Financial Rankings 1Q 2020 1Q 2020

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GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1Q 2020 1Q 2020

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

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

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

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Nageen Qasim +1-646-324-2878 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific EeWen Tay +65-6231-3404 [email protected]

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

©2020 Bloomberg Finance L.P. All rights reserved. 1 2 Global M&A Regional Review Global M&A: Premium Breakdown 0% 3% • Global merger and acquisition activity reached $655.5 billion in 1Q2020, representing a 0-10% 31.5% decrease compared to the same period last year. The Industrial sector experienced 8% 10-25% massive growth with deal activity reaching a high of $93.0 billion, an increase of 39.1% 24% compared to the same period last year. The pending acquisition of Willis Towers Watson 25-50% 19% PLC by Aon PLC/UK for $31.4 billion was the largest transaction globally. 50-75% • Private equity activity decreased by 23.9% year-on-year to $217.1 billion in transactions. The United States was the most acquisitive country in 1Q2020, accounting for 45.0% of 75-100% the global private equity volume. The pending sale of thyssenkrupp Elevator AG for $18.9 46% 100%+ billion was the largest private equity deal in the region.

Global M&A: Highlights of 1Q2020 Global M&A: Industry Breakdown Total Amount % YoY Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change Number of deals 10,794 Willis Towers Financial $243.1 37.1% 15.4% 3/9/20 Aon PLC/UK - $31,439.7 Volume (Bln.) $655.5 Watson PLC Industrial $93.0 14.2% 38.3% Avg Deal Size (Mln.) $60.7 thyssenkrupp Multiple Consumer Non-cyclical $82.6 12.6% -67.3% 2/28/20 thyssenkrupp AG $18,921.7 Elevator AG Acquirers Technology $67.5 10.3% -32.5% Top Adviser E*TRADE Financial Consumer Cyclical $66.0 10.1% -3.5% 2/20/20 Morgan Stanley - $14,507.7 Goldman Sachs & Co Corp Communications $35.6 5.4% -58.5% Number of deals 75 Thermo Fisher Basic Materials $28.0 4.3% -76.2% 3/3/20 QIAGEN NV - $11,019.9 Scientific Inc Volume (Bln.) $189.9 Energy $26.0 4.0% -44.6% Global M&A Review | 1Q2020 Avg Deal Size (Bln.) $2.5 Worldline Utilities $8.4 1.3% -22.8% 2/3/20 Ingenico Group SA - $10,650.4 SA/France Diversified $5.0 0.8% 619.1%

Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 14,000 Deal Type (Bln.) Deal Count Volume $1,200 12,000 Company Takeover $373.4 -8.0% -22.6% $1,000 10,000 Cross Border $250.3 -8.2% -16.9% $800 8,000 Private Equity $217.1 -1.6% -23.9% $600 6,000 Asset sale $107.5 2.9% -23.8% $400 4,000 Tender Offer $69.9 -2.9% 107.1% Venture Capital $58.0 10.9% 10.7% $200 2,000 Spin-off $11.1 -17.4% -77.3% $0 0 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 Minority purchase $102.6 1.2% -16.2% Majority purchase $40.3 -16.4% -70.6% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals 01/01/2020 - 03/31/2020 Cross Border Announced Deals 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 29.0 189,911 75 2 32.0 -3.0 Goldman Sachs & Co LLC 1 33.3 83,315 34 1 18.3 15.0 JPMorgan Chase & Co 2 22.6 148,437 67 1 32.1 -9.5 JPMorgan Chase & Co 2 25.2 63,145 33 3 12.4 12.9 Morgan Stanley 3 20.4 133,917 68 3 30.1 -9.7 UBS AG 3 15.5 38,860 15 10 6.4 9.2 Barclays PLC 4 9.8 64,013 35 12 5.9 3.9 Rothschild & Co 4 13.7 34,334 44 9 7.0 6.7 Citigroup Inc 5 9.5 61,938 42 4 27.9 -18.4 Barclays PLC 5 13.4 33,477 20 13 4.8 8.6 Credit Suisse Group AG 6 9.4 61,355 29 10 7.8 1.6 Lazard Ltd 6 11.1 27,859 17 6 7.3 3.8 Rothschild & Co 7 9.2 60,203 65 14 3.8 5.4 BofA Securities Inc 7 9.9 24,833 26 2 13.1 -3.1 UBS AG 8 8.4 54,886 29 19 2.6 5.8 Morgan Stanley 8 9.8 24,559 29 5 11.5 -1.7 BofA Securities Inc 9 7.7 50,536 49 5 16.6 -8.9 Deutsche Bank AG 9 8.9 22,197 10 12 4.9 3.9 Lazard Ltd 10 6.7 43,863 40 15 3.7 3.0 Ernst & Young LLP 10 8.7 21,850 35 22 3.0 5.7 Deutsche Bank AG 11 5.0 32,886 18 22 2.4 2.6 Nomura Holdings Inc 11 8.7 21,789 15 35 0.9 7.8 Nomura Holdings Inc 12 4.6 30,239 31 42 0.5 4.2 Citigroup Inc 12 8.2 20,541 19 4 11.9 -3.6 Evercore Inc 13 4.0 26,345 37 6 16.6 -12.5 Macquarie Group Ltd 13 7.6 19,126 6 45 0.5 7.2 Ernst & Young LLP 14 3.9 25,746 51 25 1.6 2.4 Greenhill & Co Inc 14 4.3 10,631 3 34 0.9 3.4 Societe Generale SA 15 3.6 23,656 7 65 0.2 3.4 HSBC Bank PLC 15 3.7 9,237 8 18 3.9 -0.2 Centerview Partners LLC 16 3.1 20,382 15 11 6.4 -3.3 Evercore Inc 16 2.8 6,929 14 21 3.2 -0.5 Macquarie Group Ltd 17 3.1 20,019 14 57 0.3 2.8 Credit Suisse Group AG 17 2.7 6,626 11 8 7.0 -4.4 HSBC Bank PLC 18 2.8 18,566 11 9 8.6 -5.8 Wells Fargo & Co 18 2.5 6,324 2 24 1.9 0.6 BNP Paribas SA 19 2.7 17,592 19 13 4.5 -1.8 BNP Paribas SA 19 1.7 4,252 13 28 1.3 0.4 Moelis & Co 20 2.5 16,508 24 7 11.5 -9.0 PricewaterhouseCoopers LLP 20 1.6 4,056 53 31 1.0 0.6 TOTAL 655,534 10,793 TOTAL 250,253 3,768

Global Private Equity Announced Deals 01/01/2020 - 03/31/2020 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 33.9 73,641 36 1 34.1 -0.2 JPMorgan Chase & Co 2 21.6 46,771 18 2 33.5 -12.0 UBS AG 3 13.1 28,331 15 7 6.0 7.1 Morgan Stanley 4 12.1 26,295 31 4 31.9 -19.8 Citigroup Inc 5 11.7 25,387 17 5 28.3 -16.6 Lazard Ltd 6 11.6 25,215 10 18 1.5 10.1 Deutsche Bank AG 7 9.9 21,442 8 17 1.8 8.1 Rothschild & Co 8 9.6 20,751 27 10 4.6 5.0 Nomura Holdings Inc 9 9.5 20,591 6 26 0.8 8.7 Ernst & Young LLP 10 9.3 20,080 27 16 2.3 6.9 Macquarie Group Ltd 11 9.1 19,640 8 44 0.2 8.8 Barclays PLC 12 8.8 18,992 20 9 4.8 4.0 BofA Securities Inc 13 7.7 16,747 19 3 32.8 -25.1 Evercore Inc 14 4.6 10,016 19 19 1.5 3.2 Credit Suisse Group AG 15 3.6 7,734 14 8 4.8 -1.3 Qatalyst Partners LLC 16 3.5 7,540 2 13 4.1 -0.6 Wells Fargo & Co 17 3.0 6,471 5 23 0.8 2.1 Raymond James & Associates Inc 18 2.5 5,513 17 69 0.1 2.5 Jefferies LLC 19 2.3 5,086 23 11 4.5 -2.1 Guggenheim Capital LLC 20 2.3 5,000 4 69 0.1 2.2 TOTAL 217,059 3,769

4 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • Deal activity in the Americas reached a volume of $314.1 billion in 1Q2020 resulting in a Country (Bln.) % of Total Change 38.9% decrease compared to the same period last year. This quarter recorded the lowest United States $269.3 85.8% -41.8% deal volume since 1Q2014. The United States contributed 85.7% the region’s total and Canada $24.2 7.7% -23.1% continued to be most targeted country for M&A transactions. Bermuda $9.3 3.0% 862.7% • The financial sector was the most the most targeted industry in the region accounting for approximately 42.7% of the overall deal volume. The announced acquisition of Willis Towers Brazil $5.0 1.6% -13.0% Watson PLC by Aon PLC for $31.4 billion was the largest transaction on record within the Mexico $1.1 0.4% -43.3% financial sector. British Virgin Islands $0.6 0.2% -74.8% • Private equity activity decreased by 6.7% year-on-year to $109.0 billion in transactions. Chile $0.2 0.1% -86.9% Colombia $0.1 0.0% -90.0%

Americas M&A: Highlights of 1Q2020 Americas M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 4,769 Willis Towers Watson Financial $134.0 43.1% 31.0% 3/9/20 Aon PLC/UK - $31,439.7 Volume (Bln.) $313.9 PLC Consumer Non-cyclical $48.0 15.4% -77.9% Avg Deal Size (Mln.) $65.8 Industrial $36.8 11.8% 75.3% 2/20/20 E*TRADE Financial Corp Morgan Stanley - $14,507.7 Technology $33.8 10.9% -50.4% Top Adviser Thermo Fisher Consumer Cyclical $25.3 8.1% -24.2% 3/3/20 QIAGEN NV - $11,019.9 Goldman Sachs & Co Scientific Inc Energy $13.7 4.4% -38.4% Number of deals 41 Communications $12.9 4.1% -16.0% 3/3/20 PartnerRe Ltd Covea Finance SAS EXOR NV $9,000.0

Volume (Bln.) $113.0 Basic Materials $4.8 1.5% -84.9% ReviewGlobal M&A | 1Q2020 Avg Deal Size (Bln.) $2.8 Bombardier Bombardier Utilities $1.3 0.4% -69.6% 2/17/20 Alstom SA $8,200.0 Transportation Inc Diversified $0.5 0.2% 9796.3%

Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown Amount % Change % Change $1,000 7,000 Deal Type (Bln.) Deal Count Volume 6,000 Company Takeover $201.0 -4.9% -41.5% $800 5,000 Cross Border $85.4 -3.7% -39.2% $600 4,000 Private Equity $108.8 -9.7% -6.9% Asset sale $56.9 8.3% -29.4% $400 3,000 2,000 Tender Offer $18.8 -13.3% -14.2% $200 Venture Capital $36.5 -10.0% 22.7% 1,000 Spin-off $0.2 -14.3% -92.1% $0 0 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 Minority purchase $39.4 -11.2% -25.8% Majority purchase $10.2 -14.5% -61.8% Volume $(Bln.) Deal Count 5 Quarterly Volume represents any involvement (target, seller, or acquirer). US Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 US Announced Deals (Target or Seller) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 39.1 141,856 50 2 32.9 6.2 Goldman Sachs & Co LLC 1 37.7 111,408 43 2 33.3 4.5 JPMorgan Chase & Co 2 29.7 108,027 42 1 38.7 -9.0 Morgan Stanley 2 33.4 98,741 42 4 30.0 3.5 Morgan Stanley 3 29.0 105,286 48 4 27.4 1.6 JPMorgan Chase & Co 3 27.5 81,226 36 1 40.7 -13.2 Credit Suisse Group AG 4 13.7 49,592 21 9 11.9 1.7 Credit Suisse Group AG 4 15.4 45,332 18 10 9.9 5.5 Citigroup Inc 5 13.0 47,290 29 5 26.7 -13.7 Citigroup Inc 5 13.2 38,910 25 5 28.5 -15.3 Lazard Ltd 6 11.1 40,218 29 16 4.1 7.0 Barclays PLC 6 10.7 31,528 22 11 8.1 2.6 Barclays PLC 7 10.3 37,414 27 11 8.9 1.4 Evercore Inc 7 8.5 25,059 29 3 31.4 -22.9 BofA Securities Inc 8 9.6 35,030 41 8 13.9 -4.2 BofA Securities Inc 8 8.0 23,673 32 9 10.1 -2.1 UBS AG 9 9.0 32,781 17 28 1.0 8.0 Centerview Partners LLC 9 6.5 19,104 12 8 12.5 -6.1 Deutsche Bank AG 10 7.8 28,151 12 19 2.5 5.3 Lazard Ltd 10 5.5 16,191 18 15 4.7 0.8 Rothschild & Co 11 7.1 25,602 26 24 2.1 5.0 Moelis & Co 11 5.4 15,977 18 6 20.7 -15.3 Evercore Inc 12 6.9 25,059 32 3 28.0 -21.1 PJT Partners Inc 12 4.6 13,705 10 14 4.9 -0.3 Macquarie Group Ltd 13 5.4 19,726 8 78 0.0 5.4 Wells Fargo & Co 13 3.5 10,275 7 28 0.8 2.7 Nomura Holdings Inc 14 5.4 19,593 4 44 0.3 5.1 UBS AG 14 3.2 9,383 13 72 0.0 3.1 Ernst & Young LLP 15 5.4 19,537 13 27 1.1 4.3 Guggenheim Capital LLC 15 3.1 9,255 7 22 1.5 1.7 Centerview Partners LLC 16 5.3 19,104 12 10 10.7 -5.4 Stifel Financial Corp 16 2.9 8,647 27 23 1.1 1.8 Moelis & Co 17 4.4 15,977 20 6 18.4 -14.0 Deutsche Bank AG 17 2.9 8,524 8 20 1.7 1.2 PJT Partners Inc 18 3.8 13,705 10 13 5.2 -1.4 Qatalyst Partners LLC 18 2.6 7,540 2 18 2.6 -0.1 Wells Fargo & Co 19 2.8 10,275 7 25 1.7 1.1 Jefferies LLC 19 2.4 7,205 28 16 3.7 -1.3 Guggenheim Capital LLC 20 2.6 9,255 7 26 1.7 0.9 Piper Sandler & Co 20 2.1 6,324 26 - - 2.1 TOTAL 363,191 5,114 TOTAL 295,244 4,193

Canada Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Canada Announced Deals (Target or Seller) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE National Bank Financial Inc 1 33.2 14,590 11 27 1.4 31.8 National Bank Financial Inc 1 47.7 14,537 10 18 3.1 44.6 Morgan Stanley 2 26.3 11,582 9 6 15.5 10.8 Citigroup Inc 2 29.0 8,844 4 3 39.7 -10.7 Rothschild & Co 3 24.9 10,965 5 - - 24.9 HSBC Bank PLC 3 28.8 8,791 2 - - 28.8 UBS AG 4 23.4 10,275 3 9 13.7 9.7 Rockefeller Capital Management LP 4 26.9 8,200 1 - - 26.9 Citigroup Inc 5 20.8 9,164 5 3 26.1 -5.3 Societe Generale SA 4 26.9 8,200 1 - - 26.9 HSBC Bank PLC 6 20.0 8,791 2 - - 20.0 Rothschild & Co 4 26.9 8,200 1 - - 26.9 Goldman Sachs & Co LLC 7 19.4 8,535 7 1 37.4 -18.0 UBS AG 4 26.9 8,200 2 11 5.4 21.5 Rockefeller Capital Management LP 8 18.6 8,200 1 - - 18.6 Morgan Stanley 8 25.9 7,895 5 7 16.5 9.4 Societe Generale SA 8 18.6 8,200 1 - - 18.6 Goldman Sachs & Co LLC 9 17.9 5,450 3 4 34.9 -17.0 Bank of Nova Scotia/The 10 13.0 5,717 8 33 0.5 12.5 RBC Capital Markets 10 16.9 5,165 8 9 10.4 6.5 RBC Capital Markets 11 11.7 5,165 9 16 5.5 6.3 JPMorgan Chase & Co 11 16.4 5,006 2 10 7.5 9.0 JPMorgan Chase & Co 12 11.4 5,006 3 11 11.1 0.3 Bank of Nova Scotia/The 12 13.4 4,078 6 23 0.7 12.7 CIBC 13 8.6 3,769 4 7 15.3 -6.8 CIBC 13 12.4 3,769 3 8 12.5 -0.2 TD Securities Inc 13 8.6 3,769 2 5 18.5 -9.9 TD Securities Inc 13 12.4 3,769 2 2 41.8 -29.4 BMO Capital Markets Corp/Toronto 15 6.6 2,904 7 2 27.2 -20.6 BMO Capital Markets Corp/Toronto 15 4.2 1,292 6 1 43.0 -38.8 Barclays PLC 16 4.7 2,075 4 13 7.6 -2.9 Centerview Partners LLC 16 3.9 1,200 1 19 2.2 1.7 Jefferies LLC 16 4.7 2,075 3 22 1.9 2.9 Houlihan Lokey Inc 16 3.9 1,200 2 46 - 3.9 Greentech Capital Advisors LLC 18 3.7 1,612 1 - - 3.7 Credit Suisse Group AG 16 3.9 1,200 2 11 5.4 -1.4 Centerview Partners LLC 19 2.7 1,200 1 28 1.0 1.7 Maxit Capital LP 19 2.5 761 2 34 0.1 2.4 Houlihan Lokey Inc 19 2.7 1,200 2 56 0.0 2.7 Gleacher Shacklock LLP 20 2.5 761 1 - - 2.5 TOTAL 43,985 895 TOTAL 30,495 597

6 Latin America Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Brazil Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE BofA Securities Inc 1 12.4 1,124 2 16 2.6 9.8 Banco Bradesco BBI SA 1 15.7 1,070 5 3 15.6 0.1 Banco Bradesco BBI SA 2 11.8 1,070 5 8 5.4 6.4 BR Partners 2 14.7 1,006 3 13 4.0 10.8 BR Partners 3 11.1 1,006 3 22 1.4 9.7 Morgan Stanley 3 12.9 878 3 2 17.3 -4.4 Morgan Stanley 4 9.7 878 3 1 22.4 -12.7 BofA Securities Inc 4 12.1 825 1 12 4.9 7.2 Banco Itau BBA SA 5 7.6 690 13 11 4.2 3.4 Banco Itau BBA SA 5 10.1 690 10 7 7.0 3.1 JPMorgan Chase & Co 6 7.2 647 1 6 7.3 -0.1 JPMorgan Chase & Co 6 9.5 647 1 - - 9.5 BNP Paribas SA 7 5.7 516 1 12 4.0 1.7 BNP Paribas SA 7 7.6 516 1 5 11.5 -4.0 CRG Partners Group LLC 7 5.7 516 1 - - 5.7 CRG Partners Group LLC 7 7.6 516 1 - - 7.6 Rothschild & Co 9 5.0 455 3 5 8.8 -3.8 Rothschild & Co 9 6.7 455 3 1 25.2 -18.5 Ernst & Young LLP 10 5.0 453 3 - - 5.0 Ernst & Young LLP 10 6.6 453 1 - - 6.6 G5 Partners 11 4.6 413 2 21 1.8 2.8 G5 Partners 11 6.1 413 2 10 5.1 1.0 Jefferies LLC 12 4.4 400 2 32 - 4.4 Goldman Sachs & Co LLC 12 5.4 370 1 - - 5.4 Goldman Sachs & Co LLC 13 4.1 370 2 2 15.8 -11.7 Banco Safra SA 13 3.9 268 1 - - 3.9 Citigroup Inc 14 3.3 299 3 4 11.6 -8.3 RBC Capital Markets 14 1.0 65 1 - - 1.0 Banco Safra SA 15 3.0 268 1 - - 3.0 Lazard Ltd 15 0.6 40 1 - - 0.6 RBC Capital Markets 16 2.8 249 2 - - 2.8 PricewaterhouseCoopers LLP 16 - - 1 - - - Moelis & Co 17 2.6 235 2 32 - 2.6 XP Investimentos Corretora de Cambio Titul 16 - - 1 - - - HSBC Bank PLC 17 2.6 235 1 26 0.7 1.9 Moelis & Co 16 - - 1 19 - - Bank of Nova Scotia/The 19 2.0 184 2 13 3.8 -1.8 Vinci Partners Investimentos Ltda 16 - - 1 19 - - Banco Santander SA 20 1.7 153 2 3 13.2 -11.5 TOTAL 9,047 206 TOTAL 6,830 110

Latin America Announced Deals (Target or Seller) 01/01/2020 - 03/31/2020 Brazil Announced Deals (Target or Seller) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE BofA Securities Inc 1 30.6 3,676 3 3 11.3 19.3 Morgan Stanley 1 16.8 878 3 2 18.6 -1.8 Lazard Ltd 2 21.6 2,592 3 25 1.0 20.6 Banco Itau BBA SA 2 13.2 690 10 7 7.5 5.6 Credit Suisse Group AG 3 21.3 2,552 2 21 1.8 19.5 JPMorgan Chase & Co 3 12.4 647 1 - - 12.4 Houlihan Lokey Inc 3 21.3 2,552 1 - - 21.3 BNP Paribas SA 4 9.9 516 1 5 12.4 -2.5 Swiss Credit Bank 3 21.3 2,552 1 - - 21.3 CRG Partners Group LLC 4 9.9 516 1 - - 9.9 Banco Bradesco BBI SA 6 8.9 1,070 5 10 4.6 4.3 Rothschild & Co 6 8.7 455 3 1 27.0 -18.4 BR Partners 7 8.4 1,006 3 24 1.2 7.2 Ernst & Young LLP 7 8.7 453 1 - - 8.7 Morgan Stanley 8 7.3 878 3 1 13.7 -6.4 G5 Partners 8 7.9 413 2 10 5.4 2.5 Banco Itau BBA SA 9 5.8 690 13 13 3.6 2.1 Goldman Sachs & Co LLC 9 7.1 370 1 - - 7.1 JPMorgan Chase & Co 10 5.4 647 1 9 6.2 -0.8 Banco Safra SA 10 5.1 268 1 - - 5.1 Rothschild & Co 11 5.2 630 4 7 7.5 -2.2 Banco Bradesco BBI SA 11 4.7 245 4 3 16.7 -12.0 BNP Paribas SA 12 4.3 516 1 14 3.4 0.9 BR Partners 12 3.5 181 2 13 4.3 -0.8 CRG Partners Group LLC 12 4.3 516 1 - - 4.3 RBC Capital Markets 13 1.2 65 1 - - 1.2 Ernst & Young LLP 14 3.8 453 1 - - 3.8 Lazard Ltd 14 0.8 40 1 - - 0.8 G5 Partners 15 3.4 413 2 23 1.5 1.9 PricewaterhouseCoopers LLP 15 - - 1 - - - Jefferies LLC 16 3.3 400 1 4 9.1 -5.8 XP Investimentos Corretora de Cambio Titul 15 - - 1 - - - Goldman Sachs & Co LLC 17 3.1 370 2 2 13.4 -10.3 Moelis & Co 15 - - 1 19 - - Citigroup Inc 18 2.5 299 3 8 7.1 -4.6 Vinci Partners Investimentos Ltda 15 - - 1 19 - - Banco Safra SA 19 2.2 268 1 - - 2.2 RBC Capital Markets 20 2.1 249 2 - - 2.1 TOTAL 12,005 235 TOTAL 5,237 99

7 EMEA M&A Regional Review EMEA M&A: Country Breakdown Amount % YoY • Deal activity for EMEA-based targets decreased by 36.4% from the same period last year to Country (Bln.) % of Total Change $165.1 billion; the lowest deal volume since 2017. Germany was the most sought-after country Germany $37.9 23.0% 291.9% in 1Q2020, with $37.9 billion in transactions. United Kingdom $34.8 21.1% -1.1% • The financial sector was the most targeted industry experiencing a year-over-year growth of France $17.3 10.5% 10.9% 38.1% and accounting for 33.7% of the transactions for the period. The sale of iQ Student Italy $10.5 6.4% 39.7% Accommodation Ltd by a consortium of sellers for $6.0 billion was the largest deal announced in Spain $7.7 4.7% -13.2% the sector. • Private equity activity for EMEA-based targets reached a volume of $73.2 billion in 1Q2020, Switzerland $5.5 3.3% 68.9% representing a 42.5% decrease from the same period last year. Netherlands $3.2 2.0% -92.9% Finland $1.4 0.9% -48.9%

EMEA M&A Highlights of 1Q2020 EMEA M&A: Industry Breakdown Total Amount % YoY Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change Number of deals 2,633 thyssenkrupp Elevator Financial $55.6 33.4% 38.0% 2/28/20 Multiple Acquirers thyssenkrupp AG $18,921.7 Volume (Bln.) $164.9 AG Industrial $26.4 15.9% 26.1% Avg Deal Size (Mln.) $62.6 Technology $20.7 12.4% 8.1% 2/3/20 Ingenico Group SA Worldline SA/France - $10,650.4 Consumer Non-cyclical $14.4 8.6% -2.7% Top Adviser iQ Student Consumer Cyclical $13.6 8.2% 5.9% 2/26/20 Blackstone Group Inc/The Multiple Sellers $6,015.1 Goldman Sachs & Co Accommodation Ltd Communications $11.7 7.0% -80.3% Number of deals 28 Basic Materials $10.6 6.4% -85.6% 1/23/20 Axel Springer SE KKR & Co Inc - $5,973.5

Volume (Bln.) $63.1 Energy $7.1 4.2% -60.1% ReviewGlobal M&A | 1Q2020 Avg Deal Size (Bln.) $2.3 Unione di Banche Diversified $4.3 2.6% 756.2% 2/17/20 Intesa Sanpaolo SpA - $4,970.4 Italiane SpA Utilities $2.2 1.3% 79.0%

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown Amount % Change % Change $500 5,000 Deal Type (Bln.) Deal Count Volume $400 4,000 Company Takeover $91.9 -16.7% 29.5% Cross Border $106.4 -9.6% 11.7% $300 3,000 Private Equity $73.1 -17.4% -42.6%

$200 2,000 Asset sale $32.6 -6.3% 7.1% Tender Offer $29.4 -23.3% 402.1% $100 1,000 Venture Capital $8.1 -14.3% -15.7% Spin-off $7.3 -44.4% -84.4% $0 0 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 Minority purchase $19.5 -15.9% -34.3% Majority purchase $10.8 -13.5% -86.3% Volume $(Bln.) Deal Count 8 Quarterly Volume represents any involvement (target, seller, or acquirer). Europe Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Europe Announced Deals (Target or Seller) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 48.9 126,226 36 1 29.4 19.5 Goldman Sachs & Co LLC 1 50.5 94,332 33 1 34.4 16.1 Morgan Stanley 2 25.9 66,797 30 2 25.5 0.4 JPMorgan Chase & Co 2 31.1 58,154 25 8 10.5 20.6 JPMorgan Chase & Co 3 23.7 61,160 30 7 11.1 12.6 Rothschild & Co 3 23.9 44,596 52 5 14.2 9.7 Rothschild & Co 4 20.6 53,260 55 5 11.3 9.4 UBS AG 4 21.6 40,292 10 10 8.2 13.4 UBS AG 5 19.6 50,567 13 12 5.8 13.8 Barclays PLC 5 18.6 34,839 15 9 9.3 9.3 Barclays PLC 6 14.7 38,024 19 10 6.5 8.3 Morgan Stanley 6 17.6 32,818 23 2 32.7 -15.2 BofA Securities Inc 7 14.2 36,645 24 8 8.4 5.8 BofA Securities Inc 7 17.1 32,031 17 7 11.5 5.7 Credit Suisse Group AG 8 14.1 36,476 7 9 8.4 5.8 Lazard Ltd 8 16.7 31,273 23 12 6.3 10.5 Lazard Ltd 9 12.1 31,273 26 6 11.2 1.0 Deutsche Bank AG 9 12.0 22,489 10 13 5.8 6.3 Citigroup Inc 10 10.6 27,277 14 3 24.9 -14.3 Ernst & Young LLP 10 11.5 21,547 36 14 5.4 6.1 Societe Generale SA 11 9.2 23,656 7 29 0.7 8.4 Nomura Holdings Inc 11 10.8 20,196 7 23 1.3 9.5 Deutsche Bank AG 12 8.7 22,489 10 14 4.0 4.7 Macquarie Group Ltd 12 10.5 19,701 8 34 0.6 10.0 Ernst & Young LLP 13 8.4 21,756 39 16 3.8 4.7 BNP Paribas SA 13 9.1 17,076 17 4 24.9 -15.7 Nomura Holdings Inc 14 7.8 20,196 8 27 0.9 7.0 Citigroup Inc 14 8.3 15,502 10 3 27.5 -19.2 Macquarie Group Ltd 15 7.6 19,701 8 37 0.4 7.2 Societe Generale SA 15 8.3 15,456 6 26 1.1 7.2 BNP Paribas SA 16 6.6 17,076 17 4 17.9 -11.3 Cardinal Investment Partners I LP 16 5.7 10,650 1 - - 5.7 HSBC Bank PLC 17 4.8 12,365 8 17 3.6 1.2 Greenhill & Co Inc 17 5.7 10,600 2 20 1.5 4.2 Rockefeller Capital Management LP 18 4.4 11,345 2 - - 4.4 Wells Fargo & Co 18 3.4 6,324 2 17 3.5 -0.1 Cardinal Investment Partners I LP 19 4.1 10,650 1 - - 4.1 Evercore Inc 19 3.0 5,644 8 15 4.7 -1.7 Greenhill & Co Inc 20 4.1 10,600 3 23 1.1 3.0 Mediobanca Banca di Credito Finanziario SpA 20 2.7 4,970 2 28 0.9 1.8 TOTAL 258,137 3,210 TOTAL 186,904 2,548

UK Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Germany Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 65.6 86,727 19 7 14.0 51.6 Goldman Sachs & Co LLC 1 57.4 29,016 7 1 36.3 21.2 Morgan Stanley 2 33.4 44,127 13 5 15.3 18.1 JPMorgan Chase & Co 2 52.1 26,340 6 3 17.9 34.2 UBS AG 3 30.2 39,874 5 4 15.4 14.8 Lazard Ltd 3 42.1 21,270 5 2 32.9 9.3 Credit Suisse Group AG 4 26.8 35,414 3 3 22.5 4.3 Ernst & Young LLP 4 41.1 20,755 15 7 11.1 30.0 JPMorgan Chase & Co 5 24.5 32,418 8 1 23.2 1.3 Rothschild & Co 5 39.0 19,720 7 14 1.4 37.7 Lazard Ltd 6 20.1 26,508 12 12 10.6 9.5 Macquarie Group Ltd 6 38.6 19,496 3 - - 38.6 BofA Securities Inc 7 16.7 22,085 15 10 12.6 4.1 UBS AG 7 38.3 19,340 4 33 - 38.3 Deutsche Bank AG 8 15.6 20,588 5 6 14.1 1.5 Deutsche Bank AG 8 38.0 19,207 3 10 2.9 35.2 Rothschild & Co 9 15.3 20,265 19 2 23.2 -7.8 Nomura Holdings Inc 9 37.5 18,951 2 - - 37.5 Ernst & Young LLP 10 14.6 19,303 10 16 3.0 11.6 Citigroup Inc 10 13.0 6,548 4 4 15.2 -2.3 Barclays PLC 11 14.5 19,204 8 8 12.9 1.6 BNP Paribas SA 11 5.7 2,869 3 11 2.5 3.2 Macquarie Group Ltd 12 14.5 19,126 4 23 1.7 12.8 Morgan Stanley 12 5.1 2,561 7 33 - 5.1 Nomura Holdings Inc 13 14.3 18,922 3 17 2.9 11.5 BofA Securities Inc 13 3.4 1,707 5 6 12.3 -8.9 Greenhill & Co Inc 14 8.0 10,600 1 18 2.7 5.4 Raymond James & Associates Inc 14 0.8 418 4 30 0.1 0.8 Citigroup Inc 15 5.4 7,150 6 20 2.0 3.5 Catella Corporate Finance AB 15 0.7 339 1 - - 0.7 Wells Fargo & Co 16 4.8 6,324 2 13 9.7 -5.0 Stifel Financial Corp 16 0.5 265 2 - - 0.5 Evercore Inc 17 3.9 5,150 6 11 12.1 -8.2 Jefferies LLC 17 0.5 252 2 9 7.4 -6.9 Societe Generale SA 18 3.3 4,306 2 81 - 3.3 SVB Leerink LLC 17 0.5 252 1 - - 0.5 Rockefeller Capital Management LP 19 2.4 3,145 1 - - 2.4 Kempen & Co NV 17 0.5 252 1 20 0.5 - Financial Technology Partners LLC 20 2.3 3,008 2 47 0.4 1.8 Arcadis NV 20 0.5 239 1 - - 0.5 TOTAL 132,135 1,229 TOTAL 50,515 578

9 France Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Italy Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Rothschild & Co 1 59.8 28,864 23 2 18.5 41.3 Goldman Sachs & Co LLC 1 68.6 8,649 4 10 3.9 64.7 Goldman Sachs & Co LLC 2 52.3 25,262 12 4 10.4 42.0 JPMorgan Chase & Co 2 44.1 5,560 5 13 2.9 41.2 Societe Generale SA 3 39.1 18,850 5 32 0.0 39.0 Mediobanca Banca di Credito Finanziario SpA 3 39.4 4,970 2 5 9.4 30.0 BNP Paribas SA 4 27.0 13,050 9 8 8.1 18.9 Morgan Stanley 3 39.4 4,970 1 1 38.3 1.1 Morgan Stanley 5 25.9 12,518 6 6 9.7 16.3 BofA Securities Inc 5 25.9 3,260 2 - - 25.9 BofA Securities Inc 6 25.9 12,496 2 - - 25.9 UBS AG 6 18.0 2,264 2 20 1.1 16.9 HSBC Bank PLC 7 25.1 12,130 6 14 2.1 23.0 Intesa Sanpaolo SpA 7 14.6 1,846 1 25 0.3 14.3 JPMorgan Chase & Co 8 24.7 11,921 7 16 1.8 22.9 Raymond James & Associates Inc 8 3.3 418 1 - - 3.3 Cardinal Investment Partners I LP 9 22.1 10,650 1 - - 22.1 Ernst & Young LLP 9 2.5 315 3 17 1.3 1.2 UBS AG 10 20.8 10,046 3 5 9.8 11.0 Centerview Partners LLC 10 2.1 262 1 - - 2.1 Barclays PLC 11 18.7 9,000 2 9 3.7 15.0 Rothschild & Co 11 1.5 194 4 4 9.9 -8.4 National Bank Financial Inc 12 18.2 8,791 2 - - 18.2 Jefferies LLC 12 1.0 130 4 - - 1.0 Rockefeller Capital Management LP 13 17.0 8,200 1 - - 17.0 Vitale & Associati SpA 13 0.5 59 1 - - 0.5 Citigroup Inc 13 17.0 8,200 2 11 3.1 13.9 Fineurop Soditic SpA 13 0.5 59 5 26 - 0.5 Lazard Ltd 15 4.8 2,334 6 1 22.4 -17.6 Banco BPM SpA 13 0.5 59 1 - - 0.5 Intesa Sanpaolo SpA 16 3.8 1,846 1 - - 3.8 Guggenheim Capital LLC 16 - - 1 - - - Ernst & Young LLP 17 3.6 1,728 4 20 0.8 2.8 KeyBanc Capital Markets Inc 16 - - 1 - - - KPMG Corporate Finance LLC 18 3.2 1,529 5 28 0.1 3.1 PricewaterhouseCoopers LLP 16 - - 4 14 1.9 -1.9 Zaoui & Co Ltd 19 3.1 1,498 1 - - 3.1 Winchester Capital 16 - - 1 - - - PricewaterhouseCoopers LLP 20 2.3 1,125 11 25 0.2 2.1 Marlin & Associates New York LLC 16 - - 1 - - - TOTAL 48,266 435 TOTAL 12,614 184

Benelux Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Iberia Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 41.4 12,596 5 1 65.2 -23.8 JPMorgan Chase & Co 1 25.1 3,077 3 21 - 25.1 Rothschild & Co 2 40.2 12,231 13 5 11.3 28.9 Banco Santander SA 2 9.7 1,183 4 5 17.3 -7.7 Barclays PLC 3 39.4 11,975 5 15 2.1 37.3 PricewaterhouseCoopers LLP 3 9.6 1,179 22 8 7.2 2.4 JPMorgan Chase & Co 4 29.6 9,001 4 13 3.2 26.4 Deutsche Bank AG 4 9.4 1,154 3 - - 9.4 Morgan Stanley 5 16.9 5,126 12 2 59.9 -43.0 Barclays PLC 5 7.9 970 2 - - 7.9 Jefferies LLC 6 6.8 2,075 1 12 3.3 3.6 Lazard Ltd 6 7.3 894 2 21 - 7.3 UBS AG 6 6.8 2,075 3 8 3.9 3.0 Nomura Holdings Inc 7 7.0 860 1 13 2.5 4.5 BofA Securities Inc 8 4.9 1,487 3 6 10.3 -5.4 BNP Paribas SA 8 4.4 543 3 16 0.7 3.7 PricewaterhouseCoopers LLP 9 2.9 894 8 21 1.0 2.0 Societe Generale SA 9 4.1 499 2 21 - 4.1 Lazard Ltd 9 2.9 894 4 7 4.8 -1.9 Citigroup Inc 9 4.1 499 2 1 39.1 -35.1 Banco Santander SA 9 2.9 894 1 36 - 2.9 Goldman Sachs & Co LLC 9 4.1 499 1 3 25.3 -21.2 FIH Partners A/S 12 2.7 831 1 36 - 2.7 Credit Agricole Corporate & Investment Ban 12 3.9 477 1 - - 3.9 Credit Suisse Group AG 12 2.7 831 2 11 3.5 -0.8 Ernst & Young LLP 13 2.6 319 9 12 2.8 -0.2 Ernst & Young LLP 14 2.5 773 8 9 3.6 -1.0 Crosbie & Co Ltd 14 1.6 198 1 - - 1.6 Daiwa Securities Group Inc 15 0.7 222 1 36 - 0.7 BofA Securities Inc 15 1.4 169 1 4 18.8 -17.4 Europa Partners Ltd 16 0.4 134 1 - - 0.4 Rothschild & Co 16 0.2 24 4 2 36.8 -36.6 Raymond James & Associates Inc 16 0.4 134 2 36 - 0.4 Investec PLC 17 0.2 22 1 - - 0.2 Svenska Handelsbanken AB 18 0.4 128 1 - - 0.4 BDO Corporate Finance QLD Ltd 18 - - 1 - - - Bryan Garnier & Co Ltd 19 0.0 7 1 - - 0.0 Greenhill & Co Inc 18 - - 1 - - - Evercore Inc 20 - 1 3 24 0.3 -0.3 Banco Bilbao Vizcaya Argentaria SA 18 - - 1 21 - - TOTAL 30,418 428 TOTAL 12,261 218

10 Nordic Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Eastern Europe Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE BNP Paribas SA 1 16.2 3,461 2 4 5.1 11.1 JPMorgan Chase & Co 1 21.1 2,474 3 3 7.2 13.9 Citigroup Inc 2 15.4 3,300 1 3 6.6 8.8 VTB Capital JSC 2 13.9 1,637 3 25 - 13.9 Barclays PLC 3 15.3 3,267 3 14 1.0 14.3 Citigroup Inc 3 13.4 1,580 1 1 13.1 0.4 BofA Securities Inc 3 15.3 3,267 2 5 4.9 10.3 PricewaterhouseCoopers LLP 4 12.3 1,444 5 13 2.6 9.7 Credit Suisse Group AG 5 14.5 3,098 3 - - 14.5 Evercore Inc 4 12.3 1,444 1 5 5.5 6.8 PJT Partners Inc 6 10.6 2,267 1 - - 10.6 Barclays PLC 6 9.2 1,080 1 14 1.6 7.6 JPMorgan Chase & Co 7 7.2 1,536 3 2 9.0 -1.8 Cushman & Wakefield PLC 6 9.2 1,080 1 - - 9.2 PricewaterhouseCoopers LLP 8 7.0 1,497 12 12 1.6 5.4 Centerview Partners LLC 8 6.1 716 1 - - 6.1 Evercore Inc 9 6.7 1,444 1 - - 6.7 Lazard Ltd 8 6.1 716 2 4 5.5 0.6 FIH Partners A/S 10 3.9 831 1 10 2.0 1.9 BofA Securities Inc 8 6.1 716 1 15 1.4 4.7 Goldman Sachs & Co LLC 10 3.9 831 1 35 - 3.9 Morgan Stanley 11 4.0 473 2 25 - 4.0 Carnegie Fondkommission AB 12 3.1 661 10 13 1.4 1.7 Panmure Gordon Investments Ltd 12 2.6 299 1 - - 2.6 Rothschild & Co 13 1.8 374 4 6 4.4 -2.6 Banco Santander SA 13 0.3 41 1 22 0.3 0.1 Catella Corporate Finance AB 14 1.6 339 3 - - 1.6 Cooperatieve Rabobank UA 14 - - 1 - - - Ernst & Young LLP 15 0.8 171 8 17 0.8 0.0 BNP Paribas SA 14 - - 2 25 - - Alantra Srl 16 0.7 153 1 35 - 0.7 Ernst & Young LLP 14 - - 1 21 0.4 -0.4 Svenska Handelsbanken AB 17 0.6 128 1 35 - 0.6 KPMG Corporate Finance LLC 14 - - 4 18 0.4 -0.4 Nordea Bank AB 18 0.6 126 1 27 0.2 0.4 Pottinger Co 14 - - 1 - - - Jefferies LLC 19 0.4 95 1 1 17.7 -17.3 TS Partners Inc 14 - - 1 - - - Pareto Securities AS 20 0.4 92 1 - - 0.4 Rothschild & Co 14 - - 2 11 3.5 -3.5 TOTAL 21,424 462 TOTAL 11,753 301

Africa/ME Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Barclays PLC 1 15.4 4,680 1 11 2.3 13.1 Rothschild & Co 2 9.1 2,770 3 14 1.6 7.5 Citigroup Inc 3 9.0 2,718 1 3 69.8 -60.9 Deutsche Bank AG 3 9.0 2,718 1 25 0.3 8.7 JPMorgan Chase & Co 5 7.9 2,409 5 4 52.1 -44.2 Centerview Partners LLC 6 3.4 1,016 2 - - 3.4 BMO Capital Markets Corp/Toronto 7 2.5 761 1 - - 2.5 National Bank Financial Inc 7 2.5 761 1 - - 2.5 Gleacher Shacklock LLP 7 2.5 761 1 - - 2.5 Maxit Capital LP 7 2.5 761 1 - - 2.5 Lazard Ltd 11 2.4 716 1 16 1.1 1.2 BofA Securities Inc 11 2.4 716 1 5 47.0 -44.6 Jefferies LLC 13 1.7 524 1 13 1.9 -0.2 Goldman Sachs & Co LLC 13 1.7 524 1 2 72.1 -70.4 UBS AG 15 1.3 379 4 15 1.6 -0.3 Evercore Inc 16 1.1 335 3 49 - 1.1 Financial Technology Partners LLC 17 0.8 237 1 27 0.2 0.6 Deloitte Touche Tohmatsu ILA Group Ltd 18 0.6 185 1 39 0.0 0.6 PricewaterhouseCoopers LLP 19 0.5 142 6 37 0.0 0.4 Svenska Handelsbanken AB 20 0.4 128 1 - - 0.4 TOTAL 30,357 376

11 APAC M&A Regional Review APAC M&A: Quarterly Volume $600 6,000 • M&A activity targeting the APAC region for 1Q2020 decreased by 4.2% year-on-year to $178.2 $400 4,000 billion with number of deals targeting Chinese companies or assets reaching 32.9% of the total $200 2,000 deal volume. Deals exceeding $1.0 billion in value decreased by 6.1% to 31 deals in the region. • The financial sector was the most targeted industry, accounting for 30.9% of the region's overall $0 0 volume, recording a decrease in both deal activity and deal volume by 7.4% and 20.2% year on year. Volume $(Bln.) Deal Count • Private equity deals decreased by 17.2% year-on-year to $34.9 billion. Sequoia Capital Operations LLC was the most active investor in 1Q2020 with its involvement in 34 deals, whereas Sichuan Australia/NZ M&A: Quarterly Volume Development Holding Co Ltd recorded the biggest total value in a single transaction. $80 800 $60 600 APAC M&A: Highlights of 1Q2020 $40 400 Total Summary Date Target Acquirer Seller Value $20 200 Number of deals 3,374 $0 0 3/9/20 Multiple Targets Multiple Acquirers Tesco PLC $10,600.0 Volume (Bln.) $177.1 Avg Deal Size (Mln.) $52.5 CapitaLand Commercial CapitaLand Mall 1/22/20 - $7,824.3 Trust Trust Volume $(Bln.) Deal Count

Top Adviser Admiral Power Greater China M&A: Quarterly Volume 2/27/20 Wheelock & Co Ltd - $5,818.4 JPMorgan Chase & Co Holdings Ltd $300 3000 Number of deals 9 Liaoning Zhongwang 3/20/20 CRED Holding Co Ltd Multiple Sellers $5,766.1 Group Co Ltd $200 2000 Volume (Bln.) $20.5 ReviewGlobal M&A | 1Q2020 Avg Deal Size (Bln.) $2.3 $100 1000 1/31/20 Hitachi High-Tech Corp Hitachi Ltd - $4,898.7

$0 0 APAC M&A: Breakdown Amount % Change % YoY Volume $(Bln.) Deal Count APAC Industry Breakdown Financial Deal Type (Bln.) Deal Change Industrial 3% Company Takeover $81.1 -3.9% 14.0% Japan M&A: Quarterly Volume 3% 0% 6% Consumer Cyclical Cross Border $58.8 -12.9% -14.0% $300 1,500 Consumer Non-cyclical Private Equity $33.9 57.7% -19.5% $200 1,000 7% 31% Technology Asset sale $18.1 0.8% -40.1% 7% Basic Materials Tender Offer $21.7 10.0% 265.1% $100 500 Venture Capital $13.4 100.5% 2.8% 11% Communications Spin-off $3.6 14.3% 70515.9% $0 0 17% Energy 15% Minority purchase $43.4 32.5% 9.5% Utilities Majority purchase $19.3 -18.7% -39.1% Volume $(Bln.) Deal Count Diversified Graphs represent any regional involvement (target, seller, or acquirer).

12 APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 11.9 21,508 14 4 7.2 4.7 JPMorgan Chase & Co 1 12.9 20,483 9 3 7.9 5.0 Credit Suisse Group AG 2 8.6 15,637 11 13 2.9 5.7 Goldman Sachs & Co LLC 2 8.7 13,812 8 10 3.6 5.2 Barclays PLC 3 8.4 15,195 6 41 0.5 7.9 Credit Suisse Group AG 3 8.4 13,370 10 11 3.5 4.9 Goldman Sachs & Co LLC 4 7.9 14,407 10 1 7.8 0.2 UBS AG 4 7.5 11,854 6 2 8.7 -1.2 UBS AG 5 6.6 11,933 8 5 7.1 -0.6 Barclays PLC 5 7.5 11,818 3 46 0.4 7.1 Greenhill & Co Inc 6 5.8 10,600 2 147 - 5.8 Greenhill & Co Inc 6 6.7 10,600 2 131 - 6.7 Deloitte Touche Tohmatsu ILA Group Ltd 7 4.6 8,250 10 63 0.1 4.4 Deloitte Touche Tohmatsu ILA Group Ltd 7 5.2 8,250 10 59 0.2 5.1 BofA Securities Inc 8 4.5 8,146 10 7 5.5 -1.0 Australia & New Zealand Banking Group Ltd 8 4.9 7,824 1 - - 4.9 Australia & New Zealand Banking Group Ltd 9 4.3 7,824 1 - - 4.3 HSBC Bank PLC 9 4.9 7,699 4 15 2.3 2.5 HSBC Bank PLC 10 4.2 7,699 4 17 1.9 2.3 CITIC Securities Co Ltd 10 3.7 5,909 5 4 7.6 -3.8 CITIC Securities Co Ltd 11 3.3 5,909 5 6 6.2 -2.9 Minsheng Securities Co Ltd 11 3.7 5,867 2 85 0.1 3.6 Minsheng Securities Co Ltd 12 3.2 5,867 2 96 0.1 3.2 Lian Chu Securities Co Ltd 12 3.6 5,766 1 - - 3.6 Lian Chu Securities Co Ltd 13 3.2 5,766 1 - - 3.2 BofA Securities Inc 13 2.8 4,411 6 7 5.4 -2.7 China International Capital Corp Ltd 14 2.2 4,005 3 20 1.6 0.6 China International Capital Corp Ltd 14 2.5 4,005 3 18 1.9 0.7 Citigroup Inc 15 2.2 3,943 10 11 3.2 -1.0 Ernst & Young LLP 15 2.5 3,908 10 25 1.4 1.1 Ernst & Young LLP 16 2.2 3,908 12 27 1.2 1.0 Citigroup Inc 16 2.1 3,324 7 20 1.7 0.4 State Bank of India 17 1.4 2,476 3 - - 1.4 State Bank of India 17 1.6 2,476 3 - - 1.6 PJT Partners Inc 18 1.3 2,413 2 126 - 1.3 Grant Samuel Securities Pty Ltd 18 1.5 2,332 3 68 0.1 1.4 Grant Samuel Securities Pty Ltd 19 1.3 2,332 3 77 0.1 1.2 Haitong Securities Co Ltd 19 1.2 1,841 1 72 0.1 1.1 BNP Paribas SA 20 1.3 2,267 2 28 1.1 0.2 KPMG Corporate Finance LLC 20 1.1 1,746 7 23 1.7 -0.6 TOTAL 181,409 3,001 TOTAL 158,576 2,560

APAC Private Equity (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE BofA Securities Inc 1 8.9 4,842 4 9 4.9 4.0 CITIC Securities Co Ltd 2 8.9 4,805 2 - - 8.9 Barclays PLC 3 8.2 4,457 4 13 2.8 5.4 Goldman Sachs & Co LLC 4 4.9 2,667 5 1 19.3 -14.4 PJT Partners Inc 5 4.4 2,413 2 - - 4.4 Credit Suisse Group AG 6 4.2 2,304 3 7 7.5 -3.3 Citigroup Inc 7 4.2 2,292 3 8 7.3 -3.0 BNP Paribas SA 8 4.2 2,267 1 24 1.0 3.1 Nomura Holdings Inc 9 3.1 1,669 5 22 1.1 2.0 Cushman & Wakefield PLC 10 2.0 1,080 1 - - 2.0 GCA Corp 11 2.0 1,079 3 - - 2.0 Mizuho Financial Group Inc 12 1.6 859 1 25 0.8 0.8 Morgan Stanley 13 1.5 799 4 3 12.7 -11.2 JPMorgan Chase & Co 14 1.3 720 1 6 8.2 -6.8 Sumitomo Mitsui Financial Group Inc 15 1.2 660 2 54 - 1.2 Shinyoung Securities Co Ltd 16 0.8 418 1 - - 0.8 Ernst & Young LLP 17 0.8 408 4 17 1.5 -0.8 PricewaterhouseCoopers LLP 18 0.7 368 6 18 1.4 -0.7 DH Capital LLC 19 0.6 320 1 - - 0.6 Raine Group LLC/The 20 0.5 275 1 11 3.5 -3.0 TOTAL 54,316 1,218

13 AU & NZ Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Japan Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE BofA Securities Inc 1 29.1 4,030 5 1 39.0 -10.0 Nomura Holdings Inc 1 22.6 9,780 23 5 8.0 14.6 Credit Suisse Group AG 2 19.1 2,653 3 - - 19.1 Morgan Stanley 2 19.1 8,285 9 1 23.8 -4.7 Goldman Sachs & Co LLC 3 18.7 2,590 4 4 22.5 -3.8 Deloitte Touche Tohmatsu ILA Group Ltd 3 11.8 5,095 11 20 0.8 11.0 Grant Samuel Securities Pty Ltd 4 16.8 2,332 3 17 0.8 16.0 Daiwa Securities Group Inc 4 10.6 4,572 12 11 3.2 7.4 Barclays PLC 5 15.0 2,080 2 13 2.1 12.9 Mizuho Financial Group Inc 5 6.3 2,709 16 12 2.8 3.4 Citigroup Inc 6 12.8 1,774 5 - - 12.8 Sumitomo Mitsui Financial Group Inc 6 4.3 1,845 17 13 2.6 1.7 Financial Technology Partners LLC 7 12.3 1,708 1 - - 12.3 BofA Securities Inc 7 3.3 1,428 2 40 - 3.3 LionTree Advisors LLC 7 12.3 1,708 1 - - 12.3 Centerview Partners LLC 8 3.0 1,291 2 - - 3.0 Cushman & Wakefield PLC 9 7.8 1,080 1 - - 7.8 Goldman Sachs & Co LLC 9 2.9 1,245 6 9 4.7 -1.8 JPMorgan Chase & Co 10 5.6 772 4 9 3.8 1.8 JPMorgan Chase & Co 10 2.3 982 2 2 13.3 -11.0 J.B.North & Co Pty Ltd 11 2.8 390 1 - - 2.8 GCA Corp 11 2.2 960 8 16 2.1 0.1 PricewaterhouseCoopers LLP 12 2.8 385 5 20 0.6 2.2 Sangyo Sosei Advisory Inc 12 2.2 930 2 22 0.7 1.5 DH Capital LLC 13 2.3 320 1 - - 2.3 Banco Bradesco BBI SA 13 1.9 825 1 - - 1.9 KPMG Corporate Finance LLC 14 1.3 183 4 32 0.1 1.3 BR Partners 13 1.9 825 1 - - 1.9 Houlihan Lokey Inc 14 1.3 183 2 37 - 1.3 UBS AG 15 1.3 546 1 3 9.9 -8.6 UBS AG 16 1.2 170 3 2 34.3 -33.1 BNP Paribas SA 16 1.2 516 1 40 - 1.2 Highbury Partnership Pty Ltd 17 1.2 166 1 - - 1.2 CRG Partners Group LLC 16 1.2 516 1 - - 1.2 Macquarie Group Ltd 18 1.1 150 5 7 7.8 -6.7 Maybank 18 1.1 453 1 - - 1.1 Henslow Pty Ltd 19 1.0 141 1 - - 1.0 IR Japan Inc 19 1.0 451 3 - - 1.0 RBC Capital Markets 20 1.0 134 2 - - 1.0 Citigroup Inc 20 0.9 384 1 32 0.2 0.7 TOTAL 13,872 370 TOTAL 43,329 1,198

South Korea Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 China Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Credit Suisse Group AG 1 8.6 1,512 2 9 3.4 5.2 CITIC Securities Co Ltd 1 8.2 5,909 5 2 12.0 -3.9 Ernst & Young LLP 2 8.5 1,504 3 2 10.2 -1.7 Minsheng Securities Co Ltd 2 8.1 5,867 2 45 0.1 8.0 JPMorgan Chase & Co 3 7.9 1,391 5 11 2.4 5.5 Lian Chu Securities Co Ltd 3 8.0 5,766 1 - - 8.0 PricewaterhouseCoopers LLP 4 6.9 1,214 14 1 22.5 -15.7 China International Capital Corp Ltd 4 5.6 4,005 3 8 3.2 2.4 Samsung Securities Co Ltd 5 3.3 592 2 8 5.8 -2.5 Credit Suisse Group AG 5 4.5 3,228 3 - - 4.5 Shinyoung Securities Co Ltd 6 2.4 418 1 - - 2.4 BofA Securities Inc 6 4.2 2,997 3 48 0.1 4.1 J.B.North & Co Pty Ltd 7 2.2 390 1 - - 2.2 PJT Partners Inc 7 3.3 2,413 2 - - 3.3 Goldman Sachs & Co LLC 8 1.6 275 2 4 9.5 -8.0 BNP Paribas SA 8 3.1 2,267 1 21 0.7 2.4 Raine Group LLC/The 8 1.6 275 1 - - 1.6 Barclays PLC 8 3.1 2,267 1 68 - 3.1 KPMG Corporate Finance LLC 10 1.4 243 2 3 9.7 -8.4 Haitong Securities Co Ltd 10 2.6 1,841 1 47 0.1 2.5 Financial Technology Partners LLC 11 1.3 237 1 - - 1.3 JPMorgan Chase & Co 11 1.8 1,289 3 18 1.2 0.6 Lazard Ltd 12 1.1 191 1 16 0.6 0.5 UBS AG 12 1.5 1,084 2 9 2.7 -1.2 Bank of Nova Scotia/The 12 1.1 191 1 - - 1.1 Goldman Sachs & Co LLC 13 1.0 729 2 50 0.1 0.9 Cushman & Wakefield Inc 14 1.0 178 1 - - 1.0 Deutsche Bank AG 14 1.0 705 1 - - 1.0 Korea Development Bank/The 15 1.0 175 1 - - 1.0 China Merchants Securities Co Ltd 14 1.0 705 1 5 4.7 -3.7 BofA Securities Inc 16 1.0 169 1 6 6.0 -5.0 Platinum Securities Co Ltd 16 0.9 626 2 23 0.6 0.3 Banco Santander SA 16 1.0 169 1 - - 1.0 Cowen & Co LLC 17 0.8 609 1 - - 0.8 Deutsche Bank AG 16 1.0 169 1 6 6.0 -5.0 Essence Corporate Finance Hong Kong Ltd 18 0.6 430 2 - - 0.6 Barclays PLC 19 0.6 110 1 - - 0.6 Guotai Junan Securities Co Ltd 19 0.5 353 3 46 0.1 0.4 Huatai Securities Co Ltd 20 0.3 48 1 - - 0.3 Raine Group LLC/The 20 0.4 275 1 - - 0.4 TOTAL 17,693 453 TOTAL 72,154 1,194

14 Hong Kong Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 Taiwan Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE HSBC Bank PLC 1 28.8 6,200 2 2 11.4 17.4 KGI Securities Co Ltd 1 23.7 495 4 1 11.4 12.4 Citigroup Inc 2 6.9 1,488 2 5 7.9 -1.0 Yuanta Securities Co Ltd 2 9.5 198 1 - - 9.5 Goldman Sachs & Co LLC 3 4.4 942 2 26 0.2 4.1 Nomura Holdings Inc 3 4.3 90 1 - - 4.3 Platinum Securities Co Ltd 4 2.3 503 1 15 2.5 -0.2 Sumitomo Mitsui Financial Group Inc 3 4.3 90 1 - - 4.3 Morgan Stanley 5 2.3 488 1 1 11.7 -9.5 Pickering Pacific Pte Ltd 5 2.2 47 1 - - 2.2 CITIC Securities Co Ltd 6 2.1 454 1 4 9.5 -7.4 LionTree Advisors LLC 6 - - 1 - - - China International Capital Corp Ltd 6 2.1 454 1 19 0.8 1.3 Credit Suisse Group AG 6 - - 1 2 7.0 -7.0 Gram Capital Ltd 8 1.8 382 1 - - 1.8 Credit Suisse Group AG 9 1.1 231 1 3 10.5 -9.4 PJT Partners Inc 10 0.7 146 1 - - 0.7 Macquarie Group Ltd 11 0.7 144 1 - - 0.7 IBS Holding Corp 12 0.6 125 1 - - 0.6 Huaxing Growth Capital 13 0.5 100 1 - - 0.5 Trinity Corp Finance Ltd 14 0.3 57 1 - - 0.3 Opus Capital Ltd/United Kingdom 14 0.3 57 1 28 0.2 0.1 GCA Corp 16 0.3 55 1 - - 0.3 Sumitomo Mitsui Financial Group Inc 16 0.3 55 2 - - 0.3 Bank of Communications Co Ltd 18 0.2 41 2 - - 0.2 Red Sun Capital Ltd 19 0.2 38 2 - - 0.2 Merdeka Capital Ltd 20 0.1 30 1 - - 0.1 TOTAL 21,542 285 TOTAL 2,087 57

SE Asia Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 India Announced Deals (Any Involvement) 01/01/2020 - 03/31/2020 2020 2019 2020 2019 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 38.8 18,904 5 1 22.8 16.0 State Bank of India 1 9.4 2,476 3 - - 9.4 Barclays PLC 2 24.0 11,680 2 44 - 24.0 Ernst & Young LLP 2 9.1 2,404 7 18 1.7 7.4 UBS AG 3 21.9 10,679 3 6 7.2 14.7 KPMG Corporate Finance LLC 3 5.7 1,498 1 7 3.8 1.9 Goldman Sachs & Co LLC 4 21.8 10,600 2 3 20.6 1.2 Zaoui & Co Ltd 3 5.7 1,498 1 - - 5.7 Greenhill & Co Inc 4 21.8 10,600 1 - - 21.8 HSBC Bank PLC 3 5.7 1,498 1 - - 5.7 Credit Suisse Group AG 6 16.9 8,251 3 7 6.9 10.1 BofA Securities Inc 6 3.6 950 1 29 0.5 3.1 Deloitte Touche Tohmatsu ILA Group Ltd 7 16.8 8,176 5 31 0.2 16.6 Evercore Inc 6 3.6 950 1 14 2.2 1.4 Australia & New Zealand Banking Group Ltd 8 16.1 7,824 1 - - 16.1 Arpwood Capital Pvt Ltd 8 2.9 773 1 2 13.2 -10.3 Cushman & Wakefield PLC 9 2.2 1,080 1 - - 2.2 Credit Suisse Group AG 8 2.9 773 1 28 0.5 2.4 Nomura Holdings Inc 10 2.2 1,077 4 44 - 2.2 ICICI Bank Ltd 10 2.7 704 4 13 2.2 0.5 Alantra Srl 11 2.1 1,031 2 - - 2.1 Citigroup Inc 11 2.6 681 3 8 3.8 -1.2 Citigroup Inc 12 2.1 1,000 1 8 6.7 -4.6 JPMorgan Chase & Co 12 1.2 308 1 27 0.6 0.6 Sangyo Sosei Advisory Inc 13 1.9 930 2 - - 1.9 Ambit Pvt Ltd 13 1.1 297 1 4 12.2 -11.0 Morgan Stanley 14 1.7 845 3 5 9.2 -7.5 Moelis & Co 14 1.0 259 1 5 5.4 -4.4 United Overseas Bank Ltd 15 1.4 669 1 - - 1.4 Deloitte Touche Tohmatsu ILA Group Ltd 15 0.9 226 3 33 0.1 0.7 Maybank 16 1.3 645 3 16 1.6 -0.3 Nomura Holdings Inc 16 0.6 151 1 - - 0.6 TA Securities Holdings Bhd 17 0.9 456 2 - - 0.9 Barclays PLC 17 0.5 138 1 12 2.5 -2.0 Capital Advantage Co Ltd 18 0.9 441 2 - - 0.9 JM Financial Ltd 17 0.5 138 1 - - 0.5 J.B.North & Co Pty Ltd 19 0.8 390 1 - - 0.8 Avendus Capital Pvt Ltd 19 0.4 92 3 17 1.9 -1.6 AmInvestment Bank Bhd 20 0.8 386 6 42 - 0.8 Canaccord Genuity Corp 20 0.2 52 1 32 0.2 0.0 TOTAL 48,695 534 TOTAL 26,354 493

15 Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.