Financial Rankings 2017 2017

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GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 2017 2017

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards. 3. Global M&A Regional Review 4. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 5. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A League Tables network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 8. EMEA M&A Regional Review Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal 9. EMEA M&A League Tables trends. 12. APAC M&A Regional Review 13. APAC M&A League Tables Visit {NI LEAG CRL } to download copies of the final release and a full range of market specific league 16. Disclaimer table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Nageen Qasim +1-646-324-2878 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Sayaka Sakashita +81-3-3201-2198 [email protected]

General M&A queries may be submitted to: [email protected], [email protected], [email protected]

Western Europe Eastern Europe North America USD 1.1T USD 64.4B USD 1.8T 1. Goldman Sachs & Co 25.6% 1. VTB Capital JSE 19.7% 1. Goldman Sachs & Co 29.6% 2. Morgan Stanley 24.6% 2. China International Capital Corp Ltd 13.9% 3. Morgan Stanley 2. JPMorgan Chase & Co 22.6% 3. JPMorgan Chase & Co 21.5% 12.5% 3. Morgan Stanley 22.1%

Asia Pacific USD 1.3T Middle East & Africa USD 124.0B 1. Goldman Sachs & Co 12.4% 1. JPMorgan Chase & Co 8.1% 2. Morgan Stanley 12.3% 3. China International Capital Corp Ltd 9.0% Latin America 2. Goldman Sachs & Co 7.6% USD 155.1B 3. UBS AG 7.5% 1. Morgan Stanley 19.2% 2. Bank of America Merrill Lynch 19.1% 3. Goldman Sachs & Co 16.9%

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 2017.

2 Global M&A Regional Review Global M&A: Premium Breakdown 1% 0% 2% • Global M&A deal volume reached $3.4 trillion in 2017, representing a 5.6% decrease compared to the 0-10% same period last year. Despite a decrease in deal activity, companies paid an average of 12.32x the target's EBITDA compared to 11.1 from 2016. 20% 10-25% • The financial sector was the most targeted sector in 2017 with $871.6 billion in announced transactions, 29% 25-50% accounting for 25.6% of the total global volume for the year. Unibail-Rodamco SE's $21.9 billion announced 50-75% acquisition of Westfield Corp was the largest deal in the financial sector this year. • Deals with announced transaction values of over $1.0 billion accounted for 57.5% of the total deal activity 75-100% in 2017. The consumer, non-cyclical sector was the most sought-after for these mega-deals, contributing 48% 100%+ $494.5 billion to the total volume.

Global M&A: Highlights of 2017 Global M&A: Industry Breakdown Total Amount % YoY Summary* Date Target Acquirer Seller Value Industry (Bln.) % of Total Change Number of deals 42,259 Financial $871.8 25.5% 20.8% 12/3/2017 Aetna Inc CVS Health Corp - $68,660.5 Volume (Bln.) $3,367.0 Consumer Non-cyclical $713.3 20.9% 22.7% Avg Deal Size (Mln.) $79.6 Communications $359.8 10.5% -13.0% 12/14/2017 Twenty-First Century Fox Inc Walt Disney Co/The - $65,943.1 Industrial $358.7 10.5% 2.2% Top Adviser Consumer Cyclical $339.0 9.9% -3.7% 10/18/2017 Abertis Infraestructuras SA HOCHTIEF AG - $41,518.2 Goldman Sachs & Co Energy $308.4 9.0% -15.3% Number of deals 322 Technology $200.2 5.9% -42.8% 5/15/2017 Abertis Infraestructuras SA Atlantia SpA - $34,388.4

Volume (Bln.) $731.0 Utilities $149.0 4.4% -15.0% Global M&A Review | 2017 Avg Deal Size (Bln.) $2.3 China United Network Basic Materials $98.5 2.9% -69.3% 8/22/2017 China Unicom Hong Kong Ltd - $32,059.2 Communications Ltd Diversified $17.5 0.5% -49.5% *Yearly Values represent regional target only involvement Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 12,000 Deal Type (Bln.) Deal Count Volume $1,200 10,000 Company Takeover $1,871.9 0.9% -14.6% $1,000 Cross Border $1,575.6 3.3% -1.8% 8,000 $800 Private Equity $906.9 8.9% 20.5% 6,000 $600 Asset sale $604.1 3.3% 6.4% 4,000 $400 Tender Offer $358.1 -0.2% 8.3% Venture Capital $147.7 8.6% 22.8% $200 2,000 Spin-off $59.0 12.9% -59.3% $0 0 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 Minority purchase $425.8 6.4% 6.9% Majority purchase $289.1 21.8% 4.9% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals 01/01/2017 - 12/31/2017 Cross Border Announced Deals 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 21.7 731,002 322 2 24.1 -2.4 Goldman Sachs & Co 1 24.9 391,844 192 1 33.6 -8.7 Morgan Stanley 2 18.0 605,406 320 1 24.1 -6.1 Morgan Stanley 2 22.0 346,602 180 2 30.0 -8.0 JPMorgan Chase & Co 3 17.6 591,260 318 3 20.1 -2.6 JPMorgan Chase & Co 3 19.6 309,086 179 3 23.2 -3.6 Citigroup Inc 4 12.5 418,954 216 5 15.0 -2.6 Citigroup Inc 4 15.1 237,300 124 10 11.5 3.5 Bank of America Merrill Lynch 5 10.9 366,292 191 4 18.8 -7.9 Bank of America Merrill Lynch 5 14.8 233,479 110 5 18.7 -3.9 Lazard Ltd 6 10.8 362,531 248 8 10.1 0.7 Credit Suisse Group AG 6 13.3 208,921 120 4 21.6 -8.3 Barclays PLC 7 10.2 342,499 183 6 13.9 -3.7 Lazard Ltd 7 12.7 200,777 154 6 15.7 -2.9 Credit Suisse Group AG 8 9.1 304,607 208 7 13.2 -4.2 Rothschild & Co 8 10.5 164,790 236 11 9.9 0.5 Deutsche Bank AG 9 8.5 285,044 139 10 8.6 -0.2 Deutsche Bank AG 9 9.8 153,750 76 9 13.3 -3.6 Evercore Inc 10 7.5 252,416 139 11 7.9 -0.4 UBS AG 10 9.3 146,627 96 8 14.0 -4.7 Centerview Partners LLC 11 6.8 228,399 56 12 6.1 0.7 Barclays PLC 11 6.9 109,232 78 7 15.6 -8.7 Rothschild & Co 12 6.8 228,174 344 13 5.9 0.9 BNP Paribas SA 12 4.3 68,222 82 32 1.6 2.7 UBS AG 13 6.4 214,093 161 9 8.9 -2.5 HSBC Bank PLC 13 4.2 66,472 51 16 4.7 -0.5 China International Capital Corp Ltd 14 3.4 114,589 54 17 3.5 -0.1 Societe Generale SA 14 3.7 58,582 31 42 1.0 2.7 Guggenheim Capital LLC 15 3.0 100,760 22 22 2.5 0.5 Mediobanca SpA 15 3.7 58,263 10 81 0.2 3.5 Jefferies LLC 16 3.0 99,230 147 23 2.4 0.6 Evercore Inc 16 3.5 55,435 61 13 7.7 -4.2 BNP Paribas SA 17 2.9 98,390 117 39 1.1 1.9 RBC Capital Markets 17 3.5 55,117 62 17 4.7 -1.2 Allen & Co Inc 18 2.9 98,375 18 16 4.0 -1.0 KPMG Corporate Finance LLC 18 3.5 54,848 163 36 1.4 2.1 RBC Capital Markets 19 2.6 88,824 132 14 4.8 -2.2 PricewaterhouseCoopers LLP 19 3.4 54,093 178 40 1.1 2.3 Moelis & Co 20 2.6 88,359 113 28 1.6 1.1 Banco Santander SA 20 3.4 53,071 27 38 1.1 2.2 TOTAL 3,365,895 42,308 3,608,247 TOTAL 1,575,746 15,595 1,604,591

Global Private Equity Announced Deals 01/01/2017 - 12/31/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 24.1 218,914 118 3 14.0 10.1 Goldman Sachs & Co 2 21.1 191,397 137 1 20.8 0.3 JPMorgan Chase & Co 3 15.9 144,106 129 2 16.7 -0.8 Credit Suisse Group AG 4 13.2 119,366 89 6 11.2 1.9 Bank of America Merrill Lynch 5 11.8 107,268 64 4 12.5 -0.6 Barclays PLC 6 11.8 106,846 85 5 12.2 -0.4 Citigroup Inc 7 11.8 106,621 78 7 10.7 1.1 UBS AG 8 10.8 98,236 69 9 9.3 1.6 Evercore Inc 9 8.1 73,351 56 16 3.1 5.0 Lazard Ltd 10 7.7 69,616 105 12 5.6 2.1 Rothschild & Co 11 6.3 57,390 150 14 5.1 1.2 Moelis & Co 12 5.4 49,349 49 23 1.7 3.8 Deutsche Bank AG 13 5.3 48,412 49 8 10.1 -4.8 Centerview Partners LLC 14 5.0 45,144 22 19 2.1 2.9 RBC Capital Markets 15 4.8 43,163 57 10 7.8 -3.1 Nomura Holdings Inc 16 4.0 36,667 26 34 0.9 3.1 Wells Fargo & Co 17 3.5 31,987 25 18 2.4 1.1 China International Capital Corp Ltd 18 3.1 27,929 6 30 1.3 1.8 Jefferies LLC 19 3.0 27,497 76 11 5.8 -2.8 Macquarie Group Ltd 20 2.5 22,658 30 13 5.1 -2.6 TOTAL 907,587 12,556 752,506

4 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • The Americas continued to be the most targeted region for M&A activity generating a deal volume of Country (Bln.) % of Total Change $1.4 trillion. The US contributed 93% to the regions total which can largely be attributed to CVC Health United States $1,268.8 86.2% -25.0% Corp's announced acquisition of Aetna Inc for $68.7 billion which was the largest deal both in the region Canada $108.2 7.3% 20.4% and globally. Brazil $46.7 3.2% 17.5% • Companies based in the Americas received the most venture capital financing in 2017, with $70.5 billion in total funding, a record high since 2008. WeWork Cos Inc's $4.4 billion round of financing was the Chile $13.9 0.9% -21.7% largest venture capital deal announced in the region. British Virgin Islands $11.7 0.8% 31.2% Mexico $9.3 0.6% -10.4% Colombia $2.2 0.1% -60.2% Bermuda $1.0 0.1% -90.7%

Americas M&A: Highlights of 2017 Americas M&A: Industry Breakdown Total Value Amount % YoY Summary* Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 17,273 Consumer Non-cyclical $359.8 24.4% 2.8% 12/3/2017 Aetna Inc CVS Health Corp - $68,660.5 Volume (Bln.) $1,472.2 Financial $257.1 17.4% -14.0% Avg Deal Size (Mln.) $85.0 Energy $193.8 13.1% -26.9% 12/14/2017 Twenty-First Century Fox Inc Walt Disney Co/The - $65,943.1 Communications $187.6 12.7% -32.6% Top Adviser United Technologies Industrial $142.2 9.6% 24.7% 9/5/2017 Rockwell Collins Inc Multiple Sellers $30,174.1 Goldman Sachs & Co Corp Consumer Cyclical $136.3 9.2% -21.0% Number of deals 173 Utilities $81.7 5.5% -8.7% 4/23/2017 CR Bard Inc Becton Dickinson and Co - $24,119.2

Volume (Bln.) $435.1 Technology $81.6 5.5% -57.2% ReviewGlobal M&A | 2017 Avg Deal Size (Bln.) $2.5 Basic Materials $34.6 2.3% -75.7% 8/20/2017 Energy Future Holdings Corp Sempra Energy - $18,800.0 Diversified $2.4 0.2% -35.4% *Yearly Values represent regional target only involvement Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown Amount % Change % Change $1,000 6000 Deal Type (Bln.) Deal Count Volume Company Takeover $999.1 -0.3% -24.0% $800 5000 Cross Border $484.1 3.4% -32.3% 4000 $600 Private Equity $423.6 7.0% 12.4% 3000 Asset sale $276.3 3.1% -11.4% $400 2000 Tender Offer $92.2 -2.4% -1.7% $200 1000 Venture Capital $71.5 7.7% 33.2% Spin-off $14.6 32.8% -83.1% $0 0 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 Minority purchase $116.0 6.4% -5.8% Majority purchase $34.1 8.3% -1.9% Volume $(Bln.) Deal Count 5 Quarterly Volume represents any involvement (target, seller, or acquirer). US Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 US Announced Deals (Target or Seller) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 31.6 543,492 222 1 32.5 -1.0 Goldman Sachs & Co 1 32.8 460,799 180 2 30.5 2.4 Morgan Stanley 2 23.2 400,183 201 2 30.6 -7.4 JPMorgan Chase & Co 2 24.5 343,756 172 3 30.0 -5.5 JPMorgan Chase & Co 3 23.0 395,802 207 3 27.8 -4.8 Morgan Stanley 3 23.4 328,030 167 1 31.0 -7.6 Barclays PLC 4 17.2 295,611 142 6 21.4 -4.2 Barclays PLC 4 19.4 271,819 128 6 20.3 -0.9 Citigroup Inc 5 16.1 277,110 144 5 23.0 -6.9 Citigroup Inc 5 15.9 223,293 117 5 26.0 -10.1 Bank of America Merrill Lynch 6 13.3 228,784 114 4 27.3 -14.0 Evercore Inc 6 15.1 212,356 100 9 12.5 2.7 Evercore Inc 7 13.2 226,607 115 9 12.9 0.2 Centerview Partners LLC 7 14.0 196,298 51 12 7.9 6.1 Centerview Partners LLC 8 13.1 225,629 54 11 10.5 2.7 Bank of America Merrill Lynch 8 12.7 178,808 98 4 28.6 -15.9 Credit Suisse Group AG 9 12.5 215,159 131 7 16.9 -4.4 Lazard Ltd 9 11.7 164,618 99 7 14.7 -3.0 Lazard Ltd 10 12.1 207,952 122 8 13.3 -1.2 Deutsche Bank AG 10 9.6 134,947 62 10 11.4 -1.8 Deutsche Bank AG 11 9.2 159,126 78 10 12.2 -3.0 Guggenheim Capital LLC 11 7.2 100,760 22 17 5.0 2.2 Guggenheim Capital LLC 12 5.9 100,760 22 19 4.3 1.6 Credit Suisse Group AG 12 7.2 100,384 98 8 13.9 -6.7 Allen & Co Inc 13 5.7 98,275 17 14 6.8 -1.1 Allen & Co Inc 13 7.0 98,275 17 11 8.0 -1.0 UBS AG 14 5.3 91,101 79 12 7.9 -2.6 UBS AG 14 5.6 78,740 63 13 7.6 -2.0 Moelis & Co 15 4.8 81,968 91 24 2.2 2.6 Moelis & Co 15 4.7 66,187 79 23 2.5 2.3 Jefferies LLC 16 4.1 69,840 127 20 3.8 0.3 Jefferies LLC 16 4.4 61,536 115 19 4.3 0.1 RBC Capital Markets 17 3.8 65,934 93 15 6.5 -2.7 RBC Capital Markets 17 3.9 54,230 80 14 7.0 -3.1 Rothschild & Co 18 3.4 58,459 104 16 5.5 -2.1 Perella Weinberg Partners LP 18 3.3 46,098 10 15 6.5 -3.2 Perella Weinberg Partners LP 19 3.2 55,177 16 13 7.5 -4.3 Wells Fargo & Co 19 2.8 38,722 41 16 6.3 -3.5 HSBC Bank PLC 20 2.4 40,444 21 31 0.9 1.5 Rothschild & Co 20 2.7 38,107 61 18 5.0 -2.3 TOTAL 1,722,860 18,251 2,105,669 TOTAL 1,404,346 14,990 1,796,879

Canada Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Canada Announced Deals (Target or Seller) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 24.4 66,301 31 2 35.4 -11.0 TD Securities Inc 1 25.8 36,384 35 7 13.0 12.9 Barclays PLC 2 17.2 46,685 20 5 31.6 -14.5 JPMorgan Chase & Co 2 23.5 33,104 14 8 9.3 14.2 Goldman Sachs & Co 3 16.2 44,056 28 1 35.8 -19.6 Goldman Sachs & Co 3 19.7 27,796 13 9 8.8 10.9 TD Securities Inc 4 15.8 42,846 41 14 5.7 10.1 RBC Capital Markets 4 19.6 27,632 29 1 35.0 -15.4 RBC Capital Markets 5 14.4 39,230 47 6 29.6 -15.2 CIBC 5 18.1 25,547 32 2 33.5 -15.3 Lazard Ltd 6 13.6 36,907 16 12 9.1 4.5 Bank of Nova Scotia/The 6 15.3 21,472 17 11 7.2 8.0 Morgan Stanley 7 12.2 33,102 25 3 35.0 -22.8 Barclays PLC 7 14.1 19,875 12 3 24.5 -10.4 Bank of America Merrill Lynch 8 11.6 31,556 22 4 33.2 -21.6 BMO Capital Markets Corp/Toronto 8 11.6 16,380 31 6 13.0 -1.4 CIBC 9 10.7 28,991 36 11 14.2 -3.5 Bank of America Merrill Lynch 9 11.2 15,727 9 5 19.4 -8.2 BMO Capital Markets Corp/Toronto 10 8.2 22,196 45 9 22.6 -14.4 Morgan Stanley 10 9.7 13,626 13 4 19.5 -9.8 Bank of Nova Scotia/The 11 8.1 22,080 18 13 7.1 1.1 Citigroup Inc 11 8.6 12,064 9 13 4.1 4.5 Credit Suisse Group AG 12 7.7 21,044 15 7 23.7 -16.0 National Bank Financial Inc 12 7.6 10,702 24 12 6.0 1.6 Citigroup Inc 13 7.6 20,660 17 10 20.2 -12.6 Lazard Ltd 13 7.4 10,474 8 33 0.7 6.8 Rothschild & Co 14 5.2 14,070 14 22 2.5 2.6 Evercore Inc 14 3.9 5,507 8 18 1.9 2.0 UBS AG 15 4.5 12,275 8 15 5.1 -0.6 Credit Suisse Group AG 15 3.4 4,849 6 10 7.7 -4.3 National Bank Financial Inc 16 4.1 11,131 26 19 4.1 0.0 HSBC Bank PLC 16 2.9 4,020 4 23 1.2 1.6 Deutsche Bank AG 17 3.9 10,612 9 20 3.0 0.9 PricewaterhouseCoopers LLP 17 2.4 3,413 15 26 1.2 1.2 HSBC Bank PLC 18 3.6 9,914 8 39 0.9 2.7 Macquarie Group Ltd 18 2.3 3,215 8 37 0.6 1.7 Moelis & Co 19 3.4 9,324 8 26 1.9 1.6 Raymond James & Associates Inc 19 1.6 2,205 12 46 0.3 1.2 Macquarie Group Ltd 20 3.4 9,165 15 16 4.6 -1.2 Credit Agricole Corporate & Investment Bank SA 20 1.4 2,021 1 63 0.1 1.4 TOTAL 272,013 3,171 296,400 TOTAL 140,798 2,204 108,318

6 Latin America Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Brazil Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Banco BTG Pactual SA 1 18.9 17,764 38 5 13.3 5.7 Banco BTG Pactual SA 1 22.5 12,206 31 7 12.6 9.9 Bank of America Merrill Lynch 2 17.0 15,967 15 3 14.2 2.8 Banco Itau BBA SA 2 19.4 10,541 39 5 21.4 -1.9 Banco Santander SA 3 14.3 13,437 21 1 25.0 -10.7 Banco Santander SA 3 18.8 10,218 12 1 32.9 -14.0 Banco Itau BBA SA 4 11.7 10,937 40 2 18.0 -6.4 Bank of America Merrill Lynch 4 18.8 10,182 8 2 29.0 -10.2 Morgan Stanley 5 10.8 10,150 16 9 8.6 2.2 Banco Bradesco BBI SA 5 12.1 6,574 21 3 26.6 -14.4 Barclays PLC 6 7.3 6,808 7 21 1.8 5.4 Morgan Stanley 6 9.9 5,355 10 13 5.3 4.6 Credit Suisse Group AG 7 7.1 6,677 13 10 7.8 -0.7 Credit Suisse Group AG 7 5.9 3,212 4 12 5.4 0.5 Banco Bradesco BBI SA 8 7.0 6,574 21 6 12.0 -5.0 JPMorgan Chase & Co 8 5.7 3,101 3 6 19.0 -13.3 Banco Bilbao Vizcaya Argentaria SA 9 6.5 6,072 12 14 5.1 1.4 UBS AG 9 4.7 2,551 3 8 11.4 -6.7 Lazard Ltd 10 6.0 5,647 12 15 4.3 1.7 BNP Paribas SA 10 3.2 1,741 5 10 6.1 -2.9 JPMorgan Chase & Co 11 5.7 5,330 8 4 13.5 -7.8 Barclays PLC 11 2.8 1,530 3 16 3.2 -0.4 Bank of Nova Scotia/The 12 5.1 4,820 7 46 0.2 4.9 Bank of Nova Scotia/The 12 2.6 1,405 2 - - 2.6 Citigroup Inc 13 5.1 4,754 9 8 9.3 -4.3 Evercore Inc 13 2.4 1,300 1 25 2.2 0.3 Goldman Sachs & Co 14 4.8 4,454 11 11 5.9 -1.1 Lazard Ltd 14 2.3 1,220 2 15 3.2 -1.0 UBS AG 15 4.4 4,141 9 13 5.7 -1.3 Deutsche Bank AG 15 2.0 1,100 2 16 3.2 -1.2 Deutsche Bank AG 16 2.6 2,400 3 22 1.4 1.1 Haitong Securities Co Ltd 16 1.8 993 3 37 0.4 1.4 Rothschild & Co 17 2.3 2,153 9 19 2.1 0.2 Rothschild & Co 17 1.2 671 4 14 4.6 -3.4 BNP Paribas SA 18 2.2 2,051 11 16 3.4 -1.2 Goldman Sachs & Co 18 1.2 628 3 16 3.2 -2.0 Centerview Partners LLC 19 2.0 1,895 1 - - 2.0 HSBC Bank PLC 19 1.0 550 2 16 3.2 -2.2 VACE Partners 20 1.7 1,627 2 - - 1.7 Banco Modal SA 20 0.9 486 8 32 0.7 0.3 TOTAL 93,823 971 104,785 TOTAL 54,246 493 47,262

Latin America Announced Deals (Target or Seller) 01/01/2017 - 12/31/2017 Brazil Announced Deals (Target or Seller) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Bank of America Merrill Lynch 1 21.6 25,520 12 4 11.3 10.3 Banco BTG Pactual SA 1 24.1 11,724 28 7 13.2 10.9 Citigroup Inc 2 16.9 19,947 12 13 7.4 9.5 Banco Itau BBA SA 2 21.0 10,248 38 5 22.2 -1.1 Goldman Sachs & Co 3 16.3 19,312 14 15 5.9 10.4 Banco Santander SA 3 21.0 10,218 12 1 34.4 -13.4 Morgan Stanley 4 16.3 19,305 13 12 7.7 8.7 Bank of America Merrill Lynch 4 16.1 7,824 6 2 29.1 -13.0 Banco BTG Pactual SA 5 15.0 17,700 37 5 11.1 3.9 Banco Bradesco BBI SA 5 13.5 6,574 20 3 26.5 -13.0 UBS AG 6 12.9 15,225 9 1 15.0 -2.1 Morgan Stanley 6 7.1 3,454 7 12 5.6 1.5 PJT Partners Inc 7 11.7 13,806 3 - - 11.7 JPMorgan Chase & Co 7 6.4 3,101 3 6 18.6 -12.2 Wells Fargo & Co 7 11.7 13,806 1 - - 11.7 Credit Suisse Group AG 8 3.7 1,781 3 13 5.2 -1.5 Banco Santander SA 9 11.4 13,437 21 3 14.8 -3.5 BNP Paribas SA 9 3.6 1,741 5 10 6.4 -2.8 Banco Itau BBA SA 10 9.0 10,644 39 2 15.0 -6.0 Bank of Nova Scotia/The 10 2.9 1,390 1 - - 2.9 Banco Bradesco BBI SA 11 5.6 6,574 20 10 9.5 -3.9 Barclays PLC 11 2.7 1,300 2 15 3.3 -0.7 Bank of Nova Scotia/The 12 4.1 4,820 7 54 0.2 3.9 Evercore Inc 11 2.7 1,300 1 25 2.3 0.4 Lazard Ltd 13 3.8 4,527 11 18 3.6 0.2 Deutsche Bank AG 13 2.3 1,100 2 15 3.3 -1.1 Barclays PLC 14 3.8 4,478 5 27 1.2 2.6 Haitong Securities Co Ltd 14 2.0 993 3 35 0.4 1.6 HSBC Bank PLC 15 3.7 4,359 5 22 2.0 1.7 Rothschild & Co 15 1.4 671 4 14 4.9 -3.5 Banco Bilbao Vizcaya Argentaria SA 16 3.4 3,972 11 19 3.5 -0.2 HSBC Bank PLC 16 1.1 550 2 15 3.3 -2.2 Credit Suisse Group AG 17 3.0 3,558 13 14 6.6 -3.6 Banco Modal SA 17 1.0 486 8 44 0.2 0.8 BNP Paribas SA 18 2.8 3,262 15 20 2.9 -0.1 BR Partners 18 1.0 472 8 22 2.9 -1.9 JPMorgan Chase & Co 19 2.7 3,230 8 6 10.4 -7.7 STS Gaea Capital 19 0.5 263 2 38 0.4 0.1 Rothschild & Co 20 2.4 2,802 11 23 1.8 0.5 Deloitte Touche Tohmatsu ILA Group Ltd 20 0.5 250 1 23 2.7 -2.2 TOTAL 118,204 1,178 125,957 TOTAL 48,721 448 45,133

7 EMEA M&A Regional Review EMEA M&A: Country Breakdown Amount % YoY • Deal volume for EMEA-based targets increased by 5.7% in 2017 to $890.4 billion year-over-year. Deal Country (Bln.) % of Total Change count reached their highest levels since the financial crisis of 2008. United Kingdom $218.7 24.6% 10.4% • The financial and consumer non-cyclical sectors were the most targeted industries, accounting for Spain $117.8 13.2% 216.7% more than half of the region’s overall volume. HOCHTIEF AG’s announced acquisition of Abertis France $108.5 12.2% 70.7% Infraestructuras SA for $37.7 billion was the largest deal of the year in the region. Atlantia SpA’s Germany $91.3 10.2% -26.9% competing bid of $34.4 billion for all shares of Abertis was the second largest deal of the year. Italy $61.4 6.9% 46.0% • Private Equity deals in 2017 increased by 30.3% compared to the same period last year with deal volumes reaching their highest levels in the last 10 years. Switzerland $38.5 4.3% -39.7% Netherlands $32.8 3.7% -60.9% Finland $8.2 0.9% -47.4%

EMEA M&A Highlights of 2017 EMEA M&A: Industry Breakdown Total Amount % YoY Summary* Date Target Acquirer Seller Value Industry (Bln.) % of Total Change Number of deals 11,424 Financial $266.3 29.4% 51.5% 10/18/2017 Abertis Infraestructuras SA HOCHTIEF AG - $41,518.2 Volume (Bln.) $890.3 Consumer Non-cyclical $239.7 26.5% 75.3% Avg Deal Size (Mln.) $77.9 Consumer Cyclical $102.1 11.3% 45.5% 5/15/2017 Abertis Infraestructuras SA Atlantia SpA - $34,388.4 Industrial $82.8 9.1% -4.4% Top Adviser Energy $70.8 7.8% 30.6% 1/26/2017 Actelion Ltd Johnson & Johnson - $29,762.2 Goldman Sachs & Co Utilities $38.7 4.3% 46.1% Number of deals 90 Communications $35.8 4.0% -43.3% 1/16/2017 Luxottica Group SpA Multiple Acquirers Delfin Sarl $16,608.8

Volume (Bln.) $185.9 Technology $33.2 3.7% -71.1% ReviewGlobal M&A | 2017 Avg Deal Size (Bln.) $2.1 United Kingdom of Great Basic Materials $27.3 3.0% -75.7% 3/31/2017 Bradford & Bingley assets Multiple Acquirers $14,799.6 Britain and Northern Ireland Diversified $8.4 0.9% -4.9% *Yearly Values represent regional target only involvement EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown Amount % Change % Change $500 4000 Deal Type (Bln.) Deal Count Volume $400 Company Takeover $479.8 -3.6% -5.1% 3000 Cross Border $687.3 3.2% 12.0% $300 Private Equity $276.4 7.3% 30.5% 2000 $200 Asset sale $203.2 3.8% 43.3% Tender Offer $217.0 -3.1% 9.7% 1000 $100 Venture Capital $18.6 7.3% 21.6% Spin-off $6.5 -16.3% -78.2% $0 0 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 Minority purchase $96.1 5.7% 4.1% Majority purchase $81.3 11.8% 46.7% Volume $(Bln.) Deal Count

Quarterly Volume represents any involvement (target, seller, or acquirer). 8 Europe Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Europe Announced Deals (Target or Seller) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 25.1 288,920 135 1 35.3 -10.3 Goldman Sachs & Co 1 22.2 204,583 102 1 33.7 -11.4 Morgan Stanley 2 24.2 279,555 125 2 29.3 -5.1 Morgan Stanley 2 22.2 203,874 96 2 25.2 -3.0 JPMorgan Chase & Co 3 21.0 242,059 143 4 19.9 1.1 JPMorgan Chase & Co 3 19.9 183,040 118 4 17.3 2.6 Bank of America Merrill Lynch 4 19.0 218,696 85 5 19.0 0.0 Lazard Ltd 4 19.0 175,135 140 9 12.3 6.8 Lazard Ltd 5 17.7 204,430 162 6 18.6 -0.9 Citigroup Inc 5 18.6 170,878 71 17 5.6 12.9 Rothschild & Co 6 16.4 189,043 294 8 16.8 -0.4 Rothschild & Co 6 17.5 160,844 263 6 14.8 2.6 Citigroup Inc 7 15.8 181,701 83 12 8.6 7.2 Credit Suisse Group AG 7 16.7 153,932 63 3 21.5 -4.8 Credit Suisse Group AG 8 14.5 167,266 77 3 22.3 -7.8 Bank of America Merrill Lynch 8 16.5 152,002 65 5 15.6 0.9 Deutsche Bank AG 9 13.6 156,987 64 7 17.4 -3.8 Deutsche Bank AG 9 12.6 116,102 57 10 11.8 0.8 UBS AG 10 9.9 114,424 78 9 15.8 -5.9 BNP Paribas SA 10 9.7 88,811 85 25 3.5 6.2 BNP Paribas SA 11 7.8 89,627 89 27 3.0 4.8 UBS AG 11 9.6 88,246 68 8 12.9 -3.4 Societe Generale SA 12 6.9 79,233 55 33 1.6 5.3 Societe Generale SA 12 8.2 75,861 53 30 2.3 6.0 Barclays PLC 13 6.0 69,594 55 10 14.8 -8.8 Barclays PLC 13 6.5 59,498 44 7 14.1 -7.7 Mediobanca SpA 14 5.1 58,263 10 40 1.1 4.0 Mediobanca SpA PricewaterhouseCoopers LLP 14 6.1 55,745 9 37 1.6 4.5 HSBC Bank PLC 15 5.0 57,826 42 14 5.9 -0.9 KPMG Corporate Finance LLC 15 5.4 49,865 207 38 1.5 4.0 PricewaterhouseCoopers LLP 16 4.4 50,647 230 41 1.1 3.3 Credit Agricole Corporate & Investment Bank SA 16 5.2 47,993 184 35 1.7 3.6 KPMG Corporate Finance LLC 17 4.3 49,882 204 37 1.2 3.1 Banco Santander SA 17 4.6 42,552 30 26 3.4 1.2 Credit Agricole Corporate & Investment Bank SA 18 3.9 45,006 33 29 2.7 1.2 ALANTRA 18 4.4 40,643 21 34 1.8 2.6 Banco Santander SA 19 3.6 41,771 24 34 1.5 2.1 HSBC Bank PLC 19 3.8 34,981 54 51 0.6 3.2 Jefferies LLC 20 3.6 41,353 49 32 2.0 1.6 20 3.1 28,134 33 12 8.2 -5.2 TOTAL 1,153,174 13,483 1,182,234 TOTAL 920,346 11,012 834,485

UK Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Germany Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 29.0 122,163 63 1 45.5 -16.6 Morgan Stanley 1 40.5 78,106 15 2 52.2 -11.8 Morgan Stanley 2 27.7 116,799 53 7 16.4 11.3 JPMorgan Chase & Co 2 33.5 64,777 23 9 15.6 18.0 Bank of America Merrill Lynch 3 19.1 80,499 34 10 9.7 9.4 Citigroup Inc 3 33.5 64,752 11 13 5.2 28.4 JPMorgan Chase & Co 4 15.9 66,969 55 2 31.1 -15.3 Deutsche Bank AG 4 32.4 62,575 21 10 12.4 20.0 Credit Suisse Group AG 5 15.0 63,224 23 22 2.2 12.8 Lazard Ltd 5 23.9 46,074 16 11 5.9 17.9 UBS AG 6 13.8 58,241 35 5 25.8 -11.9 KPMG Corporate Finance LLC 6 21.9 42,307 27 31 0.5 21.4 Rothschild & Co 7 12.3 51,668 100 9 12.7 -0.5 Societe Generale SA 7 21.5 41,518 5 25 1.2 20.3 Deutsche Bank AG 8 12.0 50,479 19 4 28.7 -16.7 Goldman Sachs & Co 8 16.3 31,426 17 5 25.8 -9.6 Barclays PLC 9 9.8 41,243 29 8 16.1 -6.3 Bank of America Merrill Lynch 9 15.9 30,711 11 1 55.7 -39.8 HSBC Bank PLC 10 9.4 39,507 17 18 3.4 6.0 Rothschild & Co 10 14.4 27,784 49 4 32.0 -17.6 Lazard Ltd 11 8.6 36,116 43 3 30.0 -21.4 UBS AG 11 11.3 21,889 11 15 4.1 7.2 Robey Warshaw LLP 12 8.4 35,282 4 11 9.1 -0.8 Credit Suisse Group AG 12 10.2 19,742 15 3 46.3 -36.0 Citigroup Inc 13 8.0 33,648 37 14 6.7 1.3 Barclays PLC 13 9.3 17,873 9 14 4.6 4.6 RBC Capital Markets 14 5.6 23,678 25 17 4.6 1.0 Wells Fargo & Co 14 7.2 13,972 2 29 0.9 6.3 Moelis & Co 15 4.8 20,188 12 36 0.8 4.0 PJT Partners Inc 15 7.2 13,935 3 32 0.5 6.7 Houlihan Lokey Inc 16 4.7 19,880 18 52 0.3 4.5 Ernst & Young 16 4.3 8,264 58 20 1.7 2.6 Centerview Partners LLC 17 3.3 13,971 4 6 22.3 -18.9 Evercore Inc 17 3.4 6,597 5 38 0.2 3.2 Kotak Mahindra Bank Ltd 18 3.3 13,860 3 - - 3.3 Victoria Partners GmbH 18 3.3 6,415 3 48 0.1 3.3 Ernst & Young 19 3.3 13,826 74 15 6.3 -3.0 Jefferies LLC 19 3.2 6,074 4 16 2.9 0.3 Nomura Holdings Inc 20 3.2 13,555 14 23 2.1 1.2 Macquarie Group Ltd 20 3.0 5,854 9 7 17.6 -14.6 TOTAL 421,598 5,166 392,197 TOTAL 193,111 2,290 264,950

9 France Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Italy Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Rothschild & Co 1 45.8 108,288 106 2 25.6 20.2 Mediobanca SpA 1 53.2 57,937 8 2 22.3 30.9 BNP Paribas SA 2 34.6 81,799 60 8 11.5 23.1 Goldman Sachs & Co 2 36.8 40,098 8 7 14.2 22.6 Lazard Ltd 3 29.6 70,097 68 5 19.2 10.5 Banco Santander SA 3 33.5 36,484 5 61 - 33.5 Goldman Sachs & Co 4 27.4 64,874 26 3 22.9 4.5 Credit Suisse Group AG 4 33.1 35,998 5 11 9.6 23.5 Morgan Stanley 5 23.0 54,395 21 1 35.0 -12.0 PricewaterhouseCoopers LLP 5 32.5 35,367 22 17 4.5 28.0 JPMorgan Chase & Co 6 21.1 49,966 25 11 8.2 13.0 Rothschild & Co 6 30.5 33,235 33 6 15.1 15.4 Citigroup Inc 7 20.4 48,255 18 18 2.8 17.6 BNP Paribas SA 7 26.1 28,369 15 20 3.5 22.5 Credit Agricole Corporate & Investment Bank SA 8 17.9 42,366 31 4 19.8 -1.9 Citigroup Inc 8 25.6 27,829 8 9 11.2 14.4 Deutsche Bank AG 9 17.7 41,898 12 10 9.1 8.6 Lazard Ltd 9 13.0 14,116 30 4 19.0 -6.0 Bank of America Merrill Lynch 10 16.2 38,389 8 6 14.7 1.5 Bank of America Merrill Lynch 10 5.1 5,593 7 8 12.6 -7.5 Societe Generale SA 11 13.6 32,228 38 9 10.1 3.5 JPMorgan Chase & Co 11 4.3 4,715 8 3 21.1 -16.8 UBS AG 12 11.6 27,450 10 22 1.9 9.7 Morgan Stanley 12 3.1 3,359 8 1 23.9 -20.9 Jefferies LLC 13 11.3 26,613 6 50 0.2 11.0 Barclays PLC 13 2.4 2,634 3 12 8.4 -6.0 HSBC Bank PLC 14 7.6 18,034 10 15 4.5 3.1 Deutsche Bank AG 14 2.2 2,391 11 5 16.6 -14.4 Mediobanca SpA 15 7.0 16,609 3 19 2.8 4.2 Nomura Holdings Inc 15 1.4 1,553 4 23 2.6 -1.2 Credit Suisse Group AG 16 5.9 13,976 10 7 13.6 -7.7 Moelis & Co 16 1.4 1,484 3 - - 1.4 Barclays PLC 17 4.7 10,989 5 14 5.3 -0.7 HSBC Bank PLC 17 1.2 1,266 2 30 1.0 0.2 Zaoui & Co LLP 18 3.1 7,217 2 42 0.5 2.6 KPMG Corporate Finance LLC 18 1.0 1,113 11 22 3.1 -2.0 Nomura Holdings Inc 19 2.8 6,541 11 49 0.2 2.6 Societe Generale SA 19 0.8 889 4 31 0.8 0.0 Messier Maris et Associes 20 2.7 6,412 1 92 - 2.7 Jamieson Corporate Finance LLP 20 0.8 867 1 - - 0.8 TOTAL 236,468 1,986 140,245 TOTAL 108,877 825 58,383

Benelux Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Iberia Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 29.2 42,286 27 13 5.6 23.7 Morgan Stanley 1 39.7 54,993 15 8 11.6 28.0 Rothschild & Co 2 20.0 28,978 42 7 15.9 4.1 JPMorgan Chase & Co 2 38.3 53,038 14 2 18.7 19.5 Citigroup Inc 3 19.6 28,372 15 18 2.6 17.0 Citigroup Inc 3 35.2 48,762 16 7 11.7 23.5 Lazard Ltd 4 17.8 25,706 35 8 14.2 3.5 Deutsche Bank AG 4 35.0 48,484 10 6 11.9 23.1 Goldman Sachs & Co 5 13.5 19,583 20 3 36.1 -22.6 Lazard Ltd 5 34.8 48,233 17 12 4.7 30.1 BNP Paribas SA 6 12.8 18,540 10 22 1.5 11.3 Societe Generale SA 6 33.0 45,705 6 16 2.7 30.2 Morgan Stanley 7 11.5 16,701 18 9 11.4 0.2 PricewaterhouseCoopers LLP 7 31.6 43,759 83 11 5.6 26.0 Mediobanca SpA 8 11.5 16,609 2 89 - 11.5 KPMG Corporate Finance LLC 8 31.2 43,276 54 13 3.9 27.3 Bank of America Merrill Lynch 9 9.6 13,910 13 11 8.9 0.7 Banco Santander SA 9 29.7 41,185 16 1 26.0 3.7 Bank of Nova Scotia/The 10 8.3 11,997 4 - - 8.3 Goldman Sachs & Co 10 28.5 39,484 7 3 17.6 10.9 TD Securities Inc 11 7.4 10,662 2 - - 7.4 Credit Suisse Group AG 11 26.2 36,389 5 17 1.8 24.5 Credit Suisse Group AG 12 7.0 10,191 13 1 37.4 -30.4 Mediobanca SpA 12 25.0 34,715 3 - - 25.0 UBS AG 13 6.9 9,974 8 16 3.9 3.0 Banco Bilbao Vizcaya Argentaria SA 13 6.7 9,337 19 10 10.0 -3.3 Deutsche Bank AG 14 6.8 9,833 10 10 10.7 -3.9 Ernst & Young 14 5.9 8,110 56 22 1.3 4.5 Banco BTG Pactual SA 15 4.7 6,815 4 - - 4.7 Rothschild & Co 15 5.5 7,632 19 15 3.2 2.3 Messier Maris et Associes 16 4.4 6,412 1 - - 4.4 UBS AG 16 4.4 6,107 9 30 0.6 3.8 Societe Generale SA 16 4.4 6,412 7 82 0.0 4.4 Bank of America Merrill Lynch 17 4.0 5,575 7 5 12.4 -8.4 Barclays PLC 18 3.4 4,973 11 2 36.6 -33.2 BNP Paribas SA 18 3.9 5,397 10 4 16.0 -12.1 ING Groep NV 19 3.3 4,736 34 17 2.7 0.6 Abu Dhabi Investment Co 19 2.0 2,815 1 - - 2.0 RBC Capital Markets 20 3.2 4,567 4 23 1.3 1.9 Swiss Life AG 19 2.0 2,815 1 - - 2.0 TOTAL 144,733 1,667 160,387 TOTAL 138,669 879 57,600

10 Nordic Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Eastern Europe Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 29.8 36,544 15 2 17.7 12.1 VTB Capital JSC 1 19.8 12,655 11 1 37.0 -17.2 Rothschild & Co 2 19.0 23,309 24 4 15.0 4.0 China International Capital Corp Ltd 2 14.0 8,958 1 - - 14.0 Goldman Sachs & Co 3 18.0 22,084 14 5 12.8 5.2 Morgan Stanley 3 12.6 8,036 8 13 7.7 4.9 JPMorgan Chase & Co 4 15.7 19,255 17 8 8.5 7.2 Rothschild & Co 4 12.5 8,014 26 2 22.5 -10.0 Bank of America Merrill Lynch 5 13.1 16,039 12 1 18.6 -5.5 JPMorgan Chase & Co 5 5.4 3,475 9 12 7.8 -2.3 Nordea Bank AB 6 10.4 12,740 13 11 7.4 3.0 Skandinaviska Enskilda Banken AB 6 5.0 3,212 2 - - 5.0 Barclays PLC 7 10.1 12,460 7 19 3.4 6.8 FIH Partners A/S 7 4.7 2,972 1 - - 4.7 Skandinaviska Enskilda Banken AB 8 9.7 11,856 27 3 15.4 -5.7 Ernst & Young 8 3.1 1,981 9 9 11.7 -8.6 Deutsche Bank AG 9 5.5 6,706 3 12 7.0 -1.5 Deutsche Bank AG 9 3.0 1,945 3 8 12.0 -9.0 UBS AG 10 5.2 6,388 7 15 4.7 0.5 Citigroup Inc 10 2.8 1,762 6 20 2.8 - Citigroup Inc 11 4.7 5,774 7 18 4.2 0.5 Societe Generale SA 11 2.4 1,532 6 30 0.1 2.3 Ernst & Young 12 4.3 5,227 42 47 0.6 3.7 PricewaterhouseCoopers LLP 12 2.0 1,265 14 25 0.4 1.6 Lazard Ltd 13 3.6 4,471 14 13 4.9 -1.2 Sberbank CIB CJSC 13 1.6 1,051 1 14 6.8 -5.1 FIH Partners A/S 14 3.0 3,686 9 75 0.1 2.9 Victoria Partners GmbH 13 1.6 1,051 1 - - 1.6 Quayle Munro Holdings Ltd 15 2.7 3,292 1 - - 2.7 Bank of America Merrill Lynch 15 1.6 1,039 2 4 12.9 -11.3 ABG Sundal Collier Holding ASA 16 2.5 3,088 4 66 0.2 2.3 Credit Suisse Group AG 16 1.6 1,016 3 21 1.4 0.2 Banco Itau BBA SA 17 2.2 2,729 2 32 1.1 1.1 Unlu Menkul Degerler AS 17 1.5 925 2 - - 1.5 Arma Partners LLP 18 1.7 2,091 3 45 0.6 1.1 BMO Capital Markets Corp/Toronto 18 1.4 887 1 - - 1.4 Jefferies LLC 19 1.7 2,067 8 14 4.8 -3.2 HSBC Bank PLC 19 1.4 870 2 - - 1.4 Deloitte Touche Tohmatsu ILA Group Ltd 20 1.5 1,889 2 51 0.4 1.2 KPMG Corporate Finance LLC 20 1.3 821 15 23 1.1 0.2 TOTAL 122,855 1,924 111,415 TOTAL 63,933 1,095 101,060

Africa/ME Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 8.1 10,013 13 7 11.0 -2.9 Goldman Sachs & Co 2 7.6 9,450 13 5 12.6 -4.9 UBS AG 3 7.5 9,309 8 1 19.0 -11.5 VTB Capital JSC 4 7.2 8,958 2 2 15.3 -8.0 China International Capital Corp Ltd 4 7.2 8,958 1 28 1.8 5.4 Bank of America Merrill Lynch 6 6.3 7,830 9 6 11.4 -5.1 Morgan Stanley 7 5.7 7,058 11 15 5.6 0.1 Credit Suisse Group AG 8 5.5 6,857 6 4 14.4 -8.9 Deutsche Bank AG 9 5.5 6,848 6 12 6.2 -0.7 Macquarie Group Ltd 10 4.6 5,694 3 13 6.0 -1.4 Lazard Ltd 11 3.7 4,521 7 14 5.8 -2.2 Citigroup Inc 12 3.6 4,413 12 10 7.1 -3.6 RBC Capital Markets 13 3.2 3,958 7 18 3.4 -0.2 Credit Agricole Corporate & Investment Bank SA 14 3.0 3,725 3 104 - 3.0 HSBC Bank PLC 15 2.9 3,577 6 24 2.5 0.4 Rothschild & Co 16 2.6 3,162 15 3 14.7 -12.2 Jefferies LLC 17 2.3 2,832 5 26 2.2 0.1 Barclays PLC 18 2.3 2,797 6 11 6.8 -4.5 Centerview Partners LLC 19 2.2 2,770 3 20 3.0 -0.7 Perella Weinberg Partners LP 20 1.8 2,166 2 53 0.2 1.6 TOTAL 123,838 1,532 158,493

11 APAC M&A Regional Review APAC M&A: Quarterly Volume $600 6000 • M&A activity targeting the APAC region for 2017 increased by 14.2% year-on-year to $1.0 trillion. $400 4000 Domestic transactions continued to dominate the M&A activity in the region, accounting for 91.8% of $200 2000 the deal volume. The number of deals targeting Chinese companies increased to 4,650; the largest number recorded in history. $0 0 • Deal volume for India-based targets increased by 22.6% to $80.9 billion from last year. • Private equity deals increased by 27.5% year-on-year to $210.5 billion, the highest historical volume to Volume $(Bln.) Deal Count date. Toshiba Corp's $18.0 billion sale of its chip unit to a consortium led by Bain Capital was the largest private equity buyout targeting a Japanese company in the region. Australia/NZ M&A: Quarterly Volume $60 600

$40 400 APAC M&A: Highlights of 2017 Total Value $20 200 Summary* Date Target Acquirer Seller (Mln.) Number of deals 13,526 China Unicom Hong China United Network $0 0 8/22/2017 - $32,059.2 Volume (Bln.) $1,010.4 Kong Ltd Communications Ltd Avg Deal Size (Mln.) $74.7 12/12/2017 Westfield Corp Unibail-Rodamco SE - $21,863.7 Volume $(Bln.) Deal Count

Top Adviser Wharf Real Estate Wharf Holdings Greater China M&A: Quarterly Volume 9/4/2017 Shareholders $19,206.1 Morgan Stanley Investment Co Ltd Ltd/The $300 2000 Number of deals 77 1500 9/20/2017 Toshiba Memory Corp Multiple Acquirers Toshiba Corp $17,954.9 $200

Volume (Bln.) $113.0 ReviewGlobal M&A | 2017 1000 Avg Deal Size (Bln.) $1.5 Bharti Enterprises Pvt Indian Continent $100 10/29/2017 Bharti Airtel Ltd $16,661.2 500 Ltd Investment Ltd $0 0 *Yearly Values represent regional target only involvement APAC M&A: Breakdown Amount % % YoY Volume $(Bln.) Deal Count APAC Industry Breakdown Financial Deal Type (Bln.) Change Change Industrial Company Takeover $400.9 10.1% 7.8% Japan M&A: Quarterly Volume 3% 3% 1% 4% Communications Cross Border $409.5 3.5% 47.1% $100 1000 Consumer Non-cyclical Private Equity $210.5 18.4% 27.5% Asset sale $127.4 3.6% 12.2% 8% 34% Consumer Cyclical $50 500 Tender Offer $48.9 2.0% 25.2% 10% Technology Venture Capital $57.3 12.1% 12.1% Energy 11% Spin-off $37.8 14.9% 34.5% $0 0 13% Basic Materials 13% Minority purchase $213.3 6.6% 16.6% Utilities Majority purchase $173.6 31.6% -6.9% Volume $(Bln.) Deal Count Diversified Graphs represent any regional involvement (target, seller, or acquirer).

12 APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 12.4 144,879 80 1 15.1 -2.7 China International Capital Corp Ltd 1 10.8 103,141 47 1 8.3 2.5 Goldman Sachs & Co 2 12.4 144,782 78 3 12.0 0.4 Goldman Sachs & Co 2 9.8 93,613 54 3 7.5 2.3 China International Capital Corp Ltd 3 9.8 114,589 53 5 11.4 -1.6 Morgan Stanley 3 9.5 91,030 58 4 7.2 2.4 UBS AG 4 9.6 112,301 58 4 11.9 -2.3 UBS AG 4 9.0 85,735 44 2 8.2 0.8 Bank of America Merrill Lynch 5 8.2 95,367 44 8 5.8 2.4 JPMorgan Chase & Co 5 7.5 71,375 35 8 4.6 2.9 JPMorgan Chase & Co 6 7.7 89,661 53 2 12.7 -5.0 Bank of America Merrill Lynch 6 6.1 58,263 29 21 2.1 4.0 Citigroup Inc 7 5.4 62,539 51 9 5.4 0.0 CITIC Securities Co Ltd 7 5.0 47,980 32 7 4.9 0.1 Deutsche Bank AG 8 4.5 52,908 35 18 2.9 1.6 Citigroup Inc 8 4.4 42,093 37 11 3.3 1.1 Credit Suisse Group AG 9 4.5 52,765 57 6 9.3 -4.8 Deutsche Bank AG 9 4.3 40,701 26 22 2.1 2.2 CITIC Securities Co Ltd 10 4.1 47,980 32 14 4.1 0.1 Rothschild & Co 10 4.2 40,034 28 30 1.0 3.2 Rothschild & Co 11 3.9 45,761 53 30 1.7 2.3 ING Groep NV 11 4.1 38,840 4 141 0.0 4.0 ING Groep NV 12 3.4 40,065 7 159 0.0 3.4 Lazard Ltd 12 3.2 30,419 16 23 1.8 1.4 Lazard Ltd 13 3.2 37,363 34 16 3.0 0.2 Credit Suisse Group AG 13 2.8 26,702 42 5 5.3 -2.5 Ernst & Young 14 2.5 29,636 128 17 3.0 -0.4 Ernst & Young 14 2.6 24,479 103 10 3.9 -1.3 Nomura Holdings Inc 15 2.4 28,327 22 56 0.6 1.9 Jefferies LLC 15 2.4 22,555 5 40 0.8 1.6 Jefferies LLC 16 2.2 25,312 13 47 0.8 1.4 Evercore Inc 16 2.2 20,730 9 80 0.3 1.9 HSBC Bank PLC 17 2.0 23,228 20 7 6.3 -4.3 DBS Group Holdings Ltd 17 2.1 20,237 9 49 0.5 1.6 Evercore Inc 18 1.9 22,455 15 24 2.2 -0.2 Gram Capital Ltd 18 1.9 18,114 33 13 3.1 -1.2 DBS Group Holdings Ltd 19 1.7 20,237 9 68 0.4 1.4 HSBC Bank PLC 19 1.8 17,591 16 19 2.2 -0.4 Centerview Partners LLC 20 1.7 19,394 5 60 0.4 1.2 Kotak Mahindra Bank Ltd 20 1.8 16,898 11 34 0.9 0.9 TOTAL 1,164,615 13,623 1,111,670 TOTAL 954,328 11,738 824,380

APAC Private Equity (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 25.2 84,874 42 3 14.6 10.6 Morgan Stanley 2 22.4 75,559 34 4 12.2 10.2 UBS AG 3 14.8 50,029 22 2 15.2 -0.3 Bank of America Merrill Lynch 4 12.7 42,827 16 7 8.0 4.7 Citigroup Inc 5 12.5 41,966 28 8 7.1 5.4 JPMorgan Chase & Co 6 12.3 41,482 29 1 17.5 -5.2 Credit Suisse Group AG 7 10.7 36,218 25 6 8.5 2.3 China International Capital Corp Ltd 8 8.3 27,929 5 19 3.5 4.8 Nomura Holdings Inc 9 8.0 27,060 19 34 1.5 6.5 Centerview Partners LLC 10 5.5 18,574 4 29 1.7 3.8 CITIC Securities Co Ltd 11 5.4 18,326 3 - - 5.4 DBS Group Holdings Ltd 12 5.2 17,431 3 49 0.5 4.7 Evercore Inc 13 5.0 16,737 6 21 3.1 1.9 Wells Fargo & Co 14 4.7 15,852 3 135 - 4.7 Deutsche Bank AG 15 4.6 15,575 7 12 4.8 -0.2 PJT Partners Inc 16 4.1 13,806 1 43 0.9 3.3 Ernst & Young 17 4.1 13,675 45 10 6.3 -2.2 Macquarie Group Ltd 18 3.4 11,498 14 5 10.9 -7.5 RBC Capital Markets 19 3.0 10,257 10 20 3.2 -0.1 Lazard Ltd 20 2.7 9,120 16 18 3.7 -1.0 TOTAL 337,100 3,145 281,629

13 AU & NZ Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Japan Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE UBS AG 1 34.1 41,041 30 2 30.3 3.9 Nomura Holdings Inc 1 22.3 40,665 96 6 14.7 7.7 Goldman Sachs & Co 2 28.9 34,726 22 3 21.6 7.2 Goldman Sachs & Co 2 19.4 35,309 26 5 16.9 2.5 JPMorgan Chase & Co 3 28.8 34,650 21 11 9.4 19.4 Morgan Stanley 3 19.1 34,863 38 2 26.1 -6.9 Deutsche Bank AG 4 28.6 34,418 12 7 14.8 13.9 Credit Suisse Group AG 4 13.3 24,286 12 18 3.1 10.3 Bank of America Merrill Lynch 5 23.1 27,730 13 17 2.3 20.8 Centerview Partners LLC 5 10.3 18,830 2 29 0.5 9.8 Morgan Stanley 6 22.7 27,232 12 8 12.1 10.5 Sumitomo Mitsui Financial Group Inc 6 9.6 17,423 172 11 8.0 1.6 Lazard Ltd 7 22.4 26,905 9 20 2.0 20.4 JPMorgan Chase & Co 7 9.0 16,393 20 10 8.1 0.9 Rothschild & Co 8 19.4 23,334 15 16 2.6 16.9 Bank of America Merrill Lynch 8 5.9 10,668 13 9 10.4 -4.6 Jefferies LLC 9 18.3 21,964 2 23 1.1 17.2 Evercore Inc 9 4.6 8,294 3 23 1.2 3.4 Macquarie Group Ltd 10 13.5 16,262 35 1 39.2 -25.6 Lazard Ltd 10 4.4 7,983 9 3 20.8 -16.4 Credit Suisse Group AG 11 6.4 7,696 13 10 11.5 -5.1 Citigroup Inc 11 3.9 7,136 15 16 4.8 -0.8 Ernst & Young 12 4.5 5,456 37 6 15.6 -11.1 KPMG Corporate Finance LLC 12 3.8 6,834 14 41 0.3 3.5 Highbury Partnership Pty Ltd 13 4.3 5,210 5 26 0.7 3.7 Daiwa Securities Group Inc 13 3.5 6,420 54 13 6.7 -3.2 RBC Capital Markets 14 4.3 5,110 10 21 1.8 2.5 Mizuho Financial Group Inc 14 3.4 6,223 130 1 28.3 -24.8 Evercore Inc 15 3.1 3,732 4 30 0.6 2.5 PricewaterhouseCoopers LLP 15 2.3 4,147 17 32 0.4 1.8 China International Capital Corp Ltd 16 3.0 3,589 3 - - 3.0 Ernst & Young 16 2.2 3,931 20 17 3.7 -1.6 Deloitte Touche Tohmatsu ILA Group Ltd 17 2.9 3,532 11 43 0.2 2.7 UBS AG 17 1.8 3,338 7 7 13.8 -12.0 Societe Generale SA 18 2.9 3,509 3 95 - 2.9 Jefferies LLC 18 1.5 2,662 8 33 0.4 1.1 Citigroup Inc 19 2.7 3,206 8 14 5.9 -3.2 Macquarie Group Ltd 19 1.2 2,199 4 43 0.2 1.0 Banco Santander SA 20 2.2 2,684 3 - - 2.2 Deloitte Touche Tohmatsu ILA Group Ltd 20 1.2 2,157 49 38 0.3 0.9 TOTAL 120,242 1,924 115,286 TOTAL 182,287 3,122 226,535

South Korea Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 China Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 24.1 25,248 6 5 7.8 16.3 China International Capital Corp Ltd 1 17.3 113,879 52 1 19.3 -2.0 Morgan Stanley 2 21.0 22,022 5 2 11.0 10.0 Morgan Stanley 2 9.0 59,093 39 2 16.7 -7.7 Nomura Holdings Inc 3 19.9 20,872 3 22 0.5 19.4 Goldman Sachs & Co 3 8.2 54,087 30 3 14.9 -6.7 Credit Suisse Group AG 4 18.9 19,796 5 12 5.2 13.7 Citigroup Inc 4 7.6 49,777 18 17 3.6 4.0 Centerview Partners LLC 5 17.1 17,955 1 - - 17.1 CITIC Securities Co Ltd 5 7.3 47,980 32 11 6.4 0.9 Ernst & Young 6 10.4 10,898 38 8 6.2 4.2 UBS AG 6 7.1 46,921 14 5 13.0 -5.8 Bank of America Merrill Lynch 7 4.1 4,341 3 6 7.1 -3.0 JPMorgan Chase & Co 7 5.7 37,616 14 4 13.6 -7.9 HSBC Bank PLC 8 3.7 3,924 1 30 0.1 3.7 Bank of America Merrill Lynch 8 5.3 35,103 14 13 4.7 0.6 PricewaterhouseCoopers LLP 9 3.5 3,719 37 13 4.1 -0.5 ING Groep NV 9 5.1 33,284 3 141 0.0 5.0 Sumitomo Mitsui Financial Group Inc 10 2.2 2,276 1 - - 2.2 DBS Group Holdings Ltd 10 2.9 18,781 4 70 0.2 2.6 BNP Paribas SA 11 1.3 1,381 2 - - 1.3 Gram Capital Ltd 11 2.6 17,115 26 15 3.9 -1.3 Samsung Securities Co Ltd 12 1.1 1,108 11 7 6.7 -5.7 Haitong Securities Co Ltd 12 2.6 16,807 36 18 2.3 0.3 JPMorgan Chase & Co 13 0.9 956 3 1 13.9 -13.0 Evercore Inc 13 2.5 16,445 2 37 1.0 1.5 Deutsche Bank AG 14 0.8 826 1 - - 0.8 China Securities Co Ltd 14 2.4 15,990 30 12 5.6 -3.2 Raine Group LLC 14 0.8 826 1 - - 0.8 Huatai Securities Co Ltd 15 2.2 14,757 20 14 4.0 -1.8 Mirae Asset Daewoo Co Ltd 16 0.7 688 3 9 6.2 -5.5 PJT Partners Inc 16 2.2 14,682 3 76 0.2 2.0 NH Investment & Securities Co Ltd 17 0.6 632 3 14 2.2 -1.6 Credit Suisse Group AG 17 2.1 13,938 11 6 10.7 -8.5 Daiwa Securities Group Inc 18 0.4 459 2 17 1.2 -0.8 HSBC Bank PLC 18 2.1 13,842 10 7 8.9 -6.8 KPMG Corporate Finance LLC 19 0.3 312 5 21 0.5 -0.2 Wells Fargo & Co 19 2.1 13,806 1 - - 2.1 UBS AG 20 0.3 309 1 15 1.3 -1.0 Somerley Group Ltd 20 1.9 12,572 27 40 0.9 1.0 TOTAL 104,978 1,668 107,974 TOTAL 659,628 5,772 657,082

14 Hong Kong Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 Taiwan Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 22.7 44,396 22 4 10.1 12.6 Somerley Group Ltd 1 17.0 2,911 2 - - 17.0 UBS AG 2 17.3 33,748 8 14 4.1 13.1 China International Capital Corp Ltd 2 16.8 2,871 2 - - 16.8 Citigroup Inc 3 15.7 30,632 13 13 5.5 10.2 Citigroup Inc 3 13.9 2,375 3 6 14.0 -0.1 JPMorgan Chase & Co 4 15.5 30,349 7 15 3.6 11.9 HSBC Bank PLC 4 12.1 2,065 2 - - 12.1 Morgan Stanley 5 12.1 23,753 11 1 20.0 -7.8 Goldman Sachs & Co 5 8.8 1,501 2 7 11.5 -2.7 China International Capital Corp Ltd 6 11.5 22,404 5 58 0.2 11.2 Lazard Ltd 6 6.4 1,100 1 - - 6.4 CITIC Securities Co Ltd 7 10.6 20,681 5 33 0.9 9.6 Evercore Inc 6 6.4 1,100 1 16 0.8 5.6 Evercore Inc 8 10.1 19,710 4 - - 10.1 BNP Paribas SA 8 4.9 846 1 - - 4.9 DBS Group Holdings Ltd 9 8.2 16,019 1 45 0.4 7.8 KGI Securities Co Ltd 9 4.6 783 10 5 14.5 -10.0 HSBC Bank PLC 10 8.2 15,943 7 11 6.1 2.0 UBS AG 10 3.3 562 1 - - 3.3 Bank of America Merrill Lynch 11 7.3 14,222 5 2 11.4 -4.1 Deloitte Touche Tohmatsu ILA Group Ltd 11 2.4 403 2 - - 2.4 Somerley Group Ltd 12 3.5 6,754 25 3 10.1 -6.7 Yuanta Securities Co Ltd 12 2.3 387 6 8 6.0 -3.8 Barclays PLC 13 3.2 6,292 5 51 0.4 2.8 Jefferies LLC 13 2.0 347 1 - - 2.0 Anglo Chinese Corporate Finance 14 3.0 5,819 2 52 0.3 2.6 PricewaterhouseCoopers LLP 14 1.3 230 5 13 1.8 -0.4 Platinum Securities Co Ltd 15 2.4 4,611 6 5 9.9 -7.6 Harpeth Capital LLC 15 1.0 167 1 - - 1.0 Credit Suisse Group AG 16 2.3 4,496 5 19 2.5 -0.2 Lincoln International LLC 16 0.3 53 1 - - 0.3 RBC Capital Markets 17 2.2 4,326 1 16 3.4 -1.2 Nomura Holdings Inc 17 0.2 30 1 9 2.7 -2.5 CIBC 18 2.1 4,083 4 32 1.0 1.1 Sangyo Sosei Advisory Inc 17 0.2 30 2 - - 0.2 Nomura Holdings Inc 19 2.1 4,067 5 50 0.4 1.7 Banco Bilbao Vizcaya Argentaria SA 19 0.1 22 1 - - 0.1 Rothschild & Co 20 2.0 3,974 5 36 0.8 1.2 KPMG Corporate Finance LLC 20 - - 1 14 1.7 -1.7 TOTAL 195,660 1,574 143,402 TOTAL 17,113 202 24,054

SE Asia Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 India Announced Deals (Any Involvement) 01/01/2017 - 12/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 20.7 39,588 26 5 9.9 10.8 Morgan Stanley 1 24.5 21,622 10 8 8.2 16.4 JPMorgan Chase & Co 2 19.9 38,119 18 1 20.1 -0.2 Kotak Mahindra Bank Ltd 2 19.2 16,898 11 5 9.2 9.9 Citigroup Inc 3 12.2 23,276 13 12 7.1 5.1 Goldman Sachs & Co 3 19.0 16,719 7 28 1.7 17.3 Goldman Sachs & Co 4 10.8 20,709 17 4 13.3 -2.4 Bank of America Merrill Lynch 4 17.2 15,199 5 17 3.8 13.5 Bank of America Merrill Lynch 5 10.0 19,031 12 6 8.0 2.0 UBS AG 5 16.7 14,693 5 4 20.6 -3.9 UBS AG 6 9.9 18,894 8 2 16.7 -6.8 Axis Bank Ltd 6 15.6 13,779 10 21 3.0 12.6 DBS Group Holdings Ltd 7 9.9 18,827 7 30 1.9 8.0 Rothschild & Co 7 15.6 13,715 11 11 5.9 9.7 China International Capital Corp Ltd 8 9.4 17,873 3 38 1.0 8.3 Lavin y Cia Enrique y Nelson CBL 8 15.1 13,272 2 - - 15.1 Evercore Inc 9 8.7 16,615 8 17 4.3 4.4 Robey Warshaw LLP 8 15.1 13,272 2 - - 15.1 CITIC Securities Co Ltd 10 8.4 16,019 1 - - 8.4 JPMorgan Chase & Co 10 5.3 4,682 4 29 1.6 3.7 Maybank 11 7.1 13,587 32 18 4.0 3.1 Ernst & Young 11 3.6 3,161 26 6 9.0 -5.4 Credit Suisse Group AG 12 6.8 12,980 26 3 16.4 -9.6 Credit Suisse Group AG 12 2.9 2,552 3 22 2.9 - Ernst & Young 13 4.8 9,124 20 45 0.6 4.2 Arpwood Capital Pvt Ltd 13 2.6 2,331 1 2 22.3 -19.6 Deutsche Bank AG 14 4.6 8,723 5 16 4.7 -0.1 Credit Agricole Corporate & Investment Bank SA 14 2.3 2,021 1 - - 2.3 Standard Chartered Bank 15 4.3 8,178 5 31 1.7 2.6 Citigroup Inc 15 2.2 1,940 7 7 8.3 -6.1 ING Groep NV 16 3.6 6,781 3 71 0.1 3.5 State Bank of India 16 2.1 1,890 2 12 4.5 -2.4 Nordea Bank AB 17 3.3 6,338 1 - - 3.3 Deloitte Touche Tohmatsu ILA Group Ltd 17 2.1 1,814 15 24 2.6 -0.5 CIMB 18 2.7 5,133 26 36 1.2 1.5 Valence Group LLC/The 18 1.6 1,421 1 - - 1.6 Lazard Ltd 19 2.5 4,817 7 25 2.2 0.4 RBC Capital Markets 18 1.6 1,421 1 37 0.3 1.3 Viet Capital Securities JSC 20 2.3 4,448 1 - - 2.3 Deutsche Bank AG 18 1.6 1,421 1 79 - 1.6 TOTAL 191,133 2,428 168,122 TOTAL 88,158 1,664 78,683

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:

{LEAG}: 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.