTree Advisors LLC 16 5.2 6,293 1 15 6.9 -1.7

LionTree Advisors LLC 17 4.2 6,895 2 16 5.4 -1.2 Wells Fargo & Co 17 4.7 5,763 2 52 0.2 4.6

Moelis & Co 18 4.1 6,655 8 64 0.1 4.0 Greenhill & Co Inc 18 2.0 2,471 2 19 5.2 -3.1

Wells Fargo & Co 19 3.5 5,763 2 59 0.1 3.4 Cooperatieve Rabobank UA 19 1.9 2,314 5 69 0.1 1.8

Cowen & Co LLC 20 2.3 3,793 4 55 0.2 2.1 Banco Santander SA 20 1.7 2,114 6 28 1.8 -0.1

TOTAL 163,379 2,793 TOTAL 121,502 2,253

UK Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Germany Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

Deutsche Bank AG 1 36.5 21,997 7 23 3.1 33.4 JPMorgan Chase & Co 1 30.4 6,475 1 8 15.3 15.1

Rothschild & Co 2 32.6 19,628 23 3 22.5 10.1 Citigroup Inc 1 30.4 6,475 3 6 37.4 -7.1

Credit Suisse Group AG 3 31.2 18,803 4 10 11.9 19.3 Morgan Stanley 1 30.4 6,475 2 16 2.0 28.4

JPMorgan Chase & Co 4 23.3 14,027 5 1 37.2 -14.0 Bank of America 4 21.3 4,547 4 5 37.9 -16.6

Jefferies LLC 5 23.1 13,899 11 31 0.5 22.5 Barclays PLC 5 15.9 3,400 3 39 - 15.9

Evercore Inc 6 21.3 12,801 10 17 7.1 14.1 Goldman Sachs & Co LLC 6 6.0 1,273 4 2 49.1 -43.1

Barclays PLC 7 15.9 9,554 10 5 20.5 -4.7 Deutsche Bank AG 7 5.4 1,148 5 12 5.4 -0.1

UBS AG 8 15.7 9,479 5 11 11.3 4.4 BNP Paribas SA 8 4.2 900 1 1 52.7 -48.5

Morgan Stanley 9 13.7 8,257 7 7 13.9 -0.2 Rothschild & Co 9 1.3 280 7 3 48.2 -46.9

HSBC Bank PLC 10 13.4 8,077 5 19 3.9 9.5 Evercore Inc 10 1.0 221 1 - - 1.0

Goldman Sachs & Co LLC 11 13.2 7,940 7 4 21.9 -8.8 Jones Lang LaSalle Inc 11 1.0 208 2 29 0.2 0.8

Citigroup Inc 12 10.6 6,378 4 2 23.3 -12.7 KPMG Corporate Finance LLC 12 0.9 183 4 39 - 0.9

LionTree Advisors LLC 13 10.4 6,293 1 15 8.4 2.1 PricewaterhouseCoopers LLP 13 0.7 140 9 21 0.9 -0.2

Lazard Ltd 14 10.2 6,173 9 24 2.8 7.5 Mooreland Partners LLC 14 0.4 86 1 - - 0.4

BNP Paribas SA 15 9.7 5,858 3 92 - 9.7 Huatai Securities Co Ltd 15 0.4 79 1 - - 0.4

Wells Fargo & Co 16 9.6 5,763 1 - - 9.6 UniCredit SpA 16 0.2 34 2 39 - 0.2

Ernst & Young 17 2.8 1,701 9 26 1.5 1.3 Raymond James & Associates Inc 16 0.2 34 2 - - 0.2

Nomura Holdings Inc 18 2.8 1,684 3 92 - 2.8 GCA Corp 18 0.1 22 5 39 - 0.1

Greenhill & Co Inc 19 2.6 1,566 2 12 11.0 -8.4 BMO Capital Markets Corp/Toronto 19 - - 1 - - -

HFF Securities LP 20 2.2 1,329 1 - - 2.2 Lincoln International LLC 19 - - 4 39 - -

TOTAL 60,256 1,074 TOTAL 21,329 473120,393 61,135

332,586 259,883

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2018MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)FIRM

2019 2018MKT SHR

CHANGE FIRM

2019

9

France Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Italy Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

Lazard Ltd 1 22.2 4,451 12 2 38.9 -16.7 HSBC Bank PLC 1 41.2 5,946 2 - - 41.2

Rothschild & Co 2 18.3 3,666 18 5 20.0 -1.7 Moelis & Co 2 40.4 5,830 3 - - 40.4

UBS AG 3 13.2 2,654 2 16 0.9 12.3 Morgan Stanley 3 40.2 5,800 2 22 0.2 40.0

Deutsche Bank AG 4 12.7 2,549 1 36 - 12.7 Rothschild & Co 4 10.8 1,557 4 4 17.4 -6.6

Goldman Sachs & Co LLC 5 10.1 2,029 2 12 6.3 3.8 Mediobanca Banca di Credito Finanziario SpA 5 10.3 1,482 3 5 16.1 -5.8

Morgan Stanley 6 6.1 1,213 3 3 34.1 -28.1 Societe Generale SA 6 9.1 1,310 1 - - 9.1

Centerview Partners LLC 7 4.3 863 1 - - 4.3 Natixis Investment Managers International 6 9.1 1,310 1 - - 9.1

Credit Agricole Corporate & Investment Ban 8 3.5 710 3 6 18.1 -14.6 BNP Paribas SA 8 6.4 917 3 8 4.3 2.1

BNP Paribas SA 9 3.2 649 3 9 15.4 -12.2 JPMorgan Chase & Co 9 1.7 249 2 13 1.9 -0.2

Evercore Inc 10 2.5 505 2 10 9.4 -6.9 Citigroup Inc 9 1.7 249 1 17 0.9 0.8

JPMorgan Chase & Co 11 2.5 496 2 1 67.3 -64.9 Credit Suisse Group AG 9 1.7 249 1 5 16.1 -14.3

Jefferies LLC 12 2.0 396 2 - - 2.0 Barclays PLC 9 1.7 249 1 3 19.2 -17.5

HSBC Bank PLC 12 2.0 396 1 13 2.6 -0.6 PricewaterhouseCoopers LLP 13 1.3 182 4 10 2.3 -1.0

Barclays PLC 14 1.7 350 1 19 0.4 1.4 Equita SIM SpA 14 1.2 172 1 - - 1.2

Citigroup Inc 14 1.7 350 2 - - 1.7 UBS AG 14 1.2 172 1 - - 1.2

Credit Suisse Group AG 14 1.7 350 1 23 0.2 1.5 KPMG Corporate Finance LLC 16 1.1 156 3 25 - 1.1

Deloitte Touche Tohmatsu ILA Group Ltd 17 1.2 239 2 21 0.3 0.9 Goldman Sachs & Co LLC 16 1.1 156 2 1 45.9 -44.8

Cooperatieve Rabobank UA 18 1.1 214 1 36 - 1.1 Deloitte Touche Tohmatsu ILA Group Ltd 18 1.0 146 4 23 0.1 0.9

Ernst & Young 18 1.1 214 2 15 1.2 -0.2 IMAP Inc Sucursal Espana 19 0.8 114 1 25 - 0.8

ABN AMRO Bank NV 18 1.1 214 1 - - 1.1 Needham & Co Inc 20 0.6 87 1 - - 0.6

TOTAL 20,060 446 TOTAL 14,433 165

Benelux Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Iberia Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

Rothschild & Co 1 21.8 4,180 12 30 0.2 21.6 Citigroup Inc 1 44.7 3,368 4 1 49.2 -4.5

Bank of America 2 21.5 4,131 4 14 2.5 19.0 Morgan Stanley 2 40.8 3,076 3 - - 40.8

Lazard Ltd 3 16.3 3,135 4 1 59.5 -43.2 Banco Santander SA 3 27.5 2,076 5 3 23.2 4.4

Jefferies LLC 4 13.1 2,511 4 17 1.6 11.5 Goldman Sachs & Co LLC 4 21.9 1,650 1 6 5.8 16.1

Goldman Sachs & Co LLC 5 13.1 2,510 2 6 25.3 -12.2 BNP Paribas SA 5 14.2 1,070 1 - - 14.2

UBS AG 5 13.1 2,510 1 18 1.6 11.5 Banco Bilbao Vizcaya Argentaria SA 5 14.2 1,070 2 19 - 14.2

Cooperatieve Rabobank UA 7 12.1 2,314 5 27 0.3 11.7 Nomura Holdings Inc 7 4.7 356 2 19 - 4.7

Credit Suisse Group AG 8 10.9 2,100 1 12 5.9 5.1 PricewaterhouseCoopers LLP 8 4.4 334 14 4 20.3 -15.9

Barclays PLC 9 7.0 1,353 5 9 7.2 -0.2 INDWA Investments Ltd 9 1.2 93 1 - - 1.2

HSBC Bank PLC 10 7.0 1,341 3 3 26.4 -19.4 Daiwa Securities Group Inc 9 1.2 93 2 - - 1.2

Credit Agricole Corporate & Investment Ban 11 5.8 1,114 2 - - 5.8 Ernst & Young 11 0.9 69 7 10 4.5 -3.6

Morgan Stanley 12 5.4 1,035 3 7 25.3 -19.9 Caixa Banco de Investimento SA 12 0.2 18 1 18 0.0 0.2

Greenhill & Co Inc 13 4.7 905 1 - - 4.7 Banco de Sabadell SA 13 0.2 12 1 19 - 0.2

Nomura Holdings Inc 14 4.7 900 2 16 2.4 2.3 Deloitte Touche Tohmatsu ILA Group Ltd 14 - - 1 12 1.1 -1.1

ABN AMRO Bank NV 15 2.4 468 4 24 0.3 2.1 Lazard Ltd 14 - - 2 8 5.5 -5.5

ING Groep NV 16 2.4 456 7 21 1.3 1.1 Qatalyst Partners LLC 14 - - 1 - - -

Ernst & Young 17 2.3 442 6 23 0.6 1.8 Foros LLC 14 - - 1 - - -

JPMorgan Chase & Co 18 1.7 318 3 2 42.2 -40.6 Rothschild & Co 14 - - 2 14 0.7 -0.7

Citigroup Inc 19 1.2 229 4 8 15.7 -14.5 Haitong Securities Co Ltd 14 - - 1 19 - -

IMAP Inc Sucursal Espana 20 0.6 114 1 - - 0.6 Acuity Partners Pvt Ltd 14 - - 1 - - -

TOTAL 19,201 356 TOTAL 7,543 16

61,743 14,829

47,577 120,333

MKT SHR

CHANGE

2018MKT SHR

CHANGE

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2019 2018MKT SHR

CHANGE FIRM

2019

VOLUME USD

(Mln)

DEAL

COUNT

FIRM

2019 2018MKT 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

2019 2018

RANK

10

Nordic Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Eastern Europe Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

Citigroup Inc 1 9.0 1,160 5 6 13.6 -4.6 Citigroup Inc 1 18.6 1,762 5 8 1.6 17.0

Goldman Sachs & Co LLC 2 6.1 791 5 7 12.8 -6.6 JPMorgan Chase & Co 2 10.1 955 2 6 9.0 1.1

Rothschild & Co 3 5.9 765 2 8 12.5 -6.6 Evercore Inc 3 7.6 724 1 - - 7.6

Bank of America 3 5.9 765 2 9 10.1 -4.2 LionTree Advisors LLC 4 6.3 602 1 2 17.7 -11.4

BNP Paribas SA 5 4.5 574 2 13 7.7 -3.2 Renaissance Capital Pty Ltd 5 5.2 495 3 - - 5.2

Skandinaviska Enskilda Banken AB 6 3.7 471 3 16 3.1 0.5 PricewaterhouseCoopers LLP 6 3.6 341 2 9 1.5 2.1

Evli Bank PLC 7 3.5 448 1 - - 3.5 Bank of America 7 3.5 336 2 - - 3.5

FIH Partners A/S 8 2.7 342 2 40 - 2.7 Barclays PLC 8 2.3 214 3 2 17.7 -15.5

PricewaterhouseCoopers LLP 9 1.6 205 12 40 - 1.6 Lazard Ltd 9 1.6 154 2 23 - 1.6

KPMG Corporate Finance LLC 10 1.4 183 1 27 0.3 1.1 UniCredit SpA 10 0.7 65 1 - - 0.7

Barclays PLC 11 1.4 174 2 3 30.2 -28.8 Euro Bank SA 11 0.6 57 1 - - 0.6

HSBC Bank PLC 12 1.3 171 1 - - 1.3 Ernst & Young 12 0.5 48 2 17 0.3 0.2

Carnegie Fondkommission AB 13 1.0 129 3 17 3.1 -2.1 Banco Santander SA 13 0.4 38 1 23 - 0.4

Jefferies LLC 14 1.0 129 2 40 - 1.0 Rothschild & Co 14 0.2 17 2 7 3.4 -3.2

National Bank Financial Inc 15 1.0 129 1 - - 1.0 Vienna Capital Partners 15 - - 1 - - -

Moelis & Co 16 1.0 125 1 - - 1.0 ING Groep NV 15 - - 1 - - -

Greenhill & Co Inc 17 0.7 93 1 20 0.5 0.2 KPMG Corporate Finance LLC 15 - - 2 21 0.1 -0.1

Duff & Phelps LLC 17 0.7 93 1 - - 0.7 VTB Capital JSC 15 - - 2 5 12.6 -12.6

Ernst & Young 19 0.7 93 4 15 3.1 -2.4 Foros LLC 15 - - 1 - - -

Morgan Stanley 20 0.4 55 2 2 33.6 -33.2 Societe Generale SA 15 - - 2 2 17.7 -17.7

TOTAL 12,877 401 TOTAL 9,485 22

Africa/ME Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

JPMorgan Chase & Co 1 32.8 15,102 6 1 29.0 3.7

Moelis & Co 2 21.8 10,030 4 - - 21.8

Goldman Sachs & Co LLC 3 21.6 9,963 6 7 15.5 6.2

Morgan Stanley 4 21.1 9,720 3 16 1.0 20.1

Bank of America 5 14.2 6,526 4 12 1.4 12.8

Credit Suisse Group AG 6 13.8 6,340 1 24 0.3 13.5

Citigroup Inc 7 12.8 5,910 4 9 3.1 9.7

HSBC Bank PLC 8 12.6 5,800 2 32 - 12.6

Ernst & Young 9 11.6 5,326 3 29 0.1 11.5

Barclays PLC 10 8.6 3,943 3 8 13.2 -4.7

KPMG Corporate Finance LLC 11 8.2 3,769 2 20 0.7 7.5

Rothschild & Co 12 5.6 2,566 2 2 22.0 -16.5

UBS AG 13 5.4 2,510 1 17 0.8 4.7

HFF Securities LP 14 2.9 1,329 1 - - 2.9

Lazard Ltd 15 2.7 1,254 4 3 18.8 -16.1

Bank of Nova Scotia/The 16 1.6 758 1 - - 1.6

LionTree Advisors LLC 17 1.3 602 1 - - 1.3

RBC Capital Markets 18 1.2 558 1 - - 1.2

Credit Agricole Corporate & Investment Ban 19 1.1 496 1 4 18.5 -17.5

Banco Itau BBA SA 20 1.0 443 2 - - 1.0

TOTAL 46,116 348

44,741 119,416

30,412

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018

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

2019 2018MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

11

Date

Total

Value

Number of deals 2,558

Volume (Bln.) $146.1

Avg Deal Size (Mln.) $57.1

JPMorgan Chase & Co

Number of deals 9

Volume (Bln.) $11.3

Avg Deal Size (Bln.) $1.3

Deal Type

Amount

(Bln.)

% Change

Deal

% YoY

Change

Company Takeover $55.9 -24.4% -20.9%

Cross Border $52.7 -21.7% -20.1%

Private Equity $29.0 -34.9% -20.8%

Asset sale $24.7 -17.7% -8.4%

Tender Offer $6.9 -39.2% -17.6%

Venture Capital $11.3 -33.4% -44.4%

Spin-off $0.0 -53.1% -100.0%

Minority purchase $34.0 -29.3% -45.9%

Majority purchase $22.9 -34.3% -3.9%

Graphs represent any regional involvement (target, seller, or acquirer).

$7,824.2

Wuhan Zhongshang

Commercial Group Co Ltd$5,904.2

APAC M&A Regional Review

Glo

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Q1

20

19

APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of Q1 2019

Summary Target Acquirer Seller

1/14/2019 Multiple Targets CapitaLand LtdAscendas-Singbridge

Pte Ltd

-

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

1/7/2019 GRUH Finance Ltd Bandhan Bank Ltd - $3,145.5

Top Adviser1/31/2019 Healthscope Ltd

Brookfield Business Partners

LP- $4,002.7

1/23/2019

Beijing Easyhome

Furnishing New Retail

Chain Store

Japan M&A: Quarterly Volume

$3,057.31/2/2019

Jiangyin Xingcheng

Special Steel Works Co

Ltd

Daye Special Steel Co Ltd Multiple Sellers

36%

13% 12%

12%

9%

7%

5% 5% 1% 0%

APAC Industry Breakdown Financial

Consumer Non-cyclical

Consumer Cyclical

Industrial

Basic Materials

Technology

Energy

Communications

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

$80

Volume $(Bln.) Deal Count

0

500

1000

1500

2000

$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 1Q2019 experienced a 32.5% decrease to $145.0 billioncompared to the same period last year. Deals exceeding $1.0 billion in value decreased by 27.2% to 24deals in the region. The value of deals targeting Chinese companies or assets accounted for 40.4% ofthe total deal volume in the region.

• The financial sector was the most targeted industry, accounting for 36.7% of the region's overallvolume. The largest transaction of the quarter in the region was the company takeover of Ascendas PteLtd and Singbridge Pte Ltd by CapitaLand Ltd for $7.82 billion.

• Private equity deals decreased by 20.4% year-on-year to $29.1 billion. The largest private equitytransaction was the $2.46 billion investment by Brookfield Asset Management Inc in East West PipelineLtd's pipeline business.

12

APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2019 - 03/21/2019

Goldman Sachs & Co LLC 1 9.7 16,901 10 1 14.2 -4.5 JPMorgan Chase & Co 1 7.6 10,662 6 22 0.9 6.7

JPMorgan Chase & Co 2 6.6 11,468 9 2 13.7 -7.1 UBS AG 2 7.1 10,049 8 10 2.9 4.3

Qatalyst Partners LLC 3 6.0 10,367 2 - - 6.0 CITIC Securities Co Ltd 3 7.1 10,044 4 5 5.4 1.7

UBS AG 4 5.8 10,049 8 27 2.2 3.6 Bank of America 4 6.9 9,789 7 24 0.8 6.1

CITIC Securities Co Ltd 5 5.8 10,044 4 16 4.0 1.8 Huatai Securities Co Ltd 5 6.2 8,712 5 25 0.7 5.5

Bank of America 6 5.6 9,789 7 7 6.9 -1.2 Morgan Stanley 6 5.1 7,164 11 11 2.8 2.3

Huatai Securities Co Ltd 7 5.0 8,791 6 37 0.5 4.5 Goldman Sachs & Co LLC 7 4.5 6,409 8 1 10.0 -5.4

Morgan Stanley 8 4.4 7,620 13 4 11.9 -7.5 CSC Financial Co Ltd 8 4.2 5,904 1 8 3.6 0.6

Rothschild & Co 9 4.2 7,367 8 20 3.4 0.8 Tianfeng Securities Co Ltd 8 4.2 5,904 2 - - 4.2

CSC Financial Co Ltd 10 3.5 6,034 2 23 2.6 0.8 China Merchants Securities Co Ltd 10 3.6 5,018 2 36 0.4 3.2

Tianfeng Securities Co Ltd 11 3.4 5,904 2 71 0.1 3.3 HSBC Bank PLC 11 2.4 3,413 7 58 0.1 2.3

China Merchants Securities Co Ltd 12 2.9 5,018 2 49 0.3 2.6 Credit Suisse Group AG 12 2.4 3,328 3 7 3.9 -1.5

Citigroup Inc 13 2.5 4,361 6 6 8.3 -5.8 Arpwood Capital Pvt Ltd 13 2.2 3,146 1 132 - 2.2

HSBC Bank PLC 14 2.0 3,413 7 13 4.9 -2.9 SRB & Associates 13 2.2 3,146 1 - - 2.2

Credit Suisse Group AG 15 1.9 3,328 3 22 2.9 -1.0 Kotak Mahindra Bank Ltd 13 2.2 3,146 1 20 0.9 1.3

PricewaterhouseCoopers LLP 16 1.9 3,308 25 43 0.4 1.5 PricewaterhouseCoopers LLP 16 2.1 2,901 18 32 0.5 1.6

Arpwood Capital Pvt Ltd 17 1.8 3,146 1 164 - 1.8 Rothschild & Co 17 2.1 2,896 4 19 1.0 1.0

SRB & Associates 17 1.8 3,146 1 - - 1.8 Allied Group Ltd 18 2.1 2,895 2 - - 2.1

Kotak Mahindra Bank Ltd 17 1.8 3,146 1 35 0.7 1.1 Deutsche Bank AG 19 1.8 2,471 4 13 2.3 -0.6

Lazard Ltd 20 1.8 3,138 7 3 13.1 -11.3 Lazard Ltd 20 1.6 2,293 3 12 2.6 -0.9

TOTAL 174,267 2,454 TOTAL 141,105 2,118

APAC Private Equity (Any Involvement) 01/01/2019 - 03/21/2019

Goldman Sachs & Co LLC 1 25.9 16,010 7 4 19.1 6.8

Qatalyst Partners LLC 2 16.8 10,367 2 - - 16.8

Rothschild & Co 3 10.0 6,183 5 18 6.4 3.6

Citigroup Inc 4 6.3 3,860 4 6 17.7 -11.4

Bank of America 5 6.0 3,674 3 7 16.3 -10.4

Morgan Stanley 6 5.0 3,068 5 2 29.5 -24.6

Raine Group LLC 7 4.9 3,000 1 - - 4.9

UBS AG 8 4.7 2,919 2 32 0.3 4.4

Deutsche Bank AG 9 2.5 1,557 3 24 1.4 1.1

Barclays PLC 10 2.0 1,250 3 14 9.5 -7.5

Credit Suisse Group AG 11 1.9 1,198 2 21 2.5 -0.6

Samsung Securities Co Ltd 12 1.9 1,163 3 - - 1.9

PricewaterhouseCoopers LLP 13 1.7 1,063 3 31 0.3 1.4

Nomura Holdings Inc 14 1.6 976 4 26 1.0 0.6

HSBC Bank PLC 15 1.5 940 2 12 12.9 -11.3

Lazard Ltd 16 1.0 640 2 3 29.3 -28.2

Evercore Inc 17 0.9 560 1 5 17.7 -16.8

Mizuho Financial Group Inc 18 0.8 521 4 64 - 0.8

JPMorgan Chase & Co 19 0.8 476 5 1 35.0 -34.2

Avendus Capital Pvt Ltd 20 0.5 295 2 28 0.5 0.0

TOTAL 61,788 588

204,421

105,504

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

2019 2018MKT SHR

CHANGE

276,467

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019

RANK

RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT

2018

13

AU & NZ Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Japan Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

Bank of America 1 44.6 8,285 4 19 1.6 43.0 Morgan Stanley 1 19.1 6,627 13 9 4.7 14.4

UBS AG 2 39.5 7,340 4 14 2.8 36.7 JPMorgan Chase & Co 2 10.9 3,782 6 2 13.5 -2.6

Goldman Sachs & Co LLC 3 23.3 4,322 5 2 28.2 -5.0 Credit Suisse Group AG 3 10.0 3,450 3 6 5.6 4.4

Rothschild & Co 4 15.4 2,868 3 13 3.2 12.3 Raine Group LLC 4 8.7 3,000 1 - - 8.7

Morgan Stanley 5 11.0 2,050 3 5 24.4 -13.3 UBS AG 5 7.6 2,621 2 13 1.9 5.7

Deutsche Bank AG 6 7.1 1,323 4 11 4.3 2.8 Nomura Holdings Inc 6 6.8 2,374 16 1 18.3 -11.4

BMO Capital Markets Corp/Toronto 7 4.4 817 2 27 0.5 3.9 Barclays PLC 7 6.6 2,285 2 - - 6.6

JPMorgan Chase & Co 8 4.3 807 1 18 1.7 2.6 Lazard Ltd 8 4.3 1,475 3 6 5.6 -1.3

Jones Lang LaSalle Inc 9 3.1 567 1 - - 3.1 Sumitomo Mitsui Financial Group Inc 9 3.5 1,215 15 3 11.7 -8.2

Gresham Partners Ltd 10 2.3 418 1 4 25.4 -23.2 Goldman Sachs & Co LLC 10 3.5 1,198 3 8 5.4 -2.0

Atlas Technology Group LLC 11 0.9 175 1 - - 0.9 Mizuho Financial Group Inc 11 3.1 1,068 15 5 6.1 -3.0

Grant Samuel Securities Pty Ltd 12 0.9 168 1 3 26.2 -25.3 Plutus Consulting Co Ltd 12 2.7 929 3 - - 2.7

Deloitte Touche Tohmatsu ILA Group Ltd 12 0.9 168 2 30 0.5 0.4 Ernst & Young 13 2.3 803 2 25 0.2 2.1

Avendus Capital Pvt Ltd 14 0.5 99 1 - - 0.5 GCA Corp 14 2.3 801 5 18 1.5 0.8

Luminis Partners Pty Ltd 15 0.5 95 1 - - 0.5 Citigroup Inc 15 1.9 660 2 11 3.4 -1.5

Macquarie Group Ltd 15 0.5 95 1 1 53.7 -53.2 Daiwa Securities Group Inc 16 1.4 467 18 10 4.0 -2.6

Cormark Securities Inc 17 0.5 90 2 - - 0.5 Deutsche Bank AG 17 1.2 409 2 34 - 1.2

Hannam & Partners LLP 18 0.4 82 1 - - 0.4 YAMADA Consulting Group Co Ltd 18 1.0 348 4 20 0.8 0.2

PricewaterhouseCoopers LLP 19 0.4 70 4 26 0.6 -0.2 Rothschild & Co 19 1.0 329 2 4 6.8 -5.9

Lazard Ltd 20 0.4 70 1 9 10.9 -10.5 Greentech Capital Advisors LLC 20 0.8 278 1 23 0.3 0.5

TOTAL 18,574 305 TOTAL 34,686 748

South Korea Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 China Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

PricewaterhouseCoopers LLP 1 15.2 2,766 13 10 2.4 12.9 CITIC Securities Co Ltd 1 13.5 10,044 4 1 9.8 3.7

Goldman Sachs & Co LLC 2 10.2 1,857 2 15 0.6 9.6 Huatai Securities Co Ltd 2 11.8 8,791 6 11 1.3 10.5

Morgan Stanley 3 6.9 1,248 3 2 5.0 1.8 CSC Financial Co Ltd 3 8.1 6,034 2 2 6.5 1.6

Samsung Securities Co Ltd 4 6.4 1,163 3 7 3.5 2.9 Tianfeng Securities Co Ltd 4 7.9 5,904 2 27 0.3 7.7

Deutsche Bank AG 5 6.3 1,148 2 2 5.0 1.3 China Merchants Securities Co Ltd 5 6.8 5,018 2 17 0.7 6.0

Bank of America 5 6.3 1,148 1 - - 6.3 HSBC Bank PLC 6 4.3 3,157 4 16 0.8 3.4

Credit Suisse Group AG 7 3.0 538 1 9 2.8 0.2 Allied Group Ltd 7 3.9 2,895 2 - - 3.9

Rothschild & Co 8 2.5 447 1 8 2.9 -0.4 China Great Wall Securities Co Ltd 8 2.8 2,068 2 62 0.0 2.8

JPMorgan Chase & Co 9 1.7 315 1 5 4.2 -2.5 Huaxi Securities Co Ltd 9 2.6 1,961 1 - - 2.6

Lazard Ltd 10 0.6 110 1 18 - 0.6 Lazard Ltd 10 2.3 1,678 2 8 1.7 0.5

Ernst & Young 11 0.1 25 1 4 4.3 -4.2 Morgan Stanley 11 2.1 1,591 4 26 0.3 1.9

KPMG Corporate Finance LLC 12 - - 1 14 0.6 -0.6 Huaxing Growth Capital 12 2.0 1,453 1 - - 2.0

China International Capital Corp Ltd 13 1.8 1,334 4 3 5.7 -3.9

BNP Paribas SA 14 1.5 1,125 2 69 - 1.5

China Construction Bank Corp 15 1.4 1,009 2 - - 1.4

Rothschild & Co 16 1.1 826 2 10 1.4 -0.3

Ballas Capital Ltd 17 0.7 511 1 38 0.2 0.5

JPMorgan Chase & Co 18 0.6 465 3 18 0.7 -0.1

Kingston Financial Group Ltd 19 0.6 413 2 55 0.0 0.5

UBS AG 20 0.4 328 1 5 3.3 -2.8

TOTAL 18,190 335 TOTAL 74,322 939

47,907 38,915

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

24,317 112,740

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018MKT SHR

CHANGERANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

14

Hong Kong Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 Taiwan Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

HSBC Bank PLC 1 20.2 3,202 4 22 0.8 19.4 Credit Suisse Group AG 1 21.0 578 1 - - 21.0

Huatai Securities Co Ltd 2 11.9 1,896 1 - - 11.9 PricewaterhouseCoopers LLP 2 4.7 131 2 9 0.1 4.7

China Construction Bank Corp 3 6.4 1,009 2 6 2.1 4.2 BMO Capital Markets Corp/Toronto 3 1.6 45 1 - - 1.6

PricewaterhouseCoopers LLP 4 3.5 551 3 15 1.4 2.0 Cowen & Co LLC 3 1.6 45 1 4 0.9 0.7

Morgan Stanley 5 3.4 538 1 48 - 3.4

Credit Suisse Group AG 5 3.4 538 1 - - 3.4

Veda Capital Ltd 7 3.0 475 4 32 0.3 2.7

Get Nice Holdings Ltd 8 2.7 421 2 - - 2.7

Shinco Capital Ltd 9 2.1 329 1 - - 2.1

Platinum Securities Co Ltd 10 1.3 207 1 - - 1.3

China International Capital Corp Ltd 10 1.3 207 1 - - 1.3

Avendus Capital Pvt Ltd 12 0.4 65 1 - - 0.4

Winsome Capital Ltd 13 0.3 42 1 - - 0.3

Ohana & Co 14 0.2 34 1 - - 0.2

Rothschild & Co 15 0.2 26 1 29 0.4 -0.3

Nuada Ltd 16 0.2 26 1 46 0.0 0.1

Haitong Securities Co Ltd 16 0.2 26 1 4 2.9 -2.8

Opus Capital Ltd/United Kingdom 18 0.1 8 1 16 1.1 -1.0

Guotai Junan Capital Ltd 19 0.0 4 1 - - 0.0

BFC Group Ltd 20 - - 1 - - -

TOTAL 15,881 264 TOTAL 2,754 40

SE Asia Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019 India Announced Deals (Any Involvement) 01/01/2019 - 03/21/2019

Goldman Sachs & Co LLC 1 23.0 10,464 3 4 25.1 -2.1 Arpwood Capital Pvt Ltd 1 14.7 3,146 1 35 0.0 14.6

Qatalyst Partners LLC 2 22.8 10,367 1 - - 22.8 Kotak Mahindra Bank Ltd 1 14.7 3,146 1 5 7.9 6.7

JPMorgan Chase & Co 3 22.1 10,047 4 1 47.6 -25.5 SRB & Associates 1 14.7 3,146 1 - - 14.7

Citigroup Inc 4 7.3 3,306 4 7 23.4 -16.2 KPMG Corporate Finance LLC 4 5.3 1,134 4 14 1.1 4.2

Rothschild & Co 5 7.1 3,228 2 13 9.0 -1.9 Axis Bank Ltd 5 4.9 1,056 2 21 0.4 4.5

Morgan Stanley 6 6.8 3,102 4 3 25.9 -19.1 Citigroup Inc 5 4.9 1,056 2 3 13.1 -8.2

Lazard Ltd 7 5.6 2,533 3 2 39.2 -33.7 Evercore Inc 7 2.6 560 1 - - 2.6

UBS AG 8 5.2 2,381 3 25 1.3 4.0 BNP Paribas SA 8 2.6 557 2 - - 2.6

Credit Suisse Group AG 9 4.9 2,212 1 16 4.8 0.1 Morgan Stanley 9 2.1 449 2 6 7.3 -5.2

Huaxing Growth Capital 10 3.2 1,453 1 - - 3.2 Avendus Capital Pvt Ltd 10 1.8 394 3 7 4.4 -2.6

BNP Paribas SA 11 2.1 968 2 21 1.8 0.3 Ernst & Young 11 1.4 294 4 1 20.4 -19.1

Standard Chartered Bank 12 1.0 456 1 - - 1.0 Deloitte Touche Tohmatsu ILA Group Ltd 12 1.1 239 5 19 0.7 0.5

Lambert Energy Advisory Ltd 12 1.0 456 1 - - 1.0 Moelis & Co 13 1.1 230 1 - - 1.1

Phatra Securities PCL 14 0.9 422 2 32 0.6 0.3 Goldman Sachs & Co LLC 13 1.1 230 1 8 3.8 -2.7

Bank of America 15 0.8 340 1 6 24.2 -23.5 Lazard Ltd 15 0.9 200 1 43 - 0.9

PrimePartners Corporate Finance Pte Ltd 16 0.5 246 3 - - 0.5 Jefferies LLC 16 0.8 160 1 13 1.7 -0.9

Daiwa Securities Group Inc 17 0.5 224 2 56 0.0 0.5 JPMorgan Chase & Co 17 0.7 150 1 43 - 0.7

Evercore Inc 18 0.5 221 1 5 24.6 -24.1 Ambit Pvt Ltd 18 0.6 123 1 - - 0.6

HSBC Bank PLC 19 0.5 211 2 12 17.1 -16.6 Avendus Capital Inc 19 0.4 89 2 - - 0.4

PricewaterhouseCoopers LLP 20 0.5 205 2 33 0.5 0.0 MAPE Advisory Group Pvt Ltd 20 0.1 20 1 25 0.2 -0.1

TOTAL 45,526 474 TOTAL 21,454 419

23,873 4,997

73,920 24,220

MKT SHR

CHANGE

DEAL

COUNT

FIRM

2019 2018MKT SHR

CHANGE FIRM

2019 2018MKT 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

2019 2018MKT SHR

CHANGE FIRM

2019 2018

15

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:

{IDOC 2063961<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