REUTERS / Mark Blinch MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS

First Quarter 2017 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors M&A Financial Advisory Review

Table of Contents

Global M&A 1 Any European Involvement Announced (AD21) 10 Any New Zealand Involvement Announced (AD39) 17

Global Deals Intelligence 1 Any European Involvement Completed (AF3) 10 Any New Zealand Involvement Completed (AF46) 17

Scorecard: Worldwide Announced M&A 2 Any UK Involvement Announced (AD32) 11 Japan M&A 18

Scorecard: Worldwide Completed M&A 2 Any UK Involvement Completed (AF39) 11 Japan Deals Intelligence 18

Top Fifteen Worldwide Announced Deals 2 Any French Involvement Announced (AD33) 11 Top Ten Japanese Involvement Announced Deals 18

Worldwide Announced (AD1) 3 Any French Involvement Completed (AF40) 11 Any Japanese Involvement Announced (AD19) 19

Worldwide Completed (AF1) 3 Any Spanish Involvement Announced (AD34) 12 Any Japanese Involvement Completed (AF23) 19

Americas M&A 6 Any Spanish Involvement Completed (AF41) 12 Fairness Opinion Rankings 20 Americas Deals Intelligence 6 Any German Involvement Announced (AD35) 12 Worldwide Announced Fairness Opinion 20 Top Ten US Announced Deals 6 Any German Involvement Completed (AF42) 12 Any Americas Announced Fairness Opinion 20

Any Americas Involvement Announced (AD49) 7 Any Italian Involvement Announced (AD36) 13 Any USAnnounced Fairness Opinion 20 Any Americas Involvement Completed (AF55) 7 Any Italian Involvement Completed (AF43) 13 Any EMEA Announced Fairness Opinion 20

US Target Announced (AD2) 7 Any Nordic Involvement Announced (AD37) 13 Any Asia Pacific Announced Fairness Opinion 20 US Target Completed (AF2) 7 Any Nordic Involvement Completed (AF44) 13 Any Japanese Announced Fairness Opinion 20 Any US Involvement Announced (AD41) 8 Any Benelux Involvement Announced (AD40) 14

Any US Involvement Completed (AF48) 8 Any Benelux Involvement Completed (AF47) 14 Criteria Summary 21

Any Canadian Involvement Announced (AD42) 8 Asia Pacific (ex-Japan) M&A 15 Mergers & Acquisitions Criteria Summary 21

Any Canadian Involvement Completed (AF49) 8 Asia Pacific (ex-Japan) Deals Intelligence 15 Regional Contacts 21

EMEA M&A 9 Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15 Thomson Reuters Soultions for the Deal the Deal 22 Making Community European Deals Intelligence 9 Any Asia (ex-Japan) Involvement Announced (AD25) 16

Top Ten European Involvement Announced Deals 9 Any Asia (ex-Japan) Involvement Completed (AF32) 16

Any EMEA Involvement Announced (AD47) 10 Any Australian Involvement Announced (AD24) 16

Any EMEA Involvement Completed (AF53) 10 Any Australian Involvement Completed (AF31) 16

https://www.thomsonone.com First Quarter 2017 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW

WW M&A Up 12% to US$777.7 billion l Deals Over US$1 billion Up 19% l Cross-Border Deal Making Hits 10-Year High l China Outbound M&A Falls 70%

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees WORLDWIDE DEAL MAKING UP 12%, NUMBER OF DEALS FALLS 9% - Worldwide M&A activity totaled US$777.7 billion during the first quarter of 2017, a 12% increase compared to the first quarter of 2016. During the Americas EMEA Asia Pacific Japan quarter, 138 deals with a value greater than US$1 billion were announced, totaling US$501.1 billion, an increase of $5 19% compared to last year's first quarter. By number, deals greater than US$1 billion increased 26% compared to a year ago. Overall, 10,433 worldwide deals were announced during the first quarter of 2017, a 9% decrease compared to last year's first quarter.

DEAL MAKING DOWN 39% FROM Q4'16 - The value of worldwide M&A announced during the first quarter of $4 2017 decreased 39% compared to the fourth quarter of last year (US$1.3 trillion) and marked the slowest quarterly total for worldwide deal making in 12 months.

OUTBOUND US AND INBOUND EUROPE M&A POWERS CROSS-BORDER M&A TO 10-YEAR HIGH – Powered by record levels of outbound M&A from acquirors based in the United States and inbound M&A for $3 European assets, cross-border M&A activity totaled US$337.1 billion during the first quarter of 2017, accounting for 43% of overall M&A volume and the highest first quarter tally since 2007. China Outbound M&A totaled US$25.8 billion, a 70% decline compared to last year's record first quarter.

EUROPEAN M&A UP 29%; ASIA PACIFIC DEALS DOWN 14% - M&A activity for European targets totaled $2 US$225 billion during the first quarter of 2017, an increase of 29% compared to the level of activity seen during Fees (US$b) Imputed 2016. With US$163. 2 billion in announced deals during the quarter, Asia Pacific M&A fell 14% compared to a year ago. European targets accounted for 29% of worldwide M&A, the highest percentage since 2014.

ENERGY & POWER, MATERIALS, HEALTHCARE LEAD SECTOR MIX - Deal making in the Energy & Power $1 sector totaled US$139.6 billion during the first quarter of 2017, an increase of 62% compared to 2016 levels, while Materials M&A decreased 2% by value and 9% by number of deals. Healthcare deal making increased 61% compared to a year ago. Retail and Industrials M&A registered the steepest declines, down 48% and 24%, respectively. $0 COMPLETED M&A ADVISORY FEES INCREASE 13% - Estimated M&A advisory fees from completed 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 transactions totaled US$8.1 billion during the first quarter of 2017, a 13% increase from first quarter 2016. Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

$1,600 Q4 Volume (US$b) Q3 Volume (US$b) 50% $800 30% Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A Q2 Volume (US$b) Q1 Volume (US$b) 43.1% 45% $700 $1,400 % of YTD Global M&A 25.4% 25% 38.4% 39.8% 43.3% $464.2 40% $1,200 35.3% $600 34.3% $478.9 $247.1 32.7% 35% 23.9% 32.1% $305.6 16.4% 20% $156.5 $1,000 $500 30% 19.7% 26.9% $113.3 23.1% $149.2 $422.3 $400 15% $800 $326.1 $258.5 $196.5 $314.9 25% $250.0 $345.4 12.8% $168.4 11.2% 11.7% $109.6 $137.2 20% $300

$600 $136.9 M&A % of Global $222.7 M&A % of Global $99.0 $206.0 (US$b) Value Rank Rank Value (US$b) Value Rank $203.8 9.2%$105.6 10% $272.3 15% $36.0 6.3% $80.8 $135.5 $166.0 $100.4 $367.4 $384.6 $336.0 $282.1 $200 $117.8 $400 $179.8 $57.5 $70.4 $100.1 $248.0 3.4% $272.9 10% $80.2 $147.1 $147.1 $203.9 $73.3 5% $82.6 $87.7 $166.8 $100 $52.9 $78.7 $200 $152.6 $163.4 $112.1 $298.9 $337.1 5% $60.5 $127.6 $258.0 $233.9 $239.6 $272.1 $35.6 $116.8 $176.0 $173.2 $78.4 $24.7 $67.3 $62.9 $77.6 $113.6 $131.7 $16.6 $32.3 $0 0% $0 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com

1 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Mergers & Acquisitions

Scorecard: Worldwide Announced M&A Jan 1 - Mar 31 Scorecard: Worldwide Completed M&A Jan 1 - Mar 31 Worldwide Announced M&A Target Industry by Value

1/1/2017 - 03/31/2017 1/1/2016 - 03/31/2016 % Change 1/1/2017 - 03/31/2017 1/1/2016 - 03/31/2016 % Change Rank Val No. Rank Val No. in Rank Rank Val No. Rank Val No. in Rank Target Region/Nation US$m Deals US$m Deals Value Target Region/Nation US$m Deals US$m Deals Value

Worldwide777,721.5 10,433 694,211.2 11,441 12.0 ▲ Worldwide 645,205.3 7,724 789,510.7 9,002 -18.3 ▼ 10.3% 9.4% Americas 345,159.0 3,861 288,556.1 3,336 19.6 ▲ Americas 362,960.5 3,239 394,424.82,950 -8.0 ▼ Caribbean 1,208.9 22 1,513.1 40 -20.1 ▼ Caribbean 6,541.7 15 7,272.7 26 -10.1 ▼ Central America 1,412.4 46 1,394.5 39 1.3 ▲ Central America 1,986.9 35 6,646.0 40 -70.1 ▼ 11.0% 8.6% Mexico 1,369.3 37 963.3 29 42.1▲ Mexico 1,932.926 5,799.1 31 -66.7 ▼ North America 314,129.6 3,598 275,589.1 3,003 14.0▲ North America 340,961.6 3,018 371,510.6 2,680 -8.2 ▼ United States 271,644.2 3,172 257,936.4 2,648 5.3 ▲ United States331,582.7 2,716 361,576.1 2,412 -8.3 ▼ Canada 42,485.4 426 17,652.7 355 140.7▲ Canada 9,378.8 302 9,934.5 268 -5.6 ▼ 8.5% South America 28,408.1 195 10,059.4 254 182.4 ▲ South America 13,470.4 171 8,995.5 204 49.7 ▲ 12.1% Brazil 26,809.6 97 2,920.9 157 817.9 ▲ Brazil 10,060.8 84 3,006.0 126 234.7 ▲ Chile 1,019.3 24 1,435.6 27 -29.0 ▼ Chile 2,261.5 25 2,456.8 26 -7.9 ▼ Africa/Middle East 30,707.6 245 12,337.7 332 148.9 ▲ Africa/Middle East 22,628.6 167 16,042.9 222 41.1 ▲ Middle East 22,677.7 103 9,626.7 121 135.6 ▲ Middle East 18,750.5 77 2,971.1 77 531.1 ▲ 8.4% North Africa 274.2 23 795.7 40 -65.5 ▼ North Africa 500.7 18 810.5 33 -38.2 ▼ Sub-Saharan Africa 7,750.5 109 1,860.3159 316.6 ▲ Sub-Saharan Africa 3,373.9 66 12,235.4 101 -72.4 ▼ Europe 225,030.1 2,950 174,745.1 4,042 28.8 ▲ Europe 140,962.22,423 235,727.1 3,502 -40.2 ▼ 4.8% 17.9% Eastern Europe 7,963.6 621 6,003.5 948 32.6 ▲ Eastern Europe 30,954.2 533 6,378.2 797 385.3 ▲ 3.8% Western Europe 217,066.5 2,329 168,741.6 3,094 28.6 ▲ Western Europe 110,008.0 1,890 229,348.9 2,705 -52.0 ▼ 3.1% United Kingdom 42,533.2 538 27,420.4 663 55.1 ▲ France 32,331.5 316 26,008.0 672 24.3 ▲ Netherlands 30,212.9 106 8,967.9 166 236.9 ▲ United Kingdom 20,556.7 453 134,582.2 561 -84.7 ▼ Switzerland 30,127.4 60 50,822.7 84 -40.7 ▼ Germany 14,478.9 237 11,736.7 348 23.4 ▲ Asia- Pacific 163, 183. 8 2, 820 190, 180. 8 3, 042 -14. 2 ▼ Asia- Pacific 107, 874. 6 1, 581 129, 571. 3 1, 898 -16. 7 ▼ 1.9% Australasia 10,356.0 324 18,497.3 315 -44.0 ▼ Australasia 4,696.0 231 9,432.1 225 -50.2 ▼ Energy and Power Materials Australia 8,992.3 282 18,029.0 272 -50.1 ▼ Australia 3,992.9 206 8,404.0 193 -52.5 ▼ Healthcare Financials New Zealand 1,326.1 36 437.340 203.2 ▲ New Zealand 675.1 24 1,028.1 32 -34.3 ▼ South East Asia 8,427.6 457 17,823.9 517 -52.7 ▼ South East Asia 10,934.1 276 14,791.8 319 -26.1 ▼ Industrials Real Estate Singapore 2,398.0 97 3,060.7 111 -21.7 ▼ Singapore 6,717.3 723,242.3 76 107.2 ▲ Thailand 2,353.7 44 7,085.1 67-66.8 ▼ Thailand 1,770.8 27 4,416.8 32 -59.9 ▼ High Technology Consumer Products and Services North Asia 124,546.6 1,685 145,295.3 1,858 -14.3 ▼ North Asia 86,913.8 850 101,210.1 1,110 -14.1 ▼ China 92,359.7 1,102 118,419.2 1,319 -22.0 ▼ China 74,879.6 552 84,825.1 754 -11.7 ▼ Consumer Staples Telecommunications Hong Kong 13,961.3 208 11,992.9 185 16.4 ▲ South Korea 6,737.4 185 8,764.5 242 -23.1 ▼ Media and Entertainment Retail South Asia 19,853.7 354 8,564.3 352 131.8 ▲ South Asia 10,934.1 276 14,791.8 319 -26.1 ▼ Central Asia5.3 10 55.0 12 -90.4 ▼ Central Asia 3.4 6 26.0 11 -86.9 ▼ Government and Agencies Japan 13,641.1 557 28,391.6 689 -52.0 ▼ Japan 10,779.4 314 13,744.6 430 -21.6 ▼

Top Fifteen Worldwide Announced Deals Jan 1 - Mar 31 2017 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry 1/26/2017 Pending Actelion Pharmaceuticals Ltd (100%) Janssen Holding GmbH Switzerland / Switzerland 29,038.5 Healthcare / Pharmaceuticals 3/9/2017 Intended Akzo Nobel NV (100%) PPG Industries Inc United States / Netherlands 25,397.8 Materials / Chemicals 2/20/2017 Pending Valepar SA (100%) Vale SA Brazil / Brazil 20,956.7 Materials / Metals & Mining 2/1/2017 Pending Mead Johnson Nutrition Co (100%) Reckitt Benckiser Group PLC United Kingdom / United States 17,828.5 Consumer Staples / Food and Beverage 2/1/2017 Pending ONEOK Partners LP (60%) ONEOK Inc United States / United States 17,118.1 Energy and Power / Oil & Gas 1/16/2017 Pending Luxottica Group SpA (61.9%) Essilor International SA France / Italy 15,878.1 Consumer Products and Services / Other Consumer Product 3/13/2017 Pending Mobileye NV (100%) Cyclops Holdings Inc United States / Israel 15,277.2 High Technology / Software 3/29/2017 Pending FCCL Partnership (50%) Cenovus Energy Inc Canada / Canada 13,239.8 Energy and Power / Oil & Gas 3/20/2017 Pending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts India / India 11,627.3 Telecommunications / Wireless 1/9/2017 Pending WPZ GP LLC (100%) Williams Partners LP United States / United States 11,357.7 Financials / Other Financials 1/16/2017 Intended Luxottica Group SpA (38.1%) Essilor International SA France / Italy 9,139.6 Consumer Products and Services / Other Consumer Product 1/9/2017 Pending VCA Inc (100%) Mars Inc United States / United States 8,902.8 Consumer Products and Services / Professional Services 3/9/2017 Pending Athabasca Oil Sands (60%) Canadian Natural Resources Ltd Canada / Canada 8,310.6 Energy and Power / Oil & Gas 1/19/2017 Pending Zodiac Aerospace SA (68%) Safran SA France / France 7,292.5 Industrials / Aerospace & Defense 1/17/2017 Pending BopCo LP (100%) Exxon Mobil Corp United States / United States 6,600.0 Energy and Power / Oil & Gas

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2 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Worldwide Rankings

Worldwide Announced (AD1) Jan 1 - Mar 31 Worldwide Completed (AF1) Jan 1 - Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of MarketChange in Advisor Market Market Financial Advisor Rank Rank US$mSh (%) Share Ch. Deals Sh ($) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. & Co 1 1 171,097.1 22.0 -8.3 ▼ 89 0.9 +26 ▲ of America Merrill Lynch 1 2 200,703.1 31.1 -4.6 ▼ 57 0.7 +6 ▲ 419.2 5.2 1.2 ▲ 2 2 165,316.8 21.3 -1.1 ▼ 84 0.8 +10 ▲ Goldman Sachs & Co 23 184,233.3 28.6 -4.9 ▼ 80 1.0 +6 ▲ 545.1 6.7 0.9 ▼ Citi 3 6 128,973.7 16.6 3.7 ▲ 59 0.6 +13 ▲ Morgan Stanley 3 1 149,335.9 23.2 -14.4 ▼ 67 0.9 -14 ▼▼356.9 4.4 3.3 Bank of America Merrill Lynch 4 8 119,396.6 15.4 3.7 ▲ 45 0.4+3 ▲ JP Morgan 4 4 137,579.2 21.3 -11.6 ▼ 55 0.7 -12 ▼ 400.7 5.0 1.8 ▼ JP Morgan 5 3 108,588.6 14.0 -5.7 ▼ 57 0.5 -9 ▼ Barclays 5 9 125,212.1 19.4 5.7 ▲ 60 0.8 +22 ▲ 294.8 3.6 1.2 ▲ 6 7 103,458.1 13.3 1.2 ▲ 70 0.7 +11 ▲ 76 118,934.6 18.4 1.2 ▲ 54 0.7 +10 ▲ 255.7 3.2 0.5 ▼ Rothschild & Co 714 85,467.8 11.0 2.7 ▲ 71 0.7 -14 ▼ Citi 7 5 94,698.9 14.7 -7.7 ▼ 50 0.6 -1 ▼ 241.3 3.0 0.5 ▲ Barclays 8 10 69,649.2 9.0 -2.0 ▼ 44 0.4 +4 ▲ Partners 8 11 82,270.8 12.8 2.8 ▲ 29 0.4 +1 ▲ 238.0 2.9 1.2 ▲ Credit Suisse 9 4 63,404.2 8.2 -7.1 ▼ 46 0.4 -5 ▼ RBC Capital Markets 9 31 65,821.4 10.2 8.8 ▲ 23 0.3 +3 ▲ 127.9 1.6 0.3 ▲ Evercore Partners 10 26 41,850.3 5.4 3.0 ▲ 39 0.4 +9 ▲ Lazard 10 6 63,822.2 9.9 -7.7 ▼ 64 0.8 +7 ▲ 282.6 3.5 0.5 ▲ BNP Paribas SA 11 37 40,075.9 5.2 3.9 ▲ 21 0.2 -10 ▼ 11 12 59,655.3 9.3 -0.5 ▼ 33 0.4 -4 ▼ 108.3 1.3 0.6 ▼ RBC Capital Markets 12 21 36,186.6 4.7 0.0 ▲ 32 0.3 +1 ▲ UBS 12 14 56,376.7 8.7 4.5 ▲ 31 0.4 -11 ▼ 138.7 1.7 0.2 ▼ Deutsche Bank 13 20 34,271.4 4.4 -0.9 ▼ 23 0.2 -3 ▼ BMO Capital Markets 13 47 54,446.5 8.4 7.7 ▲ 16 0.2 +9 ▲ 78.3 1.0 0.5 ▲ Robey Warshaw LLP 14 47 31,825.9 4.1 3.2 ▲ 4 0.0 +3 ▲ Rothschild & Co 14 8 50,331.4 7.8 -9.3 ▼ 82 1.1 -2 ▼ 266.2 3.3 0.5 ▼ UBS 15 5 31,428.6 4.0 -9.2 ▼ 30 0.3 -15 ▼ Guggenheim Securities LLC 15 16 41,216.6 6.4 2.8 ▲ 9 0.1 +6 ▲ 126.7 1.6 0.7 ▲ Alantra Partners SA 16 15 29,211.3 3.8 -3.1 ▼ 15 0.1 -7 ▼ BNP Paribas SA 16 33 18,631.2 2.9 1.6 ▲ 24 0.3 -14 ▼ 65.9 0.8 0.2 ▼ HSBC Holdings PLC 17 11 26,559.9 3.4 -6.7 ▼ 12 0.1 -6 ▼ Qatalyst Partners 17 53 18,429.9 2.9 2.3 ▲ 3 0.0 -1 ▼ 86.6 1.1 0.4 ▲ 18 59 26,358.9 3.4 2.8 ▲ 5 0.0 0 - CITIC 18 78 17,855.0 2.8 2.5 ▲ 5 0.1 -4 ▼ 15.4 0.2 0.2 ▲ Banco Bradesco SA 19 161 21,424.2 2.8 2.7 ▲ 7 0.1 +2 ▲ Jefferies LLC 19 17 16,489.4 2.6 -0.7 ▼ 20 0.3 -7 ▼ 118.8 1.5 0.3 ▲ TD Securities Inc 20 55 21,174.6 2.7 2.0 ▲ 20 0.2 +14 ▲ & Co 20 23 16,136.3 2.5 0.5 ▲ 16 0.2 +6 ▲ 88.3 1.1 0.6 ▲ LLC 21 19 20, 753. 2 227.7 -330.0 ▼ 12 001.1 +6 ▲ Industrial & Comm Bank China 21 20 15, 021. 5 223.3 -001.1 ▼ 11 001.1 -19 ▼ 37. 3 005.5 001.1 ▼ Inc 14222 16,766.3 2.2 2.1 ▲ 24 0.2 -3 ▼ China International Capital Co 22 26 13,449.1 2.1 0.5 ▲ 13 0.2 -10 ▼ 10.9 0.1 0.6 ▼ Kotak Mahindra Bank Ltd 23 259 13,062.6 1.7 1.7 ▲ 4 0.0 +3 ▲ Nomura 23 25 12,083.7 1.9 0.3 ▲ 23 0.3 -3 ▼ 63.8 0.8 0.2 ▲ PJT Partners LP 24 460* 12,856.5 1.7 1.7 ▲ 13 0.1 +2 ▲ Banca IMI (Intesa Sanpaolo) 24 108 11,159.7 1.7 1.6 ▲ 3 0.0 -2 ▼ 4.1 0.1 0.0 - Moelis & Co 25 54 12,498.8 1.6 0.9 ▲ 22 0.2 -4 ▼ Centerview Partners LLC25 13 10,089.8 1.6 -2.8 ▼ 6 0.1 -5 ▼ 33.6 0.4 1.6 ▼ Industry Total† 777,721.5 100.0 10,433 -1,008 Industry Total 645,205.3 100.0 7,724 -1,278 8,088.9 100.0

Industry % Change from Same Period Last Year 12.0% ▲ -8.8% ▼ Industry % Change from Same Period Last Year -18.3% ▼ -14.2% ▼ 12.8% ▲ Industry % Change from Last Quarter -38.8% ▼ -17.5% ▼ Industry % Change from Last Quarter -26.5% ▼ -16.0% ▼ -3.5% ▼

* tie Top WW Announced M&A Advisors by Target Industry Jan 1 - Mar 31 Top Worldwide Announced M&A Advisors by Transaction Size (AD1) Jan 1 - Mar 31 2017

Mkt. No. Actelion Pharmaceuticals/Janssen Holding Rank Val US$m Rank Share Deals $180 Akzo Nobel/PPG Industries Energy and Power 139,587.3 699 JP Morgan 59,759.0 1 42.8 14 $160 Valepar SA/Vale SA 25.4 21.0 Morgan Stanley 31,020.5 2 22.2 10 Mead Johnson Nutrition Co/Reckitt Benckiser Group Goldman Sachs & Co 29,973.2 3 21.5 12 $140 ONEOK Partners LP/ONEOK Inc Materials 94,359.0 809 17.8 17.8 Goldman Sachs & Co 35,102.5 1 37.2 10 Other Top 15 Deals Morgan Stanley 27,894.92 29.6 8 $120 17.1 Lazard 25,874.9 3 27.4 9 29.0 All Other Transactions 40.1 Healthcare 85,897.6 762 29.0 $100 17.1 Bank of America Merrill Lynch 37,543.4 1 43.7 6 31.9 Lazard 35,538.6 2 41.4 5 29.0 Credit Suisse 31,775.1 3 37.0 9 $80 40.3 17.8 21.6 Financials 80,032.5 1,125 Morgan Stanley 21,333.6 1 26.7 15 18.9 Rank Value (US$bil) $60 25.4 17.1 Evercore Partners 14,998.9 2 18.7 6 59.2 8.9 29.0 JP Morgan 13,477.1 3 16.8 7 87.73 $40 77.53 15.6 Industrials 73,347.3 1,397 69.92 11.4 Bank of America Merrill Lynch 18,098.6 1 24.7 10 59.64 53.61 Goldman Sachs & Co 15,294.2 2 20.9 9 43.63 32.3 $20 34.37 Rothschild & Co 14,965.3 3 20.4 9 33.42 26.25 30.49 7.77 $0 Goldman Morgan Citi Bank of JP Morgan Lazard Rothschild & Barclays Credit Suisse Evercore BNP Paribas Sachs & Co Stanley America Co Partners SA Merrill Lynch

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3 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Worldwide M&A Matrix

Exit Multiple Matrix - Average Rank Value / EBITDA Jan 1 - Mar 31

2017 UP World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan 2017 DOWN 2016 Consumer Products and Services 12.8x 15.4x 12.5x 6.8x 12.5x 3.7x - - 12.7x 11.9x 12.7x 11.0x 15.0x 9.9x 19.9x 26.0x 12.2x 13.8x Consumer Staples 14.3x 15.6x 20.0x 11.3x 20.0x 11.3x - 11.4x 13.1x 11.2x 13.1x 11.2x 12.2x 8.5x 15.5x 21.9x - - Energy and Power 17.3x 11.5x 18.4x 11.3x 17.9x14.6x 19.7x 5.9x 12.9x 12.4x 13.5x 12.4x 12.4x 17.2x27.4x 10.6x - -

Healthcare 18.0x 20.1x 14.0x 13.0x 16.2x 17.2x 5.1x 5.1x 19.2x 11.1x 19.2x 11.1x 26.2x 13.7x 18.9x 28.2x - 28.2x High Technology 16.4x 16.1x 21.4x 15.8x 26.9x 14.5x14.4x 21.0x 13.5x 12.1x 13.5x 12.1x 13.1x 11.6x 16.5x 19.0x 2.3x 19.0x Industrials 14.2x 14.2x 15.4x 11.9x 19.2x 8.3x 12.9x - 13.2x 13.9x 13.4x 14.2x 10.0x 10.3x 15.5x 16.4x 10.6x 16.4x Materials 12.8x 13.4x 5.2x 8.0x - 13.4x 3.8x 5.8x 11.8x 9.8x 12.3x 10.7x - - 14.2x 16.4x 11.2x 16.4x Media and Entertainment 13.1x 18.0x 8.1x 7.5x 8.5x 7.5x 7.0x - 12.2x 30.2x 12.2x 30.2x - 22.6x 18.2x 22.1x 6.7x 22.1x Real Estate 19.3x 23.6x 18.7x 23.6x 13.3x 23.6x 24.0x - 23.8x 32.9x 23.8x 32.9x 20.0x 20.0x 20.7x 17.6x 6.9x 17.6x Retail 12.6x 13.0x 19.9x 10.9x 19.9x 6.9x - - 10.2x 8.6x 10.2x 8.6x 21.7x 2.7x 26.0x 25.1x 12.6x 25.1x Telecommunications 13.4x 15.3x 10.3x 4.3x 9.4x - 12.1x 12.1x 7.5x 15.2x 7.5x 16.9x - - 22.0x 19.0x - 19.0x

Average Industry Total 14.9x 15.4x 15.5x 11.7x 17.2x 12.9x 12.7x 9.4x 13.7x 13.4x 13.9x 13.6x 16.2x 11.2x 17.0x 19.1x 9.7x 19.1x

Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Mar 31 2017 UP World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan 2017 DOWN 2016 Consumer Products and Services 24.3 27.5 34.1 43.8 34.1 43.8 - - 15.4 20.2 15.4 19.7 - 6.6 22.3 17.1 28.7 55.9

Consumer Staples 18.0 35.6 19.2 44.1 19.2 33.0 - 36.0 10.4 45.5 10.4 47.0 17.0 100.0 22.4 16.8 13.0 - Energy and Power 23.8 33.5 23.5 44.1 26.7 44.1 23.4 56.3 18.7 19.3 16.3 19.3 11.0 - 28.6 27.8 - - Financials 29.6 21.8 29.5 27.4 29.5 27.4 - - 29.2 10.8 23.3 10.8 21.9 1.0 28.2 20.8 16.3 -

Healthcare 39.1 34.0 44.5 50.8 47.3 50.8 27.6 - 58.4 35.6 58.4 35.6 - 9.4 26.3 28.4 - - High Technology 26.2 24.2 26.9 37.6 26.3 36.7 27.5 41.5 22.5 19.1 20.4 19.1 11.1 31.6 23.8 22.4 34.6 17.1

Industrials 29.2 24.7 34.8 42.3 36.9 62.7 75.0 - 29.2 29.1 29.2 31.2 21.1 - 22.4 19.1 41.9 49.6 Materials 26.5 27.6 27.7 34.9- 26.0 27.7 36.9 23.6 44.5 26.7 56.3 -85.9 25.3 21.7 - - Media and Entertainment 33.3 15.9 27.8 13.9 23.6 13.9 36.4 - 63.6 - 63.6 - - - 26.7 13.7 18.7 22.2

Real Estate 23.0 29.6 17.7 23.2 25.2 23.2 12.7 - 15.2 23.0 15.2 23.9 - - 27.3 40.9 27.6 23.1 Retail 22.2 25.9 16.5 20.1 16.5 20.1 - - - 22.6 - 22.6 - 26.3 22.3 28.6 19.7 24.3 Telecommunications 25.1 28.5 20.4 15.0 16.0 - 29.3 29.3 11.8 36.0 5.8 38.6 - - 24.8 18.0 - -

Average Industry Total 27.2 26.9 28.8 35.630.1 33.8 27.8 40.2 27.6 27.4 26.6 27.6 17.2 36.5 25.0 22.1 26.1 30.8

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2016 - 03/31/2017 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

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4 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Worldwide Announced Rankings* - A Decade in Review

1 1 Goldman Sachs & Co

2 2 Morgan Stanley

3 3 Citi

4 4 Bank of America Merrill Lynch

5 5 JP Morgan Rank

6 6 Lazard

Rothschild & Co 7 7

Barclays 8 8

Credit Suisse 9 9

Evercore Partners 10 10 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year

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5 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Americas M&A

Americas M&A Up 35% | Energy & Power Volume Drives US Activity | Canadian Activity Increases 12%

Americas Deals Intelligence US Announced Advisors by Target Industry Jan 1 - Mar 31 2017

Americas M&A volume during first quarter 2017 increased 35.1% compared to first quarter 2016, accruing US$472.7 Rank Val Mkt. No. billion in activity from 4,597 announced deals. According to estimates, fees generated from completed deals in the (US$m) Rank Share Deals Energy and Power 65,038.5 182 Americas totaled US$5.7 billion, a 20.3% increase from fees earned duirng first quarter 2016. JP Morgan 31,215.3 1 48.0 7 Morgan Stanley 21,240.0 2 32.7 3 US Targeted M&A also saw an increase in the first quarter of 2017, up 5.3% compared to announced M&A during the Barclays 20,175.1 3 31.0 5 same period a year ago, accruing a total of US$271.7 billion from 3,184 deals. Financials 37,333.6 328 Morgan Stanley 15,889.4 1 42.6 4 Evercore Partners 14,486.4 2 38.8 2 The Energy & Power sector led the US market, with deal volume totaling US$65 billion, accounting for a 23.9% market JP Morgan 8,834.7 3 23.7 5 share. Financials followed, accruing US$37.3 billion for a 13.7% share of the market. Healthcare rounded out the top 3 Healthcare 31,078.6 340 sectors, with US$31.1 billion and an 11.4% share. JP Morgan 11,854.7 1 38.1 8 Goldman Sachs & Co 11,016.9 2 35.5 5 Accumulating US$75.4 billion in transaction value, announced Canadian Involvement activity increased 11.6% from the Guggenheim Securities LLC 7,185.1 3 23.1 2 Consumer Products and Services 30,553.2 468 totals reached during first quarter 2016. Completed Canadian Involvement activity was up 154.2% compared to first Morgan Stanley 17,467.8 1 57.2 6 quarter 2016, accruing US$74.3 billion from 483 deals. Barclays 12,590.3 2 41.2 5 BDT & Co LLC 8,902.8 3 29.1 1 In the Americas, all sectors saw an increase in exit multiples during the first quarter of 2017 except Materials and Real Consumer Staples 23,326.2 122 Estate. Overall average EBITDA multiples across industries in the Americas saw an increase during the quarter, rising Goldman Sachs & Co 17,956.0 1 77.0 2 Deutsche Bank 17,828.5 2* 76.4 2 to15.5x compared to 11.7x, averaged during the first quarter of 2016. Morgan Stanley 17,828.5 2* 76.4 1 Bank of America Merrill Lynch 17,828.5 2* 76.4 1 HSBC Holdings PLC 17,828.5 2* 76.4 1

US Target Announced M&A Target Industry by Value (US$ bil) Jan 1 – Mar 31 2017 US Buyside Financial Sponsor Activity (Any Buyside Financial Sponsor Involvement)

450.0 Q4 Volume (US$b) 60.0% Q3 Volume (US$b) 55.4% 57.1% 11.4% 11.2% Q2 Volume (US$b) 400.0 Q1 Volume (US$b) 50.2% 8.6% % of WW FS Volume YTD 50.0% 13.7% 350.0 49.7% 7.7% 41.6% 148.0 45.5% 45.4% 300.0 40.0% 43.1% 7.3% 42.0% 250.0 23.9% 6.3% 30.0% 2.9% 94.9 200.0 43.9 62.7 27.3% 60.9 Rnk Val US$bil Val Rnk 150.0 51.7 20.0% 56.1 42.7 49.0 72.5 64.7 100.0 46.7 39.4 52.9 33.3 Energy and Power Financials Healthcare Consumer Products and Services 5.0 26.6 10.0% 27.7 115.8 65.6 Consumer Staples Real Estate High Technology Industrials 50.0 18.3 33.6 33.7 82.3 28.7 77.7 64.1 Media and Entertainment Telecommunications Retail Materials 13.6 17.5 9.4 25.8 26.7 30.8 Government and Agencies - 5.8 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Top Ten US-Target Announced Deals Jan 1 – Mar 31 2017 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry 2/1/2017 Pending Mead Johnson Nutrition Co (100%) Reckitt Benckiser Group PLC United Kingdom / United States 17,828.5 Consumer Staples / Food and Beverage 2/1/2017 Pending ONEOK Partners LP (60%) ONEOK Inc United States / United States 17,118.1 Energy and Power / Oil & Gas 1/9/2017 Pending WPZ GP LLC (100%) Williams Partners LP United States / United States 11,357.7 Financials / Other Financials 1/9/2017 Pending VCA Inc (100%) Mars Inc United States / United States 8,902.8 Consumer Products and Services / Professional Services 1/17/2017 Pending BopCo LP (100%) Exxon Mobil Corp United States / United States 6,600.0 Energy and Power / Oil & Gas 1/25/2017 Pending WGL Holdings Inc (100%) AltaGas Ltd Canada / United States 6,583.5 Energy and Power / Oil & Gas 1/9/2017 2/16/2017 ARIAD Pharmaceuticals Inc (100%) Kiku Merger Co Inc United States / United States 5,310.3 Healthcare / Biotechnology 1/12/20172/1/2017 Biogen Inc-Hemophilia Business (100%) Shareholders United States / United States 4,857.8 Healthcare / Biotechnology 2/10/2017 Pending Aon Hewitt-Benefits Admin & HR (100%) Blackstone Group LP United States / United States 4,800.0 Consumer Products and Services / Employment Services 1/4/2017 1/4/2017 DCP Midstream LLC (100%) DCP Midstream Partners LP United States / United States 4,350.0 Energy and Power / Oil & Gas

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6 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Americas Rankings

Any Americas Involvement Announced (AD49) Jan 1 – Mar 31 Any Americas Involvement Completed (AF55) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value MarketMarket # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Goldman Sachs & Co 1 1 134,564.8 28.5 -10.2 ▼ 63 1.4 +17 ▲ Goldman Sachs & Co 1 5 163,305.7 38.9 14.1 ▲ 60 1.6 +9 ▲ 480.8 8.4 0.2 ▲ Morgan Stanley 26 132,820.6 28.1 13.7 ▲ 52 1.1 +17 ▲ Bank of America Merrill Lynch 2 1 160,025.6 38.1 4.6 ▲ 46 1.2 +10 ▲ 356.7 6.2 1.6 ▲ JP Morgan 3 4 89,539.3 18.9 -0.4 ▼ 45 1.0 0 - Morgan Stanley 3 2 131,955.3 31.4 -1.0 ▼ 41 1.1 -7 ▼ 280.8 4.9 3.9 ▼ Lazard 4 3 88,772.4 18.8 -1.0 ▼ 43 0.9 +9 ▲ JP Morgan 4 4 125,645.3 29.9 0.6 ▲ 41 1.1 -6 ▼ 354.6 6.2 2.3 ▼ Citi 5 7 85,970.0 18.2 4.2 ▲ 38 0.8 +13 ▲ Barclays 5 7 110,608.2 26.3 7.3 ▲ 41 1.1 +13 ▲ 240.0 4.2 1.3 ▲ Bank of America Merrill Lynch 6 5 82,943.3 17.6 0.1 ▲ 29 0.6 +4 ▲ Credit Suisse 6 6 102,146.9 24.3 -0.2 ▼ 30 0.8 +6 ▲ 215.0 3.8 0.5 ▼ Barclays 7 2 59,000.5 12.5 -8.8 ▼ 35 0.8 +3 ▲ Evercore Partners 7 8 81,389.6 19.4 3.5 ▲ 28 0.7 +5 ▲ 231.4 4.0 1.8 ▲ Credit Suisse 8 14 51,231.6 10.8 5.8 ▲ 24 0.5 -5 ▼ Citi 8 3 79,714.9 19.0 -12.7 ▼ 31 0.8 0 - 187.4 3.3 0.5 ▲ Evercore Partners 9 15 40,908.3 8.7 4.1 ▲ 37 0.8 +10 ▲ RBC Capital Markets 9 21 61,156.5 14.6 12.2 ▲ 20 0.5 +2 ▲ 116.8 2.0 0.0 - RBC Capital Markets 10 10 33,657.8 7.1 -1.8 ▼ 28 0.6 +2 ▲ BMO Capital Markets 10 28 53,524.2 12.7 11.5 ▲ 15 0.4 +8 ▲ 77.7 1.4 0.7 ▲ Alantra Partners SA 11 123 29,038.5 6.1 6.1 ▲ 70.2-3 ▼ Deutsche Bank 11 9 49,390.7 11.8 -0.2 ▼ 18 0.5 -2 ▼ 68.8 1.2 0.6 ▼ Rothschild & Co 12 12 28,766.5 6.1 0.5 ▲ 24 0.5 -1 ▼ Guggenheim Securities LLC 12 12 41,216.6 9.8 3.3 ▲ 80.2+5 ▲ 125.7 2.2 0.8 ▲ HSBC Holdings PLC 13 24 24,778.7 5.2 2.6 ▲ 90.2+7 ▲ UBS 13 16 40,104.9 9.5 6.3 ▲ 17 0.5 +2 ▲ 106.8 1.9 0.5 ▲ Deutsche Bank 14 9 23,581.2 5.0 -4.1 ▼ 12 0.3 -2 ▼ Lazard 14 11 32,195.2 7.7 0.4 ▲ 34 0.9 +4 ▲ 171.0 3.0 0.5 ▲ Banco Bradesco SA 15 89 21,424.2 4.5 4.4 ▲ 70.2+2 ▲ Rothschild & Co 15 14 21,420.3 5.1 1.4 ▲ 29 0.8 +1 ▲ 104.9 1.8 0.2 ▼ TD Securities Inc 16 35 21,174.6 4.5 3.2 ▲ 20 0.4 +14 ▲ Qatalyst Partners 16 31 18,429.9 4.4 3.3 ▲ 3 0.1 -1 ▼ 86.6 1.5 0.4 ▲ Centerview Partners LLC 17 8 20,753.2 4.4 -6.9 ▼ 12 0.3 +6 ▲ Jefferies LLC 17 20 16,483.6 3.9 1.5 ▲ 18 0.5 -4 ▼ 116.7 2.0 0.5 ▲ Robey Warshaw LLP 18 - 17,828.5 3.8 3.8 ▲ 1 0.0 +1 ▲ Wells Fargo & Co 18 15 16,136.3 3.8 0.2 ▲ 16 0.4 +6 ▲ 88.3 1.5 0.8 ▲ Raymond James Financial Inc 19 77 16,766.3 3.6 3.5 ▲ 23 0.5 0- Centerview Partners LLC 19 10 10,089.8 2.4 -5.4 ▼ 6 0.2 -5 ▼ 33.6 0.6 2.4 ▼ Scotiabank 20 16 12,275.8 2.6 -1.8 ▼ 60.1-2 ▼ Industrial & Comm Bank China 20 22 8,586.82.0 0.1 ▲ 4 0.1 -1 ▼ 16.4 0.3 0.2 ▼ UBS 21 17 11,853.9 2.5 -0.9 ▼ 13 0.3 -5 ▼ Societe Generale 21 - 7,185.51.7 1.7 ▲ 2 0.1 +2 ▲ 5.0 0.1 0.1 ▲ PJT Partners LP 22 208* 11,126.5 2.4 2.4 ▲ 10 0.2 -2 ▼ CITIC 22 83 6,928.6 1.7 1.6 ▲ 2 0.1 +1 ▲ 10.9 0.2 0.2 ▲ Moelis & Co 23 34 10,961.8 2.3 0.9 ▲ 20 0.4 -5 ▼ Mizuho Financial Group 23 36 6,818.8 1.6 0.8 ▲ 4 0.1 -3 ▼ 5.1 0.1 0.3 ▼ Guggenheim Securities LLC 24 88 10,259.3 2.2 2.1 ▲ 5 0.1+1 ▲ Moelis & Co 24 13 5,128.11.2 -3.0 ▼ 23 0.6 -2 ▼ 65.6 1.1 0.8 ▼ Jefferies LLC 25 18 9,894.0 2.1 -1.2 ▼ 17 0.4 -8 ▼ Banco Bradesco SA 2582 5,126.1 1.2 1.1 ▲ 7 0.2 +4 ▲ 21.3 0.4 0.3 ▲ Industry Total† 472,684.4 100.0 4,597 +392 Industry Total 420,308.0100.0 3,753 +149 5,732.4 100.0

Industry % Change from Same Period Last Year 35.1% ▲ 9.3% ▲ Industry % Change from Same Period Last Year -4.3% ▼ 4.1% ▲ 20.3% ▲ Industry % Change from Last Quarter -44.0% ▼ -2.9% ▼ Industry % Change from Last Quarter 0.0% ▼ -2.9% ▼ 3.6% ▲ †Note: Industry Totals include multiple competing bids for the same Target.

US Target Announced (AD2) Jan 1 – Mar 31 US Target Completed (AF2) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # ofMarket Change in Advisor Market Market Financial AdvisorRank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Morgan Stanley 1 7 93,735.7 34.5 17.7 ▲ 35 1.1 +8 ▲ Bank of America Merrill Lynch 11 152,097.9 45.9 9.4 ▲ 35 1.3 +14 ▲ 320.9 7.4 2.9 ▲ Goldman Sachs & Co 2 1 67,168.8 24.7 -22.3 ▼ 38 1.2 +4 ▲ Goldman Sachs & Co 2 6 136,200.0 41.1 16.2 ▲ 43 1.6 +8 ▲ 377.2 8.7 0.6 ▲ JP Morgan 3 4 60,139.0 22.1 -1.2 ▼ 35 1.1 +5 ▲ JP Morgan 3 4 116,735.8 35.2 5.2 ▲ 32 1.2 +2 ▲ 306.9 7.0 1.6 ▼ Barclays 4 2 51,066.9 18.8 -6.2 ▼ 30 0.9 +7 ▲ Morgan Stanley 42 104,288.8 31.5 -4.6 ▼ 31 1.1 -7 ▼ 183.2 4.2 6.6 ▼ Bank of America Merrill Lynch 5 5 39,274.6 14.5 -4.5 ▼ 17 0.5 +2 ▲ Barclays 57 101,674.5 30.7 9.8 ▲ 33 1.2 +10 ▲ 184.4 4.2 1.2 ▲ Evercore Partners 6 13 36,032.0 13.3 7.6 ▲ 28 0.9 +8 ▲ Credit Suisse 6 5 98,141.4 29.6 2.9 ▲ 25 0.9 +10 ▲ 186.0 4.3 0.4 ▲ Citi 7 6 27,918.1 10.3 -7.0 ▼ 22 0.7 +6 ▲ Evercore Partners 7 8 74,303.9 22.4 3.7 ▲ 22 0.8 +3 ▲ 185.4 4.3 1.9 ▲ Deutsche Bank 8 11 23,301.9 8.6 0.1 ▲ 80.3-2 ▼ Citi 8 3 68,877.7 20.8 -13.9 ▼ 19 0.7 0 - 129.7 3.0 0.5 ▲ HSBC Holdings PLC 9 - 21,209.3 7.8 7.8 ▲ 2 0.1 +2 ▲ RBC Capital Markets 9 23 57,510.8 17.3 15.7 ▲▲15 0.6 +2 ▲ 98.6 2.3 0.8 Centerview Partners LLC 10 8 20,473.9 7.5 -3.8 ▼ 11 0.3 +7 ▲ BMO Capital Markets 10 28 44,466.7 13.4 12.3 ▲ 5 0.2 +2 ▲ 42.5 1.0 0.4 ▲ Lazard 11 3 19,774.8 7.3 -17.1 ▼ 24 0.8 +3 ▲ Guggenheim Securities LLC 11 11 41,216.6 12.4 4.5 ▲ 80.3+6 ▲▲125.7 2.9 1.2 Robey Warshaw LLP 12 -617,828.5 .66.6 ▲ 1 0.0 +1 ▲ Deutsche Bank 12 9 40,172.2 12.1 -1.5 ▼ 14 0.5 +1 ▲ 49.0 1.1 0.6 ▼ RBC Capital Markets 13 10 15,862.9 5.8 -3.8 ▼ 18 0.6 +2 ▲ UBS 13 20 32,189.0 9.7 7.2 ▲ 11 0.4 +5 ▲ 69.2 1.6 0.7 ▲ Credit Suisse 14 15 15,529.9 5.7 1.2 ▲ 16 0.5 +3 ▲ Lazard 14 12 30,045.2 9.1 2.6 ▲ 24 0.9 +8 ▲ 148.2 3.4 1.1 ▲ Rothschild & Co 15 25 11,418.3 4.2 2.0 ▲ 8 0.3 0 - Qatalyst Partners 15 26 18,429.9 5.6 4.3 ▲ 3-0.1 0 86.6 2.0 0.7 ▲ UBS 16 27 10,853.2 4.0 1.9 ▲ 7 0.2 0 - Jefferies LLC 16 19 16,444.5 5.0 2.5 ▲ 17 0.6 -1 ▼ 108.6 2.5 0.7 ▲ Moelis & Co 17 32 10,755.3 4.0 2.8 ▲ 18 0.6 +4 ▲ Wells Fargo & Co 17 14 13,474.4 4.1 -0.3 ▼ 15 0.6 +6 ▲ 76.0 1.7 0.7 ▲ PJT Partners LP 18 120* 10,614.0 3.9 3.9 ▲ 8 0.3 -2 ▼ Centerview Partners LLC 18 10 8,889.8 2.7 -6.8 ▼▼5 0.2 -6 25.2 0.6 3.4 ▼ Guggenheim Securities LLC 19 78 10,259.3 3.8 3.8 ▲ 5 0.2 +2 ▲ Rothschild & Co 19 18 6,783.7 2.1 -0.6 ▼ 70.3-1 ▼ 27.0 0.6 0.7 ▼ Jefferies LLC 20 17 9,731.0 3.6 0.0 ▲ 16 0.5 -5 ▼ Moelis & Co 20 13 4,458.6 1.3 -3.3 ▼ 16 0.6 0 - 51.5 1.2 1.0 ▼ BDT & Co LLC 21 - 8,902.8 3.3 3.3 ▲ 10.0+1 ▲ BNP Paribas SA 2145 4,331.5 1.3 1.2 ▲ 1 0.0 -1 ▼ 5.4 0.1 0.0 - TD Securities Inc 22 42 6,583.5 2.4 1.9 ▲ 1 0.0 0 - Raymond James Financial Inc 22 16 4,281.6 1.3 -2.0 ▼ 21 0.8 -2 ▼ 41.8 1.0 0.0 - 23 19 5,706.9 2.1 -0.9 ▼ 27 0.8 -20 ▼ Valence Group 23 - 3,800.0 1.2 1.2 ▲ 20.1+2 ▲ 4.7 0.1 0.1 ▲ Wells Fargo & Co 24 9 5,257.9 1.9 -8.8 ▼ 12 0.4 0 - PJT Partners LP 24 116* 3,610.5 1.1 1.1 ▲ 70.3+2 ▲ 27.5 0.6 0.3 ▲ Ankura Consulting Group LLC 25* - 5,213.8 1.9 1.9 ▲ 2 0.1 +2 ▲ Broadhaven Capital Partners 123*25 3,496.7 1.1 1.1 ▲ 3 0.1 +2 ▲ 9.0 0.2 0.2 ▲ AlixPartners LLC 25* 120* 5,213.8 1.9 1.9 ▲ 30.1+1 ▲ Industry Total 331,582.7 100.0 2,716 +304 4,357.7 100.0 Industry Total 271,694.2 100.0 3,184 +528 Industry % Change from Same Period Last Year -8.3% ▼ 12.6% ▲ 21.6% ▲ Industry % Change from Same Period Last Year 5.3% ▲ 19.9% ▲ Industry % Change from Last Quarter -1.8% ▼ 4.7% ▲ 4.4% ▲ Industry % Change from Last Quarter -58.8% ▼ 3.0% ▲ †Note: Industry Totals include multiple competing bids for the same Target. * tie

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com 7 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Americas Rankings

Any US Involvement Announced (AD41) Jan 1 – Mar 31 Any US Involvement Completed (AF48) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value MarketMarket # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Goldman Sachs & Co 1 1 132,551.7 31.8 -10.7 ▼ 59 1.5 +16 ▲ Goldman Sachs & Co 1 5 157,959.4 41.7 15.7 ▲ 561.7 +8 ▲ 466.3 9.1 9.1 ▲ Morgan Stanley 2 6 111,157.6 26.7 10.8 ▲ 49 1.3 +16 ▲ Bank of America Merrill Lynch 2 1 152,178.6 40.1 3.8 ▲ 38 1.2 +3 ▲ 325.8 6.3 6.3 ▲ Citi 3 7 84,233.7 20.2 5.0 ▲ 36 0.9+13 ▲ JP Morgan 3 4 124,797.8 32.9 2.5 ▲ 391.2 -3 ▼ 344.0 6.7 6.7 ▲ Bank of America Merrill Lynch 4 5 82,425.5 19.8 0.7 ▲ 27 0.7 +4 ▲ Morgan Stanley 42 118,042.1 31.1 -2.0 ▼ 37 1.1-8 ▼ 245.7 4.8 4.8 ▲ JP Morgan 5 4 80,620.4 19.3 -2.1 ▼ 42 1.1 0 - Barclays 5 7 106,671.8 28.1 7.5 ▲ 38 1.2 +11 ▲ 228.5 4.4 4.4 ▲ Lazard 6 3 79,326.7 19.0 -2.5 ▼ 34 0.9 +3 ▲ Credit Suisse 6 6 102,146.9 26.9 2.6 ▲ 29 0.9 +9 ▲ 214.0 4.2 4.2 ▲ Barclays 7 2 58,909.0 14.1 -8.4 ▼ 34 0.9 +5 ▲ Evercore Partners 7 8 80,965.921.4 4.2 ▲ 26 0.8 +5 ▲ 226.8 4.4 4.4 ▲ Credit Suisse8 16 50,211.4 12.1 7.8 ▲ 21 0.5 -2 ▼ Citi 8 3 71,433.6 18.8 -12.6 ▼ 26 0.8 +1 ▲ 161.1 3.1 3.1 ▲ Evercore Partners 9 14 40,908.3 9.8 4.8 ▲ 37 0.9 +12 ▲ RBC Capital Markets 9 24 58,016.9 15.3 13.8 ▲ 18 0.5 +2 ▲ 107.4 2.1 2.1 ▲ RBC Capital Markets 10 11 32,530.6 7.8 -0.7 ▼ 23 0.6 +4 ▲ BMO Capital Markets 10 31 48,922.9 12.9 11.9 ▲ 80.2+4 ▲ 50.7 1.0 1.0 ▲ Alantra Partners SA 11 128 29,038.5 7.0 7.0 ▲ 7 0.2 -2 ▼ Deutsche Bank 11 9 45,212.0 11.9 -0.5 ▼ 17 0.5 -1 ▼ 63.4 1.2 1.2 ▲ Rothschild & Co 12 13 28,601.3 6.9 1.1 ▲ 21 0.5 0 - Guggenheim Securities LLC 12 11 41,216.6 10.9 3.8 ▲ 8 0.2 +5 ▲ 125.7 2.4 2.4 ▲ HSBC Holdings PLC 13 23 24,778.7 5.9 3.0 ▲ 8 0.2 +6 ▲ UBS 13 18 37,411.0 9.9 7.0 ▲ 16 0.5 +4 ▲ 88.9 1.7 1.7 ▲ Deutsche Bank 14 9 23,581.2 5.7 -4.4 ▼ 12 0.3 -2 ▼ Lazard 14 12 31,359.7 8.3 2.0 ▲ 30 0.9 +1 ▲ 161.9 3.1 3.1 ▲ Centerview Partners LLC 15 8 20,753.2 5.0 -7.5 ▼ 12 0.3 +6 ▲ Qatalyst Partners 15 28 18,429.9 4.9 3.7 ▲ 3 0.1 -1 ▼ 86.6 1.7 1.7 ▲ Robey Warshaw LLP 16 - 17,828.5 4.3 4.3 ▲ 1 0.0 +1 ▲ Jefferies LLC 16 20 16,483.6 4.4 2.0 ▲ 18 0.5 -2 ▼ 116.7 2.3 2.3 ▲ Raymond James Financial Inc 17 69 16,308.1 3.9 3.7 ▲ 20 0.5 -1 ▼ Rothschild & Co 17 15 16,156.0 4.3 0.7 ▲ 23 0.7 +1 ▲ 80.2 1.6 1.6 ▲ UBS 18 17 11,298.0 2.7 0.9 ▼ 11 0.3 -5 ▼ Wells Fargo & Co 18 14 13,474.4 3.6 -0.4 ▼ 15 0.5 +5 ▲ 76.0 1.5 1.5 ▲ PJT Partners LP 19 165* 11,126.5 2.7 2.7 ▲ 10 0.3 0 - Centerview Partners LLC 19 10 10,089.8 2.7 -5.8 ▼ 60.2-5 ▼ 33.6 0.7 0.7 ▲ Moelis & Co 20 33 10,961.8 2.6 1.0 ▲ 20 0.5 -3 ▼ Societe Generale 20 - 7,185.5 1.9 1.9 ▲ 20.1+2 ▲ 5.0 0.1 0.1 ▲ Guggenheim Securities LLC 21 8010,259.3 2.5 2.4 ▲ 5 0.1 +1 ▲ Moelis & Co 21 13 5,128.1 1.4 -2.8 ▼ 22 0.7 0 - 63.6 1.2 1.2 ▲ TD Securities Inc 22 46 10,027.0 2.4 1.9 ▲ 3 0.1 0 - Raymond James Financial Inc 22 17 4,486.8 1.2 -1.8 ▼ 24 0.7 -2 ▼ 46.7 0.9 0.9 ▲ BDT & Co LLC 23 - 9,846.3 2.4 2.4 ▲ 2 0.1 +2 ▲ BNP Paribas SA 23 52 4,457.0 1.2 1.0 ▲ 4 0.1 -3 ▼ 11.1 0.2 0.2 ▲ Jefferies LLC 24 18 9,731.0 2.3 -1.1 ▼ 16 0.4 -7 ▼ Valence Group 24 - 3,800.0 1.0 1.0 ▲ 3 0.1 +3 ▲ 5.2 0.1 0.1 ▲ BMO Capital Markets 2522 7,560.7 1.8 -1.2 ▼ 8 0.2 0 - PJT Partners LP 25 151* 3,610.5 1.0 1.0 ▲ 8 0.2 +2 ▲ 28.1 0.5 0.5 ▲ Industry Total 416, 839. 1 100. 0 3, 910 +477 Industry Total 379, 150. 6 100. 0 3, 274 +210 5, 151. 6 100. 0

Industry % Change from Same Period Last Year 32.0% ▲ 13.9% ▲ Industry % Change from Same Period Last Year -6.0% ▼ 6.9% ▲ 19.0% ▲ Industry % Change from Last Quarter -47.9% ▼ -0.2% ▼ Industry % Change from Last Quarter -2.7% ▼ 0.7%▲ 2.3% ▲

Any Canadian Involvement Announced (AD42) Jan 1 – Mar 31 Any Canadian Involvement Completed (AF49) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. JP Morgan 1 8 40,147.7 53.3 35.1 ▲ 9 1.3 +4 ▲ RBC Capital Markets 1 1 48,830.3 65.7 36.0 ▲ 7 0.1 -1 ▼ 41.9 6.5 6.4 ▼ Goldman Sachs & Co 2 1 25,928.8 34.4 -4.5 ▼ 7 1.0 +2 ▲ BMO Capital Markets 2 7 48,196.5 64.9 53.9 ▲ 10 0.1 +4 ▲ 64.2 9.9 4.8 ▲ RBC Capital Markets 3 11 22,463.8 29.8 19.6 ▲ 12 1.8 +1 ▲ Barclays 3 16 47,986.4 64.6 60.0 ▲ 4 0.1+2 ▲ 23.9 3.7 0.6 ▼ TD Securities Inc 4 13 21,174.6 28.1 21.2 ▲ 20 2.9 +14 ▲ Goldman Sachs & Co 4 5 47,363.6 63.8 48.8 ▲ 6 0.1 +4 ▲ 34.2 5.3 3.0 ▲ Lazard 5 2 17,394.1 23.1 -11.5 ▼ 4 0.6 +1 ▲ Morgan Stanley 5 17 46,914.0 63.2 58.6 ▲ 3 0.0 +1 ▲ 22.4 3.5 0.6 ▲ Scotiabank6 5 11,475.8 15.2 -7.2 ▼ 5 0.7 -1 ▼ JP Morgan 6 3 46,361.3 62.4 42.0 ▲ 3 0.0 0- 25.1 3.9 0.9 ▲ Barclays 76 9,017.8 12.0 -9.3 ▼ 5 0.7 0 - Bank of America Merrill Lynch7 12 45,142.7 60.8 54.2 ▲ 4 0.1 +2 ▲ 22.5 3.5 0.0 - Morgan Stanley 8 4 8,802.9 11.7 -20.0 ▼ 3 0.4 -3 ▼ Credit Suisse 8 8 43,413.5 58.4 48.1 ▲ 3 0.0 -1 ▼ 13.3 2.1 3.0 ▼ Bank of America Merrill Lynch 9 7 7,611.2 10.1 -8.9 ▼ 2 0.3 -5 ▼ Citi 9 4 43,144.5 58.1 41.6 ▲ 1 0.0 -3 ▼ 14.0 2.2 0.5 ▼ BMO Capital Markets 10 9 7,375.7 9.8 -4.5 ▼ 8 1.2 0 - Wells Fargo & Co 10 255,031.2 6.85.5 ▲ 2 0.0 0 - 30.4 4.7 3.7 ▲ Rothschild & Co 11 21 5,379.0 7.1 5.3 ▲ 5 0.7 +4 ▲ CIBC World Markets Inc 11 2 4,725.5 6.4 -16.7 ▼ 43.20.1 -7 ▼ 21.0 4.9 ▼ Centerview Partners LLC 12 - 5,353.8 7.1 7.1 ▲ 3 0.4 +3 ▲ TD Securities Inc 12 10 4,455.9 6.0 -1.4 ▼ 11 0.1 +6 ▲ 22.5 3.5 0.7 ▲ AlixPartners LLC 13* - 5,213.8 6.9 6.9 ▲ 2 0.3 +2 ▲ CBRE Holding SAS 1344 2,661.9 3.6 3.5 ▲ 1 0.00 - 10.4 1.6 1.6 ▲ Ankura Consulting Group LLC 13* - 5,213.8 6.9 6.9 ▲ 2 0.3 +2 ▲ Jefferies LLC 14 15 2,549.4 3.4 -1.4 ▼ 20.0-1 ▼ 6.7 1.0 1.2 ▼ Citi 15 16 4,851.1 6.4 2.3 ▲ 3 0.4 0 - Moelis & Co 15 13* 2,369.3 3.2 -1.9 ▼ 3 0.0 0 - 18.7 2.9 2.0 ▲ Houlihan Lokey 16 34 4,122.0 5.55.1 ▲ 4 0.6 +1 ▲ Rothschild & Co 16 45* 2,356.7 3.2 3.1 ▲ 4 0.1 +3 ▲ 16.9 2.6 2.5 ▲ Credit Suisse 17 15 3,741.7 5.0 0.7 ▲ 4 0.6 0 - UBS 17* 13* 1,764.9 2.4 -2.7 ▼ 1 0.0-0 22.7 3.5 3.2 ▲ Evercore Partners 18 64* 3,598.1 4.8 4.8 ▲ 3 0.4 +2 ▲ Genesis Capital LLC 17* - 1,764.9 2.4 2.4 ▲ 10.20.0 +1 ▲ 1.0 0.2 ▲ PJT Partners LP 19 - 3,311.2 4.4 4.4 ▲ 1 0.1 +1 ▲ Centerview Partners LLC 19 - 715.0 1.0 1.0 ▲ 2 0.0 +2 ▲ 6.6 1.0 1.0 ▲ National Bank of Canada Fin'l 20 17 2,932.5 3.9 0.3 ▲ 7 1.0 0 - Valence Group 20 - 663.6 0.9 0.9 ▲ 1 0.0 +1 ▲ 4.5 0.7 0.7 ▲ CIBC World Markets Inc 21 12 2,897.3 3.8 -5.9 ▼ 4 0.6 -7 ▼ Alvarez & Marsal 21 - 575.0 0.8 0.8 ▲ 1 0.0 +1 ▲ .0 0.0 0.0 - UBS 22 30 2,114.92.8 2.1 ▲ 2 0.3 -1 ▼ Hentschel & Co 22 - 400.0 0.5 0.5 ▲ 1 0.0 +1 ▲ 4.2 0.7 0.7 ▲ Genesis Capital LLC 23 - 1,764.9 2.3 2.3 ▲ 1 0.1 +1 ▲ Guggenheim Securities LLC 23 36* 385.0 0.5 0.1 ▲ 1 0.0 0 - 5.0 0.8 0.4 ▼ Macquarie Group24 29 1,698.0 2.3 1.3 ▲ 3 0.4 -1 ▼ Cormark Securities Inc 24 42 315.8 0.4 0.2 ▲ 4 0.1 +1 ▲ 5.2 0.8 0.4 ▲ Greentech Capital Advisors 25 -1.51,091.8 1.5 ▲ 1 0.1 +1 ▲ 25* 6 290.1 0.4 -11.3 ▼ 1 0.0 -4 ▼ 1.5 0.2 2.9 ▼ Industry Total 75,359.5 100.0 678 +89 Peters & Co Ltd 25* 35 290.1 0.4 -0.1 ▼ 1 0.0 -1 ▼ 1.5 0.2 0.2 ▼ National Bank of Canada Fin'l 25* 33 290.1 0.4 -0.3 ▼ 2 0.0 0 - 5.1 0.8 0.3 ▲ Industry % Change from Same Period Last Year 11.6% ▲ 15.1% ▲ Industry Total 74,281.8 100.0 483 +28 648.1 100.0 Industry % Change from Last Quarter 73.7% ▲ 1.6% ▲ Industry % Change from Same Period Last Year 154.2% ▲ 6.2% ▲ 31.7% ▲ * tie Industry % Change from Last Quarter 79.7% ▲ -7.1% ▼ 1.4% ▲

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8 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors EMEA M&A

EMEA Announced M&A Up 40% | Healthcare Highest Valued Sector | Financial Sponsor Volume Increases

EMEA Deals Intelligence EMEA Involvement Announced Advisors by Target Industry Jan 1 - Mar 31 Mkt. Announced M&A activity with EMEA involvement totaled US$342.2 billion from 3,774 deals in the first quarter of 2017, up 40.3% Rank Val US$m Rank Share No. Deals Healthcare 51,300.5 215 compared to the US$243.9 billion reached in the same period last year. Bank of America Merrill Lynch 36,337.8 1 70.8 4 Credit Suisse 31,336.1 2 61.1 6 Estimated fees accumulated on EMEA deals completed in the first quarter of 2017 were down 16.4% compared to the same Lazard 30,228.3 3 58.9 4 period last year, totaling US$2.8 billion. Energy and Power 45,946.7 261 JP Morgan 12,803.8 1 27.9 3 Citi 12,425.1 2 27.0 6 The Healthcare sector led the EMEA marketplace, with 215 deals totaling a combined US$51.3 billion, including the acquisition Lazard 9,397.6 3 20.5 3 of Actelion Pharmaceuticals Ltd by Janssen Holding GmbH, which was the largest European deal of the quarter, valued at Materials 41,883.4 256 US$29.0 billion. Energy and Power accrued US$45.9 billion, and Materials yielded US$41.9 billion of activity. Goldman Sachs & Co 31,044.2 1 74.1 7 Lazard 25,503.9 2 60.9 5 Citi 4,063.0 3 9.7 6 Financial sponsors were more active in the first quarter of 2017 compared to the first quarter of 2016. EMEA-targeted buyside Industrials 39,545.8 581 financial sponsor activity reached US$35.5 billion in the first quarter of 2017, up 78.4% from the US$19.9 billion reported for the Bank of America Merrill Lynch 17,279.8 1 43.7 8 same period last year. Rothschild & Co 14,132.6 2 35.7 8 Lazard 12,787.6 3 32.3 13 Consumer Products and Services 36,832.3 490 Acquirors listed on the Euronext Paris Stock Exchange were EMEA's most acquisitive companies for the first quarter of 2017, Goldman Sachs & Co 21,013.3 1 68.9 6 with a combined total of US$45.9 billion in offers. Morgan Stanley 15,038.6 2 49.3 3 UBS 14,277.8 3 46.8 5

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$b) Jan 1 - Mar 31 EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

$300 Q4 Volume (US$b) 25%

Euronext Paris London Q3 Volume (US$b)

Q2 Volume (US$b) $3.5 $250 19.2% $4.3 Q1 Volume (US$b) 20% 18.5% 18.1% $4.5 New York Swiss Stock Exchange % of YTD EMEA M&A $45.9 $200 14.5% 13.7% 13.9% 13.9% 15%

New York Zurich $150 11.3% $44.3 $51.2 10.3% 10% % of EMEA $37.7 $25.0 $36.7

Rank Value (US$b) Value Rank 7.6% $30.6 $100 $21.5 $33.1 Nasdaq Madrid $29.7 $29.0 $37.9 $26.8 $28.4 $23.9 $24.4 $43.2 $36.6 $27.2 5% $50 $44.2 $38.2 $38.9 $33.4 $48.7 $19.0 OMX Stockholm BMFBOVESPA $16.6 $24.1 $14.4 $46.8 $27.1 $27.9 $35.5 $9.0 $15.6 $24.1 $18.3 $25.3 $19.9 $0 $4.0 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Top Ten EMEA Involvement Announced Deals Jan 1 – Mar 31 2017 Rank Date Status Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry 1/26/2017 Pending Actelion Pharmaceuticals Ltd (100%) Janssen Holding GmbH Switzerland / Switzerland 29,038.5 Healthcare / Pharmaceuticals 3/9/2017 Intended Akzo Nobel NV (100%) PPG Industries Inc United States / Netherlands 25,397.8 Materials / Chemicals 2/1/2017 Pending Mead Johnson Nutrition Co (100%) Reckitt Benckiser Group PLC United Kingdom / United States 17,828.5 Consumer Staples / Food and Beverage 1/16/2017 Pending Luxottica Group SpA (61.9%) Essilor International SA France / Italy 15,878.1 Consumer Products and Services / Other Consumer Products 3/13/2017 Pending Mobileye NV (100%) Cyclops Holdings Inc United States / Israel 15,277.2 High Technology / Software 3/20/2017 Pending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts India / India 11,627.3 Telecommunications / Wireless 1/16/2017 Intended Luxottica Group SpA (38.1%) Essilor International SA France / Italy 9,139.6 Consumer Products and Services / Other Consumer Products 3/9/2017 Pending Athabasca Oil Sands (60%) Canadian Natural Resources Ltd Canada / Canada 8,310.6 Energy and Power / Oil & Gas 1/19/2017 Pending Zodiac Aerospace SA (68%) Safran SA France / France 7,292.5 Industrials / Aerospace & Defense 2/16/2017 Pending STADA Arzneimittel AG (100%) Undisclosed Acquiror Unknown / Germany 5,042.5 Healthcare / Pharmaceuticals * Undisclosed

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9 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors EMEA Rankings

Any EMEA Involvement Announced (AD47) Jan 1 – Mar 31 Any EMEA Involvement Completed (AF53) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%)Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Citi 1 20 108,386.0 31.720.5 ▲ 35 0.3 +21 ▲ Goldman Sachs & Co 1 2 50,532.7 25.5 -27.7 ▼ 31 1.0 -1 ▼ 165.8 5.9 1.9 ▼ Goldman Sachs & Co 12 106,304.0 31.1 -10.4 ▼ 45 0.4 +23 ▲ Bank of America Merrill Lynch 2 3 50,481.2 25.4 -22.6 ▼ 19 0.6 -12 ▼ 116.7 4.2 1.2 ▼ Bank of America Merrill Lynch 3 18 98,432.8 28.8 16.8 ▲ 29 0.3 +5 ▲ Rothschild & Co32.35 44,687.5 22.5 -11.7 ▼ 71 +6 ▲ 235.9 8.4 2.2 ▲ Lazard 4 9 84,219.4 24.6 3.9 ▲ 48 0.5 +8 ▲ Lazard 4 6 42,556.0 21.4-10.1 ▼ 43 1.4 +5 ▲ 170.8 6.1 2.5 ▲ Rothschild & Co 5 7 73,617.9 21.5 -0.8 ▼ 60 0.6 -13 ▼ Morgan Stanley 5 1 34,152.5 17.2 -42.4 ▼ 22 0.7 -11 ▼ 103.6 3.7 3.2 ▼ Morgan Stanley 6 2 64,580.3 18.9-21.3 ▼ 39 0.4 +11 ▲ Deutsche Bank 6 11 25,765.5 13.0 3.6▲ 20 0.7 +1 ▲ 65.9 2.4 0.4 ▲ Credit Suisse 7 3 48,123.7 14.1 -18.3 ▼ 220.2 0 - JP Morgan 7 4 25,349.4 12.8 -33.8 ▼ 26 0.9 -5 ▼ 96.9 3.5 2.1 ▼ BNP Paribas SA 8 24 39,524.3 11.6 8.2 ▲ 19 0.2 -6 ▼ Barclays 8 10 23,605.5 11.9 0.1▲ 25 .8 +5 ▲ 100.0 3.6 1.0 ▲ Robey Warshaw LLP 9 27* 31,825.9 9.3 6.8 ▲ 4 0.0 +3 ▲ Credit Suisse 99 20,818.6 10.5 -2.4 ▼ 17 0.6 0 - 38.3 1.4 1.7 ▼ JP Morgan 10 4 30,799.9 9.0-16.2 ▼ 20 0.2 -4 ▼ Citi 10 8 18,670.2 9.4 -10.1 ▼ 27 0.9 +4 ▲ 82.8 3.0 0.0 - Alantra Partners SA 11 10 29,211.3 8.5 -11.2 ▼ 11 0.1 -6 ▼ BNP Paribas SA 11 24 18,202.2 9.2 6.9 ▲ 23 0.8 -11 ▼ 63.2 2.3 0.4 ▲ Deutsche Bank 12 21 28,030.1 8.2 1.1 ▲ 12 0.1 -1 ▼ UBS 12 18 16,692.8 8.4 3.5 ▲ 13 0.4 -10 ▼ 33.4 1.2 1.1 ▼ HSBC Holdings PLC 13 5 26,359.9 7.7 -17.2 ▼ 10 0.1 -3 ▼ Banca IMI (Intesa Sanpaolo) 13 63 11,159.7 5.6 5.4 ▲ 3 0.1 -2 ▼ 4.1 0.2 0.0 - Mediobanca 14 33 26,358.9 7.7 5.9 ▲ 5 0.0 0 - Societe Generale 14 16 9,226.7 4.7 -1.4 ▼ 11 0.4 0 - 20.8 0.7 0.2 ▲ UBS 15 6 17,166.9 5.0 -19.1 ▼ 16 0.2 -7 ▼ Nomura 15 29 9,129.0 4.6 2.8 ▲ 9 0.3 +3 ▲ 45.1 1.6 1.0 ▲ Barclays 16 16 15,715.7 4.6 -11.1 ▼ 13 0.1 -6 ▼ Macquarie Group16 25 7,995.8 4.0 2.1 ▲ 7 0.2 +2 ▲ 16.3 0.6 0.4 ▼ Raymond James Financial Inc 17 258* 15,544.9 4.5 4.5 ▲ 6 0.1 +1 ▲ Evercore Partners 17 17 7,989.9 4.0 -1.7 ▼ 8 0.3 -4 ▼ 53.2 1.9 0.3 ▲ Kotak Mahindra Bank Ltd 18 - 13,000.4 3.8 3.8 ▲ 3 0.0 +3 ▲ RBC Capital Markets 1844 7,845.7 4.0 3.1 ▲ 3 0.1 -2 ▼ 13.7 0.5 0.4 ▼ Axis Capital Holdings Ltd 19 - 11,627.3 3.4 3.4 ▲ 1 0.0 +1 ▲ Mediobanca 19 40 4,674.7 2.4 1.2 ▲ 7 0.2 -1 ▼ 12.5 0.4 0.1 ▼ Societe Generale 20 30 8,778.6 2.6 0.1 ▲ 13 0.1 +4 ▲ Robey Warshaw LLP 207 4,545.7 2.3 -20.4 ▼ 1 0.0 0 - 4.7 0.2 1.1 ▼ TD Securities Inc 3921 8,368.6 2.5 1.5 ▲ 2 0.0 -1 ▼ Industrial & Comm Bank China 21 28 4,377.8 2.2 0.3 ▲ 2 0.1 -4 ▼ 9.0 0.3 0.2 ▲ Scotiabank 22 48 8,310.6 2.41.9 ▲ 1 0.0 -1 ▼ 22* 154* 4,178.6 2.1 2.1 ▲ 1 0.0 -1 ▼ 5.4 0.2 0.2 ▲ Moelis & Co 23 47 6,408.7 1.9 1.4 ▲ 5 0.0 0 - CITIC 22* - 4,178.6 2.1 2.1 ▲ 1 0.0 +1 ▲ 0.2 0.1 0.1 ▲ Credit Agricole CIB 24 19 5,191.0 1.5 -10.3 ▼ 8 0.1 -9 ▼ Commerzbank AG 22* 107 4,178.6 2.1 2.0 ▲ 1 0.0 -2 ▼ .4 0.0 0.1 ▼ PJT Partners LP 25 258* 4,907.4 1.4 1.4 ▲ 7 0.1 +6 ▲ KPMG 3025 4,135.0 2.1 0.4 ▲ 30 1.0 -60 ▼▼3.3 0.1 0.3 Industry Total 342, 226. 7 100. 0 3, 774 -1, 131 Industry Total 198, 499. 4 100. 0 3, 037 -1, 136 2, 798. 7 100. 0

Industry % Change from Same Period Last Year 40.3% ▲ -23.1% ▼ Industry % Change from Same Period Last Year -44.3% ▼ -27.2% ▼ -16.4% ▼ Industry % Change from Last Quarter -25.7% ▼ -23.9% ▼ Industry % Change from Last Quarter -41.0% ▼ -23.1% ▼ -19.4% ▼

Any European Involvement Announced (AD21) Jan 1 – Mar 31 Any European Involvement Completed (AF3) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in AdvisorMarket Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Bank of America Merrill Lynch 1 18 98,262.0 31.0 18.8 ▲ 27 0.8 +4 ▲ Bank of America Merrill Lynch 1 3 49,988.9 28.4 -22.5 ▼ 17 0.6 -14 ▼ 113.1 4.3 1.4 ▼ Citi 2 20 92,856.3 29.3 17.8 ▲ 32 0.9 +19 ▲ Goldman Sachs & Co 2 2 47,989.9 27.2 -25.2 ▼ 27 0.9 -3 ▼ 156.3 5.9 1.6 ▼ Goldman Sachs & Co3 1 89,747.1 28.3 -14.2 ▼ 41 1.2 +20 ▲ Rothschild & Co 3 6 43,718.7 24.8 -8.1 ▼ 68 2.4 +5 ▲ 230.2 8.7 2.8 ▲ Lazard 4 984,219.4 26.6 5.5 ▲ 47 1.3 +8 ▲ Lazard 4 5 42,556.0 24.2 -9.1 ▼ 43 1.5 +6 ▲ 170.8 6.4 2.7 ▲ Morgan Stanley 5 2 62,406.0 19.7 -21.6 ▼ 36 1.0 +11 ▲ Morgan Stanley 5 1 32,538.1 18.5 -41.3 ▼ 20 0.7 -11 ▼ 97.4 3.7 3.0 ▼ Rothschild & Co 6 7 57,150.1 18.0 -4.8 ▼ 54 1.5 -18 ▼ Deutsche Bank 6 11 25,765.5 14.6 4.6 ▲ 20 0.7 +1 ▲ 65.9 2.5 0.3 ▲ Credit Suisse 7 3 45,908.7 14.5 -18.7 ▼ 21 0.6 -1 ▼ JP Morgan 7 4 24,789.0 14.1 -35.0 ▼ 25 0.9 -5 ▼ 95.1 3.6 2.3 ▼ BNP Paribas SA 8 24 39,524.3 12.5 9.0 ▲ 19 0.5 -6 ▼ Barclays 8 10 22,636.7 12.9 0.7 ▲ 21 0.7 +5 ▲ 92.3 3.5 1.3 ▲ Robey Warshaw LLP 9 27* 31,825.9 10.1 7.5 ▲ 4 0.1 +3 ▲ Citi 9 8 18,417.6 10.5 -9.3 ▼ 25 0.9 +5 ▲ 80.8 3.0 0.4 ▲ JP Morgan 10 4 29,825.3 9.4 -16.4 ▼ 19 0.5 -5 ▼ BNP Paribas SA 10 21 18,202.2 10.3 7.8 ▲ 23 0.8 -11 ▼ 63.2 2.4 0.4 ▲ Alantra Partners SA 11 10 29,211.3 9.2 -11.0 ▼ 11 0.3 -6 ▼ Banca IMI (Intesa Sanpaolo) 11 61 11,159.7 6.3 6.1 ▲ 3 0.1 -2 ▼ 4.1 0.2 0.0 - Deutsche Bank 12 21 28,030.1 8.9 1.6 ▲ 12 0.3 -1 ▼ Societe Generale 12 16 9,226.7 5.2 -1.3 ▼ 11 0.4 0 - 20.8 0.8 0.3 ▲ Mediobanca 13 33 26,358.9 8.3 6.5 ▲ 5 0.1 0 - Nomura 13 26 8,331.0 4.7 2.8 ▲ 7 0.2 +1 ▲ 38.3 1.4 0.8 ▲ HSBC Holdings PLC 14 5 24,144.9 7.6 -18.0 ▼ 9 0.3 -4 ▼ Macquarie Group 14 22 7,995.8 4.5 2.5 ▲ 7 0.2 +2 ▲ 16.3 0.6 0.4 ▼ UBS 15 6 16,996.2 5.4 -19.4 ▼ 15 0.4 -7 ▼ Evercore Partners 15 17 7,989.9 4.5 -1.5 ▼ 8 0.3 -3 ▼ 53.2 2.0 0.4 ▲ Barclays 16 1615,544.9 4.9 -11.2 ▼ 12 0.3 -5 ▼ RBC Capital Markets 16 42 7,845.7 4.5 3.5 ▲ 3 0.1 -2 ▼ 13.7 0.5 0.4 ▼ Kotak Mahindra Bank Ltd 17 - 13,000.4 4.1 4.1 ▲ 3 0.1 +3 ▲ Credit Suisse 17 9 6,687.3 3.8 -9.7 ▼ 16 0.6 0 - 28.2 1.1 2.1 ▼ Axis Capital Holdings Ltd 18 - 11,627.3 3.7 3.7 ▲ 1 0.0 +1 ▲ Mediobanca 18 38 4,674.7 2.7 1.5 ▲ 7 0.2 -1 ▼ 12.5 0.5 0.0 - Societe Generale 1930 8,778.6 2.8 0.2 ▲ 13 0.4 +4 ▲ Robey Warshaw LLP 19 7 4,545.7 2.6 -21.5 ▼ 1 0.0 0 - 4.7 0.2 1.1 ▼ TD Securities Inc 2039 8,368.6 2.6 1.6 ▲ 2 0.1 -1 ▼ Industrial & Comm Bank China 20 24 4,377.8 2.5 0.5 ▲ 2 0.1 -4 ▼ 9.0 0.3 0.2 ▲ Scotiabank 21 47 8,310.6 2.6 2.1 ▲ 1 0.0 -1 ▼ Berenberg Bank 21* 142* 4,178.6 2.4 2.4 ▲ 1 0.0 -1 ▼ 5.4 0.2 0.2 ▲ Moelis & Co 22 546,408.7 2.0 1.5 ▲ 5 0.1 +2 ▲ CITIC 21* - 4,178.6 2.4 2.4 ▲ 1 0.0 +1 ▲ - 0.0 0.0 - Credit Agricole CIB 23 19 5,191.0 1.6 -10.5 ▼ 8 0.2 -9 ▼ Commerzbank AG 21* 100 4,178.6 2.4 2.3 ▲ 10.0-2 ▼ .4 0.0 0.1 ▼ PJT Partners LP 24 246* 4,907.4 1.6 1.6 ▲ 7 0.2 +6 ▲ KPMG 2428 4,135.0 2.4 0.6 ▲ 30 1.0 -60 ▼ 3.3 0.1 0.3 ▼ BMO Capital Markets 25 68 4,764.1 1.5 1.3 ▲ 5 0.1 +3 ▲ Valence Group 25 - 3,800.0 2.2 2.2 ▲ 2 0.1 +2 ▲ 4.2 0.2 0.2 ▲ Industry Total 316,757.2 100.0 3,545 -1,046 Industry Total 176,146.3 100.0 2,874 -1,082 2,661.9 100.0

Industry % Change from Same Period Last Year 38.3% ▲ 3.4% ▲ Industry % Change from Same Period Last Year -47.7% ▼ -27.4% ▼ -15.4% ▼ Industry % Change from Last Quarter 1.9% ▲ -0.1% ▼ Industry % Change from Last Quarter -45.6% ▼ -23.8% ▼ -19.7% ▼

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10 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors EMEA Rankings

Any UK Involvement Announced (AD32) Jan 1 – Mar 31 Any UK Involvement Completed (AF39) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value MarketMarket # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Morgan Stanley 1 2 44,043.7 42.3 9.8 ▲ 11 1.2 +5 ▲ Bank of America Merrill Lynch 1 2 12,730.1 29.7 -40.0 ▼ 5 0.1 -8 ▼ 23.9 3.1 4.0 ▼ Goldman Sachs & Co 2 1 42,872.5 41.2 7.6 ▲ 18 1.9 +11 ▲ Goldman Sachs & Co 2 1 12,249.3 28.6 -43.3 ▼ 9 0.1 -9 ▼ 37.7 4.9 8.2 ▼ Bank of America Merrill Lynch 3 3 39,699.7 38.1 6.7 ▲ 9 1.0 -2 ▼ Macquarie Group 3* 22 7,798.7 18.2 16.2 ▲ 5 0.1 +2 ▲ 13.9 1.8 0.5 ▲ Robey Warshaw LLP 4 10* 31,825.9 30.6 17.6 ▲ 4 0.4 +3 ▲ Morgan Stanley 3* 3 7,798.7 18.2 -47.5 ▼ 2 0.0 -10 ▼ 18.4 2.4 4.6 ▼ Deutsche Bank 45 20,278.5 19.5 -8.1 ▼ 2 0.2 -6 ▼ JP Morgan 45 7,707.3 18.0 -46.0 ▼ 8 0.1 -5 ▼ 30.2 4.0 3.0 ▼ JP Morgan 6 9 19,955.8 19.2 4.5 ▲ 8 0.9 -2 ▼ Rothschild & Co 6 5 7,082.2 16.5 -35.2 ▼ 23 0.3 +5 ▲ 61.7 8.1 2.1 ▲ HSBC Holdings PLC 7 5 19,409.6 18.6 -1.1 ▼ 3 0.3 -4 ▼ BNP Paribas SA 7 107* 6,602.6 15.4 15.4 ▲ 5 0.1 +3 ▲ 11.9 1.6 1.2 ▲ Citi 8 103* 17,036.6 16.4 16.4 ▲ 10 1.1 +8 ▲ Barclays 8 8 6,525.0 15.2 -5.4 ▼ 5 0.1 -8 ▼ 18.0 0.0 2.2 ▼ Rothschild & Co 9 8 14,809.2 14.2 -1.2 ▼ 24 2.6 +6 ▲ RBC Capital Markets 9* 47 4,545.7 10.6 10.4 ▲ 2 0.0 -1 ▼ 10.1 1.3 0.6 ▲ UBS 10 6 14,550.2 14.0 -3.4 ▼ 5 0.5 -2 ▼ Robey Warshaw LLP 9* 74,545.7 10.6 -34.3 ▼ 1 0.0 0 - 4.7 0.6 2.4 ▼ Credit Suisse 11 18 13,311.7 12.8 9.9 ▲ 5 0.5 -2 ▼ FTI Consulting Inc 11 104 3,501.3 8.2 8.2 ▲ 2 0.0 -2 ▼ 3.6 0.5 0.4 ▲ Kotak Mahindra Bank Ltd 12 - 13,000.4 12.5 12.5 ▲ 2 0.2 +2 ▲ Citi 12 10 2,783.9 6.5 -7.6 ▼ 5 0.1 -1 ▼ 18.4 2.4 0.1 ▼ Axis Capital Holdings Ltd 13 - 11,627.3 11.2 11.2 ▲ 1 0.1 +1 ▲ Lazard 13 6 2,551.6 6.0 -40.3 ▼ 8 0.1 -7 ▼ 29.0 3.8 1.1 ▼ Barclays 14 12 10,348.9 9.9 -3.1 ▼ 6 0.6 0 - PricewaterhouseCoopers 14 56 2,509.0 5.9 5.8 ▲ 12 0.2 +1 ▲ 1.9 0.3 0.2 ▲ Moelis & Co 15 103* 6,408.7 6.2 6.2 ▲ 5 0.5 +4 ▲ Moelis & Co 15 18 2,226.6 5.2 2.6 ▲ 6 0.1 +4 ▲ 16.2 2.1 1.9 ▲ Greenhill & Co, LLC 16 37 4,516.2 4.3 3.6 ▲ 1 0.1 0 - 16 85 1,493.3 3.5 3.5 ▲ 5 0.1 +2 ▲ 6.0 0.8 0.8 ▲ Deloitte 17 79 3,975.5 3.8 3.8 ▲ 7 0.8 +4 ▲ Greenhill & Co, LLC17 16 1,362.3 3.2 0.4 ▲ 4 0.1 +2 ▲ 10.8 1.4 1.0 ▲ BMO Capital Markets 18 28 3,804.1 3.7 2.7 ▲ 1 0.1 -1 ▼ Nomura 18 14* 1,028.1 2.4 -0.5 ▼ 2 0.0 0 - 15.5 2.0 1.3 ▲ Lazard 19 7 2,950.6 2.8 -13.3 ▼ 6 0.6 -7 ▼ Jefferies LLC 19 17 695.8 1.6 -1.1 ▼ 2 0.0 -5 ▼ 5.6 0.7 0.7 ▼ National Bank of Abu Dhabi 20* - 2,806.2 2.7 2.7 ▲ 1 0.1 +1 ▲ TAP Advisors LLC 20 - 690.0 1.6 1.6 ▲ 1 0.0 +1 ▲ 8.4 1.1 1.1 ▲ Swiss Life Insurance Company 20* - 2,806.2 2.7 2.7 ▲ 1 0.1 +1 ▲ Credit Suisse 21 27 649.6 1.5 0.7 ▲ 2 0.0 -3 ▼ 2.7 0.4 1.2 ▼ RBC Capital Markets 22 14 2,466.1 2.4 -3.7 ▼ 3 0.3 -4 ▼ Wells Fargo & Co22 - 640.0 1.5 1.5 ▲ 1 0.0 +1 ▲ 5.8 0.8 0.8 ▲ Wells Fargo & Co 23 - 2,044.5 2.0 2.0 ▲ 3 0.3 +3 ▲ HSBC Holdings PLC 2336 639.1 1.5 1.3 ▲ 10.0-5 ▼ 7.8 1.0 0.1 ▲ Savills PLC 24 - 1,646.5 1.6 1.6 ▲ 3 0.3 +3 ▲ Rand Merchant Bank 24 - 634.3 1.5 1.5 ▲ 1 0.0 +1 ▲ 2.8 0.4 0.4 ▲ Cushman & Wakefield Inc 25 27 1,531.9 1.5 0.3 ▲ 4 0.4 +2 ▲ Canaccord Genuity 25 107* 573.3 1.3 1.3 ▲ 2 0.0 -1 ▼ 5.3 0.7 0.6 ▲ Industry Total 104, 154. 8 100. 0 925 -142 Industry Total 42, 841. 3 100. 0 768 -141 763. 8 100. 0

Industry % Change from Same Period Last Year 118.6% ▲ -13.3% ▼ Industry % Change from Same Period Last Year -17.9% ▼ -1.5% ▼ 12.0% ▲ Industry % Change from Last Quarter -44.0% ▼ -13.6% ▼ Industry % Change from Last Quarter -41.5% ▼ -7.1% ▼ -15.8% ▼

Any French Involvement Announced (AD33) Jan 1 – Mar 31 Any French Involvement Completed (AF40) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) * tie 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Rothschild & Co 11 40,013.5 58.5 -15.5 ▼ 20 3.6 -14 ▼ Rothschild & Co 1 12 25,415.9 56.1 25.0 ▲ 26 5.3 -2 ▼ 109.2 15.2 3.2 ▲ BNP Paribas SA 2 9 39,524.3 57.8 41.3 ▲ 18 3.3 0 - Lazard 2 10 23,069.0 50.9 11.7 ▲ 14 2.8 +4 ▲ 67.6 9.4 5.4 ▲ Citi 3 5 37,226.1 54.5 10.4 ▲ 12 2.2 +10 ▲ Bank of America Merrill Lynch 31 15,881.4 35.0 -24.5 ▼ 3 0.6 -3 ▼ 25.7 3.6 1.9 ▲ Mediobanca 4- 25,767.3 37.7 37.7 ▲ 3 0.5 +3 ▲ Goldman Sachs & Co 46 15,140.4 33.4 -16.4 ▼ 6 1.2 0 - 44.7 6.2 2.9 ▲ Lazard 5 11 14,017.8 20.5 10.0 ▲ 12 2.2 -3 ▼ Societe Generale 5 3 7,507.1 16.6 -41.7 ▼ 8 1.6 -1 ▼ 15.5 2.2 0.4 ▼ Bank of America Merrill Lynch 6 6 12,268.6 18.0 -2.9 ▼ 4 0.7 -4 ▼ BNP Paribas SA 6 14 7,017.5 15.5 -5.5 ▼ 19 3.9 -2 ▼ 47.2 6.6 0.2 ▲ Societe Generale 7 10 8,778.6 12.8 2.0 ▲ 10 1.8 +4 ▲ Evercore Partners 7 26* 6,662.0 14.7 13.0 ▲ 3 0.6 +1 ▲ 39.4 5.5 4.9 ▲ Goldman Sachs & Co8 8 7,940.9 11.6 -6.1 ▼ 5 0.9 -1 ▼ Citi8 9 5,585.5 12.3 -32.8 ▼ 4 0.8 +1 ▲ 14.8 2.1 1.5 ▼ Morgan Stanley 9 2 6,296.5 9.2 -57.6 ▼ 4 0.7 -3 ▼ Nomura 9 - 5,182.0 11.4 11.4 ▲ 3 0.6 +3 ▲ 16.5 2.3 2.3 ▲ Credit Agricole CIB 10 3 5,191.0 7.6 -54.5 ▼ 8 1.4 -7 ▼ Deutsche Bank 10 7 4,237.4 9.4 -40.2 ▼ 3 0.6 -2 ▼ 10.2 1.4 2.1 ▼ HSBC Holdings PLC 11 12* 3,380.9 5.0 -4.3 ▼ 1 0.2 -3 ▼ Morgan Stanley 11 4 4,049.6 8.9 -41.8 ▼ 3 0.6 -1 ▼ 13.2 1.8 1.3 ▼ MTS Health Partners LP 12* - 1,025.0 1.5 1.5 ▲ 1 0.2 +1 ▲ RBC Capital Markets 12* 82* 3,300.0 7.3 7.3 ▲ 1 0.2 0 - 3.7 0.5 0.1 ▲ Credit Suisse 12* 4 1,025.0 1.5 -58.8 ▼ 1 0.2 -3 ▼ Credit Suisse 12* 5 3,300.0 7.3 -43.2 ▼ 2 0.4 -2 ▼ 4.4 0.6 2.5 ▼ Barclays 14 21940.7 1.4 -1.4 ▼ 3 0.5 -1 ▼ Barclays 14 24 3,200.0 7.1 5.2 ▲ 2 0.4 +1 ▲ 27.7 3.9 2.9 ▲ Oddo & Cie SCA 15- 809.8 1.2 1.2 ▲ 1 0.2 +1 ▲ Credit Agricole CIB 15 2 1,962.7 4.3 -54.1 ▼ 8 1.6 -3 ▼ 17.5 2.4 0.8 ▲ Nomura 2716 749.5 1.1 -0.3 ▼ 1 0.2 0 - Centerview Partners LLC 16 - 1,200.0 2.7 2.7 ▲ 1 0.2 +1 ▲ 8.4 1.2 1.2 ▲ Deloitte 17 31 737.4 1.1 0.6 ▲ 4 0.7 -12 ▼ DC Advisory 17 82* 1,143.8 2.5 2.5 ▲ 3 0.6 -4 ▼ 5.0 0.7 0.1 ▲ Houlihan Lokey 18 - 611.5 0.9 0.9 ▲ 1 0.2 +1 ▲ Mediobanca 18 29 1,010.8 2.2 0.8 ▲ 2 0.4 -1 ▼ 5.0 0.7 0.2 ▼ JP Morgan 19 12* 570.5 0.8 -8.5 ▼ 3 0.5 -2 ▼ JP Morgan 19 8 991.1 2.2 -45.8 ▼▼5 1.0 +1 ▲ - 0.0 4.0 AZ Capital 20 - 539.8 0.8 0.8 ▲ 1 0.2 +1 ▲ UBS 20 82* 894.4 2.0 2.0 ▲ 4 0.8 +1 ▲ 6.7 0.9 0.6 ▼ PNC Financial Services Group 21 - 409.0 0.6 0.6 ▲ 1 0.2 +1 ▲ Oddo & Cie SCA 21 21* 809.8 1.8 -0.9 ▼ 1 0.2 -0 8.1 1.1 0.6 ▲ Detroyat Associes SA 22 - 352.6 0.5 0.5 ▲ 1 0.2 +1 ▲ Houlihan Lokey 22 - 681.1 1.5 1.5 ▲ 3 0.6 +3 ▲ - 0.0 0.0 - Jones Lang LaSalle Inc 23 25 281.1 0.4 -1.3 ▼ 3 0.5 -2 ▼ Canaccord Genuity 23 82* 569.1 1.3 1.3 ▲ 1 0.2 -2 ▼ 5.3 0.7 0.2 ▲ Macquarie Group 24 - 254.3 0.4 0.4 ▲ 2 0.4 +2 ▲ Euroland Finance 24 82* 523.7 1.2 1.2 ▲ 1 0.2 0 - 2.4 0.3 0.3 ▲ FTI Consulting Inc 25 - 248.3 0.4 0.4 ▲ 1 0.2 +1 ▲ Detroyat Associes SA 25 - 423.9 0.9 0.9 ▲ 2 0.4 +2 ▲ .0 0.0 0.0 - Industry Total 68,358.7 100.0 552 -395 Industry Total 45,333.6 100.0 492 -381 717.9 100.0

Industry % Change from Same Period Last Year 50.1% ▲ -41.7% ▼ Industry % Change from Same Period Last Year 23.0% ▲ -43.6% ▼ 32.5% ▲ Industry % Change from Last Quarter 110.8% ▲ -35.6% ▼ Industry % Change from Last Quarter 60.5% ▲ -38.5% ▼ 29.3% ▲

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11 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors EMEA Rankings

Any Spanish Involvement Announced (AD34) Jan 1 – Mar 31 Any Spanish Involvement Completed (AF41) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Morgan Stanley -1 5,460.3 27.4 27.4 ▲ 4 1.5 +4 ▲ JP Morgan 1 6* 7,652.6 49.1 40.5 ▲ 5 2.4 +4 ▲ 20.2 11.0 7.5 ▲ Citi 2 3 4,006.020.1 6.4 ▲ 5 1.9 +2 ▲ BNP Paribas SA 2 13* 6,797.3 43.6 40.3 ▲ 5 2.4 -1 ▼ 13.3 7.2 0.6 ▲ JP Morgan 3 12 3,756.7 18.9 17.1 ▲ 3 1.2 +2 ▲ Bank of America Merrill Lynch 3* 6* 6,427.1 41.3 32.7 ▲ 1 0.50 - 7.7 4.2 1.2 ▼ National Bank of Abu Dhabi 4* - 2,806.2 14.1 14.1 ▲ 1 0.4 +1 ▲ Goldman Sachs & Co 3* 1 6,427.1 41.3 4.6 ▲ 1 0.5 -1 ▼ 7.7 4.2 4.1 ▼ Swiss Life Insurance Company 4*- 2,806.2 14.1 14.1 ▲ 1 0.4 +1 ▲ Morgan Stanley 5* - 2,599.6 16.7 16.7 ▲ 2 1.0 +2 ▲ 11.6 6.3 6.3 ▲ Bank of America Merrill Lynch 6 - 2,642.0 13.3 13.3 ▲ 2 0.8 +2 ▲ Nomura 5* 8 2,599.6 16.7 9.3 ▲ 2 1.0 0 - 8.0 4.4 0.5 ▲ Barclays 7 - 1,904.6 9.6 9.6 ▲ 1 0.4 +1 ▲ Citi 7 4 1,236.2 7.9 -2.8 ▼ 3 1.4 -1 ▼ 7.2 3.9 1.2 ▼ HSBC Holdings PLC8 - 1,354.4 6.8 6.8 ▲ 2 0.8 +2 ▲ Rothschild & Co 8 20 1,118.0 7.2 5.8 ▲ 4 1.9 +1 ▲ 3.7 2.0 1.2 ▼ Lazard 9 1 1,241.0 6.2 -9.7 ▼ 4 1.5 +1 ▲ Dome Group 9 - 917.2 5.9 5.9 ▲ 1 0.5+1 ▲ 3.9 2.1 2.1 ▲ UBS 10 - 1,233.9 6.2 6.2 ▲ 2 0.8 +2 ▲ Mediobanca 10 - 749.5 4.8 4.8 ▲ 1 0.5 +1 ▲ 3.5 1.9 1.9 ▲ /KBW 11 - 1,049.0 5.3 5.3 ▲ 2 0.8 +2 ▲ Deutsche Bank 11 24 718.8 4.6 3.9 ▲ 1 0.5 0 - .7 0.4 0.4 ▼ Goldman Sachs & Co 12 - 1,028.0 5.2 5.2 ▲ 3 1.2 +3 ▲ Lazard 12 5 380.0 2.4 -7.7 ▼ 3 1.4 +1 ▲ 7.6 4.1 1.8 ▲ Rothschild & Co 13* 13 917.2 4.6 2.9 ▲ 2 0.8 0 - Macquarie Group 13 2* 197.1 1.3 -28.5 ▼ 2 1.0 +1 ▲ 2.4 1.3 4.4 ▼ Dome Group 13* - 917.2 4.6 4.6 ▲ 1 0.4 +1 ▲ KPMG 14 28* 152.0 1.0 1.0 ▲ 4 1.9 -8 ▼ .2 0.1 0.9 ▼ Deloitte 15 8 750.3 3.8 -0.7 ▼ 11 4.2 +1 ▲ Barclays 15 28* 133.9 0.9 0.9 ▲ 2 1.0 +1 ▲ 3.1 1.7 0.6 ▲ Mediobanca 16* - 749.5 3.8 3.8 ▲ 1 0.4 +1 ▲ PricewaterhouseCoopers 16 18 133.1 0.9 -1.4 ▼ 10 4.8 -12 ▼ 1.2 0.7 1.3 ▼ Nomura 16* - 749.5 3.8 3.8 ▲ 1 0.4 +1 ▲ Ernst & Young LLP 17* 21 67.7 0.4 -0.8 ▼ 5 2.4 -7 ▼ .4 0.2 0.5 ▼ BNP Paribas SA 18 9 663.9 3.3 -0.9 ▼ 3 1.20 - Santander 17* 9 67.7 0.4 -4.7 ▼ 3 1.4 -1 ▼ 2.8 1.5 1.9 ▼ AZ Capital 19 - 539.8 2.7 2.7 ▲ 1 0.4 +1 ▲ Credit Suisse 19- 63.2 0.4 0.4 ▲ 1 0.5 +1 ▲ .9 0.5 0.5 ▲ BBVA 20 5 236.9 1.2 -8.1 ▼ 4 1.5 0 - BBVA 20 12 31.0 0.2 -3.4 ▼ 2 1.0 -1 ▼ 1.6 0.9 2.1 ▼ Jones Lang LaSalle Inc 21* - 175.3 0.9 0.9 ▲ 1 0.4 +1 ▲ Eurohold SL 21 26 18.1 0.1 0.0 ▲ 2 1.0 +1 ▲ .4 0.2 0.1 ▲ Strategies and Corp SAS 21* - 175.3 0.9 0.9 ▲ 1 0.4 +1 ▲ IREA Corporate Finance 22 28* 16.3 0.1 0.1 ▲ 1 0.5 0 - .2 0.1 0.2 ▼ KPMG 23 11 152.0 0.8 -2.5 ▼ 4 1.5 -5 ▼ Deloitte 23 10 13.00.1 -4.4 ▼ 11 5.3 -3 ▼ 6.7 3.6 1.9 ▲ Grant Thornton 24* - 142.2 0.7 0.7 ▲ 1 0.4 +1 ▲ Industry Total 15,575.6 100.0 209 -296 184.0 100.0 Jefferies LLC 24* - 142.2 0.7 0.7 ▲ 1 0.4 +1 ▲ Industry Total 19, 901. 0 100. 0 260 -1

Industry % Change from Same Period Last Year -62.6% ▼ -42.2% ▼ Industry % Change from Same Period Last Year -3.3% ▼ -42.1% ▼ -2.0% ▼ Industry % Change from Last Quarter -8.5% ▼ -46.5% ▼ Industry % Change from Last Quarter -46.9% ▼ -44.4% ▼ -39.2% ▼

Any German Involvement Announced (AD35) Jan 1 – Mar 31 Any German Involvement Completed (AF42) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. DealsSh (%) # of Deals Financial AdvisorRank Rank US$m Sh (%)Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Bank of America Merrill Lynch 1 8 8,574.3 23.6 16.9 ▲ 3 0.6 0 - Bank of America Merrill Lynch 1 5 24,225.1 51.5 3.0 ▲ 5 1.3 +2 ▲ 63.1 11.9 8.0 ▲ Deutsche Bank 2 13* 7,472.3 20.6 15.7 ▲ 7 1.4 +4 ▲ JP Morgan 2 2 21,157.6 45.0- - 9 2.3 +2 ▲ 45.0 8.5 4.0 ▲ Morgan Stanley 3 4 6,232.7 17.1 7.2 ▲ 3 0.6 +2 ▲ Lazard 3 13 16,381.4 34.8 28.3 ▲ 5 1.3 -2 ▼ 61.7 11.6 7.5 ▲ Citi 4 11 5,572.8 15.3 9.2 ▲ 4 0.8 +2 ▲ Goldman Sachs & Co 4 1 14,943.1 31.8 -27.9 ▼ 6 1.5 +2 ▲ 30.0 5.7 0.8 ▼ Goldman Sachs & Co 5 5 5,070.0 13.9 4.6 ▲ 6 1.2 +3 ▲ Rothschild & Co 588 14,682.2 31.2 20.9 ▲ 2.1 0 - 33.2 6.3 1.5 ▲ Jones Lang LaSalle Inc 6 16 1,997.0 5.5 2.1 ▲ 2 0.4 0 - Deutsche Bank 6 19* 12,767.1 27.1 25.2 ▲ 5 1.3 +3 ▲ 21.3 4.0 2.7 ▲ Banco BTG Pactual SA 7 - 1,656.4 4.6 4.6 ▲ 1 0.2 +1 ▲ BNP Paribas SA 7 46* 10,758.7 22.9 22.9 ▲ 2 0.5 -1 ▼ 11.3 2.1 0.6 ▼ Lazard 8 3 1,578.9 4.3 -7.8 ▼ 3 0.6 -1 ▼ Morgan Stanley 8 3 7,978.6 17.0 -41.2 ▼ 2 0.5 -4 ▼ 11.2 2.1 12.0 ▼ Credit Suisse 9 20* 1,252.0 3.4 1.5 ▲ 2 0.4 0 - Barclays 9 6* 7,000.0 14.9 -30.8 ▼ 4 1.0 +3 ▲ 33.5 6.3 3.5 ▲ BNP Paribas SA 10 12 1,210.5 3.3 -2.3 ▼ 1 0.2 -1 ▼ Industrial & Comm Bank China 10 43 4,377.8 9.3 9.3 ▲ 2 0.5 +1 ▲ 9.0 1.7 1.7 ▲ Ernst & Young LLP 11 1 1,188.8 3.3 -19.6 ▼ 7 1.4 -3 ▼ Berenberg Bank 11* 34 4,178.6 8.9 8.8 ▲ 1 0.3 -1 ▼ 5.4 1.0 0.7 ▲ Peel Hunt LLP 12 - 1,046.2 2.9 2.9 ▲ 1 0.2 +1 ▲ Commerzbank AG 11* 25* 4,178.6 8.9 8.4 ▲ 1 0.3 -1 ▼ .4 0.1 0.6 ▼ Cushman & Wakefield Inc 13 - 999.4 2.8 2.8 ▲ 3 0.6 +3 ▲ CITIC 11* - 4,178.6 8.9 8.9 ▲ 1 0.3 +1 ▲ .3 0.1 0.1 ▲ Evercore Partners 14* 6 782.9 2.2 -5.5 ▼ 200.4 - Valence Group 14 - 3,800.0 8.1 8.1 ▲ 2 0.5 +2 ▲ 4.2 0.8 0.8 ▲ PricewaterhouseCoopers 14* 26 782.9 2.2 1.1 ▲ 3 0.6 -2 ▼ Citi 15 4 2,883.5 6.1 -48.3 ▼ 3 0.8 -1 ▼ 10.5 2.0 4.8 ▼ Ludwig & Co GmbH 14* - 782.9 2.2 2.1 ▲ 2 0.4 +2 ▲ Societe Generale 16 46* 1,719.6 3.7 3.7 ▲ 2 0.5 +1 ▲ 6.2 1.2 0.9 ▲ ACXIT Capital Partners 17 39 736.0 2.0 4.6 ▲ 40.8-1 ▼ Jefferies LLC17 21 885.0 1.9 0.9 ▲ 1 0.3 -1 ▼ 9.0 1.7 0.2 ▼ Ping An Securities Ltd 18* - 692.0 1.9 -7.8 ▼ 1 0.2 +1 ▲ Nordea 18 - 794.0 1.7 1.7 ▲ 1 0.3 +1 ▲ 3.3 0.6 0.6 ▲ Co Ltd 18* - 692.0 1.9 1.5 ▲ 1 0.2 +1 ▲ Credit Suisse 19* 16 549.9 1.2 -2.0 ▼ 2 0.5 0 - 6.4 1.2 0.1 ▼ JP Morgan 20 27 608.4 1.7 -2.3 ▼ 3 0.6 -1 ▼ UBS 19* 11 549.9 1.2 -8.3 ▼ 1 0.3 -2 ▼ 4.5 0.9 1.3 ▼ Rothschild & Co 21* 19 405.9 1.1 -19.6 ▼ 4 0.8 -6 ▼ Moelis & Co 21 15 462.9 1.0 -2.7 ▼ 3 0.8 +2 ▲ 6.7 1.3 1.0 ▲ Barclays 21* 10 405.9 1.1 2.9 ▲ 2 0.4 +1 ▲ Nomura 22 - 349.6 0.7 0.7 ▲ 20.5+2 ▲ 9.8 1.8 1.8 ▲ Catalyst Partners LLC 21* - 405.9 1.1 2.8 ▲ 1 0.2 +1 ▲ Deloitte 2923 335.8 0.7 0.4 ▲ 2 0.5 -4 ▼ .2 0.0 0.2 ▼ Jefferies LLC 24 - 320.0 0.9 -5.5 ▼ 1 0.2 +1 ▲ Metzler Corporate Finance 24 - 330.2 0.7 0.7 ▲ 1 0.3 +1 ▲ 1.4 0.3 0.3 ▲ UBS 25 2 205.7 0.6 1.1 ▲ 3 0.6 +1 ▲ MCF Corporate Finance GmbH 25 - 246.6 0.5 0.5 ▲ 1 0.3 +1 ▲ 3.0 0.6 0.6 ▲ Industry Total 36,358.5 101.0 501 -70 Industry Total 47,036.3 100.0 389 -116 530.7 100.0

Industry % Change from Same Period Last Year 124.6% ▲ -12.3% ▼▼ Industry % Change from Same Period Last Year 14.3% ▲ -23.0% ▼ 27.9% ▲ Industry % Change from Last Quarter -52.6% ▼ -19.6% ▼ Industry % Change from Last Quarter 66.8% ▲ -14.3% ▼ 35.9% ▲

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12 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors EMEA Rankings

Any Italian Involvement Announced (AD36) Jan 1 – Mar 31 Any Italian Involvement Completed (AF43) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$mSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Citi1 6* 26,922.3 76.8 52.4 ▲ 3 1.0 +2 ▲ Citi 1 5 4,136.3 52.2 24.6 ▲ 3 1.3 -2 ▼ 14.6 8.8 7.2 ▲ Mediobanca 2 4 25,609.3 73.1 43.2 ▲ 4 1.4 -1 ▼ KPMG 2 11 3,889.5 49.1 34.8 ▲ 10 4.3 -15 ▼ .9 0.5 1.0 ▼ BNP Paribas SA 3 11 25,071.9 71.5 67.5 ▲ 3 1.0 0 - Lazard 3 1 3,852.2 48.6 9.7 ▲ 5 2.2 -3 ▼ 12.9 7.8 1.8 ▲ Rothschild & Co 4 2 25,017.7 71.4 39.1 ▲ 5 1.7 -7 ▼ Mediobanca 4 10 3,787.2 47.8 32.8 ▲ 5 2.2 -2 ▼ 7.2 4.4 1.7 ▼ Bank of America Merrill Lynch 5 5 5,382.2 15.4 -13.9 ▼ 4 1.4 0 - Bank of America Merrill Lynch 5 4 3,650.3 46.111.7 ▲ 2 0.9 -2 ▼ 5.7 3.4 3.1 ▼ Morgan Stanley 6 20 1,988.1 5.7 4.9 ▲ 7 2.4 +6 ▲ Colombo & Associati 6 - 3,499.4 44.2 44.2 ▲ 1 0.4 +1 ▲ 4.7 2.9 2.9 ▲ Barclays 7 25 1,904.6 5.4 5.0 ▲ 1 0.3 0 - Rothschild & Co 7 16 817.6 10.3 7.5 ▲ 5 2.2 -4 ▼ 11.2 6.8 0.4 ▲ Lazard 8 1 1,451.9 4.1 -43.2 ▼ 10 3.4 +4 ▲ BNDES 8* - 636.9 8.0 8.0 ▲ 1 0.4 +1 ▲ 2.6 1.6 1.6 ▲ Societe Generale 914 719.3 2.1 -0.4 ▼ 3 1.0 +2 ▲ International Finance Corp 8* - 636.9 8.0 8.0 ▲ 1 0.4 +1 ▲ 2.6 1.6 1.6 ▲ KPMG 10 3 328.9 0.9 -30.6 ▼ 7 2.4 -25 ▼ Goldman Sachs & Co 10 19* 499.8 6.3 4.8 ▲ 3 1.3 +1 ▲ 4.5 2.7 1.2 ▲ EnVent SpA 11 - 150.0 0.4 0.4 ▲ 1 0.3 +1 ▲ Banca IMI (Intesa Sanpaolo) 11 15 383.2 4.8 2.0 ▲ 2 0.9 -3 ▼ 4.1 2.5 0.3 ▼ Alantra Partners SA 12 26 141.3 0.4 0.1 ▲ 3 1.0 -3 ▼ Leonardo & Co 1226* 358.4 4.5 3.5 ▲ 1 0.4 -4 ▼ .1 0.0 0.7 ▼ Goldman Sachs & Co 13 - 88.4 0.3 0.3 ▲ 4 1.4 +4 ▲ Barclays 13 8 308.3 3.9 -13.1 ▼ 1 0.4 -2 ▼ 2.2 1.3 1.2 ▼ Credit Suisse 14 - 83.5 0.2 0.2 ▲ 6 2.0 +6 ▲ Credit Agricole CIB 14 24* 261.3 3.3 2.1 ▲ 1 0.4 -1 ▼ 1.7 1.0 0.4 ▲ Kaleidos Srl 15 - 67.3 0.2 0.2 ▲ 1 0.3 +1 ▲ Morgan Stanley 15 6 256.7 3.2 -23.3 - 6 2.6 +3 ▲ 1.8 1.1 1.6 ▼ IMAP 16 33 66.6 0.2 0.1 ▲ 3 1.0 0 - BBVA 16 - 180.0 2.3 2.3 ▲ 2 0.9 +2 ▲ 2.7 1.6 1.6 ▲ UniCredit17 13 32.6 0.1 -3.4 ▼ 5 1.7 -14 ▼ UBS17 3 173.2 2.2 -32.6 ▼ 1 0.4 -5 ▼ .9 0.5 8.3 ▼ Deutsche Bank 18 8 31.8 0.1 -20.0 ▼ 1 0.3 -1 ▼ EnVent SpA 18 - 150.0 1.9 1.9 ▲ 1 0.4 +1 ▲ 2.1 1.3 1.3 ▲ DVRCapital SpA 19 15* 21.6 0.1 -2.3 ▼ 3 1.0 +2 ▲ Credit Suisse 19 2 121.3 1.5 -36.9 ▼ 6 2.6 +3 ▲ 1.8 1.1 11.1 ▼ Translink Corporate Finance 20 - 11.6 0.0 0.0 ▲ 1 0.3 +1 ▲ Jones Lang LaSalle Inc 20 - 67.9 0.9 0.9 ▲ 2 0.9 +2 ▲ 1.7 1.0 1.0 ▲ Banca IMI (Intesa Sanpaolo) 21* 12 8.2 0.0 -3.9 ▼ 1 0.3 -5 ▼ Kaleidos Srl 21 - 67.3 0.9 0.9 ▲ 1 0.4 +1 ▲ .4 0.2 0.2 ▲ Clairfield International 21* 35* 8.2 0.0 0.0 ▲ 1 0.3 -1 ▼ IMAP 22 38 66.6 0.8 0.8 ▲ 3 1.3 +1 ▲ 3.0 1.8 1.4 ▲ Unione di Banche Italiane Scpa 23 35* 5.9 0.00.0 - 2 0.7 +1 ▲ Alantra Partners SA 23 40* 28.8 0.4 0.4 ▲ 100.4 - .7 0.4 0.2 ▲ Industry Total 35,049.7 100.0 296 -6 DVRCapital SpA 24 22* 21.6 0.3 -0.9 ▼ 3 1.3 +2 ▲ 2.3 1.4 0.9 ▲ UniCredit 25 13 17.3 0.2 -5.4 ▼ 3 1.3 -15 ▼ 1.4 0.8 4.0 ▼ Industry Total 7, 926. 0 100. 0 232 -34 165. 9 100. 0

Industry % Change from Same Period Last Year 144.7% ▲ -2.0% ▼ Industry % Change from Same Period Last Year -71.4% ▼ -12.8% ▼ -38.3% ▼ Industry % Change from Last Quarter 80.6% ▲ -10.3% ▼ Industry % Change from Last Quarter -71.3% ▼ -12.5% ▼ -33.2% ▼

Any Nordic Involvement Announced (AD37) Jan 1 – Mar 31 Any Nordic Involvement Completed (AF44) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value MarketMarket # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank RankUS$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. DNB ASA 1 26 1,322.3 8.2 7.4 ▲ 2 0.4 -5 ▼ Citi 1 6*2,817.3 21.8 -33.2 ▼ 5 1.5 +1 ▲ 18.2 7.0 4.7 ▲ Morgan Stanley 2 5 1,281.5 8.0 -8.8 ▼ 4 0.9 0 - Nordea 2 24* 2,072.4 16.0 14.2 ▲ 3 0.9 -2 ▼ 6.6 2.6 0.4 ▲ Lazard 3 6 1,190.1 7.4 -6.3 ▼ 3 0.60 - Goldman Sachs & Co 3 5 2,063.2 16.0 -39.4 ▼ 3 0.9 0 - 13.7 5.3 3.5 ▲ Cushman & Wakefield Inc 4 - 1,078.4 6.7 6.7 ▲ 4 0.9 +4 ▲ SEB 4 21 1,631.5 12.6 10.5 ▲ 5 1.5 -1 ▼ 8.4 3.2 1.3 ▲ Citi 5 11* 1,055.9 6.6 0.4 ▲ 4 0.9 +3 ▲ Moelis & Co 5 52* 1,525.0 11.8 11.8 ▲ 3 0.9 +2 ▲ 8.4 3.2 2.6 ▲ Nordea 6 - 1,009.1 6.3 6.3 ▲ 2 0.4 +2 ▲ Credit Suisse 6 6* 1,293.7 10.0 -45.0 ▼ 2 0.6 +1 ▲ 5.0 1.9 1.3 ▲ Jones Lang LaSalle Inc7 - 950.9 5.9 5.9 ▲ 1 0.2 +1 ▲ Perella Weinberg Partners LP 7 - 1,278.4 9.9 9.9 ▲ 1 0.3 +1 ▲ 2.8 1.1 1.1 ▲ Nomura 8 - 949.3 5.9 5.9 ▲ 1 0.2 +1 ▲ JP Morgan 8 4 1,040.6 8.1 -49.0 ▼ 2 0.6 -4 ▼ 5.3 2.1 8.3 ▼ Goldman Sachs & Co 9 14 834.0 5.2 -0.3 ▼ 10.2-2 ▼ Nomura 9 30 949.3 7.3 6.8 ▲ 1 0.3 0 - 7.5 2.9 2.3 ▲ Wells Fargo & Co 10* - 831.2 5.2 5.2 ▲ 1 0.2 +1 ▲ Rothschild & Co 10 14 695.7 5.4 -0.6 ▼ 3 0.9 0 - 9.0 3.5 0.5 ▼ UBS 10* 9 831.2 5.2 -2.3 ▼ 1 0.2 -1 ▼ Arma Partners LLP 11* - 635.8 4.9 4.9 ▲ 1 0.3 +1 ▲ 3.2 1.2 1.2 ▲ Bank of America Merrill Lynch 12* 57* 653.8 4.1 4.1 ▲ 1 0.2 0 - Foros 11* - 635.8 4.9 4.9 ▲ 1 0.3 +1 ▲ 7.1 2.8 2.8 ▲ Motilal Oswal Financial Svcs 12* - 653.8 4.1 4.1 ▲ 1 0.2 +1 ▲ TD Securities Inc 13* - 633.4 4.9 4.9 ▲ 1 0.3 +1 ▲ 3.9 1.5 1.5 ▲ Arctic Securities ASA 14 57* 511.4 3.2 3.2 ▲ 1 0.2 0 - CIBC World Markets Inc 13* - 633.4 4.9 4.9 ▲ 1 0.3 +1 ▲ 7.9 3.1 3.1 ▲ SEB 15 1 483.0 3.0 -44.6 ▼ 5 1.1 0 - William Blair & Co 15 18 512.5 4.0 1.3 ▲ 1 0.3 -2 ▼ 4.9 1.9 1.1 ▼ PricewaterhouseCoopers 16* 30 360.6 2.2 1.8 ▲ 10 2.1 +2 ▲ Arctic Securities ASA 16 - 511.4 4.0 4.0 ▲ 1 0.3 +1 ▲ 1.9 0.7 0.7 ▲ Inc 16* - 360.6 2.2 2.2 ▲ 1 0.2 +1 ▲ Lenner & Partners 17 - 508.1 3.9 3.9 ▲ 3 0.9 +3 ▲ 4.6 1.8 1.8 ▲ Sisu Partners Oy 18 47 355.3 2.2 2.1 ▲ 1 0.2 0- Morgan Stanley 18 1 450.4 3.5 -65.7 ▼ 1 0.3 -4 ▼ 3.0 1.1 7.6 ▼ Danske Bank 19 16 329.5 2.1 -1.4 ▼ 2 0.4 -2 ▼ Lazard 19 2 293.2 2.3 -60.0 ▼ 2 0.6 -2 ▼ 2.6 1.0 2.6 ▼ Macquarie Group 20 - 318.6 2.0 2.0 ▲ 1 0.2 +1 ▲ Carnegie 20 23 271.7 2.1 0.2 ▲ 51.5+1 ▲ 2.3 0.9 1.0 ▼ Robert W & Co Inc 21 57* 270.0 1.7 1.7 ▲ 1 0.2 0 - MCF Corporate Finance GmbH 21 52* 246.6 1.9 1.9 ▲ 1 0.3-1 ▼ 3.0 1.1 0.8 ▲ Evercore Partners 22* 57* 200.0 1.3 1.3 ▲ 1 0.20 - Pangea Property Partners AB 22* 32 206.1 1.6 1.2 ▲ 2 0.6 +1 ▲ 2.4 0.9 0.4 ▲ Jefferies LLC 22* 7 200.0 1.3 -7.4 ▼ 1 0.2 -3 ▼ Handelsbanken Capital Markets 22* 24* 206.1 1.6 -0.2 ▼ 3 0.9 -3 ▼ 2.9 1.1 0.3 ▼ Superia 24 - 123.9 0.8 0.8 ▲ 1 0.2 +1 ▲ Evercore Partners 24 17 188.7 1.5 -1.2 ▼ 1 0.3 -1 ▼ 3.0 1.2 0.9 ▼ Piper Jaffray Cos 25 24* 120.0 0.8 -0.1 ▼ 1 0.2 0 - PricewaterhouseCoopers 25 20 150.9 1.2 -1.0 ▼ 12 3.6 +1 ▲ 3.5 1.3 0.9 ▲ Industry Total 16,063.4 100.0 468 -57 Industry Total 12,934.4 100.0 337 -85 259.5 100.0

Industry % Change from Same Period Last Year -24.7% ▼ -10.9% ▼ Industry % Change from Same Period Last Year -48.4% ▼ -20.1% ▼ -16.2% ▼ Industry % Change from Last Quarter -44.7% ▼ -28.0% ▼ Industry % Change from Last Quarter -29.6% ▼ -12.5% ▼ -1.4% ▼

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13 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors EMEA Rankings

Any Benelux Involvement Announced (AD40) Jan 1 – Mar 31 Any Benelux Involvement Completed (AF47) Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch.Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Lazard 1 18 36,083.8 39.4 37.0 ▲ 13 3.1 +7 ▲ Rothschild & Co 1 5 9,374.9 39.6 -32.4 ▼ 19 5.8 +6 ▲ 67.3 14.6 4.7 ▲ Citi 2 17 32,466.9 35.4 32.3 ▲ 11 2.6 +8 ▲ Barclays2 44 8,977.8 37.9 37.9 ▲ 11 3.4 +10 ▲ 39.7 8.6 8.5 ▲ Goldman Sachs & Co 3 3 29,827.0 32.6 -41.7 ▼ 7 1.7 +4 ▲ Lazard 3 6* 8,820.7 37.3 -30.6 ▼ 12 3.7+6 ▲ 37.2 8.1 1.0 ▲ Rothschild & Co 4 16 26,410.9 28.8 25.4 ▲ 13 3.1 +3 ▲ Deutsche Bank 4 36 8,104.4 34.2 34.1 ▲▲9 2.8 +6 30.0 6.5 5.8 ▲ Mediobanca 5* - 25,017.7 27.3 27.3 ▲ 2 0.5 +2 ▲ Goldman Sachs & Co 5 1 4,811.4 20.3 -72.4 ▼ 4 1.2 -4 ▼ 14.5 3.2 8.4 ▼ BNP Paribas SA 5* 63* 25,017.7 27.3 27.3 ▲ 2 0.5 -3 ▼ Morgan Stanley 6 4 3,703.4 15.6 -64.8 ▼ 3 0.9 -3 ▼ 17.7 3.8 0.0 - JP Morgan 7 5* 9,997.6 10.9 -56.3 ▼ 2 0.5 -0 FTI Consulting Inc 7* - 3,253.0 13.7 13.7 ▲ 1 0.3 +1 ▲ 3.2 0.7 0.7 ▲ TD Securities Inc 8* - 8,310.6 9.1 9.1 ▲ 10.2+1 ▲ Macquarie Group 7* 17 3,253.0 13.7 13.0 ▲ 2 0.6 0 - 4.2 0.9 0.0 - Scotiabank 8* - 8,310.6 9.1 9.1 ▲ 1 0.2 +1 ▲ Citi 9 8* 1,455.4 6.2 -5.7 ▼ 7 2.1 +4 ▲ 15.6 3.4 1.9 ▲ Bank of America Merrill Lynch 10 - 7,591.9 8.3 8.3 ▲ 7 1.7 +7 ▲ Centerview Partners LLC 10 8* 1,200.0 5.1 -6.8 ▼ 1 0.3 0 -8.41.8 0.7 ▲ Morgan Stanley 11 2 4,977.2 5.4 -70.6 ▼ 8 1.9 +4 ▲ BNP Paribas SA 11 40 1,193.8 5.0 4.9 ▲ 6 1.8 -3 ▼ 11.6 2.5 0.7 ▼ Guggenheim Securities LLC 12* - 4,395.0 4.8 4.8 ▲ 2 0.5 +2 ▲ Bank of America Merrill Lynch 12 3 994.0 4.2 -80.1 ▼ 3 0.9 -3 ▼ 7.9 1.7 8.4 ▼ PJT Partners LP 12* - 4,395.0 4.8 4.8 ▲ 3 0.7 +3 ▲ PricewaterhouseCoopers 1332 851.5 3.6 3.4 ▲ 5 1.5 -2 ▼ .9 0.2 0.0 - BMO Capital Markets 14 - 3,841.8 4.2 4.2 ▲ 2 0.5 +2 ▲ Jefferies LLC 1314 729.1 3.1 -0.3 ▼ 2 0.6 06.2- 1.3 0.2 ▼ Barclays 15 19 2,835.0 3.1 1.3 ▲ 30.7+1 ▲ TAP Advisors LLC 15 - 690.0 2.9 2.9 ▲ 1 0.3 +1 ▲ 8.4 1.8 1.8 ▲ Credit Suisse 16 4 2,159.8 2.4 -66.4 ▼ 3 0.7 0 - JP Morgan 16 2 649.0 2.7 -86.2 ▼ 3 0.9 -4 ▼ 6.1 1.3 6.7 ▼ Jones Lang LaSalle Inc 17 22 1,495.7 1.6 0.3 ▲ 4 1.0 +1 ▲ Investec 17* - 540.7 2.3 2.3 ▲ 1 0.3 +1 ▲ 1.7 0.4 0.4 ▲ MTS Health Partners LP 18 - 1,025.0 1.1 1.1 ▲ 1 0.2 +1 ▲ Greenhill & Co, LLC 17* 20 540.7 2.3 1.7 ▲ 1 0.3 0 - 1.7 0.4 0.1 ▲ Cushman & Wakefield Inc 19 - 999.4 1.1 1.1 ▲ 2 0.5 +2 ▲ ING 17* 11 540.7 2.3 -2.4 ▼ 4 1.2 -10 ▼ 4.7 1.0 1.6 ▼ RBS 20 63* 970.3 1.1 1.1 ▲ 3 0.7 +1 ▲ Euroland Finance 20 - 523.7 2.2 2.2 ▲ 1 0.3 +1 ▲ 2.4 0.5 0.5 ▲ Wells Fargo & Co 21* - 831.2 0.9 0.9 ▲ 1 0.2 +1 ▲ BR Partners 21 - 475.1 2.0 2.0 ▲ 2 0.6 +2▲ 2.1 0.5 0.5 ▲ UBS 21* 1 831.2 0.9 -76.5 ▼ 1 0.2 -5 ▼ Leonardo & Co 22 - 358.4 1.5 1.5 ▲ 2 0.6 +2 ▲ .7 0.2 0.2 ▲ Peel Hunt LLP 23 - 324.7 0.4 0.4 ▲ 1 0.2 +1 ▲ Metzler Corporate Finance 23 - 330.2 1.4 1.4 ▲ 1 0.3 +1 ▲ 1.4 0.3 0.3 ▲ Robert W Baird & Co Inc 24 30* 307.1 0.3 -0.1 ▼ 3 0.7 +1 ▲ Banco Bradesco SA 24 - 300.6 1.3 1.3 ▲ 1 0.3 +1 ▲ 1.1 0.3 0.3 ▲ Jefferies LLC 25 - 305.2 0.3 0.3 ▲ 2 0.5 +2 ▲ Greensledge Capital Markets 25 - 271.4 1.2 1.2 ▲ 1 0.3 +1 ▲ 1.1 0.2 0.2 ▲ Industry Total 91, 643. 1 100. 0 418 -107 Industry Total 23, 672. 0 100. 0 326 -96 461. 2 100. 0

Industry % Change from Same Period Last Year 28.5% ▲ -13.3% ▼ Industry % Change from Same Period Last Year -80.2% ▼ -24.7% ▼ -28.8% ▼ Industry % Change from Last Quarter 76.8% ▲ -26.4% ▼ Industry % Change from Last Quarter -85.2% ▼ -23.7% ▼ -48.6% ▼ * tie

EMEA Inv. Announced M&A Target Sector by Value ($bil) Jan 1 – Mar 31 2017 Quarterly EMEA Cross Border Volume

$600 Inbound (US$b) Outbound (US$b) Number of deals 2,500

$500 2,000 $7.2 $2.8 $19.5 $51.3 ` $21.9 $400 $22.7 1,500 $45.9 $25.2 $300 # of # of Deals 1,000 $27.4 $41.9

Rank Value (US$b) Value Rank $200 $36.8 $39.5 500 $100

$0 0 Healthcare Energy and Power Materials 123412341234123412341234123412341

Industrials Consumer Products and Services Consumer Staples 2009 2010 2011 2012 2013 2014 2015 2016 17

High Technology Real Estate Telecommunications

Financials Media and Entertainment

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14 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Asia Pacific (ex-Japan) M&A

Asian M&A Down 31% I Materials Top Industry I Credit Suisse Tops Fees

Asia Pacific (ex-Japan) Deals Intelligence Asia (ex-Japan) Involvement Announced Advisors by Target Industry Jan 1 - Mar 31 2017 Mkt. Announced M&A volume with Asian involvement for the first quarter of 2017 decreased by 31% compared to the same Rank Val US$m Rank Share No. Deals period in 2016, accruing US$183.1 billion in value from 2,828 deals. With a combined market share of 42%, Materials Materials 27,592.4 295 Veda Capital Ltd 5,649.1 1 20.5 5 followed by Financials and Technology were the most active industries so far this year. Morgan Stanley 5,313.3 2 19.3 5 Rothschild & Co 2,730.2 3* 9.9 1 The top announced Asian-involvement deal for the first three months of 2017 was the joint venture between Idea UBS 2,730.2 3* 9.9 1 Cellular, a Mumbai-based wireless telecommunications carrier, and Vodafone Group. The deal was valued at US$11.6 Financials 26,751.4 375 China Renaissance Partners 5,015.0 1 18.8 2 billion. Duff & Phelps 4,985.9 2 18.6 1 Goldman Sachs & Co 3,220.0 3 12.0 5 According to estimates, M&A advisory fees from completed transactions totaled US$1.2 billion during the first three High Technology 22,439.0 444 months of 2017, a 39% increase from the levels recorded during the same period in 2016. Credit Suisse took top spot Goldman Sachs & Co 2,460.9 1 11.0 5 Huachuang Sec Co Ltd 1,690.2 2 7.5 2 this quarter with US$63.5 million, followed by Morgan Stanley and JP Morgan, each with US$49.2 million and US$47.5 Co Ltd 1,491.0 3 6.6 4 million, respectively. Real Estate 22,127.9 426 Optima Capital Ltd 1,510.4 1 7.0 2 China outbound activity in the first quarter of 2017 posted US$25.8 billion from 181 deals - a 9% decrease in number of Goldin Equities Ltd 1,495.0 2 6.9 1 Industrials transactions, but a decrease of 70% in value compared to the same period last year. Australia's outbound activity 21,683.4 199 Goldman Sachs & Co 2,167.3 1 9.8 2 through March 31st was US$2.3 billion from 64 deals, a decrease of 54% in volume and 16% in deal count from the Barclays 2,103.7 2* 9.5 1 same period in 2016. CIBC World Markets Inc 2,103.7 2*9.5 1

China Cross Border Announced M&A Asian Completed M&A by Region - Imputed Fees

$100 Outbound (US$b) 100% $0.6 Inbound (US$b) North Asia South Asia Southeast Asia Australasia $90 % of Cross Border is Outbound $0.5 $80 80%

$70 $0.4 $60 60%

$50 $0.3

$40 40% % Outbound Rank Value (US$b) Value Rank $0.2 $30 Fees (US$b) Imputed

$20 20% $0.1 $10

$0 0% $0.0 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 1Q11 2Q11 3Q11 4Q11 4Q10 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

Top Ten Any Asia (ex-Japan) Involvement Announced Deals Jan 1 - Mar 31 2017 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry 3/20/2017 Pending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts India / India11,627.3 Telecommunications / Wireless 1/12/2017 1/24/2017 China Vanke Co Ltd (15.31%) Shenzhen Metro Group Co LtdChina / China 5,358.8 Real Estate / Other Real Estate 3/2/2017 Pending JD Finance (68.6%) Investor Group China / China 4,985.9 Financials / Credit Institutions 3/13/2017 Pending Iron Mining Intl (Mongolia) (53%) Coral Pearl International Ltd China / Mongolia 3,024.3 Materials / Metals & Mining 3/31/20173/31/2017 Shanghai Envi Grp Co Ltd (100%) Shareholders China / China 2,987.9 Energy and Power / Water and Waste Management 3/1/2017 Pending Yingde Gases Group Co Ltd (99.3%) PAGAC II-2 Ltd Hong Kong / Hong Kong 2,730.2 Materials / Chemicals 3/13/2017 Pending Iron Mining Intl (Mongolia) (43.7%) Coral Pearl International LtdChina / Mongolia 2,491.7 Materials / Metals & Mining 1/24/2017 Pending Coal & Allied Industries Ltd (100%) Yancoal Australia Ltd Australia / Australia 2,450.0 Materials / Metals & Mining 2/24/2017 Pending Daesung Industrial Gases Co (100%) MBK Partners Ltd South Korea / South Korea 2,433.3 Materials / Chemicals 1/26/2017 Pending Shenwan Hongyuan Group Co Ltd (10.7%) China Life Insurance Co Ltd China / China 2,179.8 Financials / Brokerage

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15 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Involvement Announced (AD25) Jan 1 - Mar 31 Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 - Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Morgan Stanley 1 2 27,843.9 15.2 -11.5 ▼ 25 0.9 +2 ▲ CITIC 1 35 17,855.0 11.9 10.4 ▲ 5 0.3 -4 ▼ 15.4 1.3 0.9 ▲ Goldman Sachs & Co 2 4 23,499.9 12.8 -10.9 ▼ 19 0.7 +5 ▲ Bank of America Merrill Lynch 2 15 17,609.9 11.7 8.2 ▲ 9 0.6 +5 ▲ 43.4 3.6 0.8 ▲ Rothschild & Co 3 21 18,592.2 10.2 7.6 ▲ 10 0.4 +2 ▲ Industrial & Comm Bank China 3 1 15,021.5 10.0 -2.5 ▼ 11 0.7 -18 ▼ 37.3 3.1 2.1 ▼ Bank of America Merrill Lynch 4 14 16,361.4 8.9 2.1 ▲ 8 0.3 -3 ▼ Morgan Stanley 4 2 13,730.4 9.2 -1.2 ▼ 17 1.1 +1 ▲ 49.2 4.1 2.1 ▼ UBS 5 3 16,332.8 8.9 -15.4 ▼ 6 0.2 -7 ▼ China International Capital Co 5 3 13,449.1 9.0 0.6 ▲ 13 0.8 -10 ▼ 10.9 0.9 5.3 ▼ Kotak Mahindra Bank Ltd 60131 13,062.6 7.1 7.1 ▲ 4 .1+3 ▲ JP Morgan 685 12,937.4 .61.8 ▲ 40.3-8 ▼ 47.5 4.0 1.8 ▼ Robey Warshaw LLP 7 - 13,000.4 7.1 7.1 ▲ 2 0.1 +2 ▲ Banca IMI (Intesa Sanpaolo) 7 - 10,776.6 7.2 7.2 ▲ 1 0.1 +1 ▲ - - - - Axis Capital Holdings Ltd 8 109 11,627.3 6.4 6.3 ▲ 1 0.0 0- Evercore Partners 8 68 9,668.8 6.5 6.3 ▲ 2 0.1 +1 ▲ 30.8 2.6 2.4 ▲ China Renaissance Partners 9 23 6,223.2 3.4 1.2 ▲ 9 0.3 0 - Goldman Sachs & Co 9 4 8,856.1 5.9 -1.4 ▼ 16 1.0 +4 ▲ 46.9 3.9 0.4 ▼ Veda Capital Ltd 10 129 6,014.9 3.3 3.3 ▲ 12 0.4 +8 ▲ Lazard 10 8 8,787.6 5.9 -0.1 ▼ 6 0.4 -2 ▼ 46.8 3.9 0.1 ▼ Duff & Phelps 11 58 5,018.0 2.7 2.3 ▲ 2 0.1 -2 ▼ Credit Suisse 11 10 8,479.2 5.7 0.6 ▲ 21 1.3 +9 ▲ 63.5 5.3 0.4 ▲ JP Morgan 12 9 4,739.9 2.6 -18.7 ▼ 5 0.2 -10 ▼ UBS 12 6 5,582.0 3.7 -2.6 ▼ 6 0.4 -5 ▼ 32.6 2.7 1.7 ▼ CITIC 13 20 4,434.7 2.4 -0.6 ▼ 12 0.4 -5 ▼ Deutsche Bank 5613 4,744.8 3.2 2.8 ▲ 40.3+2 ▲ 8.0 0.7 0.3 ▲ Somerley 14 30 3,716.8 2.0 0.6 ▲ 15 0.5 +7 ▲ BMO Capital Markets 14 - 4,669.1 3.1 3.1 ▲ 2 0.1 +2 ▲ 8.3 0.7 0.7 ▲ Deutsche Bank 15 60 3,664.9 2.0 1.6 ▲ 6 0.2 +2 ▲ Santander 15 161* 4,408.2 2.9 2.9 ▲ 3 0.2 +2 ▲ 9.0 0.8 0.7 ▲ Gram Capital 16 70 3,637.0 2.0 1.8 ▲ 18 0.6 -13 ▼ Berenberg Bank 16* - 4,178.6 2.8 2.8 ▲ 1 0.1 +1 ▲ 5.4 0.5 0.5 ▲ China International Capital Co 17 1 3,402.8 1.9 -28.4 ▼ 6 0.2 -21 ▼ Commerzbank AG 16* 119 4,178.6 2.8 2.8 ▲ 1 0.1 0 -.40.0 0.0 - Credit Suisse 18 8 3,377.9 1.8 -19.6 ▼ 13 0.5 -3 ▼ Citi 18 17 4,142.3 2.8 -0.1 ▼ 7 0.4 -4 ▼ 24.4 2.0 1.2 ▼ Haitong Securities Co Ltd19 24 3,097.9 1.7 -0.3 ▼ 16 0.6 +3 ▲ Haitong Securities Co Ltd19 16 4,139.3 2.8 -0.4 ▼ 9 0.6 +2 ▲ 3.3 0.3 0.4 ▼ 20 482,796.2 1.5 0.8 ▲ 6 0.2 0 - China Securities Co Ltd 20 47 3,603.9 2.4 1.7 ▲ 13 0.8 +7 ▲ 2.9 0.3 0.2 ▲ CITIC CLSA Capital Markets Ltd 21 - 2,598.6 1.4 1.4 ▲ 2 0.1 +2 ▲ Huarong Securities Co Ltd 21 - 2,795.4 1.9 1.9 ▲ 10.1+1▲ .4 0.0 0.0 - Deloitte 22 122 2,450.0 1.3 1.3 ▲ 3 0.1 -1 ▼ Wells Fargo & Co 22* - 2,661.9 1.8 1.8 ▲ 1 0.1 +1 ▲ 12.3 1.0 1.0 ▲ China CITIC Bank Corp Ltd 23 5 2,143.9 1.2 -22.5 ▼ 30.1 -7 ▼ CBRE Holding SAS 22* 60 2,661.9 1.8 1.5 ▲ 1 0.1 -1 ▼ 10.4 0.9 0.6 ▲ Barclays 24* 46 2,103.7 1.20.5 ▲ 1 0.0 -2 ▼ Gram Capital 24 77 2,373.2 1.6 1.5 ▲ 5 0.3 +3 ▲ 1.3 0.1 0.0 - CIBC World Markets Inc24* - 2,103.7 1.2 1.2 ▲ 1 0.0 +1 ▲ Huatai Securities Co Ltd 25 31 2,360.1 1.6 -0.1 ▼ 9 0.6 0 - 1.1 0.1 0.0 - Industry Total 183, 111. 4 100. 0 2, 828 -246 Industry Total 149, 949. 4 100. 0 1, 570 -1, 910 1, 192. 7 100. 0

Industry % Change from Same Period Last Year -31.2% ▼ -8.0% ▼ Industry % Change from Same Period Last Year 0.2% ▲ -17.8% ▼ 38.8% ▲ Industry % Change from Last Quarter -41.9% ▼ -26.2% ▼ Industry % Change from Last Quarter -41.7% ▼ -25.5% ▼ -21.9% ▼

Any Australian Involvement Announced (AD24) Jan 1 - Mar 31 Any Australian Involvement Completed (AF31) Jan 1 - Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank ValueMarket Market # of Market Change in Advisor Market Market Financial Advisor RankRank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Morgan Stanley 1 10 3,447.0 24.4 16.2 ▲ 3 0.8 0 - Macquarie Group 1 1 5,162.3 44.9 2.7 ▲ 11 4.1 -7 ▼ 15.0 8.2 8.7 ▼ Deutsche Bank 2 11 2,911.3 20.6 16.5 ▲ 2 0.5 0 - Bank of America Merrill Lynch 2 5 4,797.2 41.8 27.0 ▲ 3 1.1 -1 ▼▼7.4 4.1 0.5 Deloitte 3* 25 2,450.0 17.3 17.0 ▲ 1 0.3 -1 ▼ Morgan Stanley 3 4 4,791.4 41.7 26.4 ▲ 2 0.7 -1 ▼ 7.1 3.9 6.4 ▼ JP Morgan 3* 6* 2,450.0 17.3 -20.6 ▼ 2 0.5 0 - Barclays 4 13 4,716.5 41.1 38.0 ▲ 2 0.7 +1 ▲ 5.7 3.2 2.4 ▲ Macquarie Group 5 1 1,935.5 13.7 -45.2 ▼ 10 2.7 -7 ▼ RBC Capital Markets 5 - 4,664.9 40.6 40.6 ▲ 3 1.1 +3 ▲ 11.1 6.1 6.1 ▲ UBS6 2 1,836.7 13.0 -39.8 ▼ 6 1.6 -3 ▼ Robey Warshaw LLP 6 - 4,545.7 39.6 39.6 ▲ 1 0.4 +1 ▲ 4.7 2.6 2.6 ▲ Citi 7 4 1,562.8 11.1 -36.8 ▼ 2 0.5 -3 ▼ Ernst & Young LLP 7 29 1,342.5 11.7 11.2 ▲ 3 1.1 +1 ▲ 2.0 1.1 0.8 ▲ Goldman Sachs & Co 8 3 1,323.6 9.4 -42.5 ▼ 1 0.3 -4 ▼ Deutsche Bank 8 7 1,230.0 10.7 -0.9 ▼ 1 0.4 -5 ▼ 4.3 2.4 3.4 ▼ Barclays -9 1,167.8 8.3 8.3 ▲ 2 0.5 +2 ▲ Moelis & Co 9 - 1,020.9 8.9 8.9 ▲ 7 2.6 +7 ▲ 6.4 3.5 3.5 ▲ RBC Capital Markets 10 23* 1,059.7 7.5 7.2 ▲ 3 0.8 +2 ▲ Credit Suisse 10 6 896.7 7.8 -4.7 ▼ 6 2.2 +2 ▲ 11.4 6.3 1.2 ▲ Robey Warshaw LLP 11 - 997.0 7.1 7.1 ▲ 1 0.3+1 ▲ Sumitomo Mitsui Finl Grp Inc 11* - 702.4 6.1 6.1 ▲ 1 0.4 +1 ▲ 2.8 1.5 1.5 ▲ Nomura 12 13 461.3 3.3 1.3 ▲ 1 0.3 -1 ▼ Highbury Partnership Pty Ltd 11* - 702.4 6.1 6.1 ▲ 1 0.4 +1 ▲ 5.6 3.1 3.1 ▲ Peter J. Solomon Co Ltd 13 - 445.0 3.2 3.2 ▲ 1 0.3 +1 ▲ UBS 13 3 444.7 3.9 -15.7 ▼ 5 1.9 -3 ▼ 3.7 2.0 7.9 ▼ Kidder Williams Ltd 14 - 345.6 2.4 2.4 ▲ 1 0.3 +1 ▲ Evercore Partners 14* - 425.0 3.7 3.7 ▲ 1 0.4 +1 ▲ 6.0 3.3 3.3 ▲ Credit Suisse 15 5 302.5 2.1 -36.0 ▼ 3 0.8 +1 ▲ ING 14* 14 425.0 3.7 0.9 ▲ 1 0.4 0 - 2.0 1.1 0.3 ▲ Rothschild & Co 16 23* 276.0 2.0 1.7 ▲ 5 1.3 +3 ▲ Goldman Sachs & Co 1622.6 295.4 -21.1 ▼ 2 0.7 -3 ▼ 3.6 2.0 6.4 ▼ Bank of America Merrill Lynch 17 9 251.4 1.8 -7.5 ▼ 2 0.5 0 - Rothschild & Co 17 8 220.4 1.9 -9.4 ▼ 3 1.1 -2 ▼ 3.6 2.0 0.7 ▼ Gresham Partners 18 6* 196.9 1.4 -36.5 ▼ 3 0.8 +2 ▲ Citi 18 11 170.8 1.5 -5.2 ▼ 1 0.4 -2 ▼ 1.1 0.6 1.9 ▼ Moelis & Co 19 41* 134.8 1.0 1.0 ▲ 1 0.3 0 - Gresham Partners 24*19 132.1 1.2 0.5 ▲ 2 0.7 +1 ▲ 1.0 0.6 0.3 ▲ RHT Capital Pte Ltd 20 - 122.7 0.9 0.9 ▲ 1 0.3 +1 ▲ Investec 20 36 112.5 1.0 1.0 ▲ 1 0.4 0 - 1.4 0.7 0.7 ▲ Luminis Partners Pty Ltd 21 - 112.7 0.8 0.8 ▲ 1 0.3 +1 ▲ Houlihan Lokey 21 - 110.2 1.0 1.0 ▲ 4 1.5 +4 ▲ 1.1 0.6 0.6 ▲ KPMG 22 28 80.9 0.6 0.4 ▲ 5 1.3 +1 ▲ Allier Capital 22- 90.6 0.8 0.8 ▲ 1 0.4 +1 ▲ .8 0.4 0.4 ▲ Investec 23 37 73.3 0.5 0.5 ▲ 1 0.3 0 - BDO 23 34 79.8 0.7 0.6 ▲ 2 0.7 0 - .5 0.3 0.2 ▲ Houlihan Lokey 24 2746.2 0.3 0.0 - 3 0.8 +2 ▲ Grant Samuel 24 9 62.3 0.5 -9.8 ▼ 1 0.4 -1 ▼ .9 0.5 0.2 ▲ Argonaut Ltd 25 - 36.7 0.3 0.3 ▲ 1 0.3 +1 ▲ KPMG 25 17 49.4 0.4 -1.3 ▼ 5 1.9 0 - .2 0.1 1.0 ▼ Industry Total 14,147.1 100.0 376 -13 Industry Total 11,486.1 100.0 270 -10 181.9 100.0

Industry % Change from Same Period Last Year -43.4% ▼ -3.3% ▼ Industry % Change from Same Period Last Year -35.1% ▼ -3.6% ▼ -42.4% ▼ Industry % Change from Last Quarter -76.1% ▼ -27.4% ▼ Industry % Change from Last Quarter -67.2% ▼ -23.9% ▼ -28.4% ▼

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16 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Asia (ex-Japan) Rankings

Asia (ex-Japan) Buyside Financial Sponsor Activity Any New Zealand Inv Announced (AD39) Jan 1 - Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor $160 Q4 Volume (US$b) 20% 18.7% 2017 2016 Rank Value Market Market # of Market Change in Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Q3 Volume (US$b) 18% Deutsche Bank 1*- 461.3 32.5 32.5 ▲ 1 2.3 +1 ▲ $140 Q2 Volume (US$b) Nomura 1* 1 461.3 32.5 9.5 ▲ 1 32.5 0 - 15.8% Goldman Sachs & Co 3 - 178.3 12.6 12.6 ▲ 2 4.5 +2 ▲ 15.0% 16% Q1 Volume (US$b) 14.6% Innovation Advisors 4 - 52.7 3.7 3.7 ▲ 1 2.3 +1 ▲ $120 UBS 5 - 14.5 1.0 1.0 ▲ 12.3+1 ▲ $37.9 % of WW FS Volume YTD 14% Industry Total 1,419.5 100.0 44 -6 $100 9.9% 10.6% 11.3% 12% Industry % Change from Same Period Last Year 41.7% ▲ -12.0% ▼ Industry % Change from Last Quarter -58.6% ▼ -45.7% ▼ $80 10% 7.8% $40.5 8.0% $15.8 Any New Zealand Involvement Completed (AF46) Jan 1 - Mar 31 8.1% $14.2 8% $60 $16.8 Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Rank Value (US$b) Value Rank $31.9 6% Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. $40 Macquarie Group 1 2* 251.3 25.5 3.5 ▲ 2 6.3 +1 ▲ 2.3 11.4 5.7 ▲

$6.2 $41.5 Volume Asia (ex-Japan) % of Morgan Stanley -2 245.7 24.9 24.9 ▲ 1 3.1 +1 ▲ 2.4 11.7 11.7 ▲ $28.0 4% $10.0 RBC Capital Markets 3 - 119.2 12.1 12.1 ▲ 1 3.1 +1 ▲ 1.0 4.8 4.8 ▲ $5.7 $10.3 $20 $17.2 Bancorp NZ Ltd 4* - 107.5 10.9 10.9 ▲ 1 3.1 +1 ▲ .8 3.8 3.8 ▲ $2.3 $8.1 $6.5 Clearwater International 4* - 107.5 10.9 10.9 ▲ 1 3.1+1 ▲ 1.7 8.5 8.5 ▲ $3.9 $13.3 $28.0 2% $3.3 $6.6 $8.2 $20.2 $12.8 $14.0 $9.6 $3.9 $6.1 $8.9 $6.2 Industry Total 987.4 100.0 32 -8 20.4 100.0 $0 $1.0 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Industry % Change from Same Period Last Year -31. 6% ▼ -20. 0% ▼ -34. 0% ▼ Industry % Change from Last Quarter -53.2% ▼ -28.9% ▼ -36.3% ▼ * tie Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil) Australian Cross Border Announced M&A

$40 100% Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 12% 10% 80% 12% $30 10%

13% 7% 60%

4% 4% $20 4% 18% 3%

40% Outbound Rank Value (US$b) Value Rank

$10 20% Materials Financials High Technology

Real Estate Industrials Telecommunications

Energy and Power Media and Entertainment Healthcare $0 0% Retail Consumer Staples Consumer Products and Services 1Q11 2Q11 3Q11 4Q11 Government and Agencies 4Q10 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

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17 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Japan M&A

Japanese M&A Lowest Since 2013 | Healthcare Sector Leads Activity | Japanese Outbound Up 17%

Japan Deals Intelligence Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Mar 31 2017 Japanese M&A volume during the first three months of 2017 decreased 27.1% from comparable 2016 levels, accruing Rank Val Mkt. No. US$30.5 billion in activity and marking the slowest first quarter volume since 2013. Six Japanese involvement deals US$m Rank Share Deals Healthcare 5,555.6 30 with a value greater than US$1 billion were announced during the first quarter, their combined value down 38.1% Evercore Partners 5,310.3 1* 95.6 2 compared to last year. In terms of deal count, 775 deals were announced during the first quarter of 2017, a 17.3% Lazard 5,310.3 1* 95.6 1 decrease compared to the same period in 2016. Goldman Sachs & Co 5,310.3 1* 95.6 2 JP Morgan 5,310.3 1* 95.6 1 Industrials 4,555.7 129 Deal making in the Healthcare sector led the Japanese market, with deal volume totaling US$5.6 billion, accounting for Sumitomo Mitsui Finl Grp Inc 1,532.9 1 33.7 12 an 18.2% market share. Industrials and Financials followed, with US$4.6 billion and US$4.2 billion, respectively; Goldman Sachs & Co 1,334.8 2* 29.3 1 representing a combined 28.7% market share. Mitsubishi UFJ Morgan Stanley 1,334.8 2* 29.3 2 Financials 4,227.1 45 Mizuho Financial Group 3,253.4 1 77.0 6 Outbound activity drove the Japanese M&A market in the quarter, with US$15.6 billion – a 17% increase compared to Mitsubishi UFJ Morgan Stanley 3,156.5 2 74.7 2 the same period last year. Half of the top ten deals were outbound transactions; Takeda's US$5.3 billion acquisition of Evercore Partners 3,128.7 3* 74.0 1 US-based ARIAD Pharmaceuticals was the largest Japanese deal in the first quarter. JP Morgan 3,128.7 3* 74.0 1 Real Estate 3,905.6 51 The value of Japanese domestic deals announced during the first quarter of 2017 fell 61.1% compared to 2016, Sumitomo Mitsui Finl Grp Inc 563.1 1 14.4 4 Citi 550.0 2* 14.1 1 recording US$8.2 billion in value, representing the slowest domestic activity since 1998's US$3.2 billion. Domestic deal PricewaterhouseCoopers 550.0 2* 14.1 2 count also declined, falling 18.6% with 525 deals compared to a year ago. U-NEXT’s US$546 million acquisition of Media and Entertainment 3,644.0 68 USEN Corp was the largest domestic deal during the first three months of 2017. Goldman Sachs & Co 2,262.1 1 62.1 1 Daiwa Securities Group Inc 898.1 2 24.7 3 Ernst & Young LLP 833.8 3* 22.9 2 Any Japanese involvement completed M&A volume during the first quarter of 2017 reached US$44.6 billion. According KPMG 833.8 3* 22.9 2 * tie to estimates, M&A advisory fees totaled US$748. 7 million, a 78. 6 % increase from thethe 1Q 2016. Any Japanese Involvement Announced M&A Any Japanese Involvement by Market

$225 1,500 Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals Q1 Domestic Value Inbound Value Outbound Value Outbound # Inbound # Domestic # 40.0 700 $200

$175 35.0 600 $52.2 $50.4 $65.2 $150 $59.3 1,000 30.0 500 $28.7 ) $125 $30.2 25.0 $26.6 400 $38.8 $50.5 $35.2 $45.6 $69.6 $100 $47.5 $42.4 20.0

$24.0 # of Deals 300

$50.3 # of Deals $75 $32.6 500 Rank Value (US$b) Value Rank $42.4 $33.0 15.0 $45.9 $41.2 $32.1 $30.4 (US$b Value Rank $50 $37.1 200 $19.2 $32.8 10.0 $21.6 $25 $51.0 $34.0 $35.2 $38.4 $37.0 $42.4 $41.9 $23.5 $25.6 $30.5 5.0 100 $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 .0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Top Ten Japanese Involvement Announced Deals Jan 1 - Mar 31 2017 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry 1/9/2017 Completed ARIAD Pharmaceuticals Inc (100%) Kiku Merger Co Inc United States / United States 5,310.3 Healthcare / Biotechnology 2/14/2017 Pending Fortress Investment Group LLC (100%) SoftBank Group Corp Japan / United States 3,128.7 Financials / Alternative Financial Investments 2/28/2017 Pending USJ Co Ltd (49%) NBCUniversal Media LLC United States / Japan 2,262.1 Media and Entertainment / Recreation & Leisure 2/28/2017 Pending Intelsat SA (%) SoftBank Group Corp Japan / Luxembourg 1,730.0 Telecommunications / Space and Satellites 1/13/2017 Pending Hitachi Koki Co Ltd (100%) HK Holdings Co Ltd Japan / Japan 1,334.8 Industrials / Machinery 3/23/2017 Pending Vanderlande Inds Hldg BV (100%) Toyota Industries Corp Japan / Netherlands 1,259.3 Industrials / Transportation & Infrastructure 2/13/2017 Pending Brasil Kirin Holding SA (100%) Bavaria SA Brazil / Brazil 706.4 Consumer Staples / Food and Beverage 2/20/2017 Pending CIM Group LP (20%) Sabre Investments LLC United States / United States 550.0 Real Estate / REITs 2/13/2017 Pending USEN Corp (65.3%) U-NEXT SPC1 Japan / Japan 546.2 Media and Entertainment / Cable 3/17/2017 Pending Sumitomo Real Estate Sales Co (29.6%) Sumitomo Realty & Dvlp Co Ltd Japan / Japan 538.0 Real Estate / Real Estate Management & Development

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18 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Japan Rankings

Any Japanese Involvement Announced (AD19) Jan 1 - Mar 31 Any Japanese Involvement Completed (AF23) Jan 1 - Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m) 2017 2016 Rank Value Market Market # of Market Change in 2017 2016 Rank Value Market Market # of Market Change in Advisor Market Market Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Goldman Sachs & Co 1 19* 10,823.7 35.4 33.8 ▲ 6 0.8 +4 ▲ Lazard 1 10 14,700.4 33.0 19.9 ▲ 12 2.5 +9 ▲ 47.4 6.3 6.1 ▲ JP Morgan 2 4 8,648.9 28.3 8.3 ▲ 4 0.5 -2 ▼ Mitsubishi UFJ Morgan Stanley 2 1 12,348.8 27.7 -17.0 ▼ 9 1.9 -6 ▼ 43.7 5.8 3.1 ▲ Evercore Partners 3 26* 8,439.0 27.6 27.0 ▲ 3 0.4 +2 ▲ Barclays -3 9,397.2 21.1 21.1 ▲ 12 2.5 +12 ▲ 42.2 5.6 5.6 ▲ Lazard 4 8 5,310.3 17.4 9.0 ▲ 2 0.3 0 - JP Morgan 4 6 9,150.0 20.5 6.5 ▲ 5 1.1 -2 ▼ 78.3 10.5 6.1 ▲ Mitsubishi UFJ Morgan Stanley 5 2 5,261.9 17.2 - - 6 0.8 - - Rothschild & Co 5 5 8,572.2 19.2 4.7 ▲ 13 2.7 +10 ▲ 36.6 4.9 0.8 ▲ Mizuho Financial Group 6 3 3,682.7 12.1 -8.5 ▼ 34 4.4 -14 ▼ Mizuho Financial Group 6 9 8,165.3 18.3 4.9 ▲ 26 5.5 -19 ▼ 21.2 2.8 4.5 ▼ Sumitomo Mitsui Finl Grp Inc 7 9 3,407.2 11.2 2.8 ▲ 45 5.8 +6 ▲ Goldman Sachs & Co 7 2 7,869.8 17.6 -20.3 ▼ 10 2.1 +4 ▲ 39.4 5.3 9.9 ▼ Daiwa Securities Group Inc 8 13 2,890.2 9.5 4.8 ▲ 26 3.4 +5 ▲ Deutsche Bank 8 20 7,774.2 17.4 16.2 ▲ 8 1.7 +6 ▲ 27.9 3.7 2.7 ▲ Guggenheim Securities LLC 9* - 1,730.0 5.7 5.7 ▲ 1 0.1 +1 ▲ Evercore Partners 9 8 6,430.3 14.4 0.8 ▲ 3 0.6 +1 ▲ 39.9 5.3 2.7 ▲ PJT Partners LP 9* - 1,730.0 5.7 5.7 ▲ 1 0.1 +1 ▲ Citi 10 4 6,388.1 14.3 -1.2 ▼ 40.80 - 23.1 3.1 0.3 ▲ Nomura 11 1 1,469.8 4.8 -29.5 ▼ 17 2.2 -14 ▼ Sumitomo Mitsui Finl Grp Inc 11 7 4,387.4 9.8 -4.1 ▼ 36 7.6 -3 ▼ 36.6 4.9 2.7 ▲ Bank of America Merrill Lynch 12 21 1,259.3 4.1 2.6 ▲ 1 0.1 -3 ▼ Nomura 12 314,185.5 9.4 -17.2 ▼ 94.0 -3 ▼ 36.1 4.8 2.8 ▼ PricewaterhouseCoopers 13 33 1,110.6 3.6 3.3 ▲ 5 0.6 -11 ▼ Bank of America Merrill Lynch 13 11 4,119.4 9.2 3.4 ▲ 3 0.6 -1 ▼ 26.3 3.5 1.3 ▲ Ernst & Young LLP 14 64 914.0 3.0 3.0 ▲ 8 1.0 +6 ▲ Plutus Consulting Co Ltd 14 38 2,085.1 4.7 4.5 ▲ 8 1.7 +2 ▲ 10.6 1.4 1.0 ▲ Plutus Consulting Co Ltd 15 6 910.9 3.0 -5.6 ▼ 14 1.8 0 - Daiwa Securities Group Inc 15 15 2,040.6 4.6 1.4 ▲ 14 2.9 -1 ▼ 14.2 1.9 0.1 ▲ KPMG 16 23 856.1 2.8 1.5 ▲ 7 0.9 -14 ▼ Centerview Partners LLC 16 - 1,200.0 2.7 2.7 ▲ 2 0.4 +2 ▲ 13.5 1.8 1.8 ▲ Credit Suisse 17 5 706.4 2.3 -8.2 ▼ 1 0.1 -4 ▼ Sumitomo Mitsui Trust Holdings 17 56 1,008.6 2.3 2.3 ▲ 4 0.8 +1 ▲ 10.0 1.3 1.2 ▲ Citi 18 10* 637.5 2.1 -5.2 ▼ 50.6+2 ▲ Moelis & Co 18 63* 953.4 2.1 2.1 ▲ 2 0.4 -1 ▼ 6.9 0.9 0.0 - Moelis & Co 19 66* 468.0 1.5 1.5 ▲ 1 0.1 -2 ▼ Davy 19 - 835.8 1.9 1.9 ▲ 1 0.2 +1 ▲ 3.8 0.5 0.5 ▲ GCA Corp 20 22 405.9 1.3 0.0 ▲ 11 1.4 0 - YAMADA & Partners 20 44 792.8 1.8 1.8 ▲ 2 0.4 -2 ▼ 4.6 0.6 0.5 ▲ DC Advisory 21 - 264.9 0.9 0.9▲ 1 0.1 +1 ▲ Highbury Partnership Pty Ltd 21 - 702.4 1.6 1.6 ▲ 1 0.2 +1 ▲ 5.6 0.8 0.8 ▲ Jefferies LLC 22 29* 250.00.8 0.4 ▲ 10.1 0 - PricewaterhouseCoopers 22 25 680.6 1.5 1.0 ▲ 7 1.5 -10 ▼ 2.0 0.3 0.2 ▼ Deloitte 23 25 245.0 0.8 0.1 ▲ 40.5-10 ▼ KPMG 23 17 642.5 1.4 -1.0 ▼ 7 1.5 -13 ▼ 4.0 0.5 0.9 ▼ HSBC Holdings PLC 24 29* 200.0 0.7 0.3 ▲ 2 0.3 +1 ▲ Houlihan Lokey 24 - 608.0 1.4 1.4 ▲ 2 0.4 +2 ▲ 10.7 1.4 1.4 ▲ Co Ltd 25 - 186. 5 006.6 006.6 ▲ 1 001.1 +1 ▲ DC Advisory 25 26*26* 514. 4 112.2 007.7 ▲ 2 004.4 +1 ▲ 442.2 006.6 005.5 ▲ Industry Total 30,539.4 100.0 775 -162 Industry Total 44,617.0 100.0 476 -148 748.7 100.0

Industry % Change from Same Period Last Year -27.1% ▼ -17.3% ▼ Industry % Change from Same Period Last Year 8.8% ▲ -23.7% ▼ 78.6% ▲ Industry % Change from Last Quarter -41.5% ▼ -7.5% ▼ Industry % Change from Last Quarter 34.9% ▲ -10.9% ▼ 79.4% ▲

* tie Japanese Involvement Announced M&A Target Industry by Value Japanese Target Completed M&A Fees $900 800 4Q 3Q 2Q 1Q # of Deals YTD

12.8% $800 13.8% 700

11.9% 181.4 246.9 $700 600 178.9 14.9% 6.0% 176.7 209.4 $600 $148.2 500 166.3 157.3 249.2 $500 $224.8 18.2% $158.7 216.4 $160.8 400 $188.7 $400 $107.6 $149.2 $249.7 300 $144.4 $88.6 $300 $179.7 $130.5 $118.9 Imputeed Fees (US$mil) Fees Imputeed $206.5 $83.3 $256.9 200 $142.2 of Number Deals Healthcare Industrials Financials $200 $147.0 Real Estate Media and Entertainment Telecommunications $241.4 $224.7 100 $100 $217.7 $214.7 $218.9 $191.7 High Technology Materials Energy and Power $170.2 $142.3 $141.2 $99.7 Consumer Staples Consumer Products and Services Retail $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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19 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Fairness Opinion Rankings†

Worldwide Announced Jan 1 – Mar 31 Any Americas Involvement Jan 1 – Mar 31 Any US Involvement Announced Jan 1 – Mar 31 Fairness Opinion Announced Fairness Opinion Fairness Opinion Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions # of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m) 2017 2016 # of Market Change in Rank Value Market 2017 2016 # of Market Change in Rank Value Market 2017 2016 # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Gram Capital 11 145.7 0 - 2,631.0 1.4 Duff & Phelps 13* 8 9.6 +2 ▲ 2.8 0.0 Duff & Phelps 1 3* 8 12.1 +2 ▲ 2.8 0.0 CITIC 2* 2* 10 4.0 -13 ▼ 1,510.4 0.8 Prairie Capital Advisors Inc 23* 78.4+1 ▲ .0 0.0 Prairie Capital Advisors Inc 2 3* 7 10.6 +1 ▲ .0 0.0 Duff & Phelps 2* 9* 10 4.0 -5 ▼ 5,020.8 2.7 Bank of America Merrill Lynch 3 29* 5 6.0 +4 ▲ 33,612.0 29.0 Bank of America Merrill Lynch 3 19* 5 7.6 +4 ▲ 33,612.0 29.8 Haitong Securities Co Ltd 49* 8 3.2 +1 ▲ 2,272.7 1.2 Barclays 4* 3* 4 4.8 -2 ▼ 31,997.0 27.6 Barclays 4* 6* 4 6.1 -1 ▼ 31,997.0 28.4 Prairie Capital Advisors Inc 5* 16* 7 2.8 -1 ▼ .0 0.0 JP Morgan 4* 1 4 4.8 -8 ▼ 27,181.8 23.5 JP Morgan 4* 1 4 6.1 -8 ▼ 27,181.8 24.1 Somerley 5* 63* 7 2.8 +1 ▲ 3,091.4 1.6 Raymond James Financial Inc 6* 7* 3 3.6 -2 ▼ 297.9 0.3 Raymond James Financial Inc 6* 10* 3 4.6 -1 ▼ 297.9 0.3 Bank of America Merrill Lynch 5* 40* 7 2.8 +6 ▲ 38,119.8 20.1 BMO Capital Markets 6* 29* 3 3.6 +2 ▲ 5,987.9 5.2 Lazard 6* 10* 3 4.6 -1 ▼ 12,322.2 10.9 Morgan Stanley 8* 14* 62.4+5 ▲ 4,395.4 2.3 Lazard 6* 11* 3 3.6 -1 ▼ 12,322.2 10.6 Stifel/KBW 8* 6* 2 3.0 -3 ▼ 2,379.1 2.1 China Securities Co Ltd 8* 5 6 2.4 -1 ▼ 839.8 0.4 Somerley 6* - 3 3.6 +3 ▲ 319.0 0.3 UBS 8* - 2 3.0 +2 ▲ 2,596.1 2.3 JP Morgan 8* 662.4 -7 ▼ 36,340.4 19.2 Stifel/KBW 10* 7* 2 2.4 -3 ▼ 2,379.1 2.1 MTS Health Partners LP 8* - 2 3.0 +2 ▲ 848.7 0.8 Barclays 11* 16* 5 2.0 -6 ▼ 35,851.0 18.9 UBS10* - 2 2.4 +2 ▲ 2,596.1 2.2 Credit Suisse8* 19* 2 3.0 +1 ▲ 4,452.9 4.0 Credit Suisse 11* 28* 52.0-1 ▼ 9,235.4 4.9 MTS Health Partners LP 10* - 2 2.4 +2 ▲ 848.7 0.7 BMO Capital Markets 8* 19* 2 3.0 +1 ▲ 5,950.2 5.3 Shanghai Securities Co Ltd 11* - 5 2.0 +2 ▲ 540.5 0.3 Credit Suisse 10* 17* 2 2.4 0 - 4,452.9 3.8 PJT Partners LP 8* - 2 3.0 +2 ▲ 5,549.0 4.9 Huatai Securities Co Ltd 11* 8 5 2.0 +5 ▲ 1,651.7 0.9 Cormark Securities Inc 10* 17* 2 2.4 0 - 364.9 0.3 Chartwell Financial Advisory 8* 10* 2 3.0 -2 ▼ .0 0.0 Red Sun Capital Ltd 11* - 5 2.0 -5 ▼ 131.8 0.1 Karl Thomson Holdings Ltd 10* - 2 2.4 +2 ▲ 82.3 0.1 Stephens Inc 8* - 2 3.0 +2 ▲ 386.3 0.3 China International Capital Co 16* 4 4 1.6 +5 ▲ 689.6 0.4 PJT Partners LP 10* - 2 2.4 +2 ▲ 5,549.0 4.8 Sandler O'Neill Partners 8* 6* 2 3.0 -3 ▼ 1,904.5 1.7 Deutsche Bank 16* - 4 1.6 -10 ▼ 2,265.4 1.2 Chartwell Financial Advisory 10* 11* 2 2.4 -2 ▼ .0 0.0 Guotai Junan Securities 16* 20* 4 1.6 +4 ▲ 2,717.3 1.4 Stephens Inc 10* - 2 2.4 +2 ▲ 386.3 0.3 BMO Capital Markets 16* 63* 4 1.6 -1 ▼ 6,910.2 3.7 Sandler O'Neill Partners 10* 7* 2 2.4 -3 ▼ 1,904.5 1.6 Lazard 16* 20* 4 1.6 +3 ▲ 13,041.5 6.9 Raymond James Financial Inc 21* 20* 3 1.2 -1 ▼ 297.9 0.2 Altus Capital Ltd 21* - 3 1.2 -2 ▼ 218.7 0.1 Optima Capital Ltd 21* - 3 1.2 +3 ▲ 248.8 0.1 China Merchants Securities Co 21* 2* 3 1.2 +3 ▲ 427.4 0.2 Dongxing Securities 21* 40* 3 1.2 -12 ▼ 437.2 0.2 Shenwan Hongyuan Securities Co 21* 9* 3 1.2 +1 ▲ 498.6 0.3 Industry Total 83 -33 115,875.1 100.0 Industry Total 66 -30 112,678.3 100.0 Industry Total 248 -98 248.0 100.0 Industry % Change from Same Period Last Year -28.4% ▼ -23.8% ▼ Industry % Change from Same Period Last Year -31.3% ▼ -22.9% ▼ Industry % Change from Same Period Last Year -28.3% ▼ -29.0% ▼ Industry % Change from Last Quarter -39.9% ▼ -71.0% ▼ Industry % Change from Last Quarter -48.4% ▼ -71.1% ▼ Industry % Change from Last Quarter -31.7% ▼ -61.3% ▼

Any EMEA Inv Announced Jan 1 – Mar 31 Any Asia Pacific Inv Announced Jan 1 – Mar 31 Any Japan Inv Announced Jan 1 – Mar 31 Fairness Opinion Fairness Opinion Fairness Opinion Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions # of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m) 2017 2016 # of Market Change in Rank Value Market 2017 2016 # of Market Change in Rank Value Market 2017 2016 # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Bank of America Merrill Lynch 1 8* 4 13.8 +3 ▲ 34,571.4 47.1 Gram Capital 1 1 14 8.7 -13 ▼ 2,631.0 4.6 Nomura 1* 1* 1 33.3 0 - 346.0 5.9 Credit Suisse 2 8* 3 10.3 +2 ▲ 5,667.4 7.7 CITIC 2 2* 10 6.2 -5 ▼ 1,510.4 2.7 Lazard 1* - 1 33.3 +1 ▲ 5,310.3 90.9 Barclays 3* 8* 2 6.9 +1 ▲ 6,519.0 8.9 Haitong Securities Co Ltd 3 7* 8 5.0 -1 ▼ 2,272.7 4.0 JP Morgan 1* - 1 33.3 +1 ▲ 5,310.3 90.9 BMO Capital Markets 3* - 2 6.9 +2 ▲ 960.0 1.3 Somerley 4 32* 7 4.4 +6 ▲ 3,091.4 5.5 Guosen Securities Co Ltd 1* - 1 33.3 +1 ▲ 186.5 3.2 Morgan Stanley 3* - 2 6.9 +2 ▲ 1,274.4 1.7 China Securities Co Ltd 5 5 6 3.7 -7 ▼ 839.8 1.5 Lazard 3* 3* 2 6.9 0 - 1,147.7 1.6 Shanghai Securities Co Ltd 6* - 5 3.1 +5 ▲ 540.5 1.0 JP Morgan 3* 8* 2 6.9 +1 ▲ 9,158.6 12.5 Morgan Stanley 6* 32* 5 3.1 +4 ▲ 4,395.4 7.8 Huatai Securities Co Ltd 6* 635 .1-5 ▼ 1,651.7 2.9 Red Sun Capital Ltd 6* -53.1 +5 ▲ 131.8 0.2 China International Capital Co 10* 424 .5-10 ▼ 689.6 1.2 Guotai Junan Securities 10* 12* 4 2.5 -1 ▼ 2,717.3 4.8 Deutsche Bank 12* - 31.9+3 ▲ 753.6 1.3 Altus Capital Ltd 12* - 3 1.9 +3 ▲ 218.7 0.4 Optima Capital Ltd 12* - 31.9+3 ▲ 248.8 0.4 Dongxing Securities 12* 23* 31.9+1 ▲ 437.2 0.8 Shenwan Hongyuan Securities Co 12* 7* 31.9-6 ▼ 498.6 0.9 China Merchants Securities Co 12* 2* 3 1.9 -12 ▼ 427.4 0.8

Industry Total 29 -9 73,413.2 100.0

Industry % Change from Same Period Last Year -23.7% ▼ -23.5% ▼ Industry % Change from Last Quarter -39.6% ▼ -28.7% ▼ Industry Total 161-66 56,684.3 100.0 Industry Total 30 5,842.8 100.0 * tie †Fairness Opinion rankings include fairness opinions provided as a standalone mandate Industry % Change from Same Period Last Year -29.1% ▲ -52.7% ▲ Industry % Change from Same Period Last Year 0.0% ▲ 396.4% ▲ as well as fairness opinions provided as part of a broader advisory mandate. Industry % Change from Last Quarter -24.8% ▼ -46.1% ▼ Industry % Change from Last Quarter -66.7% ▼ -66.7% ▼

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com 20 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Ranking Criteria Summary

- Announced league tables include all deals that were announced between January 1, 2016 and March 31, 2017 and of which Thomson Reuters was made aware. All current data and If you would like to participate in the submission previous year's data is as of 5:00pm EDT on March 31, 2017. process, receive quarterly press releases, or have questions about league table criteria please contact: - League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. Americas Robert Levine Tel: +1 646 223 5682 - A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. E-mail: [email protected]

EMEA - Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the Ewelina Jarecka time of announcement of terms. Tel: +44 (0) 20 7542 2246 E-mail: [email protected]

- Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion Asia-Pacific & Japan of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for Kaori Motohashi Tel: +813 6441 1338 the transaction agreed to or, in the absence of an agreement, the value of the highest offer. E-mail: [email protected]

- Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league tables also include the nation off the seller and seller ultimate parent on privately negotiated stake purchases

- League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

- Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to non-lead loan syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated by Freeman Consulting in partnership with Thomson Reuters.

- League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

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